Document:

Exhibit 10.23

 

EXECUTION COPY

 

 

PURCHASE AGREEMENT

by and among

HEDGE CONNECTION INC.,

RISE FINANCIAL SERVICES, LLC

AND

LISA VIONI

 

 

 

January 21, 2022

 

     

     

    

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This PURCHASE AGREEMENT,
dated as of January 21, 2022 (this “Agreement”), is by and among Hedge Connection Inc. organized under the laws
of Florida (the “Company”), RISE Financial Services, LLC, a limited liability company organized under the laws
of Delaware (the “RISE Financial”), and Lisa Vioni (“Vioni”). Each of the Company, RISE Financial,
and Vioni are referred to herein individually as a “Party” and collectively as the “Parties.”

RECITALS

WHEREAS, the Company
offers a marketing platform for hedge funds and serves as an information portal for hedge funds and investors by using propriety, patented
technology;

WHEREAS, RISE Financial
offers, among other services, prime brokerage services to hedge funds and other customers;

WHEREAS, RISE Financial
desires to acquire from the Company: (a) newly issued capital stock of the Company equaling twenty percent (20%) of the issued and outstanding
capital stock of the Company on a post-Closing basis; (b) an option to acquire up to one hundred percent (100%) of the issued and outstanding
capital stock of the Company held by Vioni; and (c) a technology license for the Company’s technology, all in accordance with the
terms and conditions set forth in this Agreement and the other documents and instruments executed in connection therewith;

NOW THEREFORE, in
consideration of the foregoing premises, which are hereby incorporated into the terms hereof, and the respective representations, warranties,
covenants and agreements contained herein, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

Article
I. DEFINITIONS

Section
1.1 Definitions. When used in this Agreement, the following terms have the meanings assigned to them in this
Section 1.1:

(a)              
“Affiliate” means, with respect to any Person, any other Person that directly, or indirectly through one or more intermediaries,
controls, is controlled by, or is under common control with, such first Person. For purposes of this definition, “control”
of a Person means the power to, directly or indirectly, direct or cause the direction of the management and policies of such Person, whether
through the ownership of voting securities or other ownership interests, by Contract or otherwise, including, with respect to a corporation,
partnership or limited liability company, the direct or indirect ownership of more than 50% of the voting securities of such corporation
or the voting interest of such partnership or limited liability company.

(b)             
“Agents” means, with respect to any Person, the officers, directors, managers, employees, counsel, accountants, financial
advisors, consultants and other representatives of such Person.

(c)              
“Agreement” has the meaning set forth in the preamble to this Agreement.

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(d)              
“Associated Person” has the meaning set forth in Section 3(a)(18) of the Exchange Act or the meaning set forth in the
Commodity Exchange Act, as applicable.

(e)              
“Business” means the provision of prime brokerage broker-dealer services.

(f)               
“Business Day” means any day other than a Saturday, Sunday or other day on which banks located in the State of New
York are authorized or required by Law to close.

(g)              
“Closing” has the meaning set forth in Section 2.3.

(h)              
“Closing Date” has the meaning as set forth in Section 2.3.

(i)                
“Code” means the Internal Revenue Code of 1986.

(j)                
“Common Stock” means the Common Stock, no par value, of the Company;

(k)           
“Company Intellectual Property” means all patents, patent applications, registered and unregistered trademarks, trademark
applications, registered and unregistered service marks, service mark applications, tradenames, copyrights, trade secrets, domain names,
mask works, information and proprietary rights and processes, similar or other intellectual property rights, subject matter of any of
the foregoing, tangible embodiments of any of the foregoing, licenses in, to and under any of the foregoing, and in any and all such cases
that are owned or used by the Company in the conduct of the Company’s business as now conducted and as presently proposed to be
conducted.

(l)                
 “Consulting Agreement” has the meaning set forth in Section 2.4.

(m)            
“Contract” means any written or oral contract, lease, license, indenture, undertaking or other agreement that is legally
binding.

(n)              
“Covered Losses” has the meaning set forth in Section 7.2(a).

(o)              
“Deductible” has the meaning set forth in Section 7.2(b).

(p)              
“Disclosure Schedule” has the meaning set forth in Article IV.

(q)              
“Dollars” or “$” means the lawful currency of the United States.

(r)               
“Exchange Act” means the Securities Exchange Act of 1934.

(s)              
“Financial Statements” means includes all of the following: (a) the balance sheet and the related statements of income
and expenses, retained earnings, changes in financial position and cash flows for the twelve-month period then ended; and (b) any and
all interim financial statements thereafter issued.

(t)               
“Financial Statement Date” means the date of the most recent Financial Statements.

(u)              
“FINRA” means the Financial Industry Regulatory Authority, Inc.

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(v)              
“Form BD” means the Uniform Application for Broker-Dealer Registration.

(w)           
“Governmental Entity” means any federal, state, local, domestic or foreign agency, court, tribunal, administrative
body, arbitration panel, department or other legislative, judicial, regulatory, governmental or quasi-governmental entity, including any
SRO with competent jurisdiction.

(x)              
“Indemnitee” means any Person that is entitled to indemnification pursuant to the provisions of this Agreement.

(y)              
“Indemnitor” means any Party from which a Person is entitled to indemnification pursuant to the provisions of this
Agreement.

(z)              
“Knowledge” means, (i) in the case of RISE Financial, the actual knowledge, after reasonable inquiry, of Andrew Reich
and (ii) in the case of the Company, the actual knowledge, after reasonable inquiry, of Vioni.

(aa)          
“Law” means, with respect to any Person, any statute, law, code, treaty, ordinance, rule or regulation of any Governmental
Entity applicable to such Person.

(bb)         
“Legal Proceeding” means any legal proceeding (whether at law or in equity) or arbitration before, or any formal investigation
by, a Governmental Entity.

(cc)          
“Lien” means, with respect to any property or asset, any lien, mortgage, pledge, charge, security interest or other
encumbrance in respect of such property or asset.

(dd)          
“Losses” has the meaning set forth in Section 7.2(a).

(ee)           
 “Material Contracts” have the meaning set forth in Section 3.13.1

(ff)              
“Notice of Claim” has the meaning set forth in Section 7.4(a).

(gg)           
“Order” means any award, injunction, judgment, order, writ, decree or ruling entered, issued, made or rendered by any
Governmental Entity that possesses competent jurisdiction.

(hh)           
“Party” and “Parties” have the meanings set forth in the preamble to this Agreement.

(ii)            
“Permit” means consent, approval, license, permit, certificate or authorization from any Governmental Entity.

(jj)             
“Person” means any natural person, corporation, general partnership, limited partnership, limited liability company,
proprietorship, other business organization or Governmental Entity.

(kk)         
 “Records” means the books and records (including those that are required to be maintained pursuant to Section 17(a)
of the Exchange Act, the Commodity Exchange Act, FINRA,

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state securities and insurance
regulators and other applicable rules of any applicable Governmental Entity).

(ll)            
“Registered Representative” means a Futures Registered Representative or a Securities Registered Representative.

(mm)   
“Securities Registered Representative” means a Person registered with FINRA as a representative of RISE Financial to
offer and sell securities products.

(nn)           
“SEC” means the United States Securities and Exchange Commission.

(oo)           
“SEC Reports” has the meaning set forth in Article III.

(pp)           
“Shares” has the meaning set forth in Section 2.1(a).

(qq)           
“RISE Financial” has the meaning set forth in the preamble to this Agreement.

(rr)             
“Company” has the meaning set forth in the preamble to this Agreement.

(ss)            
“Company Indemnitees” has the meaning set forth in Section 7.2(a).

(tt)              
“RISE Financial” has the meaning set forth in the preamble to this Agreement.

(uu)           
“RISE Financial Membership Interests” has the meaning set forth in Section 2.1(c).

(vv)           
“SRO” means any self-regulatory organization, including FINRA.

(ww)       
“Survival Period” has the meaning set forth in Section 7.1(c).

(xx)           
“Tax” or “Taxes” means (a) any United States local, state or federal or foreign income, gross receipts,
license, profits, franchise, withholding, ad valorem, personal property (tangible and intangible), employment, payroll, sales and use,
social security (or similar including FICA), unemployment, registration, disability, occupation, real property, escheat, unclaimed property,
severance, stamp, premium, windfall profits, environmental, customs, duties, capital stock, excise, alternative or add-on minimum, estimated
or other taxes of any kind or any charge of any kind in the nature of (or similar to) taxes imposed by a Taxing Authority, including any
interest, penalty or addition thereto, in each case whether disputed or not and (b) any liability for the payment of any amounts of the
type described in clause (a) as a result of being a member of an affiliated, consolidated, combined or unitary group, as a result of any
tax sharing or tax allocation agreement, arrangement or understanding, or as a result of being liable for another person’s taxes
as a transferee or successor.

(yy)         
“Taxing Authority” means, with respect to any Tax, the Governmental Entity or political subdivision thereof that imposes
such Tax, and the agency (if any) charged with the collection of such Tax for such entity or subdivision.

(zz)            
“Third Party Claim” has the meaning set forth in Section 7.4(a).

(aaa)       
“Technology Licenses” has the meaning set forth in Section 2.2.

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(bbb)      
“Third Party Defense” has the meaning set forth in Section 7.4(b).

Section
1.2 Construction. For purposes of this Agreement, except as otherwise expressly provided herein or unless the
context otherwise requires: (a) the meaning assigned to each term defined herein shall be equally applicable to both the singular and
the plural forms of such term and vice versa, and words denoting any gender shall include the other genders as the context requires; (b)
where a word or phrase is defined herein, each of its other grammatical forms shall have a corresponding meaning; (c) the terms “hereof”,
“herein”, “hereunder”, “hereby” and “herewith” and words of similar import shall, unless
otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement; (d) when a
reference is made in this Agreement to an Article, Section, paragraph, Exhibit or Schedule, such reference is to an Article, Section or
paragraph of this Agreement unless otherwise specified; (e) the word “include”, “includes” and “including”
when used in this Agreement shall be deemed to be followed by the words “without limitation”, unless otherwise specified;
(f) a reference to any Party to this Agreement or any other agreement or document shall include such Party’s predecessors, successors
and permitted assigns; (g) the word “or” shall be disjunctive and not exclusive; and (h) any reference to a statute or regulation
is to the statute or regulation as amended, modified, supplemented or replaced from time to time (and, in the case of statutes, include
any rules and regulations promulgated under the statute) and to any section of any statute or regulation includes any successor to the
section. The Parties hereto have participated jointly in the negotiation and drafting of this Agreement, and any rule of construction
or interpretation otherwise requiring this Agreement to be construed or interpreted against any Party by virtue of the authorship of this
Agreement shall not apply to the construction and interpretation hereof.

Article
II. COMPANY COMMON STOCK AND OPTION PURCHASE; TECHNOLOGY LICENSE; VIONI REGISTRATION

Section
2.1 Sale and Issuance of the Company Common Stock and Option to Purchase Common Stock. Subject to the terms and
conditions of this Agreement,

(a)          RISE
Financial agrees to purchase at the Closing and the Company agrees to sell and issue to RISE Financial at the Closing (i) Fifty (50) newly
issued shares of Common Stock of the Company (the “Shares”), which represents Twenty percent (20%) the post-Closing
issued and outstanding capitalization.

(b)          RISE
Financial agrees to purchase at the Closing and Vioni agrees to sell to RISE Financial at the Closing an option, in the form attached
hereto as Exhibit A (the “Option”), to purchase up to One Hundred percent (100%) of the Common Stock
of Company held by Vioni, exercisable until December 31, 2023, at a per share excise price set forth in the Option.

(c)          The
total consideration to be paid by RISE Financial to the Company for the Shares shall be Six Hundred Thousand Dollars ($600,000), which
shall be payable (and the Shares shall be issuable) in three installments as follows: (i) the first installment in the amount of One Hundred
Thousand Dollars ($100,000) cash, payable thirty (30) days from the date of this Agreement, with eight (8) Shares being issued upon the
payment thereof; (ii) the second installment in the amount of Two Hundred Fifty Thousand Dollars ($250,000) cash, payable ninety (90)
days from the date of this Agreement, with twenty-one (21) Shares being issued upon the payment thereof; and (iii)

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the third installment in the amount of Two
Hundred Fifty Thousand Dollars ($250,000) cash, payable one hundred eighty (180) days from the date of this Agreement, with the final
twenty-one (21) Shares being issued upon the payment thereof.

(d)          The
total consideration to be paid by RISE Financial to Vioni for the Option shall be Four Hundred Thousand Dollars ($400,000) payable as
follows: on the Closing Date, RISE Financial shall deliver to Vioni membership interests in RISE Financial (“RISE Financial Membership
Interests”) representing Three and 333/1000 percent (3.333%) of the issued and outstanding membership interests of RISE Financial.

Section
2.2 Technology License. The Company and RISE Financial shall enter into a technology license agreement in the
form attached hereto as Exhibit B (the “Technology License”), pursuant to which RISE Financial
shall agree to pay the Company a Technology License fee equal to Two Hundred Fifty Thousand Dollar ($250,000) per year during the term
thereof.

Section
2.3 Vioni Registration. Vioni
shall become a registered representative of RISE Financial on an exclusive basis. RISE Financial shall have no interest in any compensation
earned by Vioni prior to the date of this Agreement. RISE Financial and Vioni will enter into a consulting agreement in the form attached
hereto as Exhibit C.

Section
2.4 Closing. The closing of the
transactions contemplated by this Agreement (the “Closing”) shall take place on the date this Agreement is executed by electronic
exchange of the documents (which may be in counterparts) required to be delivered pursuant to Article VI of this Agreement or such other
date as the Parties may agree (the date on which the Closing actually occurs being referred to herein as the “Closing Date”).

Article
III. REPRESENTATIONS AND WARRANTIES OF RISE Financial

RISE Financial represents
and warrants to the Company that each statement contained in this Article III is true and correct as of the date hereof and as of the
Closing Date.

SECTION 3.1 Existence.
RISE Financial is a limited liability company, validly existing and in good standing under Delaware law and has unconditional power and
authority to conduct its business and own its properties as now conducted and owned. Exhibit 3.1 is a true copy of the RISE Financial
Operating Agreement, with all amendments. RISE Financial is qualified as a foreign corporation to do business in all jurisdictions in
which the nature of its properties and business requires such qualification and in which noncompliance with such qualification would materially
affect RISE Financial's business.

SECTION 3.2 Power
and Authority. RISE Financial has unconditional power and authority, and has taken all required and other action necessary (including
membership approval, if necessary) to permit it to own and hold properties to carry on its current business, to execute and deliver this
Agreement, to issue and sell the RISE Financial Membership Interests as herein provided and otherwise to carry out the terms of this Agreement
and all other documents, instruments, or transactions required by this Agreement, and none of such actions will violate any provision
of RISE Financial's Operating Agreement, or result in the breach of or constitute a default under any agreement or instrument to which
RISE Financial is a party or by which it is

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bound or result in the creation or imposition
of any material lien, claim or encumbrance on any asset of RISE Financial. This Agreement has been duly executed and delivered by RISE
Financial and (assuming the due authorization, execution and delivery hereof by the Company) constitutes the valid and binding obligation
of RISE Financial enforceable against RISE Financial in accordance with its terms. No event has occurred and no condition exists which
would constitute a violation of this Agreement. Neither this Agreement nor any other gives any person rights to terminate any agreements
with RISE Financial or otherwise to exercise rights against RISE Financial.

SECTION 3.3 Financial
Condition. RISE Financial has previously furnished to the Company its Financial Statements1,
which, together with the footnotes thereto, are complete and correct, have been prepared in accordance with generally accepted accounting
principles consistently applied, and fairly present the financial condition of RISE Financial as of the dates specified.

SECTION 3.3.1
Absence of Undisclosed Liabilities. As of the Financial Statement Date, RISE Financial had (and on the date hereof RISE Financial
has) no material liabilities (matured or unmatured, fixed or contingent, which are not fully reflected or provided for on the balance
sheet of RISE Financial as at the Financial Statement Date), or any material loss contingency (as defined in Financial Accounting Standards
Board’s Accounting Standards Codification Topic 450 (ASC 450)) whether or not required to be shown on the Balance Sheets, except
(i) obligations to perform under commitments incurred in the ordinary course of business after the Financial Statement Date, (ii) tax
and related liabilities due and specifically set forth in Exhibit 3.3.1, and (iii) other liabilities as set forth in Exhibit 3.3.1.

SECTION 3.3.2
Subsidiaries. RISE Financial has no subsidiaries and owns no capital stock or other securities, or rights or obligations to acquire
the same, of any other entity.

SECTION 3.4 No Material
Adverse Change. Since the Financial Statement Date there has been no material adverse change in the financial or other condition,
properties or business operations of RISE Financial.

SECTION 3.5 Litigation.
There are no suits, proceedings or investigations pending or threatened against or affecting RISE Financial or an officer of RISE Financial
which could have a material adverse effect on the business, assets, or financial condition of RISE Financial or the ability of any officer
to participate in the affairs of RISE Financial, or which concern in any material way the transactions contemplated by the Agreement.
The foregoing includes, without limiting its generality, actions pending or threatened (or any basis therefor known to RISE Financial)
involving the prior employment of any employees or currently contemplated prospective employees of RISE Financial or their use, in connection
with the business of RISE Financial, of any information or techniques which might be alleged to be proprietary to their former employer(s).

SECTION 3.6 Other
Relationships. Except as set forth in Exhibit 3.6, to the best knowledge of RISE Financial, the officers of RISE Financial have
no interest (other than as noncontrolling

1 NTD: to be provided.

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holders of securities of a publicly traded
company), either directly or indirectly, in any entity, including without limitation, any corporation, partnership, joint venture, proprietorship,
firm, person, licensee, business or association (whether as an employee, officer, director, shareholder, agent, independent contractor,
security holder, creditor, consultant, or otherwise) that presently (i) provides any services or designs, produces and/or sells any products
or product lines, or engages in any activity which is the same, similar to or competitive with any activity or business in which RISE
Financial is now engaged; (ii) is a supplier of, customer of, creditor of, or has an existing contractual relationship with RISE Financial;
or (iii) has any direct or indirect interest in any asset or property used by RISE Financial or any property, real or personal, tangible
or intangible, that is necessary or desirable for the conduct of the business of RISE Financial. Except as set forth in Exhibit 3.6 hereto,
no current or former stockholder, director, officer or employee of RISE Financial nor any Affiliate of any such person, is at present,
or since the inception of RISE Financial has been, directly or indirectly through his affiliation with any other person or entity, a party
to any transaction (other than as an employee) with RISE Financial providing for the furnishing of services by, or rental of real or personal
property from, or otherwise requiring cash payments to any such person.

SECTION 3.7 Licenses;
Compliance with Laws, Other Agreements, etc. All Permits that RISE Financial requires in order to own, lease, maintain, operate
and conduct the Business as currently conducted are held by RISE Financial, except for such Permits the failure of which to have would
not, individually or in the aggregate, reasonably be expected to be material to the Purchased Assets. RISE Financial is in material compliance
with the terms of all such Permits, and RISE Financial has maintained all Records in accordance with the Exchange Act, the Commodity Exchange
Act and all other applicable Law in all material respects

Without limiting the
generality of the foregoing:

		(i)	
RISE Financial is (A) a broker-dealer duly registered with the SEC under the Exchange Act, (B) a member of FINRA, and (C) registered,
licensed or qualified as a broker-dealer in each jurisdiction where the conduct of its business requires such registration, licensing
or qualification.

		(ii)	
RISE Financial is (A) an introducing broker, duly registered with the CFTC under the Commodity Exchange Act, (B) a member of NFA,
and (C) registered, licensed or qualified as an introducing broker in each jurisdiction where the conduct of its business requires such
registration, licensing or qualification.

		(iii)	
Each RISE Financial Registered Representative is duly registered or appointed as required by applicable Law and such registration
or appointment is in full force and effect. Each RISE Financial Registered Representative has all approvals of the relevant Governmental
Entities necessary to carry on RISE Financial Registered Representative’s business as an Associated Person, as currently conducted
and all of such approvals of the relevant Governmental Entities are in full force and effect.

		(iv)	RISE Financial has not been, nor to the Knowledge of RISE Financial has RISE Financial Registered Representatives
been, subject to any Legal Proceeding that

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have not already been
disclosed or would be required to be disclosed on Form BD, Form 7-R, Form U-4 or Form 8-R, as applicable, and no such Legal Proceeding
is pending or, to the Knowledge of RISE Financial, threatened.

SECTION 3.8 Statutory
Disqualification. RISE Financial is not, nor are any of RISE Financial’s Associated Persons, currently subject to a “statutory
disqualification” (as such term is defined in the Exchange Act or FINRA’s Bylaws) and there is no investigation pending or,
to the Knowledge of RISE Financial, threatened in writing against RISE Financial or any of its Associated Persons, that would or would
reasonably be expected to result in a statutory disqualification, or suspension or revocation of the registration of any Affiliate of
RISE Financial as a broker-dealer, municipal securities dealer, government securities broker or government securities dealer under Section
15, Section 15B or Section 15C of the Exchange Act. No fact relating to RISE Financial or, to the Knowledge of RISE Financial, any “control
affiliate” thereof, as defined in Form BD, requires any response in the affirmative to any question in Items 11 of Form BD, which
has heretofore not been disclosed.

SECTION 3.9 Intellectual
Property Rights. All trademarks, service marks, trade names, copyrights (which have been filed with the federal copyright authorities)
and rights or licenses to use the same, and any and all applications therefor, presently owned or held by RISE Financial, as well as all
trade secrets and similar proprietary information owned or held by RISE Financial, are all that are required to enable RISE Financial
to conduct its business as now conducted, and RISE Financial believes that it either now owns, has the right to use, possesses or will
be able to obtain possession of or develop, and (with respect to its trade secrets and similar proprietary information) has provided adequate
safeguards and security for the protection of, all such rights which it will require to conduct its business as proposed to be conducted.
RISE Financial has not received any formal or informal notice of infringement or other complaint that RISE Financial's operations traverse
or infringe rights under patents, trademarks, service marks, trade names, trade secrets, copyrights or licenses or any other proprietary
rights of others, nor does RISE Financial have any reason to believe that there has been any such infringement. No person affiliated with
RISE Financial has wrongfully employed any trade secrets or any confidential information or documentation proprietary to any former employer,
and no person affiliated with RISE Financial has violated any confidential relationship which such person may have had with any third
party. RISE Financial has and will have full right and authority to utilize the processes, systems and techniques presently employed by
it in the design, development and delivery of its present Business and all rights to any processes, systems and techniques developed by
any employee or consultant of RISE Financial have been and will be duly and validly assigned to RISE Financial. No royalties, honorariums
or fees are or will be payable by RISE Financial to other persons by reason of the ownership or use by RISE Financial of said patents,
trademarks, service marks, trade names, trade secrets, copyrights or rights or licenses to use the same or similar proprietary information,
or any and all applications therefor. RISE Financial has all material governmental approvals, authorizations, consents, licenses and permits
necessary or required to conduct its Business.

SECTION 3.10 Government
Approvals. Except as may be required by any state securities "blue sky" laws, no authorization, consent, approval, license,
qualification or formal exemption from, nor any filing, declaration or registration with, any court, governmental agency, regulatory authority
or political subdivision thereof, any securities exchange or any other Person is required

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in connection with the execution, delivery
or performance by RISE Financial of this Agreement or the business of RISE Financial or any of its Subsidiaries in order to consummate
the transactions contemplated in this Agreement. All such material authorizations, consents, approvals, licenses, qualifications, exemptions,
filings, declarations and registrations have been obtained or made, as the case may be, and are in full force and effect and are not the
subject of any pending or, to the knowledge of RISE Financial, threatened attack by appeal or direct proceeding or otherwise.

SECTION 3.11 Ownership
and Membership Interests. Exhibit 3.11 sets forth the outstanding membership interests of RISE Financial.

SECTION 3.12 Brokers,
etc. RISE Financial has not dealt with any broker, finder, or other similar person in connection with the purchase of the Shares
and the transactions contemplated by this Agreement, and RISE Financial is not under any obligation to pay any broker's fee, finder's
fee or commission in connection with such transactions.

SECTION 3.13 Contracts
and Commitments, etc.

SECTION 3.13.1
Material Contracts. Exhibit 3.13 sets forth a true, complete and accurate list, as of the date of this Agreement, of all of the
following Contracts as amended to date that are currently in effect (collectively, “Material Contracts”):

(i) all Contracts
that require annual payments or expenses incurred by, or annual payments or income to, RISE Financial of $100,000 or more;

(ii) all sales, advertising,
agency, lobbying, broker, sales promotion, market research, marketing or similar Contracts, in each case requiring annual payments or
expenses by any party of $150,000 or more;

(iii) each Contract
with any current officer, director or employee of RISE Financial, under which RISE Financial (A) has continuing obligations for payment
of an annual base salary of at least $100,000, and which is not terminable for any reason or no reason upon reasonable notice without
payment of any penalty, severance or other obligation; (B) has severance or post-termination obligations to such Person (other than COBRA
obligations); or (C) has an obligation to make a payment upon consummation of the transactions contemplated hereby or as a result of a
change of control of RISE Financial;

(iv) all Contracts
creating a joint venture, strategic alliance, limited liability RISE Financial or partnership arrangement to which RISE Financial is a
party;

(v) all Contracts
relating to any acquisitions or dispositions of material assets by RISE Financial;

(vi) all Contracts
under which RISE Financial is obligated to pay royalties thereunder;

(vii) all Contracts
limiting the freedom of RISE Financial to compete in any line of business or industry, with any Person or in any geographic area or from
soliciting or hiring any Person with respect to employment;

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(viii) all Contracts
providing for guarantees, indemnification arrangements and other hold harmless arrangements made or provided by RISE Financial, including
all ongoing agreements for repair, warranty, maintenance, service, indemnification or similar obligations;

(viii) all Contracts
with or pertaining to RISE Financial to which any Affiliate of RISE Financial is a party, other than any Contracts relating to such Affiliate’s
status as a member of RISE Financial;

(ix) all Contracts
relating to property or assets (whether real or personal, tangible or intangible) in which RISE Financial holds a leasehold interest (including
the Lease) and which involve payments to the lessor thereunder in excess of $100,000 per year;

(x) all Contracts
creating or otherwise relating to outstanding indebtedness (other than inter-company indebtedness);

(xi) all Contracts
relating to the voting or control of the equity interests of RISE Financial or the election of directors of RISE Financial (other than
the organizational documents of RISE Financial);

(xii) all Contracts
not cancellable by RISE Financial with no more than sixty (60) days’ notice if the effect of such cancellation would result in monetary
penalty to RISE Financial in excess of $100,000 per the terms of such contract;

(xv) all Contracts
that may be terminated, or the provisions of which may be altered, as a result of the consummation of the transactions contemplated by
this Agreement; and

(xvi) all Contracts
under which any of the benefits, compensation or payments (or the vesting thereof) will be increased or accelerated by the consummation
of the transactions contemplated by this Agreement, or the amount or value thereof will be calculated on the basis of, the transactions
contemplated by this Agreement.

SECTION 3.13.2
Enforceability. Each Material Contract is (i) a valid and binding agreement, (ii) in full force and effect and (iii) enforceable
by and against RISE Financial and each counterparty that is party thereto, subject, in the case of this clause (iii), subject to bankruptcy,
insolvency, fraudulent transfer, moratorium, reorganization or similar Laws affecting the rights of creditors generally and the availability
of equitable remedies. Neither RISE Financial nor, to RISE Financial’s Knowledge, any other party to a Material Contract is in material
breach or default (whether with or without the passage of time or the giving of notice or both) under the terms of any such Material Contract.
RISE Financial has not assigned, delegated or otherwise transferred any of its rights or obligations under any Material Contract or granted
any power of attorney with respect thereto. RISE Financial has made available true, correct and complete copies of all Material Contracts.

SECTION 3.13.3.
Compliance. RISE Financial is in compliance in all material respects with all covenants, including all financial covenants, in
all notes, indentures, bonds and other instruments or Contracts establishing or evidencing any indebtedness. The consummation and closing
of the transactions contemplated by this Agreement shall not cause or result in an event of default under any instruments or Contracts
establishing or evidencing any indebtedness.

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SECTION 3.14 Employee
Benefit Plans. Exhibit 3.14 hereto sets forth a list of each "employee pension benefit plan" (as defined in Section
3(2) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA")) maintained or contributed to by RISE Financial
(the "Retirement Plans"). Neither RISE Financial nor any entity which is treated as a single employer along with RISE Financial
under Section 414(b), (c), (m) or (o) of the Code maintains or contributes to, or has ever maintained or contributed to, or been required
to contribute to a multiemployer plan within the meaning of Section 3(37) of ERISA or any plan subject to Title IV of ERISA. Exhibit 3.14
hereto also sets forth a list of each "employee welfare benefit plan" (as defined in Section 3(1) of ERISA) and each other employee
benefit plan, program, arrangement, practice or contract, whether formal or informal, maintained by RISE Financial providing benefits
or compensation to or on behalf of employees or former employees of RISE Financial (the "Benefits Plans"). The Retirement Plans
and Benefit Plans are in compliance in all material respects with the presently applicable provisions of ERISA and the Code, and the Retirement
Plans are qualified under Section 401(a) of the Code. No contributions are required to be made by RISE Financial to any Retirement Plan
and all other liabilities with respect to any Retirement Plan or Benefit Plan shall have been satisfied prior to or on the Closing Date.
RISE Financial has filed or caused to be filed all reports required to be filed by it with the Internal Revenue Service or the Department
of Labor under applicable provisions of ERISA and the Code with respect to each of the Retirement Plans and Benefit Plans. No liability
to the Pension Benefit Guaranty Corporation has been incurred with respect to any Retirement Plan subject to Title IV of ERISA that has
not been satisfied in full.

Section
3.15 Independent Investigation and Reliance.

(a)              
RISE Financial has conducted its own independent investigation, review and analysis of the Company. RISE Financial has been provided
adequate access to the personnel, properties, assets, premises, books and records, and other documents and data of the Company for such
purpose. In making its decision to enter into this Agreement and the other agreements and instruments contemplated hereby to which RISE
Financial is a party and to consummate the transactions contemplated hereby and thereby, RISE Financial has relied solely upon its own
investigation and the express representations and warranties set forth in Article IV. RISE Financial represents and warranties
that: (i) neither the Company nor Vioni has made any representation or warranty, express or implied, regarding the Company, except as
expressly set forth in Article IV; and (ii) in entering into this Agreement, RISE Financial is not relying on any other representation
or warranty, express or implied, regarding the Company, except as expressly set forth in Article IV.

(b)             
Without limiting the generality of the foregoing, except for the representations and warranties expressly set forth in Article
IV, neither Company, nor Vioni is making or has made any representation or warranty, express or implied, at law or in equity, in respect
of Company’s operations or condition (financial or otherwise), the nature or extent of any liabilities, the prospects of the business
of Company, the effectiveness or the success of any operations, or the accuracy or completeness of any confidential information memoranda,
projections, forecasts or estimates of earnings or other information (financial or otherwise) regarding Company furnished to RISE Financial,
its Affiliates, advisors or other representatives or its representatives or made available to RISE Financial, its Affiliates, advisors
or other representatives or its representatives in any data room, management presentations or in any other form in expectation of, or
in connection with, the

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transactions contemplated
by this Agreement. RISE Financial acknowledges and agrees that any claims RISE Financial may have for or based on a breach of, or inaccuracy
in, any representation or warranty, including claims for or as a result of fraud of a Company or Vioni, shall be based solely on the representations
and warranties expressly set forth in Article IV. RISE Financial further represents and warrants that, except as expressly set
forth in Article IV, neither of the Company nor Vioni, has made any representation or warranty, express or implied, as to the accuracy
or completeness of any information regarding Company or the transactions contemplated by this Agreement.

Section
3.16 No Other Representations or Warranties. Except
for the representations and warranties contained in this Article III (as modified by the Schedules hereto): (i) RISE Financial makes no
other express or implied representation or warranty with respect to or otherwise relating to RISE Financial; and (ii) RISE Financial disclaims
all liability and responsibility for any other representation, warranty, projection, forecast, statement, or information (including any
opinion, information, projection, or advice that may have been or may be provided, made, communicated, or furnished (orally or in writing)
to Vioni or the Company.

Article
IV. REPRESENTATIONS AND WARRANTIES of

THE
COMPANY AND VIONI

The Company and Vioni,
jointly and severally, represent and warrant to RISE Financial that, except as set forth on the Disclosure Schedule attached as Exhibit
D to this Agreement, which exceptions shall be deemed to be part of the representations and warranties made hereunder, each representation
and warranty contained in this Article IV is true and correct as of the date hereof and as of the Closing Date. The Disclosure Schedule
shall be arranged in sections corresponding to the numbered and lettered sections contained in this Article IV, and the disclosures in
any section of the Disclosure Schedule shall qualify other sections in this Article IV only to the extent it is readily apparent from
a reading of the disclosure that such disclosure is applicable to such other sections

SECTION 4.1 Organization,
Good Standing, Corporate Power and Qualification.. The Company is a corporation duly organized, validly existing and in good standing
under the laws of the State of Florida and has all requisite corporate power and authority to carry on its business as now conducted and
as presently proposed to be conducted. The Company is duly qualified to transact business and is in good standing in each jurisdiction
in which the failure to so qualify would have a Material Adverse Effect

SECTION 4.2 Capitalization.

(a)              
The authorized capital of the Company consists, immediately prior to the Closing, of:

(i)              
Two Hundred (200) shares of common stock, no par value per share (the “Common Stock”), Two Hundred (200) shares
of which are issued and outstanding immediately prior to the Closing. All of the outstanding shares of Common Stock have been duly authorized,
are fully paid and nonassessable and were issued in compliance with all applicable federal and state securities laws. The Company holds
no Common Stock in its treasury.

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(ii)              
No shares of Preferred Stock are authorized, issued or outstanding immediately prior to the Closing.

(b)             
The Company has not reserved any shares of Common Stock for issuance to officers, directors, employees and consultants of the Company
pursuant to any stock option plan and has no such stock option plan.

(c)             
There are no outstanding stock options or outstanding securities convertible into Common Stock.

SECTION 4.2 Power
and Authority. The Company has unconditional power and authority, and has taken all required and other action necessary (including
membership approval, if necessary) to permit it to own and hold properties to carry on its current business, to execute and deliver this
Agreement, to issue and sell the Shares as herein provided and otherwise to carry out the terms of this Agreement and all other documents,
instruments, or transactions required by this Agreement, and none of such actions will violate any provision of the Company’ Articles
of Incorporation or Bylaws, or result in the breach of or constitute a default under any agreement or instrument to which the Company
is a party or by which it is bound or result in the creation or imposition of any material lien, claim or encumbrance on any asset of
the Company. This Agreement has been duly executed and delivered by the Company and (assuming the due authorization, execution and delivery
hereof by RISE Financial) constitutes the valid and binding obligation of the Company enforceable against the Company in accordance with
its terms. No event has occurred and no condition exists which would constitute a violation of this Agreement. This Agreement does not
give any person rights to terminate any agreements with the Company or otherwise to exercise rights against the Company.

The Shares, when issued,
sold and delivered in accordance with the terms and for the consideration set forth in this Agreement, will be validly issued, fully paid
and nonassessable and free of restrictions on transfer other than restrictions on transfer under applicable state and federal securities
laws. Assuming the accuracy of the representations of RISE Financial in Article 3 of this Agreement and subject to the filings described
in the Voting Agreement, the Shares will be issued in compliance with all applicable federal and state securities laws.

SECTION 4.3 Financial
Condition. The Company has previously furnished to RISE Financial its Financial Statements, which, together with the footnotes
thereto, are complete and correct, and fairly present the financial condition of the Company as of the dates specified in all material
respects.

SECTION 4.3.1.
Absence of Undisclosed Liabilities. As of the Financial Statement Date, the Company had (and on the date hereof the Company has)
no material liabilities (matured or unmatured, fixed or contingent, that are not fully reflected or provided for on the balance sheet
of the Company as at the Financial Statement Date), or any material loss contingency (as defined in Financial Accounting Standards Board’s
Accounting Standards Codification Topic 450 (ASC 450)) whether or not required to be shown on the Balance Sheets, except (i) obligations
to perform under commitments incurred in the ordinary course of business after the Financial Statement Date, (ii) tax and related liabilities
due and specifically set forth in Exhibit 4.3.1, and (iii) other liabilities as set forth in Exhibit 4.3.1.

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SECTION 4.3.2.
Subsidiaries. The Company has no subsidiaries and owns no capital stock or other securities, or rights or obligations to acquire
the same, of any other entity.

SECTION 4.4 No Material
Adverse Change. Since the Financial Statement Date there has been no material adverse change in the financial or other condition,
properties or business operations of the Company.

SECTION 4.5 Litigation.
There are no suits, proceedings or investigations pending or threatened against or affecting the Company or an officer of the Company
which could have a material adverse effect on the business, assets, or financial condition of the Company or the ability of any officer
to participate in the affairs of the Company, or which concern in any material way the transactions contemplated by the Agreement. The
foregoing includes, without limiting its generality, actions pending or threatened (or any basis therefor known to the Company) involving
the prior employment of any employees or currently contemplated prospective employees of the Company or their use, in connection with
the business of the Company, of any information or techniques which might be alleged to be proprietary to their former employer(s).

SECTION 4.6 Other
Relationships. Except as set forth in Exhibit 4.6, to the best knowledge of the Company, the officers of the Company have no interest
(other than as noncontrolling holders of securities of a publicly traded company), either directly or indirectly, in any entity, including
without limitation, any corporation, partnership, joint venture, proprietorship, firm, person, licensee, business or association (whether
as an employee, officer, director, shareholder, agent, independent contractor, security holder, creditor, consultant, or otherwise) that
presently (i) provides any services or designs, produces and/or sells any products or product lines, or engages in any activity which
is the same, similar to or competitive with any activity or business in which the Company is now engaged; (ii) is a supplier of, customer
of, creditor of, or has an existing contractual relationship with the Company; or (iii) has any direct or indirect interest in any asset
or property used by the Company or any property, real or personal, tangible or intangible, that is necessary or desirable for the conduct
of the business of the Company. Except as set forth in Exhibit 4.6 hereto, no current or former stockholder, director, officer or employee
of the Company nor any Affiliate of any such person, is at present, or since the inception of the Company has been, directly or indirectly
through his affiliation with any other person or entity, a party to any transaction (other than as an employee) with the Company providing
for the furnishing of services by, or rental of real or personal property from, or otherwise requiring cash payments to any such person.

SECTION 4.7 Licenses;
Compliance with Laws, Other Agreements, etc. All Permits that the Company requires in order to own, lease, maintain, operate and
conduct the Business as currently conducted are held by the Company, except for such Permits the failure of which to have would not, individually
or in the aggregate, reasonably be expected to be material to the Purchased Assets. The Company is in material compliance with the terms
of all such Permits, and the Company has maintained all Records in accordance with the Exchange Act, the Commodity Exchange Act and all
other applicable Law in all material respects.

Without limiting the
generality of the foregoing:

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		(i)	Vioni is registered with a broker-dealer that is (A) duly registered with the SEC under the Exchange Act,
(B) a member of FINRA, and (C) registered, licensed or qualified as a broker-dealer in each jurisdiction where the conduct of its business
requires such registration, licensing or qualification.

		(ii)	the Company has not been, nor to the Knowledge of the Company has Vioni been, subject to any Legal Proceedings
that have not already been disclosed or would be required to be disclosed on Form BD, Form 7-R, Form U-4 or Form 8-R, as applicable, and
no such Legal Proceeding is pending or, to the Knowledge of the Company, threatened.

SECTION 4.8 Statutory
Disqualification. Neither the Company nor Vioni is currently subject to a “statutory disqualification” (as such term
is defined in the Exchange Act or FINRA’s Bylaws) and there is no investigation pending or, to the Knowledge of the Company, threatened
in writing against the Company or any of its Associated Persons, that would or would reasonably be expected to result in a statutory disqualification,
or suspension or revocation of the registration of any Affiliate of the Company as a broker-dealer, municipal securities dealer, government
securities broker or government securities dealer under Section 15, Section 15B or Section 15C of the Exchange Act. No fact relating to
the Company or, to the Knowledge of the Company, any “control affiliate” thereof, as defined in Form BD, requires any response
in the affirmative to any question in Items 11 of Form BD, which has heretofore not been disclosed.

SECTION 4.9 Intellectual
Property Rights.

(a)          The
Company owns or possesses sufficient legal rights to all Company Intellectual Property without any known conflict with, or infringement
of, the rights of others, including prior employees or consultants. The Company has not received any communications alleging that the
Company has violated, or by conducting its business, would violate any of the patents, trademarks, service marks, tradenames, copyrights,
trade secrets, mask works or other proprietary rights or processes of any other Person.

(b)          To
the Company’s knowledge, no product or service marketed or sold (or proposed to be marketed or sold) by the Company violates or
will violate any license or infringes or will infringe any intellectual property rights of any other party.

(c)          Other
than with respect to commercially available software products under standard end-user object code license agreements, there are no outstanding
options, licenses, agreements, claims, encumbrances or shared ownership interests of any kind relating to the Company Intellectual Property,
nor is the Company bound by or a party to any options, licenses or agreements of any kind with respect to the patents, trademarks, service
marks, trade names, copyrights, trade secrets, licenses, information, proprietary rights and processes of any other Person.

(d)          The
Company has obtained and possesses valid licenses to use all of the software programs present on the computers and other software-enabled
electronic devices that it owns or leases or that it has otherwise provided to its employees for their use in connection with the Company’s
business.

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(e)          Each
employee, contractor and consultant has assigned to the Company all intellectual property rights he or she owns that are related to the
Company’s business as now conducted and as presently proposed to be conducted and all intellectual property rights that he, she
or it solely or jointly conceived, reduced to practice, developed or made during the period of his, her or its employment or consulting
relationship with the Company that (i) relate, at the time of conception, reduction to practice, development, or making of such intellectual
property right, to the Company’s business as then conducted, (ii) were developed on any amount of the Company’s time or with
the use of any of the Company’s equipment, supplies, facilities or information or (iii) resulted from the performance of services
for the Company. To the Company’s knowledge, it will not be necessary to use any inventions of any of its employees or consultants
(or Persons it currently intends to hire) made prior to their employment by the Company, including prior employees or consultants.

(f)           Section 2.8(f)
of the Disclosure Schedule lists all patents, patent applications, registered trademarks, trademark applications, service marks, service
mark applications, tradenames, registered copyrights, and licenses to and under any of the foregoing, in each case owned by the Company.

(g)          The
Company has not embedded, used or distributed any open source, copyleft or community source code (including but not limited to any libraries
or code, software, technologies or other materials that are licensed or distributed under any General Public License, Lesser General Public
License or similar license arrangement or other distribution model described by the Open Source Initiative at www.opensource.org, collectively
“Open Source Software”) in connection with any of its products or services that are generally available or in development
in any manner that would materially restrict the ability of the Company to protect its proprietary interests in any such product or service
or in any manner that requires, or purports to require (i) any Company IP (other than the Open Source Software itself) be disclosed
or distributed in source code form or be licensed for the purpose of making derivative works; (ii) any restriction on the consideration
to be charged for the distribution of any Company IP; (iii) the creation of any obligation for the Company with respect to Company
IP owned by the Company, or the grant to any third party of any rights or immunities under Company IP owned by the Company; or (iv) any
other limitation, restriction or condition on the right of the Company with respect to its use or distribution of any Company IP.

(h)          No
government funding, facilities of a university, college, other educational institution or research center, or funding from third parties
was used in the development of any Company Intellectual Property. No Person who was involved in, or who contributed to, the creation or
development of any Company Intellectual Property, has performed services for the government, university, college, or other educational
institution or research center in a manner that would affect Company’s rights in the Company Intellectual Property.

SECTION 4.10 Government
Approvals. Except as may be required by any state securities "blue sky" laws, no authorization, consent, approval, license,
qualification or formal exemption from, nor any filing, declaration or registration with, any court, governmental agency, regulatory authority
or political subdivision thereof, any securities exchange or any other Person is required in connection with the execution, delivery or
performance by the Company of this Agreement or the business of the Company in order to consummate the transactions contemplated in this

 

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Agreement. All such material authorizations,
consents, approvals, licenses, qualifications, exemptions, filings, declarations and registrations have been obtained or made, as the
case may be, and are in full force and effect and are not the subject of any pending or, to the knowledge of the Company, threatened attack
by appeal or direct proceeding or otherwise.

SECTION 4.11 Ownership
and Membership Interests. Exhibit 4.11 sets forth the outstanding membership interests of the Company.

SECTION 4.12 Brokers,
etc. Company has not dealt with any broker, finder, or other similar person in connection with the purchase of the Shares and
the transactions contemplated by this Agreement, and Company is not under any obligation to pay any broker's fee, finder's fee or commission
in connection with such transactions.

SECTION 4.13 Contracts
and Commitments, etc.

SECTION 4.13.1
Material Contracts. Exhibit 4.13 sets forth a true, complete and accurate list, as of the date of this Agreement, of all of the
following Contracts as amended to date that are currently in effect and to which either the Company or the Company is a party (collectively,
“Material Contracts”):

(i) all Contracts
that require annual payments or expenses incurred by, or annual payments or income to, the Company or the Company of $100,000 or more;

(ii) all sales, advertising,
agency, lobbying, broker, sales promotion, market research, marketing or similar Contracts, in each case requiring annual payments or
expenses by any party of $100,000 or more;

(iii) each Contract
with any current officer, director or employee of the Company or the Company, under which the Company or the Company (A) has continuing
obligations for payment of an annual base salary of at least $100,000, and which is not terminable for any reason or no reason upon reasonable
notice without payment of any penalty, severance or other obligation; (B) has severance or post-termination obligations to such Person
(other than COBRA obligations); or (C) has an obligation to make a payment upon consummation of the transactions contemplated hereby or
as a result of a change of control of the Company or the Company;

(iv) all Contracts
creating a joint venture, strategic alliance, limited liability the Company or the Company or partnership arrangement to which the Company
or the Company is a party;

(v) all Contracts
relating to any acquisitions or dispositions of material assets by the Company or the Company;

(vi) all Contracts
under which the Company or the Company is obligated to pay royalties thereunder;

(vii) all Contracts
limiting the freedom of the Company or the Company to compete in any line of business or industry, with any Person or in any geographic
area or from soliciting or hiring any Person with respect to employment;

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(viii) all Contracts
providing for guarantees, indemnification arrangements and other hold harmless arrangements made or provided by the Company or the Company,
including all ongoing agreements for repair, warranty, maintenance, service, indemnification or similar obligations;

(viii) all Contracts
with or pertaining to the Company or the Company to which any Affiliate of the Company or the Company is a party, other than any Contracts
relating to such Affiliate’s status as a member of the Company or the Company;

(ix) all Contracts
relating to property or assets (whether real or personal, tangible or intangible) in which the Company or the Company holds a leasehold
interest (including the Lease) and which involve payments to the lessor thereunder in excess of $100,000 per year;

(x) all Contracts
creating or otherwise relating to outstanding indebtedness (other than inter-company indebtedness);

(xi) all Contracts
relating to the voting or control of the equity interests of the Company or the Company or the election of directors of the Company or
the Company (other than the organizational documents of the Company or the Company);

(xii) all Contracts
not cancellable by the Company or the Company with no more than sixty (60) days’ notice if the effect of such cancellation would
result in monetary penalty to the Company or the Company in excess of $100,000 per the terms of such contract;

(xv) all Contracts
that may be terminated, or the provisions of which may be altered, as a result of the consummation of the transactions contemplated by
this Agreement; and

(xvi) all Contracts
under which any of the benefits, compensation or payments (or the vesting thereof) will be increased or accelerated by the consummation
of the transactions contemplated by this Agreement, or the amount or value thereof will be calculated on the basis of, the transactions
contemplated by this Agreement.

SECTION 4.13.2
Enforceability. Each Material Contract is, to the Knowledge of the Company (i) a valid and binding agreement, (ii) in full force
and effect and (iii) enforceable by and against the Company or the Company and each counterparty that is party thereto, subject, in the
case of this clause (iii), subject to bankruptcy, insolvency, fraudulent transfer, moratorium, reorganization or similar Laws affecting
the rights of creditors generally and the availability of equitable remedies. Neither the Company nor, to the Company’s Knowledge,
any other party to a Material Contract is in material breach or default (whether with or without the passage of time or the giving of
notice or both) under the terms of any such Material Contract. The Company or the Company has not assigned, delegated or otherwise transferred
any of its rights or obligations under any Material Contract or granted any power of attorney with respect thereto.

SECTION 4.13.3
Compliance. The Company is in compliance in all material respects with all covenants, including all financial covenants, in all
notes, indentures, bonds and other instruments or Contracts establishing or evidencing any indebtedness, in any agreement required to
be listed on Exhibit 4.13 of the Disclosure Schedule. The consummation and closing of the transactions contemplated by this Agreement
shall not cause or result in an event of default under any instruments or Contracts establishing or evidencing any indebtedness.

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SECTION 4.14 Employee
Benefit Plans. Exhibit 4.14 hereto sets forth a list of each "employee pension benefit plan" (as defined in Section
3(2) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA")) maintained or contributed to by the Company
(the "Retirement Plans"). Neither the Company nor any entity which is treated as a single employer along with the Company under
Section 414(b), (c), (m) or (o) of the Code maintains or contributes to, or has ever maintained or contributed to, or been required to
contribute to a multiemployer plan within the meaning of Section 3(37) of ERISA or any plan subject to Title IV of ERISA. Exhibit 4.14
hereto also sets forth a list of each "employee welfare benefit plan" (as defined in Section 3(1) of ERISA) and each other employee
benefit plan, program, arrangement, practice or contract, whether formal or informal, maintained by the Company providing benefits or
compensation to or on behalf of employees or former employees of the Company (the "Benefits Plans"). The Retirement Plans and
Benefit Plans are in compliance in all material respects with the presently applicable provisions of ERISA and the Code, and the Retirement
Plans are qualified under Section 401(a) of the Code. No contributions are required to be made by the Company to any Retirement Plan and
all other liabilities with respect to any Retirement Plan or Benefit Plan shall have been satisfied prior to or on the Closing Date. The
Company has filed or caused to be filed all reports required to be filed by it with the Internal Revenue Service or the Department of
Labor under applicable provisions of ERISA and the Code with respect to each of the Retirement Plans and Benefit Plans. No liability to
the Pension Benefit Guaranty Corporation has been incurred with respect to any Retirement Plan subject to Title IV of ERISA that has not
been satisfied in full.

SECTION 4.15 Investment
Representations.

SECTION 4.15.1.
Suitability as an Investor. Vioni (i) is an “accredited investor,” as that term is defined in Regulation D under the
Securities Act of 1933, as amended (the “Securities Act”), and has such knowledge, skill and experience in business and financial
matters that it is capable of evaluating the merits and risks of an investment in RISE Financial and RISE Financial and the suitability
thereof as an investment for it, (ii) understands that an investment in the Shares and the RISE Financial Membership Interests involve
a risk of financial loss, and (iii) has received such documents and information as it has requested and has had an opportunity to ask
questions of RISE Financial and RISE Financial and to receive satisfactory answers concerning the terms and conditions of the investment
proposed herein.

SECTION 4.15.2.
Investment. Vioni has not entered into any agreement to transfer the RISE Financial Membership Interests to any other party. Vioni
is acquiring the RISE Financial Membership Interests for investment for her own account and not with a view to, or for resale in connection
with, any distribution thereof in violation of federal and state securities laws.

SECTION 4.15.3.
Restricted Securities. Vioni understands that the RISE Financial Membership Interests will be characterized as “restricted
securities” under the federal securities laws in as much as they are being acquired from RISE Financial in a transaction not involving
a public offering and that under such laws and applicable regulations such securities may be resold without registration under the Securities
Act, only in certain limited circumstances. In this connection, Vioni represents that she is familiar with Rule 144 promulgated under
the Securities Act, as presently in effect, and understands the resale limitations imposed thereby and by the Securities Act. Vioni acknowledges
that the certificates evidencing the Shares and the RISE Financial Membership Interests will bear a legend in substantially the following
form:

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THESE SECURITIES HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION
STATEMENT THEN IN EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE CORPORATION THAT SUCH
REGISTRATION IS NOT REQUIRED OR UNLESS SOLD PURSUANT TO RULE 144 OF SUCH ACT.

Section
4.16 Independent Investigation and Reliance.

(a)            
Vioni and the Company have conducted their own independent investigation, review and analysis of RISE Financial. Vioni and the
Company have been provided adequate access to the personnel, properties, assets, premises, books and records, and other documents and
data of RISE Financial for such purpose. In making its decision to enter into this Agreement and the other agreements and instruments
contemplated hereby to which each of Vioni and the Company is a party and to consummate the transactions contemplated hereby and thereby,
Vioni and the Company have relied solely upon their own investigation and the express representations and warranties set forth in Article
III. Vioni and the Company represent and warrant that: (i) RISE Financial has not made any representation or warranty, express or
implied, regarding RISE Financial, except as expressly set forth in Article IV; and (ii) in entering into this Agreement, neither
Vioni nor the Company is relying on any other representation or warranty, express or implied, regarding RISE Financial, except as expressly
set forth in Article IV.

(b)          Without
limiting the generality of the foregoing, except for the representations and warranties expressly set forth in Article IV, RISE Financial
is not making nor has made any representation or warranty, express or implied, at law or in equity, in respect of RISE Financial’s
operations or condition (financial or otherwise), the nature or extent of any liabilities, the prospects of the business of RISE Financial,
the effectiveness or the success of any operations, or the accuracy or completeness of any confidential information memoranda, projections,
forecasts or estimates of earnings or other information (financial or otherwise) regarding RISE Financial furnished to Vioni, the Company,
its Affiliates, advisors or other representatives or its representatives or made available to Vioni, the Company, its Affiliates, advisors
or other representatives or its representatives in any data room, management presentations or in any other form in expectation of, or
in connection with, the transactions contemplated by this Agreement. Vioni and the Company acknowledge and agree that any claims Vioni
or the Company may have for or based on a breach of, or inaccuracy in, any representation or warranty, including claims for or as a result
of fraud of RISE Financial, shall be based solely on the representations and warranties expressly set forth in Article IV. Vioni and the
Company further represent and warrant that, except as expressly set forth in Article IV, RISE Financial has not made any representation
or warranty, express or implied, as to the accuracy or completeness of any information regarding RISE Financial or the transactions contemplated
by this Agreement.

Section
4.17 No Other Representations or Warranties. Except
for the representations and warranties contained in this Article IV (as modified by the Schedules hereto): (i) neither Company, nor Vioni
makes any other express or implied representation or warranty with respect to or otherwise relating to the Company; and (ii) Company and
Vioni disclaim all liability and responsibility for any other representation, warranty, projection, forecast, statement, or 

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information
(including any opinion, information, projection, or advice that may have been or may be provided, made, communicated, or furnished (orally
or in writing) to RISE Financial.

Article
V. COVENANTS

Section
5.1 Publicity. No Party or its Affiliates shall issue any public announcement, communication or disclosure of
this Agreement or the transactions contemplated by this Agreement without the prior written consent of the other Parties (not to be unreasonably
withheld or delayed), except: (i) if such announcement or other communication is required by applicable Law or Order, in which case the
disclosing Party shall, to the extent permitted by applicable Law or Order, first allow the other Party to review such announcement or
communication and the reasonable opportunity to comment thereon; and (ii) announcements and communications to Governmental Entities in
connection with Filings or Permits relating to the transactions contemplated by this Agreement, in which case the disclosing Party shall,
to the extent permitted by applicable Law or Order, first allow the other Party to review such announcement or communication and the opportunity
to comment thereon.

Section
5.2 Expenses. Except as otherwise expressly provided in this Agreement, whether or not the transactions contemplated
by this Agreement are consummated, each Party will pay its own costs and expenses incurred in anticipation of, relating to and in connection
with the negotiation and execution of this Agreement and the transactions contemplated by this Agreement.

Section
5.3 Further Actions. Subject to the terms
and conditions of this Agreement, each of the Company, RISE Financial, and RISE Financial agrees to use their reasonable best efforts
(except where a different efforts standard is specifically contemplated by this Agreement, in which case such different standard shall
apply) to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable to consummate
and make effective the transactions contemplated by this Agreement.

Article
VI. CONDITIONS TO CLOSING

Section
6.1 Conditions to Closing; Obligations of the Company. Conditions
to Obligations of the Company. The obligations of the Company to consummate the transactions contemplated by this Agreement shall be subject
to the fulfillment, at or prior to Closing, of each of the following conditions:

(i)          Representations
and Warranties. The representations and warranties of RISE Financial contained in Article 3 shall be true and correct in all respects
as of such Closing.

(ii)         Performance.
RISE Financial shall have performed and complied with all covenants, agreements, obligations and conditions contained in this Agreement
that are required to be performed or complied with by it on or before such Closing.

(iii)        Qualifications.
All authorizations, approvals or permits, if any, of any governmental authority or regulatory body of the United States or of any state
that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective
as of the Closing.

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(iv)        RISE
Financial Rights Agreement. RISE Financial shall have executed and delivered the RISE Financial Rights Agreement in the form attached
hereto as Exhibit E.

(v)         Option.
RISE Financial shall have executed and delivered the Option and the fee to be paid in connection therewith.

(vi)        Voting
Agreement. RISE Financial shall have executed and delivered the Voting Agreement in the form attached hereto as Exhibit F.

(vii)       Technology
License. RISE Financial shall have executed and delivered the Technology License and the initial technology fee to be paid thereunder.

(viii)      Consulting
Agreement. RISE Financial shall have executed and delivered the Consulting Agreement.

(ix)        Secretary’s
Certificate. The Manager of the RISE Financial shall have delivered to Company at the Closing a certificate certifying (i) the Articles
of Organization and Bylaws of RISE Financial as in effect at the Closing, and (ii) resolutions of the Board of Managers of RISE Financial
approving the transaction contemplated by this Agreement and the documents to be delivered in connection herewith.

(x)         Proceedings
and Documents. All corporate and other proceedings in connection with the transactions contemplated at the Closing and all documents incident
thereto shall be reasonably satisfactory in form and substance to Company and Company shall have received all such counterpart original
and certified or other copies of such documents as reasonably requested. Such documents may include good standing certificates.

Section
6.2 Conditions to Closing; Obligations of RISE Financial. Conditions
to Obligations of RISE Financial. The obligations of each of RISE Financial and RISE Financial to consummate the transactions contemplated
by this Agreement shall be subject to the fulfillment, at or prior to Closing, of each of the following conditions:

(i)          Representations
and Warranties. The representations and warranties of the Company contained in Article 4 shall be true and correct in all respects as
of such Closing.

(ii)         Performance.
The Company shall have performed and complied with all covenants, agreements, obligations and conditions contained in this Agreement that
are required to be performed or complied with by the Company on or before such Closing.

(iii)        Compliance
Certificate. The President of the Company shall deliver to the Purchasers at such Closing a certificate certifying that the conditions
specified in Sections 6.1(b)(i) and (ii) have been fulfilled.

(iv)        Qualifications.
All authorizations, approvals or permits, if any, of any governmental authority or regulatory body of the United States or of any state
that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective
as of such Closing.

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(v)         Board
of Directors. As of the Closing, the authorized size of the Board shall be two, and the Board shall be comprised of Lisa Vioni, Rob Arthurs,
and Gary Esayian.

(vi)        RISE
Financial Rights Agreement. The Company shall have executed and delivered the RISE Financial Rights Agreement.

(v)         Option.
The Company shall have executed and delivered the Option.

(vi)        Voting
Agreement. The Company and Vioni shall have executed and delivered the Voting Agreement.

(vii)       Technology
License. The Company shall have executed and delivered the Technology License.

(viii)      Consulting
Agreement. Vioni shall have executed and delivered the Consulting Agreement.

(v)         Secretary’s
Certificate. The Secretary of the Company shall have delivered to RISE Financial at the Closing a certificate certifying (i) the Articles
of Incorporation and Bylaws of the Company as in effect at the Closing, and (ii) resolutions of the Board of Directors of the Company
approving the transaction contemplated by this Agreement and the documents to be delivered in connection herewith.

(vi)        Proceedings
and Documents. All corporate and other proceedings in connection with the transactions contemplated at the Closing and all documents incident
thereto shall be reasonably satisfactory in form and substance to RISE Financial, and RISE Financial (shall have received all such counterpart
original and certified or other copies of such documents as reasonably requested. Such documents may include good standing certificates.

Article
VII. INDEMNIFICATION

Section
7.1 Survival.

(a)              
All representations and warranties contained in this Agreement shall survive the Closing for a period of twenty-four (24) months.

(b)              
The covenants and agreements contained in this Agreement that by their terms do not contemplate performance after the Closing,
as the case may be, shall not survive the Closing. The covenants and agreements contained in this Agreement that by their terms contemplate
performance after the Closing shall survive in accordance with their terms.

(c)              
The period for which a representation or warranty, covenant or agreement survives pursuant to this Section 7.1 is referred to herein
as the “Survival Period.” In the event notice of a claim for indemnification under Section 7.2 or Section 7.3 is delivered
in accordance with Section 7.4 or Section 7.5, as the case may be, within the Survival Period, the representation or warranty, covenant
or agreement that is the subject of such indemnification claim shall survive solely with respect to such claim until such claim is finally
resolved.

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Section
7.2 Indemnification by RISE Financial.

(a)              
Subject to the limitations set forth herein, after the Closing, RISE Financial shall indemnify and defend the Company against,
and shall hold the Company, its Agents and its Affiliates, and each of the equityholders, heirs, executors, successors and assigns of
any of the foregoing (collectively, the “Company Indemnitees”) harmless from, any actual loss, liability, claim, charge, action,
suit, proceeding, assessed interest, penalty, damage, Tax or expense (including reasonable attorneys’ fees) (collectively, “Losses”)
suffered or incurred by or imposed on such the Company Indemnitee to the extent resulting from or arising out of (i) any breach of any
representation and warranty of RISE Financial contained in Article III of this Agreement or the certificates delivered pursuant to Section
6.2, or (ii) any breach of the covenants or agreements of RISE Financial or RISE Financial contained in this Agreement.

(b)              
RISE Financial shall not be liable for any Loss or Losses unless the claim for such Loss or Losses is brought within the Survival
Period, and unless and until (A) the amount of Losses arising from any matter or series of matters relating to the same underlying fact,
circumstance, action or event exceeds $5,000 (“Covered Loss”) and (B) the aggregate amount of all Covered Losses incurred
by the Company Indemnitees exceeds $15,000 (the “Deductible”). Notwithstanding anything contained herein to the contrary,
the maximum amount of Covered Losses that shall be recoverable from RISE Financial in the aggregate shall be Sixty Thousand and 00/100
Dollars ($60,000.00).

(c)              
The Company acknowledges and agrees that its and each the Company Indemnitee’s sole and exclusive remedy with respect to
any and all matters arising out of, relating to or connected with this Agreement and the transactions contemplated by this Agreement shall
be pursuant to the indemnification provisions set forth in this Article VII; provided, that the provisions of this Section 7.2(c) shall
not apply in the case of a claim for equitable remedies or intentional fraud.

Section
7.3 Indemnification by the Company and Vioni.

(a)             
Subject to the limitations set forth herein, after Closing, the Company and Vioni, jointly and severally, shall indemnify and defend
RISE Financial, their respective Agents and Affiliates, and each of the equityholders, heirs, executors, successors and assigns of any
of the foregoing (collectively, the “RISE Financial Indemnitees”) against, and shall hold RISE Financial Indemnitees harmless
from, any Loss suffered or incurred by or imposed on RISE Financial Indemnitees to the extent resulting from or arising out of (i) any
breach of any representation and warranty of the Company or Vioni contained in Article III of this Agreement or the certificates delivered
pursuant to Section 6.1, or (ii) any breach of the covenants or agreements of the Company contained in this Agreement.

(b)             
The Company shall not be liable for any Loss or Losses unless the claim for such Loss or Losses is brought within the Survival
Period, and unless and until (A) the Loss is a Covered Loss and (B) the aggregate amount of all Covered Losses incurred by RISE Financial
Indemnitees exceeds the Deductible. Notwithstanding anything contained herein to the contrary, the maximum amount of Covered Losses that
shall be recoverable from Company and Vioni, in the aggregate, shall be Sixty Thousand and 00/100 Dollars ($60,000.00).

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(c)              
RISE Financial acknowledges and agrees that its and each RISE Financial Indemnitee’s sole and exclusive remedy with respect
to any and all matters arising out of, relating to or connected with this Agreement shall be pursuant to the indemnification provisions
set forth in this Article VII; provided that the provisions of this Section 7.3(c) shall not apply in the case of a claim for equitable
remedies or intentional fraud.

Section
7.4 Indemnification Procedures for Third Party Claims.

(a)              
In the event that any claim or demand, or other circumstance or state of facts that could give rise to any claim or demand, for
which an Indemnitor may be liable to an Indemnitee hereunder is asserted or sought to be collected, in each case, in writing, by a third
party (each, a “Third Party Claim”), the Indemnitee shall promptly notify the Indemnitor in writing of such Third Party Claim
(each, a “Notice of Claim”); provided, however, that a failure by an Indemnitee to provide timely notice shall not affect
the rights or obligations of such Indemnitee other than if the Indemnitor shall have been actually prejudiced as a result of such failure.
The Notice of Claim shall (i) state that the Indemnitee has paid or properly accrued Losses or anticipates that it will incur liability
for Losses for which such Indemnitee is entitled to indemnification pursuant to this Agreement, and (ii) specify in reasonable detail
each individual item of Loss included in the amount so stated, the date such item was paid or properly accrued, the basis for any anticipated
Loss and the nature of the misrepresentation, breach of warranty, breach of covenant or claim to which each such item is related and the
computation of the amount to which such Indemnitee claims to be entitled hereunder provided, however, that a failure by an Indemnitee
to include information that is incomplete or unknown shall not affect the rights of the Indemnitee or the obligations of the Indemnitor
other than if the Indemnitor shall have been actually prejudiced as a result of such failure. The Indemnitee shall enclose with the Notice
of Claim copies of all papers served and received by it with respect to such Third Party Claim, if any, and copies of any other documents
received by it that evidence such Third Party Claim.

(b)              
The Indemnitor shall have the right, but not the obligation, to, within twenty Business Days after the Indemnitees’ compliance
with Section 7.4(a), assume the defense or prosecution of such Third Party Claim and any litigation resulting therefrom with counsel of
its choice and at its sole cost and expense (a “Third Party Defense”); provided that the Indemnitor shall not be entitled
to assume the defense of a Third Party Claim to the extent that (i) such Third Party Claim seeks an injunction or other equitable relief
against any Indemnitee or (ii) the Third Party Claim relates to or otherwise arises in connection with any criminal or regulatory enforcement
action, investigation, suit or proceeding. If the Indemnitor assumes the Third Party Defense in accordance herewith, (i) the Indemnitee
may retain separate co-counsel at its sole cost and expense and participate in the defense of the Third Party Claim but the Indemnitor
shall control the investigation, defense and settlement thereof, (ii) the Indemnitee will not file any papers or consent to the entry
of any judgment or enter into any settlement with respect to the Third Party Claim without the prior written consent of the Indemnitor
(not to be unreasonably withheld, conditioned or delayed), and (iii) the Indemnitor will not consent to the entry of any judgment or enter
into any settlement with respect to the Third Party Claim to the extent such judgment or settlement provides for injunctive or equitable
relief or does not expressly and unconditionally release the Indemnitee from all liabilities and obligations with respect to such Third
Party Claim with prejudice without the prior written consent of the Indemnitee (not to be unreasonably withheld, delayed or conditioned).
The Parties will use commercially reasonable efforts to

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minimize Losses from Third
Party Claims and will act in good faith in responding to, defending against, settling or otherwise dealing with such claims. The Parties
will also cooperate in any such defense and give each other reasonable access to all information relevant thereto. Whether or not the
Indemnitor has assumed the Third Party Defense, such Indemnitor will not be obligated to indemnify the Indemnitee hereunder for any settlement
entered into or any judgment that was consented to without the Indemnitor’s prior written consent (which consent was not unreasonably
withheld, delayed or conditioned).

(c)              
If the Indemnitor does not assume the Third Party Defense within twenty Business Days after the Indemnitees’ compliance with
Section 7.4(a) or the Indemnitor is not entitled to assume the Third Party Defense pursuant to Section 7.4(b), the Indemnitee will be
entitled to assume the Third Party Defense upon delivery of notice to such effect to the Indemnitor; provided that the (i) Indemnitor
shall have the right to participate in the Third Party Defense at its sole cost and expense, but the Indemnitee shall control the investigation,
defense and settlement thereof; and (ii) the Indemnitor will not be obligated to indemnify the Indemnitee hereunder for any settlement
entered into or any judgment that was consented to without the Indemnitor’s prior written consent (which consent was not unreasonably
withheld, delayed or conditioned).

Section
7.5 Indemnification Procedures for Non-Third Party Claims. The Indemnitee shall notify the Indemnitor in writing
promptly of its discovery of any matter for which it is seeking or plans to seek indemnification hereunder and that does not involve a
Third Party Claim, such notice shall (a) state that the Indemnitee has paid Losses or anticipates that it will incur liability for Losses
for which such Indemnitee is entitled to indemnification pursuant to this Agreement, and (b) specify in reasonable detail each individual
item of Loss included in the amount so stated, the date such item was paid, the basis for any anticipated liability and the nature of
the misrepresentation, breach of warranty, breach of covenant or claim to which each such item is related and the computation of the amount
to which such Indemnitee claims to be entitled hereunder provided, however, that a failure by an Indemnitee to include information that
is incomplete or unknown shall not affect the rights of the Indemnitee or the obligations of the Indemnitee other than if the Indemnitor
shall have been actually prejudiced as a result of such failure. The Indemnitee will reasonably cooperate and assist the Indemnitor in
determining the validity of any claim for indemnity by the Indemnitee and in otherwise resolving such matters. Such assistance and cooperation
will include providing reasonable access to and copies of information, records and documents relating to such matters, furnishing employees
to assist in the investigation, defense and resolution of such matters and providing legal and business assistance with respect to such
matters.

Section
7.6 Calculation of Indemnity Payments.

(a)             
Each Indemnitee shall use its commercially reasonable efforts to pursue and collect on any recovery available under any insurance
policies. The amount of Losses payable under this ARTICLE VII by the Indemnitor shall be reduced by any and all amounts recovered by the
Indemnitee under applicable insurance policies or from any other Person alleged to be responsible therefor. If the Indemnitee receives
any amounts under applicable insurance policies or from any other Person alleged to be responsible for any Losses, subsequent to an indemnification
payment by the Indemnitor, then such Indemnitee shall promptly reimburse the Indemnitor for any payment made or expense incurred by such
Indemnitor in connection with providing such indemnification

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up to the amount received
by the Indemnitee, net of any reasonable expenses incurred by such Indemnitee in collecting such amount.

(b)              
To the extent required by applicable Law, each Indemnitee shall take commercially reasonable steps to mitigate any Losses as soon
as reasonably practicable after such Indemnitee becomes aware of any event which does, or could reasonably be expected to, give rise to
any such Losses.

(c)             
In no event shall any Party be liable for (and the term Losses shall exclude) any (i) consequential, lost profits, special, indirect,
or diminution in value Losses, or (ii) punitive damages unless, and solely to the extent that, a Party becomes obligated to pay any punitive
damages to a third party that is not an Affiliate of any Party.

(d)              
For purposes of determining the amount of Losses (but not for purposes of determining whether a breach of a representation or warranty
has occurred) under this Article VII, all “materiality” and “material adverse effect” qualifiers contained in
any representation or warranty shall be disregarded.

(e)              
Any and all amounts payable by any Indemnitor to an Indemnitee will be payable promptly directly by such Indemnitor (or its designee)
by wire transfer of same-day funds in accordance with payment instructions provided by such Indemnitee.

Section
7.7 Investigations. Notwithstanding anything contained herein to the contrary, no Indemnitee shall be entitled
to indemnification or to recover Covered Losses from any Indemnitor for any inaccuracy in or breach of any representation or warranty
made in this Agreement the Indemnitee had actual knowledge of such breach or inaccuracy (or of the facts, matters, or circumstances giving
rise to, causing, or underlying such breach or inaccuracy) at the time of Closing.

Section
7.8 Characterization of Indemnification Payments. Except as otherwise required by applicable Law, the Parties
shall treat any payment made pursuant to this Article VII as an adjustment to the purchase price for all Tax purposes.

Article
VIII. INTENTIONALLY OMITTED

Article
IX. MISCELLANEOUS

Section
9.1 Notices. Any notice, request, demand, waiver, consent, approval or other communication that is required or
permitted hereunder shall be in writing and shall be deemed given: (a) on the date established by the sender as having been delivered
personally; (b) on the date delivered by a private courier as established by the sender by evidence obtained from the courier; (c) on
the date sent by email, with the original mailed by overnight courier service; or (d) on the fifth Business Day after the date mailed,
by certified or registered mail, return receipt requested, postage prepaid. Such communications, to be valid, must be addressed as follows:

		(i)	if to the Company, to:

 

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Hedge Connection Inc.

19325 Outrider Loop

Bend, OR 97702

Attn: Lisa Vioni, CEO

 

with a required copy (which shall not constitute
notice) to:

 

Dinsmore & Shohl LLP

900 Wilshire Drive, Suite 300

Troy, Michigan 48084

Attn: Jeffrey A. Hoover, Esq.

Email: jeff.hoover@dinsmore.com

 

 

		(ii)	if to RISE Financial, to:

RISE Financial Services, LLC

4141 NE 2nd Ave., Suite 201

Miami, FL 33137

Attention: Andrew Reich

Email: areich@siebert.com

 

with a required copy (which shall not constitute
notice) to:

 

Mitchell Silberberg & Knupp LLP

2049 Century Park East, 18th Floor

Los Angeles, CA 90067

Attention: Mark T. Hiraide, Esq.

Email: mth@msk.com

 

or to such other address
or to the attention of such Person or Persons as the recipient party has specified by prior written notice pursuant to this Section 9.1
to the sending party (or in the case of counsel, to such other readily ascertainable business address as such counsel may hereafter maintain).
If more than one method for sending notice as set forth above is used, the earliest notice date established as set forth above shall control.

Section
9.2 Severability. If any provision of this Agreement is held to be illegal, invalid or unenforceable under any
present or future Law (a) such provision will be fully severable, (b) this Agreement will be construed and enforced as if such illegal,
invalid or unenforceable provision had never comprised a part hereof, (c) the remaining provisions of this Agreement will remain in full
force and effect and will not be affected by the illegal, invalid or unenforceable provision or by its severance here from and (d) in
lieu of such illegal, invalid or unenforceable provision, there will be added automatically as a part of this Agreement a legal, valid
and enforceable provision as similar in terms of such illegal, invalid or unenforceable provision as may be possible.

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Section
9.3 Counterparts. This Agreement may be executed in counterparts, and any Party hereto may execute any such counterpart,
each of which when executed and delivered shall be deemed to be an original and all of which counterparts taken together shall constitute
but one and the same instrument. This Agreement shall become effective when each Party hereto shall have received a counterpart hereof
signed by the other Party hereto. Any signature (including any electronic symbol
or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or
accept such contract or record) hereto or to any other certificate, agreement or document related to this transaction, and any contract
formation or record-keeping through electronic means shall have the same legal validity and enforceability as a manually executed signature
or use of a paper-based recordkeeping system to the fullest extent permitted by applicable law, including the Federal Electronic
Signatures in Global and National Commerce Act, the New York State Electronic
Signatures and Records Act, or any similar state law based on the Uniform Electronic Transactions Act, and the parties hereby waive any
objection to the contrary.

Section
9.4 Entire Agreement; Third Party Beneficiaries. This Agreement, the Confidentiality Agreement, Schedules, Exhibits,
Appendices and the other documents, instruments and agreements specifically referred to herein or therein or delivered pursuant hereto
or thereto set forth the entire understanding of the Parties hereto with respect to the transactions contemplated by this Agreement. All
Schedules, Exhibits and Appendices referred to herein are intended to be and hereby are specifically made a part of this Agreement. Any
and all previous agreements and understandings between or among the Parties regarding the subject matter hereof, whether written or oral,
are superseded by this Agreement. Except as provided in Article VII, this Agreement will not confer any rights or remedies upon any Person
other than the Parties hereto and their respective successors and permitted assigns.

Section
9.5 Governing Law. This Agreement and the exhibits and schedules hereto shall be governed by and interpreted
and enforced in accordance with the Laws of the State of Delaware, without giving effect to any choice of law or conflicts of law rules
or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction
other than the State of Delaware.

Section
9.6 Consent to Jurisdiction; Waiver of Jury Trial. With
respect to any dispute between the Parties in connection with or arising out of this Agreement, the Parties agree to submit the dispute
to arbitration administered by FINRA under the FINRA Code of Arbitration Procedure for Industry Disputes (the “FINRA Code of
Arbitration”) then in effect, and judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction
thereof. The dispute shall be heard exclusively in a location within the State, County and City of New York. The Parties shall attempt
to agree to arbitrators from a list generated by FINRA’s Neutral List Selection System pursuant to FINRA Code of Arbitration Rule
13400. However, if they cannot agree to such arbitrators within fourteen (14) days, then the parties agree to utilize the FINRA Neutral
List Selection System appointment process to appoint such arbitrators. The arbitration and the hearing will take place pursuant to the
FINRA Code of Arbitration. The award shall be made within six months of the filing of the notice of intention to arbitrate (demand), and
the arbitrators shall agree to comply with this schedule before accepting appointment. However, this time limit may be extended by the
arbitrators for good cause shown, or by mutual agreement of the Parties. The arbitrators will have no authority to award punitive or other
damages not 

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measured
by the prevailing party’s actual damages, including consequential or punitive damages. The arbitrators may determine how the costs
and expenses of the arbitration shall be allocated between the parties, but they shall not award attorneys’ fees. With respect
to injunctive relief in aid of arbitration, each Party hereto irrevocably submits to the exclusive jurisdiction of any state or federal
court located within the County of New York in the State of New York. Each Party further agrees that service of any process, summons,
notice or document by United States registered mail to such Party’s respective address set forth herein shall be effective service
of process for any such action, suit or proceeding. Each Party irrevocably and unconditionally waives any objection to the laying of venue
of any action, suit or proceeding arising out of this Agreement or the transactions contemplated hereby or thereby in such courts, and
hereby irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding
brought in any such court has been brought in an inconvenient forum. EACH PARTY HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN
ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE
TRANSACTIONS CONTEMPLATED HEREBY OR THE ACTIONS OF THE PARTIES IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT HEREOF
OR THEREOF.

Section
9.7 Assignment. Neither this Agreement nor any of the rights or obligations hereunder shall be assigned by any
of the Parties hereto without the prior written consent of the other Party. This Agreement will be binding upon, inure to the benefit
of and be enforceable by the Parties and their respective successors and permitted assigns. Any attempted assignment in violation of the
terms of this Section 9.7 shall be null and void, ab initio.

Section
9.8 Headings. All headings contained in this Agreement are for convenience of reference only, do not form a part
of this Agreement and shall not affect in any way the meaning or interpretation of this Agreement.

Section
9.9 Amendments and Waivers. This Agreement may not be amended, supplemented or modified except by an instrument
in writing signed on behalf of the Company and by RISE Financial. Any term or condition of this Agreement may be waived at any time in
writing by the Party against whom such waiver is sought to be entered. No waiver by any Party of any term or condition of this Agreement,
in any one or more instances, shall be deemed to be or construed as a waiver of the same or any other term or condition of this Agreement
on any future occasion. No failure by any Party to enforce a provision of this Agreement shall be deemed to be or construed as a waiver
of the right to enforce same or any other term or condition of this Agreement on any future occasion.

Section
9.10 Schedules and Exhibits. Except as otherwise provided in this Agreement, all Exhibits and schedules referred
to herein are intended to be and hereby are made a part of this Agreement.

[Signature Page Follows]

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IN WITNESS WHEREOF,
the Parties have caused this Agreement to be duly executed as of the day and year first above written.

 

	 	HEDGE CONNECTION INC.,
	 	a Florida corporation
	 	 
	 	By:	        /s/ LISA VIONI
	 	 	Lisa Vioni
	 	 	Chief Executive Officer
	 	 
	 	 
	 	 
	 	RISE FINANCIAL SERVICES, LLC,
	 	a Delaware limited liability company
	 	 
	 	By: 	        /s/ CYNTHIA DIBARTOLO
	 	 	Cynthia DiBartolo
	 	 	Chief Executive Officer
	 	 	 
	 	 	 
	 	 	 
	 	 	        /s/ LISA VIONI
	 	 	LISA VIONI

 

 

    32Document

BUSINESS LOAN AGREEMENT (ASSET BASED)

																								
	Principal	Loan Date	Maturity
	Loan No
	Call / Coll	Account
	Officer
	Initials

																		
	$3,000,000.00	12-23-2021	12-17-2022
	****2001
	LNS
	

References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item.
Any item above containing "***" has been omitted due to text length limitations.

												
	Borrower:
	ADDVANTAGE TECHNOLOGIES GROUP INC (TIN:  73-1351610); ADDVANTAGE TRITON, LLC (TIN:  81-3651007); and NAVE COMMUNICATIONS COMPANY (TIN:  52-2182495)
1221 E HOUSTON
BROKEN ARROW, OK  74012
	Lender:
	Vast Bank, N.A.
Yale Location
P. O. Box 54639
Tulsa, OK  74155

THIS BUSINESS LOAN AGREEMENT (ASSET BASED) dated December 23, 2021, is made and executed between ADDVANTAGE TECHNOLOGIES GROUP INC; ADDVANTAGE TRITON, LLC; and NAVE COMMUNICATIONS COMPANY ("Borrower") and Vast Bank, N.A.  ("Lender") on the following terms and conditions.  Borrower has received prior commercial loans from Lender or has applied to Lender for a commercial loan or loans or other financial accommodations, including those which may be described on any exhibit or schedule attached to this Agreement.  Borrower understands and agrees that:  (A)  in granting, renewing, or extending any Loan, Lender is relying upon Borrower's representations, warranties, and agreements as set forth in this Agreement;  (B)  the granting, renewing, or extending of any Loan by Lender at all times shall be subject to Lender's sole judgment and discretion; and  (C)  all such Loans shall be and remain subject to the terms and conditions of this Agreement.
TERM.  This Agreement shall be effective as of December 23, 2021, and shall continue in full force and effect until such time as all of Borrower's Loans in favor of Lender have been paid in full, including principal, interest, costs, expenses, attorneys' fees, and other fees and charges, or until such time as the parties may agree in writing to terminate this Agreement.
ADVANCE AUTHORITY.  The following person or persons are authorized, except as provided in this paragraph, to request advances and authorize payments under the line of credit until Lender receives from Borrower, at Lender's address shown above, written notice of revocation of such authority:  JOSEPH E HART, President of ADDVANTAGE TECHNOLOGIES GROUP INC; JOSEPH E HART, Manager of ADDVANTAGE TRITON, LLC; and JOSEPH E HART, President  of NAVE COMMUNICATIONS COMPANY, or MICHAEL RUTLEDGE, Chief Financial Officer of ADDVANTAGE TECHNOLOGIES GROUP INC.  along with a monthly Borrowing Base and Loan Officer's approval.
LINE OF CREDIT.  Lender agrees to make Advances to Borrower from time to time from the date of this Agreement to the Expiration Date, provided the aggregate amount of such Advances outstanding at any time does not exceed the Borrowing Base.  Within the foregoing limits, Borrower may borrow, partially or wholly prepay, and reborrow under this Agreement as follows:  
Conditions Precedent to Each Advance.  Lender's obligation to make any Advance to or for the account of Borrower under this Agreement is subject to the following conditions precedent, with all documents, instruments, opinions, reports, and other items required under this Agreement to be in form and substance satisfactory to Lender:
(1)  Lender shall have received evidence that this Agreement and all Related Documents have been duly authorized, executed, and delivered by Borrower to Lender.
(2)  Lender shall have received such opinions of counsel, supplemental opinions, and documents as Lender may request.
(3)  The security interests in the Collateral shall have been duly authorized, created, and perfected with first lien priority and shall be in full force and effect.
(4)  All guaranties required by Lender for the credit facility(ies) shall have been executed by each Guarantor, delivered to Lender, and be in full force and effect.
(5)  Lender, at its option and for its sole benefit, shall have conducted an audit of Borrower's Accounts, Inventory, books, records, and operations, and Lender shall be satisfied as to their condition.
(6)  Borrower shall have paid to Lender all fees, costs, and expenses specified in this Agreement and the Related Documents as are then due and payable.
(7)  There shall not exist at the time of any Advance a condition which would constitute an Event of Default under this Agreement, and Borrower shall have delivered to Lender the compliance certificate called for in the paragraph below titled "Compliance Certificate."
Making Loan Advances.  Advances under this credit facility, as well as directions for payment from Borrower's accounts, may be requested orally or in writing by authorized persons.  Lender may, but need not, require that all oral requests be confirmed in writing.  Each Advance shall be conclusively deemed to have been made at the request of and for the benefit of Borrower (1)  when credited to any deposit account of Borrower maintained with Lender or (2)  when advanced in accordance with the instructions of an authorized person.  Lender, at its option, may set a cutoff time, after which all requests for Advances will be treated as having been requested on the next succeeding Business Day.  Under no circumstances shall Lender be required to make any Advance in an amount less than $1,000.00.
Mandatory Loan Repayments.  If at any time the aggregate principal amount of the outstanding Advances shall exceed the applicable Borrowing Base, Borrower, immediately upon written or oral notice from Lender, shall pay to Lender an amount equal to the difference between the outstanding principal balance of the Advances and the Borrowing Base.  On the Expiration Date, Borrower shall pay to Lender in full the aggregate unpaid principal amount of all Advances then outstanding and all accrued unpaid interest, together with all other applicable fees, costs and charges, if any, not yet paid.
Loan Account.  Lender shall maintain on its books a record of account in which Lender shall make entries for each Advance and such other debits and credits as shall be appropriate in connection with the credit facility.  Lender shall provide Borrower with periodic statements of Borrower's account, which statements shall be considered to be correct and conclusively binding on Borrower unless Borrower notifies Lender to the contrary within thirty (30) days after Borrower's receipt of any such statement which Borrower deems to be incorrect.
COLLATERAL.  To secure payment of the Primary Credit Facility and performance of all other Loans, obligations and duties owed by Borrower to Lender, Borrower (and others, if required) shall grant to Lender Security Interests in such property and assets as Lender may require.  Lender's Security Interests in the Collateral shall be continuing liens and shall include the proceeds and products of the Collateral, including without limitation the proceeds of any insurance.  With respect to the Collateral, Borrower agrees and represents and warrants to Lender:

Perfection of Security Interests.  Borrower agrees to execute all documents perfecting Lender's Security Interest and to take whatever actions are requested by Lender to perfect and continue Lender's Security Interests in the Collateral.  Upon request of Lender, Borrower will deliver to Lender any and all of the documents evidencing or constituting the Collateral, and Borrower will note Lender's interest upon any and all chattel paper and instruments if not delivered to Lender for possession by Lender.  Contemporaneous with the execution of this Agreement, Borrower will execute one or more UCC financing statements and any similar statements as may be required by applicable law, and Lender will file such financing statements and all such similar statements in the appropriate location or locations.  Borrower hereby appoints Lender as its irrevocable attorney-in-fact for the purpose of executing any documents necessary to perfect or to continue any Security Interest.  Lender may at any time, and without further authorization from Borrower, file a carbon, photograph, facsimile, or other reproduction of any financing statement for use as a financing statement.  Borrower will reimburse Lender for all expenses for the perfection, termination, and the continuation of the perfection of Lender's security interest in the Collateral.  Borrower promptly will notify Lender before any change in Borrower's name including any change to the assumed business names of Borrower.  Borrower also promptly will notify Lender before any change in Borrower's Social Security Number or Employer Identification Number.  Borrower further agrees to notify Lender in writing prior to any change in address or location of Borrower's principal governance office or should Borrower merge or consolidate with any other entity.
Collateral Records.  Borrower does now, and at all times hereafter shall, keep correct and accurate records of the Collateral, all of which records shall be available to Lender or Lender's representative upon demand for inspection and copying at any reasonable time.  With respect to the Accounts, Borrower agrees to keep and maintain such records as Lender may require, including without limitation information concerning Eligible Accounts and Account balances and agings.  Records related to Accounts (Receivables) are or will be located at customers principal place of business.  With respect to the Inventory, Borrower agrees to keep and maintain such records as Lender may require, including without limitation information concerning Eligible Inventory and records itemizing and describing the kind, type, quality, and quantity of Inventory, Borrower's Inventory costs and selling prices, and the daily withdrawals and additions to Inventory.  Records related to Inventory are or will be located at customers principal place of business.  The above is an accurate and complete list of all locations at which Borrower keeps or maintains business records concerning Borrower's collateral. 
Collateral Schedules.  Concurrently with the execution and delivery of this Agreement, Borrower shall execute and deliver to Lender schedules of Accounts and Inventory and schedules of Eligible Accounts and Eligible Inventory in form and substance satisfactory to the Lender.  Thereafter supplemental schedules shall be delivered according to the following schedule:  With respect to Eligible Accounts, schedules shall be delivered within 30 days of month end.  With respect to Eligible Inventory, schedules shall be delivered within 30 days of month end.  
Representations and Warranties Concerning Accounts.  With respect to the Accounts, Borrower represents and warrants to Lender:  (1)  Each Account represented by Borrower to be an Eligible Account for purposes of this Agreement conforms to the requirements of the definition of an Eligible Account;  (2)  All Account information listed on schedules delivered to Lender will be true and correct, subject to immaterial variance; and  (3)  Lender, its assigns, or agents shall have the right at any time and at Borrower's expense to inspect, examine, and audit Borrower's records and to confirm with Account Debtors the accuracy of such Accounts.
Representations and Warranties Concerning Inventory.  With respect to the Inventory, Borrower represents and warrants to Lender:  (1)  All Inventory represented by Borrower to be Eligible Inventory for purposes of this Agreement conforms to the requirements of the definition of Eligible Inventory;  (2)  All Inventory values listed on schedules delivered to Lender will be true and correct, subject to immaterial variance;  (3)  The value of the Inventory will be determined on a consistent accounting basis;  (4)  Except as agreed to the contrary by Lender in writing, all Eligible Inventory is now and at all times hereafter will be in Borrower's physical possession and shall not be held by others on consignment, sale on approval, or sale or return;  (5)  Except as reflected in the Inventory schedules delivered to Lender, all Eligible Inventory is now and at all times hereafter will be of good and merchantable quality, free from defects;  (6)  Eligible Inventory is not now and will not at any time hereafter be stored with a bailee, warehouseman, or similar party without Lender's prior written consent, and, in such event, Borrower will concurrently at the time of bailment cause any such bailee, warehouseman, or similar party to issue and deliver to Lender, in form acceptable to Lender, warehouse receipts in Lender name evidencing the storage of Inventory; and  (7)  Lender, its assigns, or agents shall have the right at any time and at Borrower's expense to inspect and examine the Inventory and to check and test the same as to quality, quantity, value, and condition.
MULTIPLE BORROWERS.  This Agreement has been executed by multiple obligors who are referred to in this Agreement individually, collectively and interchangeably as "Borrower."  Unless specifically stated to the contrary, the word "Borrower" as used in this Agreement, including without limitation all representations, warranties and covenants, shall include all Borrowers.  Borrower understands and agrees that, with or without notice to any one Borrower, Lender may  (A)  make one or more additional secured or unsecured loans or otherwise extend additional credit with respect to any other Borrower;  (B)  with respect to any other Borrower alter, compromise, renew, extend, accelerate, or otherwise change one or more times the time for payment or other terms of any indebtedness, including increases and decreases of the rate of interest on the indebtedness;  (C)  exchange, enforce, waive, subordinate, fail or decide not to perfect, and release any security, with or without the substitution of new collateral;  (D)  release, substitute, agree not to sue, or deal with any one or more of Borrower's or any other Borrower's sureties, endorsers, or other guarantors on any terms or in any manner Lender may choose;  (E)  determine how, when and what application of payments and credits shall be made on any indebtedness;  (F)  apply such security and direct the order or manner of sale of any Collateral, including without limitation, any non-judicial sale permitted by the terms of the controlling security agreement or deed of trust, as Lender in its discretion may determine;  (G)  sell, transfer, assign or grant participations in all or any part of the Loan;  (H)  exercise or refrain from exercising any rights against Borrower or others, or otherwise act or refrain from acting;  (I)  settle or compromise any indebtedness; and  (J)  subordinate the payment of all or any part of any of Borrower's indebtedness to Lender to the payment of any liabilities which may be due Lender or others.
REPRESENTATIONS AND WARRANTIES.  Borrower represents and warrants to Lender, as of the date of this Agreement, as of the date of each disbursement of loan proceeds, as of the date of any renewal, extension or modification of any Loan, and at all times any Indebtedness exists:
Organization.  ADDVANTAGE TECHNOLOGIES GROUP INC is a corporation for profit which is, and at all times shall be, duly organized, validly existing, and in good standing under and by virtue of the laws of the State of Oklahoma.  ADDVANTAGE TECHNOLOGIES GROUP INC is duly authorized to transact business in all other states in which ADDVANTAGE TECHNOLOGIES GROUP INC is doing business, having obtained all necessary filings, governmental licenses and approvals for each state in which ADDVANTAGE TECHNOLOGIES GROUP INC is doing business.  Specifically, ADDVANTAGE TECHNOLOGIES GROUP INC is, and at all times shall be, duly qualified as a foreign corporation in all states in which the failure to so qualify would have a material adverse effect on its business or financial condition.  ADDVANTAGE TECHNOLOGIES GROUP INC has the full power and authority to own its properties and to transact the business in which it is presently engaged or presently proposes to engage.  ADDVANTAGE TECHNOLOGIES GROUP INC maintains an office at 1221 E HOUSTON, BROKEN ARROW, OK  74012.  Unless ADDVANTAGE TECHNOLOGIES GROUP INC has designated otherwise in writing, the principal office is the office at which ADDVANTAGE TECHNOLOGIES GROUP INC keeps its books and records including its records concerning the Collateral.  ADDVANTAGE TECHNOLOGIES GROUP INC will notify Lender prior to any change in the location of ADDVANTAGE TECHNOLOGIES GROUP INC's state of organization or any change in ADDVANTAGE TECHNOLOGIES GROUP INC's name.  ADDVANTAGE TECHNOLOGIES GROUP INC shall do all things necessary to preserve and to keep in full force and effect its existence, rights and privileges, and shall comply with all regulations, rules, ordinances, statutes, orders and decrees of any governmental or quasi-governmental authority or court applicable to ADDVANTAGE TECHNOLOGIES GROUP INC and ADDVANTAGE TECHNOLOGIES GROUP INC's business activities.
ADDVANTAGE TRITON, LLC is a limited liability company which is, and at all times shall be, duly organized, validly existing, and in good standing under and by virtue of the laws of the State of Oklahoma.  ADDVANTAGE TRITON, LLC is duly authorized to transact business in all other states in which ADDVANTAGE TRITON, LLC is doing business, having obtained all necessary filings, governmental licenses and approvals for each state in which ADDVANTAGE TRITON, LLC is doing business.  Specifically, ADDVANTAGE TRITON, LLC is, and at all times shall be, duly qualified as a foreign limited liability company in all states in which the failure to so qualify would have a material adverse effect on its business or financial condition.  ADDVANTAGE TRITON, LLC has the full power and authority to own its properties and to transact the business in which it is presently engaged or presently proposes to engage.  ADDVANTAGE TRITON, LLC maintains an office at 1221 E HOUSTON, BROKEN ARROW, OK  74012.  Unless ADDVANTAGE TRITON, LLC has designated otherwise in writing, the principal office is the office at which ADDVANTAGE TRITON, LLC keeps its 

books and records including its records concerning the Collateral.  ADDVANTAGE TRITON, LLC will notify Lender prior to any change in the location of ADDVANTAGE TRITON, LLC's state of organization or any change in ADDVANTAGE TRITON, LLC's name.  ADDVANTAGE TRITON, LLC shall do all things necessary to preserve and to keep in full force and effect its existence, rights and privileges, and shall comply with all regulations, rules, ordinances, statutes, orders and decrees of any governmental or quasi-governmental authority or court applicable to ADDVANTAGE TRITON, LLC and ADDVANTAGE TRITON, LLC's business activities.
NAVE COMMUNICATIONS COMPANY is a corporation for profit which is, and at all times shall be, duly organized, validly existing, and in good standing under and by virtue of the laws of the State of Oklahoma.  NAVE COMMUNICATIONS COMPANY is duly authorized to transact business in all other states in which NAVE COMMUNICATIONS COMPANY is doing business, having obtained all necessary filings, governmental licenses and approvals for each state in which NAVE COMMUNICATIONS COMPANY is doing business.  Specifically, NAVE COMMUNICATIONS COMPANY is, and at all times shall be, duly qualified as a foreign corporation in all states in which the failure to so qualify would have a material adverse effect on its business or financial condition.  NAVE COMMUNICATIONS COMPANY has the full power and authority to own its properties and to transact the business in which it is presently engaged or presently proposes to engage.  NAVE COMMUNICATIONS COMPANY maintains an office at 1221 E HOUSTON ST, BROKEN ARROW, OK  74012.  Unless NAVE COMMUNICATIONS COMPANY has designated otherwise in writing, the principal office is the office at which NAVE COMMUNICATIONS COMPANY keeps its books and records including its records concerning the Collateral.  NAVE COMMUNICATIONS COMPANY will notify Lender prior to any change in the location of NAVE COMMUNICATIONS COMPANY's state of organization or any change in NAVE COMMUNICATIONS COMPANY's name.  NAVE COMMUNICATIONS COMPANY shall do all things necessary to preserve and to keep in full force and effect its existence, rights and privileges, and shall comply with all regulations, rules, ordinances, statutes, orders and decrees of any governmental or quasi-governmental authority or court applicable to NAVE COMMUNICATIONS COMPANY and NAVE COMMUNICATIONS COMPANY's business activities.
Assumed Business Names.  Borrower has filed or recorded all documents or filings required by law relating to all assumed business names used by Borrower.  Excluding the name of Borrower, the following is a complete list of all assumed business names under which Borrower does business:  None.
Authorization.  Borrower's execution, delivery, and performance of this Agreement and all the Related Documents have been duly authorized by all necessary action by Borrower and do not conflict with, result in a violation of, or constitute a default under  (1)  any provision of  (a)  Borrower's articles of incorporation or organization, or bylaws, or  (b)  Borrower's articles of organization or membership agreements, or  (c)  any agreement or other instrument binding upon Borrower or  (2)  any law, governmental regulation, court decree, or order applicable to Borrower or to Borrower's properties.
Financial Information.  Each of Borrower's financial statements supplied to Lender truly and completely disclosed Borrower's financial condition as of the date of the statement, and there has been no material adverse change in Borrower's financial condition subsequent to the date of the most recent financial statement supplied to Lender.  Borrower has no material contingent obligations except as disclosed in such financial statements.
Legal Effect.  This Agreement constitutes, and any instrument or agreement Borrower is required to give under this Agreement when delivered will constitute legal, valid, and binding obligations of Borrower enforceable against Borrower in accordance with their respective terms.
Properties.  Except as contemplated by this Agreement or as previously disclosed in Borrower's financial statements or in writing to Lender and as accepted by Lender, and except for property tax liens for taxes not presently due and payable, Borrower owns and has good title to all of Borrower's properties free and clear of all Security Interests, and has not executed any security documents or financing statements relating to such properties.  All of Borrower's properties are titled in Borrower's legal name, and Borrower has not used or filed a financing statement under any other name for at least the last five (5) years.
Hazardous Substances.  Except as disclosed to and acknowledged by Lender in writing, Borrower represents and warrants that:  (1)  During the period of Borrower's ownership of the Collateral, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance by any person on, under, about or from any of the Collateral.  (2)  Borrower has no knowledge of, or reason to believe that there has been  (a)  any breach or violation of any Environmental Laws;  (b)  any use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance on, under, about or from the Collateral by any prior owners or occupants of any of the Collateral; or  (c)  any actual or threatened litigation or claims of any kind by any person relating to such matters.  (3)  Neither Borrower nor any tenant, contractor, agent or other authorized user of any of the Collateral shall use, generate, manufacture, store, treat, dispose of or release any Hazardous Substance on, under, about or from any of the Collateral; and any such activity shall be conducted in compliance with all applicable federal, state, and local laws, regulations, and ordinances, including without limitation all Environmental Laws.  Borrower authorizes Lender and its agents to enter upon the Collateral to make such inspections and tests as Lender may deem appropriate to determine compliance of the Collateral with this section of the Agreement.  Any inspections or tests made by Lender shall be at Borrower's expense and for Lender's purposes only and shall not be construed to create any responsibility or liability on the part of Lender to Borrower or to any other person.  The representations and warranties contained herein are based on Borrower's due diligence in investigating the Collateral for hazardous waste and Hazardous Substances.  Borrower hereby  (1)  releases and waives any future claims against Lender for indemnity or contribution in the event Borrower becomes liable for cleanup or other costs under any such laws, and  (2)  agrees to indemnify, defend, and hold harmless Lender against any and all claims, losses, liabilities, damages, penalties, and expenses which Lender may directly or indirectly sustain or suffer resulting from a breach of this section of the Agreement or as a consequence of any use, generation, manufacture, storage, disposal, release or threatened release of a hazardous waste or substance on the Collateral.  The provisions of this section of the Agreement, including the obligation to indemnify and defend, shall survive the payment of the Indebtedness and the termination, expiration or satisfaction of this Agreement and shall not be affected by Lender's acquisition of any interest in any of the Collateral, whether by foreclosure or otherwise.
Litigation and Claims.  No litigation, claim, investigation, administrative proceeding or similar action (including those for unpaid taxes) against Borrower is pending or threatened, and no other event has occurred which may materially adversely affect Borrower's financial condition or properties, other than litigation, claims, or other events, if any, that have been disclosed to and acknowledged by Lender in writing.
Taxes.  To the best of Borrower's knowledge, all of Borrower's tax returns and reports that are or were required to be filed, have been filed, and all taxes, assessments and other governmental charges have been paid in full, except those presently being or to be contested by Borrower in good faith in the ordinary course of business and for which adequate reserves have been provided. 
Lien Priority.  Unless otherwise previously disclosed to Lender in writing, Borrower has not entered into or granted any Security Agreements, or permitted the filing or attachment of any Security Interests on or affecting any of the Collateral directly or indirectly securing repayment of Borrower's Loan and Note, that would be prior or that may in any way be superior to Lender's Security Interests and rights in and to such Collateral.
Binding Effect.  This Agreement, the Note, all Security Agreements (if any), and all Related Documents are binding upon the signers thereof, as well as upon their successors, representatives and assigns, and are legally enforceable in accordance with their respective terms.
AFFIRMATIVE COVENANTS.  Borrower covenants and agrees with Lender that, so long as this Agreement remains in effect, Borrower will:
Notices of Claims and Litigation.  Promptly inform Lender in writing of  (1)  all material adverse changes in Borrower's financial condition, and  (2)  all existing and all threatened litigation, claims, investigations, administrative proceedings or similar actions affecting Borrower or any Guarantor which could materially affect the financial condition of Borrower or the financial condition of any Guarantor.
Financial Records.  Maintain its books and records in accordance with GAAP, applied on a consistent basis, and permit Lender to examine and audit Borrower's books and records at all reasonable times.  
Financial Statements.  Furnish Lender with the following:

Annual Statements.  As soon as available, but in no event later than one-hundred-twenty (120) days after the end of each fiscal year, Borrower's balance sheet and income statement for the year ended, audited by a certified public accountant satisfactory to Lender.
Interim Statements.  As soon as available, but in no event later than 45 days after the end of each fiscal quarter, Borrower's balance sheet and profit and loss statement for the period ended, prepared by Borrower.
All financial reports required to be provided under this Agreement shall be prepared in accordance with GAAP, applied on a consistent basis, and certified by Borrower as being true and correct.
Additional Information.  Furnish such additional information and statements, as Lender may request from time to time.
Insurance.  Maintain fire and other risk insurance, public liability insurance, and such other insurance as Lender may require with respect to Borrower's properties and operations, in form, amounts, coverages and with insurance companies acceptable to Lender.  Borrower, upon request of Lender, will deliver to Lender from time to time the policies or certificates of insurance in form satisfactory to Lender, including stipulations that coverages will not be cancelled or diminished without at least thirty (30) days prior written notice to Lender.  Each insurance policy also shall include an endorsement providing that coverage in favor of Lender will not be impaired in any way by any act, omission or default of Borrower or any other person.  In connection with all policies covering assets in which Lender holds or is offered a security interest for the Loans, Borrower will provide Lender with such lender's loss payable or other endorsements as Lender may require.
Insurance Reports.  Furnish to Lender, upon request of Lender, reports on each existing insurance policy showing such information as Lender may reasonably request, including without limitation the following:  (1)  the name of the insurer;  (2)  the risks insured;  (3)  the amount of the policy;  (4)  the properties insured;  (5)  the then current property values on the basis of which insurance has been obtained, and the manner of determining those values; and  (6)  the expiration date of the policy.  In addition, upon request of Lender (however not more often than annually), Borrower will have an independent appraiser satisfactory to Lender determine, as applicable, the actual cash value or replacement cost of any Collateral.  The cost of such appraisal shall be paid by Borrower.
Other Agreements.  Comply with all terms and conditions of all other agreements, whether now or hereafter existing, between Borrower and any other party and notify Lender immediately in writing of any default in connection with any other such agreements.
Loan Proceeds.  Use all Loan proceeds solely for the following specific purposes:  For business purposes only.  
Taxes, Charges and Liens.  Pay and discharge when due all of its indebtedness and obligations, including without limitation all assessments, taxes, governmental charges, levies and liens, of every kind and nature, imposed upon Borrower or its properties, income, or profits, prior to the date on which penalties would attach, and all lawful claims that, if unpaid, might become a lien or charge upon any of Borrower's properties, income, or profits.  Provided however, Borrower will not be required to pay and discharge any such assessment, tax, charge, levy, lien or claim so long as  (1)  the legality of the same shall be contested in good faith by appropriate proceedings, and  (2)  Borrower shall have established on Borrower's books adequate reserves with respect to such contested assessment, tax, charge, levy, lien, or claim in accordance with GAAP.
Performance.  Perform and comply, in a timely manner, with all terms, conditions, and provisions set forth in this Agreement, in the Related Documents, and in all other instruments and agreements between Borrower and Lender.  Borrower shall notify Lender immediately in writing of any default in connection with any agreement.
Operations.  Maintain executive and management personnel with substantially the same qualifications and experience as the present executive and management personnel; provide written notice to Lender of any change in executive and management personnel; conduct its business affairs in a reasonable and prudent manner.
Environmental Studies.  Promptly conduct and complete, at Borrower's expense, all such investigations, studies, samplings and testings as may be requested by Lender or any governmental authority relative to any substance, or any waste or by-product of any substance defined as toxic or a hazardous substance under applicable federal, state, or local law, rule, regulation, order or directive, at or affecting any property or any facility owned, leased or used by Borrower.
Compliance with Governmental Requirements.  Comply with all laws, ordinances, and regulations, now or hereafter in effect, of all governmental authorities applicable to the conduct of Borrower's properties, businesses and operations, and to the use or occupancy of the Collateral, including without limitation, the Americans With Disabilities Act.  Borrower may contest in good faith any such law, ordinance, or regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Borrower has notified Lender in writing prior to doing so and so long as, in Lender's sole opinion, Lender's interests in the Collateral are not jeopardized.  Lender may require Borrower to post adequate security or a surety bond, reasonably satisfactory to Lender, to protect Lender's interest.
Inspection.  Permit employees or agents of Lender at any reasonable time to inspect any and all Collateral for the Loan or Loans and Borrower's other properties and to examine or audit Borrower's books, accounts, and records and to make copies and memoranda of Borrower's books, accounts, and records.  If Borrower now or at any time hereafter maintains any records (including without limitation computer generated records and computer software programs for the generation of such records) in the possession of a third party, Borrower, upon request of Lender, shall notify such party to permit Lender free access to such records at all reasonable times and to provide Lender with copies of any records it may request, all at Borrower's expense.  
Environmental Compliance and Reports.  Borrower shall comply in all respects with any and all Environmental Laws; not cause or permit to exist, as a result of an intentional or unintentional action or omission on Borrower's part or on the part of any third party, on property owned and/or occupied by Borrower, any environmental activity where damage may result to the environment, unless such environmental activity is pursuant to and in compliance with the conditions of a permit issued by the appropriate federal, state or local governmental authorities; shall furnish to Lender promptly and in any event within thirty (30) days after receipt thereof a copy of any notice, summons, lien, citation, directive, letter or other communication from any governmental agency or instrumentality concerning any intentional or unintentional action or omission on Borrower's part in connection with any environmental activity whether or not there is damage to the environment and/or other natural resources.
Additional Assurances.  Make, execute and deliver to Lender such promissory notes, mortgages, deeds of trust, security agreements, assignments, financing statements, instruments, documents and other agreements as Lender or its attorneys may reasonably request to evidence and secure the Loans and to perfect all Security Interests.
LENDER'S EXPENDITURES.  If any action or proceeding is commenced that would materially affect Lender's interest in the Collateral or if Borrower fails to comply with any provision of this Agreement or any Related Documents, including but not limited to Borrower's failure to discharge or pay when due any amounts Borrower is required to discharge or pay under this Agreement or any Related Documents, Lender on Borrower's behalf may (but shall not be obligated to) take any action that Lender deems appropriate, including but not limited to discharging or paying all taxes, liens, security interests, encumbrances and other claims, at any time levied or placed on any Collateral and paying all costs for insuring, maintaining and preserving any Collateral.  All such expenditures incurred or paid by Lender for such purposes will then bear interest at the rate charged under the Note or at the highest rate authorized by law, from the date incurred or paid by Lender to the date of repayment by Borrower.  All such expenses will become a part of the Indebtedness and, at Lender's option, will  (A)  be payable on demand;  (B)  be added to the balance of the Note and be apportioned among and be payable with any installment payments to become due during either  (1)  the term of any applicable insurance policy; or  (2)  the remaining term of the Note; or  (C)  be treated as a balloon payment which will be due and payable at the Note's maturity.  If Lender is required by law to give Borrower notice before or after Lender makes an expenditure, Borrower agrees that notice sent by regular mail at least five (5) days before the expenditure is made or notice delivered two (2) days before the expenditure is made is sufficient, and that notice within sixty (60) days after the expenditure is made is reasonable.

NEGATIVE COVENANTS.  Borrower covenants and agrees with Lender that while this Agreement is in effect, Borrower shall not, without the prior written consent of Lender: 
Indebtedness and Liens.  (1)  Except for trade debt incurred in the normal course of business and indebtedness to Lender contemplated by this Agreement, create, incur or assume indebtedness for borrowed money, including capital leases,  (2)  sell, transfer, mortgage, assign, pledge, lease, grant a security interest in, or encumber any of Borrower's assets (except as allowed as Permitted Liens), or  (3)  sell with recourse any of Borrower's accounts receivable, except to Lender.
Continuity of Operations.  (1)  Engage in any business activities substantially different than those in which Borrower is presently engaged,  (2)  cease operations, liquidate, merge or restructure as a legal entity (whether by division or otherwise), consolidate with or acquire any other entity, change its name, convert to another type of entity or redomesticate, dissolve or transfer or sell Collateral out of the ordinary course of business, or  (3)  pay any dividends on Borrower's stock (other than dividends payable in its stock), provided, however that notwithstanding the foregoing, but only so long as no Event of Default has occurred and is continuing or would result from the payment of dividends, if Borrower is a "Subchapter S Corporation" (as defined in the Internal Revenue Code of 1986, as amended), Borrower may pay cash dividends on its stock to its shareholders from time to time in amounts necessary to enable the shareholders to pay income taxes and make estimated income tax payments to satisfy their liabilities under federal and state law which arise solely from their status as Shareholders of a Subchapter S Corporation because of their ownership of shares of Borrower's stock, or purchase or retire any of Borrower's outstanding shares or alter or amend Borrower's capital structure. 
Loans, Acquisitions and Guaranties.  (1)  Loan, invest in or advance money or assets to any other person, enterprise or entity,  (2)  purchase, create or acquire any interest in any other enterprise or entity, or  (3)  incur any obligation as surety or guarantor other than in the ordinary course of business.
Agreements.  Enter into any agreement containing any provisions which would be violated or breached by the performance of Borrower's obligations under this Agreement or in connection herewith.
CESSATION OF ADVANCES.  If Lender has made any commitment to make any Loan to Borrower, whether under this Agreement or under any other agreement, Lender shall have no obligation to make Loan Advances or to disburse Loan proceeds if:  (A)  Borrower or any Guarantor is in default under the terms of this Agreement or any of the Related Documents or any other agreement that Borrower or any Guarantor has with Lender;  (B)  Borrower or any Guarantor dies, becomes incompetent or becomes insolvent, files a petition in bankruptcy or similar proceedings, or is adjudged a bankrupt;  (C)  there occurs a material adverse change in Borrower's financial condition, in the financial condition of any Guarantor, or in the value of any Collateral securing any Loan; or  (D)  any Guarantor seeks, claims or otherwise attempts to limit, modify or revoke such Guarantor's guaranty of the Loan or any other loan with Lender; or  (E)  Lender in good faith deems itself insecure, even though no Event of Default shall have occurred.
RIGHT OF SETOFF.  To the extent permitted by applicable law, Lender reserves a right of setoff in all Borrower's accounts with Lender (whether checking, savings, or some other account).  This includes all accounts Borrower holds jointly with someone else and all accounts Borrower may open in the future.  However, this does not include any IRA or Keogh accounts, or any trust accounts for which setoff would be prohibited by law.  Borrower authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums owing on the Indebtedness against any and all such accounts.
DEFAULT.  Each of the following shall constitute an Event of Default under this Agreement:
Payment Default.  Borrower fails to make any payment when due under the Loan.
Other Defaults.  Borrower fails to comply with or to perform any other term, obligation, covenant or condition contained in this Agreement or in any of the Related Documents or to comply with or to perform any term, obligation, covenant or condition contained in any other agreement between Lender and Borrower.
Default in Favor of Third Parties.  Borrower or any Grantor defaults under any loan, extension of credit, security agreement, purchase or sales agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of Borrower's or any Grantor's property or Borrower's or any Grantor's ability to repay the Loans or perform their respective obligations under this Agreement or any of the Related Documents.
False Statements.  Any warranty, representation or statement made or furnished to Lender by Borrower or on Borrower's behalf under this Agreement or the Related Documents is false or misleading in any material respect, either now or at the time made or furnished or becomes false or misleading at any time thereafter.
Insolvency.  The dissolution or termination of Borrower's existence as a going business, the insolvency of Borrower, the appointment of a receiver for any part of Borrower's property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower.
Defective Collateralization.  This Agreement or any of the Related Documents ceases to be in full force and effect (including failure of any collateral document to create a valid and perfected security interest or lien) at any time and for any reason.
Creditor or Forfeiture Proceedings.  Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of Borrower or by any governmental agency against any collateral securing the Loan.  This includes a garnishment of any of Borrower's accounts, including deposit accounts, with Lender.  However, this Event of Default shall not apply if there is a good faith dispute by Borrower as to the validity or reasonableness of the claim which is the basis of the creditor or forfeiture proceeding and if Borrower gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being an adequate reserve or bond for the dispute.
Events Affecting Guarantor.  Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or any Guarantor dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness.
Change in Ownership.  Any change in ownership of twenty-five percent (25%) or more of the common stock of Borrower.
Adverse Change.  A material adverse change occurs in Borrower's financial condition, or Lender believes the prospect of payment or performance of the Loan is impaired.
Insecurity.  Lender in good faith believes itself insecure.
Right to Cure.  If any default, other than a default on Indebtedness, is curable and if Borrower or Grantor, as the case may be, has not been given a notice of a similar default within the preceding twelve (12) months, it may be cured if Borrower or Grantor, as the case may be, after Lender sends written notice to Borrower or Grantor, as the case may be, demanding cure of such default:  (1)  cure the default within ten (10) days; or  (2)  if the cure requires more than ten (10) days, immediately initiate steps which Lender deems in Lender's sole discretion to be sufficient to cure the default and thereafter continue and complete all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical.
EFFECT OF AN EVENT OF DEFAULT.  If any Event of Default shall occur, except where otherwise provided in this Agreement or the Related Documents, all commitments and obligations of Lender under this Agreement or the Related Documents or any other agreement immediately will terminate (including any obligation to make further Loan Advances or disbursements), and, at Lender's option, all Indebtedness immediately will become due and payable, all without notice of any kind to Borrower, except that in the case of an Event of Default of the type described in the "Insolvency" subsection above, such acceleration shall be automatic and not optional.  In addition, Lender shall have all the rights and remedies provided in the Related Documents or available at law, in equity, or otherwise.  Except as may be prohibited by applicable law, all of Lender's rights and remedies shall be cumulative and may be exercised singularly or concurrently.  Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of Borrower or of any Grantor shall not affect Lender's right to declare a default and to exercise its rights and remedies.

FIXED CHARGE COVERAGE RATIO REQUIREMENT. A quarterly fixed charge coverage ratio of 1.25:1 is required for ADDvantage Technologies Group Inc.  FCCR to be defined as: (EBITDA + Capital Contributions + Non-cash Expenses + One-Time Expenses - Total Distributions) / (Principal and Interest payments on all outstanding debt + Capital Expenditures).
ADDITIONAL INDEBTEDNESS REQUIREMENT. Any additional indebtedness requires bank approval.
NON-USAGE FEE. Quarterly non-usage fee of 25 basis points.
DAILY SWEEP. Initiate daily sweep between the Operating Account and this Loan #****2001, with a target account balance of $1,500,000.00.
MISCELLANEOUS PROVISIONS.  The following miscellaneous provisions are a part of this Agreement:
Amendments.  This Agreement, together with any Related Documents, constitutes the entire understanding and agreement of the parties as to the matters set forth in this Agreement.  All prior and contemporaneous representations and discussions concerning such matters either are included in this document or do not constitute an aspect of the agreement of the parties.  Except as may be specifically set forth in this Agreement, no conditions precedent or subsequent, of any kind whatsoever, exist with respect to Borrower's obligations under this Agreement.  No alteration of or amendment to this Agreement shall be effective unless given in writing and signed by the party or parties sought to be charged or bound by the alteration or amendment.
Attorneys' Fees; Expenses.  Borrower agrees to pay upon demand all of Lender's costs and expenses, including Lender's attorneys' fees and Lender's legal expenses, incurred in connection with the enforcement of this Agreement.  Lender may hire or pay someone else to help enforce this Agreement, and Borrower shall pay the costs and expenses of such enforcement.  Costs and expenses include Lender's attorneys' fees and legal expenses whether or not there is a lawsuit, including attorneys' fees and legal expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated post-judgment collection services.  Borrower also shall pay all court costs and such additional fees as may be directed by the court.
Caption Headings.  Caption headings in this Agreement are for convenience purposes only and are not to be used to interpret or define the provisions of this Agreement.
Consent to Loan Participation.  Borrower agrees and consents to Lender's sale or transfer, whether now or later, of one or more participation interests in the Loan to one or more purchasers, whether related or unrelated to Lender.  Lender may provide, without any limitation whatsoever, to any one or more purchasers, or potential purchasers, any information or knowledge Lender may have about Borrower or about any other matter relating to the Loan, and Borrower hereby waives any rights to privacy Borrower may have with respect to such matters.  Borrower additionally waives any and all notices of sale of participation interests, as well as all notices of any repurchase of such participation interests.  Borrower also agrees that the purchasers of any such participation interests will be considered as the absolute owners of such interests in the Loan and will have all the rights granted under the participation agreement or agreements governing the sale of such participation interests.  Borrower further waives all rights of offset or counterclaim that it may have now or later against Lender or against any purchaser of such a participation interest and unconditionally agrees that either Lender or such purchaser may enforce Borrower's obligation under the Loan irrespective of the failure or insolvency of any holder of any interest in the Loan.  Borrower further agrees that the purchaser of any such participation interests may enforce its interests irrespective of any personal claims or defenses that Borrower may have against Lender.
Governing Law.  This Agreement will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State of Oklahoma without regard to its conflicts of law provisions.  This Agreement has been accepted by Lender in the State of Oklahoma.
Choice of Venue.  If there is a lawsuit, Borrower agrees upon Lender's request to submit to the jurisdiction of the courts of TULSA County, State of Oklahoma.
Joint and Several Liability.  All obligations of Borrower under this Agreement shall be joint and several, and all references to Borrower shall mean each and every Borrower.  This means that each Borrower signing below is responsible for all obligations in this Agreement.  Where any one or more of the parties is a corporation, partnership, limited liability company or similar entity, it is not necessary for Lender to inquire into the powers of any of the officers, directors, partners, members, or other agents acting or purporting to act on the entity's behalf, and any obligations made or created in reliance upon the professed exercise of such powers shall be guaranteed under this Agreement.
No Waiver by Lender.  Lender shall not be deemed to have waived any rights under this Agreement unless such waiver is given in writing and signed by Lender.  No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other right.  A waiver by Lender of a provision of this Agreement shall not prejudice or constitute a waiver of Lender's right otherwise to demand strict compliance with that provision or any other provision of this Agreement.  No prior waiver by Lender, nor any course of dealing between Lender and Borrower, or between Lender and any Grantor, shall constitute a waiver of any of Lender's rights or of any of Borrower's or any Grantor's obligations as to any future transactions.  Whenever the consent of Lender is required under this Agreement, the granting of such consent by Lender in any instance shall not constitute continuing consent to subsequent instances where such consent is required and in all cases such consent may be granted or withheld in the sole discretion of Lender.
Notices.  To the extent permitted by applicable law, any notice required to be given under this Agreement shall be given in writing, and shall be effective when actually delivered, when actually received by telefacsimile (unless otherwise required by law), when deposited with a nationally recognized overnight courier, or, if mailed, when deposited in the United States mail, as first class, certified or registered mail postage prepaid, directed to the addresses shown near the beginning of this Agreement.  Any party may change its address for notices under this Agreement by giving formal written notice to the other parties, specifying that the purpose of the notice is to change the party's address.  For notice purposes, Borrower agrees to keep Lender informed at all times of Borrower's current address.  To the extent permitted by applicable law, if there is more than one Borrower, any notice given by Lender to any Borrower is deemed to be notice given to all Borrowers.
Severability.  If a court of competent jurisdiction finds any provision of this Agreement to be illegal, invalid, or unenforceable as to any person or circumstance, that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other person or circumstance.  If feasible, the offending provision shall be considered modified so that it becomes legal, valid and enforceable.  If the offending provision cannot be so modified, it shall be considered deleted from this Agreement.  Unless otherwise required by law, the illegality, invalidity, or unenforceability of any provision of this Agreement shall not affect the legality, validity or enforceability of any other provision of this Agreement.
Subsidiaries and Affiliates of Borrower.  To the extent the context of any provisions of this Agreement makes it appropriate, including without limitation any representation, warranty or covenant, the word "Borrower" as used in this Agreement shall include all of Borrower's subsidiaries and affiliates.  Notwithstanding the foregoing however, under no circumstances shall this Agreement be construed to require Lender to make any Loan or other financial accommodation to any of Borrower's subsidiaries or affiliates.
Successors and Assigns.  All covenants and agreements by or on behalf of Borrower contained in this Agreement or any Related Documents shall bind Borrower's successors and assigns and shall inure to the benefit of Lender and its successors and assigns.  Borrower shall not, however, have the right to assign Borrower's rights under this Agreement or any interest therein, without the prior written consent of Lender.
Survival of Representations and Warranties.  Borrower understands and agrees that in extending Loan Advances, Lender is relying on all representations, warranties, and covenants made by Borrower in this Agreement or in any certificate or other instrument delivered by Borrower to Lender under this Agreement or the Related Documents.  Borrower further agrees that regardless of any investigation made by Lender, all such representations, warranties and covenants will survive the extension of Loan Advances and delivery to Lender of the Related Documents, shall be continuing in nature, shall be deemed made and redated by Borrower at the time each Loan Advance is made,  and shall remain in full force and 

effect until such time as Borrower's Indebtedness shall be paid in full, or until this Agreement shall be terminated in the manner provided above, whichever is the last to occur.
Time is of the Essence.  Time is of the essence in the performance of this Agreement.
Waive Jury.  All parties to this Agreement hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought by any party against any other party.
DEFINITIONS.  The following capitalized words and terms shall have the following meanings when used in this Agreement.  Unless specifically stated to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America.  Words and terms used in the singular shall include the plural, and the plural shall include the singular, as the context may require.  Words and terms not otherwise defined in this Agreement shall have the meanings attributed to such terms in the Uniform Commercial Code.  Accounting words and terms not otherwise defined in this Agreement shall have the meanings assigned to them in accordance with generally accepted accounting principles as in effect on the date of this Agreement:  
Account.  The word "Account" means a trade account, account receivable, other receivable, or other right to payment for goods sold or services rendered owing to Borrower (or to a third party grantor acceptable to Lender).
Account Debtor.  The words "Account Debtor" mean the person or entity obligated upon an Account.  
Advance.  The word "Advance" means a disbursement of Loan funds made, or to be made, to Borrower or on Borrower's behalf under the terms and conditions of this Agreement.  
Agreement.  The word "Agreement" means this Business Loan Agreement (Asset Based), as this Business Loan Agreement (Asset Based) may be amended or modified from time to time, together with all exhibits and schedules attached to this Business Loan Agreement (Asset Based) from time to time.  
Borrower.  The word "Borrower" means ADDVANTAGE TECHNOLOGIES GROUP INC; ADDVANTAGE TRITON, LLC; and NAVE COMMUNICATIONS COMPANY and includes all co-signers and co-makers signing the Note and all their successors and assigns.
Borrowing Base.  The words "Borrowing Base" mean, as determined by Lender from time to time, the lesser of  (1)  $3,000,000.00   or (2)  the sum of  (a)  80.000% of the aggregate amount of Eligible Accounts (not to exceed in corresponding Loan amount based on Eligible Accounts $3,000,000.00), plus  (b)  50.000% of the aggregate amount of Eligible Inventory.  
Business Day.  The words "Business Day" mean a day on which commercial banks are open in the State of Oklahoma.  
Collateral.  The word "Collateral" means all property and assets granted as collateral security for a Loan, whether real or personal property, whether granted directly or indirectly, whether granted now or in the future, and whether granted in the form of a security interest, mortgage, collateral mortgage, deed of trust, assignment, pledge, crop pledge, chattel mortgage, collateral chattel mortgage, chattel trust, factor's lien, equipment trust, conditional sale, trust receipt, lien, charge, lien or title retention contract, lease or consignment intended as a security device, or any other security or lien interest whatsoever, whether created by law, contract, or otherwise.  The word Collateral also includes without limitation all collateral described in the Collateral section of this Agreement.
Eligible Accounts.  The words "Eligible Accounts" mean at any time, all of Borrower's Accounts which contain selling terms and conditions acceptable to Lender.  The net amount of any Eligible Account against which Borrower may borrow shall exclude all returns, discounts, credits, and offsets of any nature.  Unless otherwise agreed to by Lender in writing, Eligible Accounts do not include:  
(1)  Accounts with respect to which the Account Debtor is member, employee or agent of Borrower.  
(2)  Accounts with respect to which the Account Debtor is a subsidiary of, or affiliated with  Borrower or its shareholders, officers, or directors.
(3)  Accounts with respect to which goods are placed on consignment, guaranteed sale, or other terms by reason of which the payment by the Account Debtor may be conditional.  
(4)  Accounts with respect to which the Account Debtor is not a resident of the United States, except to the extent such Accounts are supported by insurance, bonds or other assurances satisfactory to Lender.  
(5)  Accounts with respect to which Borrower is or may become liable to the Account Debtor for goods sold or services rendered by the Account Debtor to Borrower.  
(6)  Accounts which are subject to dispute, counterclaim, or setoff.  
(7)  Accounts with respect to which the goods have not been shipped or delivered, or the services have not been rendered, to the Account Debtor.  
(8)  Accounts with respect to which Lender, in its sole discretion, deems the creditworthiness or financial condition of the Account Debtor to be unsatisfactory.  
(9)  Accounts of any Account Debtor who has filed or has had filed against it a petition in bankruptcy or an application for relief under any provision of any state or federal bankruptcy, insolvency, or debtor-in-relief acts; or who has had appointed a trustee, custodian, or receiver for the assets of such Account Debtor; or who has made an assignment for the benefit of creditors or has become insolvent or fails generally to pay its debts (including its payrolls) as such debts become due.
(10)  Accounts with respect to which the Account Debtor is the United States government or any department or agency of the United States.
(11)  Accounts which have not been paid in full within 90 days from the invoice date.  The entire balance of any Account of any single Account Debtor will be ineligible whenever the portion of the Account which has not been paid within 90 days from the invoice date is in excess of 10.000% of the total amount outstanding on the Account.
(12)  That portion of the Accounts of any single Account Debtor which exceeds 20.000% of all of Borrower's Accounts.
(13)  Borrowing Base is limited to 80% of eligible A/R of Subsidiaries Nave Communications Company and ADDvantage Triton LLC.
Eligible Inventory.  The words "Eligible Inventory" mean, at any time, all of Borrower's Inventory as defined below, except:  
(1)  Inventory which is not owned by Borrower free and clear of all security interests, liens, encumbrances, and claims of third parties.
(2)  Inventory which Lender, in its sole discretion, deems to be obsolete, unsalable, damaged, defective, or unfit for further processing.
(3)  Work in process.
(4)  A 25% borrowing allowance is available for ADDvantage Triton LLC and Nave Communications Company.
Environmental Laws.  The words "Environmental Laws" mean any and all state, federal and local statutes, regulations and ordinances relating to the protection of human health or the environment, including without limitation the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. ("CERCLA"), the Superfund Amendments and Reauthorization Act of 1986, Pub. L. No. 99-499 ("SARA"), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq., the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., or other applicable state or federal laws, rules, or regulations adopted pursuant thereto.
Event of Default.  The words "Event of Default" mean any of the events of default set forth in this Agreement in the default section of this Agreement.

Expiration Date.  The words "Expiration Date" mean the date of termination of Lender's commitment to lend under this Agreement.
GAAP.  The word "GAAP" means generally accepted accounting principles.  
Grantor.  The word "Grantor" means each and all of the persons or entities granting a Security Interest in any Collateral for the Loan, including without limitation all Borrowers granting such a Security Interest.  
Guarantor.  The word "Guarantor" means any guarantor, surety, or accommodation party of any or all of the Loan.
Guaranty.  The word "Guaranty" means the guaranty from Guarantor to Lender, including without limitation a guaranty of all or part of the Note.
Hazardous Substances.  The words "Hazardous Substances" mean materials that, because of their quantity, concentration or physical, chemical or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when improperly used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled.  The words "Hazardous Substances" are used in their very broadest sense and include without limitation any and all hazardous or toxic substances, materials or waste as defined by or listed under the Environmental Laws.  The term "Hazardous Substances" also includes, without limitation, petroleum and petroleum by-products or any fraction thereof and asbestos.
Indebtedness.  The word "Indebtedness" means the indebtedness evidenced by the Note or Related Documents, including all principal and interest together with all other indebtedness and costs and expenses for which Borrower is responsible under this Agreement or under any of the Related Documents.
Inventory.  The word "Inventory" means all of Borrower's raw materials, work in process, finished goods, merchandise, parts and supplies, of every kind and description, and goods held for sale or lease or furnished under contracts of service in which Borrower now has or hereafter acquires any right, whether held by Borrower or others, and all documents of title, warehouse receipts, bills of lading, and all other documents of every type covering all or any part of the foregoing.  Inventory includes inventory temporarily out of Borrower's custody or possession and all returns on Accounts.  
Lender.  The word "Lender" means Vast Bank, N.A., its successors and assigns.  
Loan.  The word "Loan" means any and all loans and financial accommodations from Lender to Borrower whether now or hereafter existing, and however evidenced, including without limitation those loans and financial accommodations described herein or described on any exhibit or schedule attached to this Agreement from time to time.
Note.  The word "Note" means the Note dated December 23, 2021 and executed by ADDVANTAGE TECHNOLOGIES GROUP INC; ADDVANTAGE TRITON, LLC; and NAVE COMMUNICATIONS COMPANY in the principal amount of $3,000,000.00, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the note or credit agreement.
Permitted Liens.  The words "Permitted Liens" mean  (1)  liens and security interests securing Indebtedness owed by Borrower to Lender;  (2)  liens for taxes, assessments, or similar charges either not yet due or being contested in good faith;  (3)  liens of materialmen, mechanics, warehousemen, or carriers, or other like liens arising in the ordinary course of business and securing obligations which are not yet delinquent;  (4)  purchase money liens or purchase money security interests upon or in any property acquired or held by Borrower in the ordinary course of business to secure indebtedness outstanding on the date of this Agreement or permitted to be incurred under the paragraph of this Agreement titled "Indebtedness and Liens";  (5)  liens and security interests which, as of the date of this Agreement, have been disclosed to and approved by the Lender in writing; and  (6)  those liens and security interests which in the aggregate constitute an immaterial and insignificant monetary amount with respect to the net value of Borrower's assets.
Primary Credit Facility.  The words "Primary Credit Facility" mean the credit facility described in the Line of Credit section of this Agreement.  
Related Documents.  The words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments, agreements and documents, whether now or hereafter existing, executed in connection with the Loan.
Security Agreement.  The words "Security Agreement" mean and include without limitation any agreements, promises, covenants, arrangements, understandings or other agreements, whether created by law, contract, or otherwise, evidencing, governing, representing, or creating a Security Interest.  
Security Interest.  The words "Security Interest" mean, without limitation, any and all types of collateral security, present and future, whether in the form of a lien, charge, encumbrance, mortgage, deed of trust, security deed, assignment, pledge, crop pledge, chattel mortgage, collateral chattel mortgage, chattel trust, factor's lien, equipment trust, conditional sale, trust receipt, lien or title retention contract, lease or consignment intended as a security device, or any other security or lien interest whatsoever whether created by law, contract, or otherwise.  

BORROWER ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS BUSINESS LOAN AGREEMENT (ASSET BASED) AND BORROWER AGREES TO ITS TERMS.  THIS BUSINESS LOAN AGREEMENT (ASSET BASED) IS DATED DECEMBER 23, 2021.
BORROWER:
ADDVANTAGE TECHNOLOGIES GROUP INC

By: _____________________________________________
JOSEPH E HART, President of ADDVANTAGE TECHNOLOGIES GROUP INC
ADDVANTAGE TRITON, LLC

By: _____________________________________________
JOSEPH E HART, Manager of ADDVANTAGE TRITON, LLC
NAVE COMMUNICATIONS COMPANY

By: _____________________________________________
JOSEPH E HART, President  of NAVE COMMUNICATIONS COMPANY
LENDER:
VAST BANK, N.A.

By: _____________________________________________
Lauren Smith, Vice President

LaserPro, Ver. 21.4.0.034  Copr. Finastra USA Corporation 1997, 2022.   All Rights Reserved.   - OK  C:\CFI\LPL\C40.FC  TR-12524  PR-62 (M)

BUSINESS LOAN AGREEMENT (ASSET BASED)

																								
	Principal	Loan Date	Maturity
	Loan No
	Call / Coll	Account
	Officer
	Initials

																		
	$3,000,000.00	12-23-2021	12-17-2022
	****2001
	LNS
	

References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item.
Any item above containing "***" has been omitted due to text length limitations.

												
	Borrower:
	ADDVANTAGE TECHNOLOGIES GROUP INC (TIN:  73-1351610); ADDVANTAGE TRITON, LLC (TIN:  81-3651007); and NAVE COMMUNICATIONS COMPANY (TIN:  52-2182495)
1221 E HOUSTON
BROKEN ARROW, OK  74012
	Lender:
	Vast Bank, N.A.
Yale Location
P. O. Box 54639
Tulsa, OK  74155

THIS BUSINESS LOAN AGREEMENT (ASSET BASED) dated December 23, 2021, is made and executed between ADDVANTAGE TECHNOLOGIES GROUP INC; ADDVANTAGE TRITON, LLC; and NAVE COMMUNICATIONS COMPANY ("Borrower") and Vast Bank, N.A.  ("Lender") on the following terms and conditions.  Borrower has received prior commercial loans from Lender or has applied to Lender for a commercial loan or loans or other financial accommodations, including those which may be described on any exhibit or schedule attached to this Agreement.  Borrower understands and agrees that:  (A)  in granting, renewing, or extending any Loan, Lender is relying upon Borrower's representations, warranties, and agreements as set forth in this Agreement;  (B)  the granting, renewing, or extending of any Loan by Lender at all times shall be subject to Lender's sole judgment and discretion; and  (C)  all such Loans shall be and remain subject to the terms and conditions of this Agreement.
TERM.  This Agreement shall be effective as of December 23, 2021, and shall continue in full force and effect until such time as all of Borrower's Loans in favor of Lender have been paid in full, including principal, interest, costs, expenses, attorneys' fees, and other fees and charges, or until such time as the parties may agree in writing to terminate this Agreement.
ADVANCE AUTHORITY.  The following person or persons are authorized, except as provided in this paragraph, to request advances and authorize payments under the line of credit until Lender receives from Borrower, at Lender's address shown above, written notice of revocation of such authority:  JOSEPH E HART, President of ADDVANTAGE TECHNOLOGIES GROUP INC; JOSEPH E HART, Manager of ADDVANTAGE TRITON, LLC; and JOSEPH E HART, President  of NAVE COMMUNICATIONS COMPANY, or MICHAEL RUTLEDGE, Chief Financial Officer of ADDVANTAGE TECHNOLOGIES GROUP INC.  along with a monthly Borrowing Base and Loan Officer's approval.
LINE OF CREDIT.  Lender agrees to make Advances to Borrower from time to time from the date of this Agreement to the Expiration Date, provided the aggregate amount of such Advances outstanding at any time does not exceed the Borrowing Base.  Within the foregoing limits, Borrower may borrow, partially or wholly prepay, and reborrow under this Agreement as follows:  
Conditions Precedent to Each Advance.  Lender's obligation to make any Advance to or for the account of Borrower under this Agreement is subject to the following conditions precedent, with all documents, instruments, opinions, reports, and other items required under this Agreement to be in form and substance satisfactory to Lender:
(1)  Lender shall have received evidence that this Agreement and all Related Documents have been duly authorized, executed, and delivered by Borrower to Lender.
(2)  Lender shall have received such opinions of counsel, supplemental opinions, and documents as Lender may request.
(3)  The security interests in the Collateral shall have been duly authorized, created, and perfected with first lien priority and shall be in full force and effect.
(4)  All guaranties required by Lender for the credit facility(ies) shall have been executed by each Guarantor, delivered to Lender, and be in full force and effect.
(5)  Lender, at its option and for its sole benefit, shall have conducted an audit of Borrower's Accounts, Inventory, books, records, and operations, and Lender shall be satisfied as to their condition.
(6)  Borrower shall have paid to Lender all fees, costs, and expenses specified in this Agreement and the Related Documents as are then due and payable.
(7)  There shall not exist at the time of any Advance a condition which would constitute an Event of Default under this Agreement, and Borrower shall have delivered to Lender the compliance certificate called for in the paragraph below titled "Compliance Certificate."
Making Loan Advances.  Advances under this credit facility, as well as directions for payment from Borrower's accounts, may be requested orally or in writing by authorized persons.  Lender may, but need not, require that all oral requests be confirmed in writing.  Each Advance shall be conclusively deemed to have been made at the request of and for the benefit of Borrower (1)  when credited to any deposit account of Borrower maintained with Lender or (2)  when advanced in accordance with the instructions of an authorized person.  Lender, at its option, may set a cutoff time, after which all requests for Advances will be treated as having been requested on the next succeeding Business Day.  Under no circumstances shall Lender be required to make any Advance in an amount less than $1,000.00.
Mandatory Loan Repayments.  If at any time the aggregate principal amount of the outstanding Advances shall exceed the applicable Borrowing Base, Borrower, immediately upon written or oral notice from Lender, shall pay to Lender an amount equal to the difference between the outstanding principal balance of the Advances and the Borrowing Base.  On the Expiration Date, Borrower shall pay to Lender in full the aggregate unpaid principal amount of all Advances then outstanding and all accrued unpaid interest, together with all other applicable fees, costs and charges, if any, not yet paid.
Loan Account.  Lender shall maintain on its books a record of account in which Lender shall make entries for each Advance and such other debits and credits as shall be appropriate in connection with the credit facility.  Lender shall provide Borrower with periodic statements of Borrower's account, which statements shall be considered to be correct and conclusively binding on Borrower unless Borrower notifies Lender to the contrary within thirty (30) days after Borrower's receipt of any such statement which Borrower deems to be incorrect.
COLLATERAL.  To secure payment of the Primary Credit Facility and performance of all other Loans, obligations and duties owed by Borrower to Lender, Borrower (and others, if required) shall grant to Lender Security Interests in such property and assets as Lender may require.  Lender's Security Interests in the Collateral shall be continuing liens and shall include the proceeds and products of the Collateral, including without limitation the proceeds of any insurance.  With respect to the Collateral, Borrower agrees and represents and warrants to Lender:

Perfection of Security Interests.  Borrower agrees to execute all documents perfecting Lender's Security Interest and to take whatever actions are requested by Lender to perfect and continue Lender's Security Interests in the Collateral.  Upon request of Lender, Borrower will deliver to Lender any and all of the documents evidencing or constituting the Collateral, and Borrower will note Lender's interest upon any and all chattel paper and instruments if not delivered to Lender for possession by Lender.  Contemporaneous with the execution of this Agreement, Borrower will execute one or more UCC financing statements and any similar statements as may be required by applicable law, and Lender will file such financing statements and all such similar statements in the appropriate location or locations.  Borrower hereby appoints Lender as its irrevocable attorney-in-fact for the purpose of executing any documents necessary to perfect or to continue any Security Interest.  Lender may at any time, and without further authorization from Borrower, file a carbon, photograph, facsimile, or other reproduction of any financing statement for use as a financing statement.  Borrower will reimburse Lender for all expenses for the perfection, termination, and the continuation of the perfection of Lender's security interest in the Collateral.  Borrower promptly will notify Lender before any change in Borrower's name including any change to the assumed business names of Borrower.  Borrower also promptly will notify Lender before any change in Borrower's Social Security Number or Employer Identification Number.  Borrower further agrees to notify Lender in writing prior to any change in address or location of Borrower's principal governance office or should Borrower merge or consolidate with any other entity.
Collateral Records.  Borrower does now, and at all times hereafter shall, keep correct and accurate records of the Collateral, all of which records shall be available to Lender or Lender's representative upon demand for inspection and copying at any reasonable time.  With respect to the Accounts, Borrower agrees to keep and maintain such records as Lender may require, including without limitation information concerning Eligible Accounts and Account balances and agings.  Records related to Accounts (Receivables) are or will be located at customers principal place of business.  With respect to the Inventory, Borrower agrees to keep and maintain such records as Lender may require, including without limitation information concerning Eligible Inventory and records itemizing and describing the kind, type, quality, and quantity of Inventory, Borrower's Inventory costs and selling prices, and the daily withdrawals and additions to Inventory.  Records related to Inventory are or will be located at customers principal place of business.  The above is an accurate and complete list of all locations at which Borrower keeps or maintains business records concerning Borrower's collateral. 
Collateral Schedules.  Concurrently with the execution and delivery of this Agreement, Borrower shall execute and deliver to Lender schedules of Accounts and Inventory and schedules of Eligible Accounts and Eligible Inventory in form and substance satisfactory to the Lender.  Thereafter supplemental schedules shall be delivered according to the following schedule:  With respect to Eligible Accounts, schedules shall be delivered within 30 days of month end.  With respect to Eligible Inventory, schedules shall be delivered within 30 days of month end.  
Representations and Warranties Concerning Accounts.  With respect to the Accounts, Borrower represents and warrants to Lender:  (1)  Each Account represented by Borrower to be an Eligible Account for purposes of this Agreement conforms to the requirements of the definition of an Eligible Account;  (2)  All Account information listed on schedules delivered to Lender will be true and correct, subject to immaterial variance; and  (3)  Lender, its assigns, or agents shall have the right at any time and at Borrower's expense to inspect, examine, and audit Borrower's records and to confirm with Account Debtors the accuracy of such Accounts.
Representations and Warranties Concerning Inventory.  With respect to the Inventory, Borrower represents and warrants to Lender:  (1)  All Inventory represented by Borrower to be Eligible Inventory for purposes of this Agreement conforms to the requirements of the definition of Eligible Inventory;  (2)  All Inventory values listed on schedules delivered to Lender will be true and correct, subject to immaterial variance;  (3)  The value of the Inventory will be determined on a consistent accounting basis;  (4)  Except as agreed to the contrary by Lender in writing, all Eligible Inventory is now and at all times hereafter will be in Borrower's physical possession and shall not be held by others on consignment, sale on approval, or sale or return;  (5)  Except as reflected in the Inventory schedules delivered to Lender, all Eligible Inventory is now and at all times hereafter will be of good and merchantable quality, free from defects;  (6)  Eligible Inventory is not now and will not at any time hereafter be stored with a bailee, warehouseman, or similar party without Lender's prior written consent, and, in such event, Borrower will concurrently at the time of bailment cause any such bailee, warehouseman, or similar party to issue and deliver to Lender, in form acceptable to Lender, warehouse receipts in Lender name evidencing the storage of Inventory; and  (7)  Lender, its assigns, or agents shall have the right at any time and at Borrower's expense to inspect and examine the Inventory and to check and test the same as to quality, quantity, value, and condition.
MULTIPLE BORROWERS.  This Agreement has been executed by multiple obligors who are referred to in this Agreement individually, collectively and interchangeably as "Borrower."  Unless specifically stated to the contrary, the word "Borrower" as used in this Agreement, including without limitation all representations, warranties and covenants, shall include all Borrowers.  Borrower understands and agrees that, with or without notice to any one Borrower, Lender may  (A)  make one or more additional secured or unsecured loans or otherwise extend additional credit with respect to any other Borrower;  (B)  with respect to any other Borrower alter, compromise, renew, extend, accelerate, or otherwise change one or more times the time for payment or other terms of any indebtedness, including increases and decreases of the rate of interest on the indebtedness;  (C)  exchange, enforce, waive, subordinate, fail or decide not to perfect, and release any security, with or without the substitution of new collateral;  (D)  release, substitute, agree not to sue, or deal with any one or more of Borrower's or any other Borrower's sureties, endorsers, or other guarantors on any terms or in any manner Lender may choose;  (E)  determine how, when and what application of payments and credits shall be made on any indebtedness;  (F)  apply such security and direct the order or manner of sale of any Collateral, including without limitation, any non-judicial sale permitted by the terms of the controlling security agreement or deed of trust, as Lender in its discretion may determine;  (G)  sell, transfer, assign or grant participations in all or any part of the Loan;  (H)  exercise or refrain from exercising any rights against Borrower or others, or otherwise act or refrain from acting;  (I)  settle or compromise any indebtedness; and  (J)  subordinate the payment of all or any part of any of Borrower's indebtedness to Lender to the payment of any liabilities which may be due Lender or others.
REPRESENTATIONS AND WARRANTIES.  Borrower represents and warrants to Lender, as of the date of this Agreement, as of the date of each disbursement of loan proceeds, as of the date of any renewal, extension or modification of any Loan, and at all times any Indebtedness exists:
Organization.  ADDVANTAGE TECHNOLOGIES GROUP INC is a corporation for profit which is, and at all times shall be, duly organized, validly existing, and in good standing under and by virtue of the laws of the State of Oklahoma.  ADDVANTAGE TECHNOLOGIES GROUP INC is duly authorized to transact business in all other states in which ADDVANTAGE TECHNOLOGIES GROUP INC is doing business, having obtained all necessary filings, governmental licenses and approvals for each state in which ADDVANTAGE TECHNOLOGIES GROUP INC is doing business.  Specifically, ADDVANTAGE TECHNOLOGIES GROUP INC is, and at all times shall be, duly qualified as a foreign corporation in all states in which the failure to so qualify would have a material adverse effect on its business or financial condition.  ADDVANTAGE TECHNOLOGIES GROUP INC has the full power and authority to own its properties and to transact the business in which it is presently engaged or presently proposes to engage.  ADDVANTAGE TECHNOLOGIES GROUP INC maintains an office at 1221 E HOUSTON, BROKEN ARROW, OK  74012.  Unless ADDVANTAGE TECHNOLOGIES GROUP INC has designated otherwise in writing, the principal office is the office at which ADDVANTAGE TECHNOLOGIES GROUP INC keeps its books and records including its records concerning the Collateral.  ADDVANTAGE TECHNOLOGIES GROUP INC will notify Lender prior to any change in the location of ADDVANTAGE TECHNOLOGIES GROUP INC's state of organization or any change in ADDVANTAGE TECHNOLOGIES GROUP INC's name.  ADDVANTAGE TECHNOLOGIES GROUP INC shall do all things necessary to preserve and to keep in full force and effect its existence, rights and privileges, and shall comply with all regulations, rules, ordinances, statutes, orders and decrees of any governmental or quasi-governmental authority or court applicable to ADDVANTAGE TECHNOLOGIES GROUP INC and ADDVANTAGE TECHNOLOGIES GROUP INC's business activities.
ADDVANTAGE TRITON, LLC is a limited liability company which is, and at all times shall be, duly organized, validly existing, and in good standing under and by virtue of the laws of the State of Oklahoma.  ADDVANTAGE TRITON, LLC is duly authorized to transact business in all other states in which ADDVANTAGE TRITON, LLC is doing business, having obtained all necessary filings, governmental licenses and approvals for each state in which ADDVANTAGE TRITON, LLC is doing business.  Specifically, ADDVANTAGE TRITON, LLC is, and at all times shall be, duly qualified as a foreign limited liability company in all states in which the failure to so qualify would have a material adverse effect on its business or financial condition.  ADDVANTAGE TRITON, LLC has the full power and authority to own its properties and to transact the business in which it is presently engaged or presently proposes to engage.  ADDVANTAGE TRITON, LLC maintains an office at 1221 E HOUSTON, BROKEN ARROW, OK  74012.  Unless ADDVANTAGE TRITON, LLC has designated otherwise in writing, the principal office is the office at which ADDVANTAGE TRITON, LLC keeps its 

books and records including its records concerning the Collateral.  ADDVANTAGE TRITON, LLC will notify Lender prior to any change in the location of ADDVANTAGE TRITON, LLC's state of organization or any change in ADDVANTAGE TRITON, LLC's name.  ADDVANTAGE TRITON, LLC shall do all things necessary to preserve and to keep in full force and effect its existence, rights and privileges, and shall comply with all regulations, rules, ordinances, statutes, orders and decrees of any governmental or quasi-governmental authority or court applicable to ADDVANTAGE TRITON, LLC and ADDVANTAGE TRITON, LLC's business activities.
NAVE COMMUNICATIONS COMPANY is a corporation for profit which is, and at all times shall be, duly organized, validly existing, and in good standing under and by virtue of the laws of the State of Oklahoma.  NAVE COMMUNICATIONS COMPANY is duly authorized to transact business in all other states in which NAVE COMMUNICATIONS COMPANY is doing business, having obtained all necessary filings, governmental licenses and approvals for each state in which NAVE COMMUNICATIONS COMPANY is doing business.  Specifically, NAVE COMMUNICATIONS COMPANY is, and at all times shall be, duly qualified as a foreign corporation in all states in which the failure to so qualify would have a material adverse effect on its business or financial condition.  NAVE COMMUNICATIONS COMPANY has the full power and authority to own its properties and to transact the business in which it is presently engaged or presently proposes to engage.  NAVE COMMUNICATIONS COMPANY maintains an office at 1221 E HOUSTON ST, BROKEN ARROW, OK  74012.  Unless NAVE COMMUNICATIONS COMPANY has designated otherwise in writing, the principal office is the office at which NAVE COMMUNICATIONS COMPANY keeps its books and records including its records concerning the Collateral.  NAVE COMMUNICATIONS COMPANY will notify Lender prior to any change in the location of NAVE COMMUNICATIONS COMPANY's state of organization or any change in NAVE COMMUNICATIONS COMPANY's name.  NAVE COMMUNICATIONS COMPANY shall do all things necessary to preserve and to keep in full force and effect its existence, rights and privileges, and shall comply with all regulations, rules, ordinances, statutes, orders and decrees of any governmental or quasi-governmental authority or court applicable to NAVE COMMUNICATIONS COMPANY and NAVE COMMUNICATIONS COMPANY's business activities.
Assumed Business Names.  Borrower has filed or recorded all documents or filings required by law relating to all assumed business names used by Borrower.  Excluding the name of Borrower, the following is a complete list of all assumed business names under which Borrower does business:  None.
Authorization.  Borrower's execution, delivery, and performance of this Agreement and all the Related Documents have been duly authorized by all necessary action by Borrower and do not conflict with, result in a violation of, or constitute a default under  (1)  any provision of  (a)  Borrower's articles of incorporation or organization, or bylaws, or  (b)  Borrower's articles of organization or membership agreements, or  (c)  any agreement or other instrument binding upon Borrower or  (2)  any law, governmental regulation, court decree, or order applicable to Borrower or to Borrower's properties.
Financial Information.  Each of Borrower's financial statements supplied to Lender truly and completely disclosed Borrower's financial condition as of the date of the statement, and there has been no material adverse change in Borrower's financial condition subsequent to the date of the most recent financial statement supplied to Lender.  Borrower has no material contingent obligations except as disclosed in such financial statements.
Legal Effect.  This Agreement constitutes, and any instrument or agreement Borrower is required to give under this Agreement when delivered will constitute legal, valid, and binding obligations of Borrower enforceable against Borrower in accordance with their respective terms.
Properties.  Except as contemplated by this Agreement or as previously disclosed in Borrower's financial statements or in writing to Lender and as accepted by Lender, and except for property tax liens for taxes not presently due and payable, Borrower owns and has good title to all of Borrower's properties free and clear of all Security Interests, and has not executed any security documents or financing statements relating to such properties.  All of Borrower's properties are titled in Borrower's legal name, and Borrower has not used or filed a financing statement under any other name for at least the last five (5) years.
Hazardous Substances.  Except as disclosed to and acknowledged by Lender in writing, Borrower represents and warrants that:  (1)  During the period of Borrower's ownership of the Collateral, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance by any person on, under, about or from any of the Collateral.  (2)  Borrower has no knowledge of, or reason to believe that there has been  (a)  any breach or violation of any Environmental Laws;  (b)  any use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance on, under, about or from the Collateral by any prior owners or occupants of any of the Collateral; or  (c)  any actual or threatened litigation or claims of any kind by any person relating to such matters.  (3)  Neither Borrower nor any tenant, contractor, agent or other authorized user of any of the Collateral shall use, generate, manufacture, store, treat, dispose of or release any Hazardous Substance on, under, about or from any of the Collateral; and any such activity shall be conducted in compliance with all applicable federal, state, and local laws, regulations, and ordinances, including without limitation all Environmental Laws.  Borrower authorizes Lender and its agents to enter upon the Collateral to make such inspections and tests as Lender may deem appropriate to determine compliance of the Collateral with this section of the Agreement.  Any inspections or tests made by Lender shall be at Borrower's expense and for Lender's purposes only and shall not be construed to create any responsibility or liability on the part of Lender to Borrower or to any other person.  The representations and warranties contained herein are based on Borrower's due diligence in investigating the Collateral for hazardous waste and Hazardous Substances.  Borrower hereby  (1)  releases and waives any future claims against Lender for indemnity or contribution in the event Borrower becomes liable for cleanup or other costs under any such laws, and  (2)  agrees to indemnify, defend, and hold harmless Lender against any and all claims, losses, liabilities, damages, penalties, and expenses which Lender may directly or indirectly sustain or suffer resulting from a breach of this section of the Agreement or as a consequence of any use, generation, manufacture, storage, disposal, release or threatened release of a hazardous waste or substance on the Collateral.  The provisions of this section of the Agreement, including the obligation to indemnify and defend, shall survive the payment of the Indebtedness and the termination, expiration or satisfaction of this Agreement and shall not be affected by Lender's acquisition of any interest in any of the Collateral, whether by foreclosure or otherwise.
Litigation and Claims.  No litigation, claim, investigation, administrative proceeding or similar action (including those for unpaid taxes) against Borrower is pending or threatened, and no other event has occurred which may materially adversely affect Borrower's financial condition or properties, other than litigation, claims, or other events, if any, that have been disclosed to and acknowledged by Lender in writing.
Taxes.  To the best of Borrower's knowledge, all of Borrower's tax returns and reports that are or were required to be filed, have been filed, and all taxes, assessments and other governmental charges have been paid in full, except those presently being or to be contested by Borrower in good faith in the ordinary course of business and for which adequate reserves have been provided. 
Lien Priority.  Unless otherwise previously disclosed to Lender in writing, Borrower has not entered into or granted any Security Agreements, or permitted the filing or attachment of any Security Interests on or affecting any of the Collateral directly or indirectly securing repayment of Borrower's Loan and Note, that would be prior or that may in any way be superior to Lender's Security Interests and rights in and to such Collateral.
Binding Effect.  This Agreement, the Note, all Security Agreements (if any), and all Related Documents are binding upon the signers thereof, as well as upon their successors, representatives and assigns, and are legally enforceable in accordance with their respective terms.
AFFIRMATIVE COVENANTS.  Borrower covenants and agrees with Lender that, so long as this Agreement remains in effect, Borrower will:
Notices of Claims and Litigation.  Promptly inform Lender in writing of  (1)  all material adverse changes in Borrower's financial condition, and  (2)  all existing and all threatened litigation, claims, investigations, administrative proceedings or similar actions affecting Borrower or any Guarantor which could materially affect the financial condition of Borrower or the financial condition of any Guarantor.
Financial Records.  Maintain its books and records in accordance with GAAP, applied on a consistent basis, and permit Lender to examine and audit Borrower's books and records at all reasonable times.  
Financial Statements.  Furnish Lender with the following:

Annual Statements.  As soon as available, but in no event later than one-hundred-twenty (120) days after the end of each fiscal year, Borrower's balance sheet and income statement for the year ended, audited by a certified public accountant satisfactory to Lender.
Interim Statements.  As soon as available, but in no event later than 45 days after the end of each fiscal quarter, Borrower's balance sheet and profit and loss statement for the period ended, prepared by Borrower.
All financial reports required to be provided under this Agreement shall be prepared in accordance with GAAP, applied on a consistent basis, and certified by Borrower as being true and correct.
Additional Information.  Furnish such additional information and statements, as Lender may request from time to time.
Insurance.  Maintain fire and other risk insurance, public liability insurance, and such other insurance as Lender may require with respect to Borrower's properties and operations, in form, amounts, coverages and with insurance companies acceptable to Lender.  Borrower, upon request of Lender, will deliver to Lender from time to time the policies or certificates of insurance in form satisfactory to Lender, including stipulations that coverages will not be cancelled or diminished without at least thirty (30) days prior written notice to Lender.  Each insurance policy also shall include an endorsement providing that coverage in favor of Lender will not be impaired in any way by any act, omission or default of Borrower or any other person.  In connection with all policies covering assets in which Lender holds or is offered a security interest for the Loans, Borrower will provide Lender with such lender's loss payable or other endorsements as Lender may require.
Insurance Reports.  Furnish to Lender, upon request of Lender, reports on each existing insurance policy showing such information as Lender may reasonably request, including without limitation the following:  (1)  the name of the insurer;  (2)  the risks insured;  (3)  the amount of the policy;  (4)  the properties insured;  (5)  the then current property values on the basis of which insurance has been obtained, and the manner of determining those values; and  (6)  the expiration date of the policy.  In addition, upon request of Lender (however not more often than annually), Borrower will have an independent appraiser satisfactory to Lender determine, as applicable, the actual cash value or replacement cost of any Collateral.  The cost of such appraisal shall be paid by Borrower.
Other Agreements.  Comply with all terms and conditions of all other agreements, whether now or hereafter existing, between Borrower and any other party and notify Lender immediately in writing of any default in connection with any other such agreements.
Loan Proceeds.  Use all Loan proceeds solely for the following specific purposes:  For business purposes only.  
Taxes, Charges and Liens.  Pay and discharge when due all of its indebtedness and obligations, including without limitation all assessments, taxes, governmental charges, levies and liens, of every kind and nature, imposed upon Borrower or its properties, income, or profits, prior to the date on which penalties would attach, and all lawful claims that, if unpaid, might become a lien or charge upon any of Borrower's properties, income, or profits.  Provided however, Borrower will not be required to pay and discharge any such assessment, tax, charge, levy, lien or claim so long as  (1)  the legality of the same shall be contested in good faith by appropriate proceedings, and  (2)  Borrower shall have established on Borrower's books adequate reserves with respect to such contested assessment, tax, charge, levy, lien, or claim in accordance with GAAP.
Performance.  Perform and comply, in a timely manner, with all terms, conditions, and provisions set forth in this Agreement, in the Related Documents, and in all other instruments and agreements between Borrower and Lender.  Borrower shall notify Lender immediately in writing of any default in connection with any agreement.
Operations.  Maintain executive and management personnel with substantially the same qualifications and experience as the present executive and management personnel; provide written notice to Lender of any change in executive and management personnel; conduct its business affairs in a reasonable and prudent manner.
Environmental Studies.  Promptly conduct and complete, at Borrower's expense, all such investigations, studies, samplings and testings as may be requested by Lender or any governmental authority relative to any substance, or any waste or by-product of any substance defined as toxic or a hazardous substance under applicable federal, state, or local law, rule, regulation, order or directive, at or affecting any property or any facility owned, leased or used by Borrower.
Compliance with Governmental Requirements.  Comply with all laws, ordinances, and regulations, now or hereafter in effect, of all governmental authorities applicable to the conduct of Borrower's properties, businesses and operations, and to the use or occupancy of the Collateral, including without limitation, the Americans With Disabilities Act.  Borrower may contest in good faith any such law, ordinance, or regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Borrower has notified Lender in writing prior to doing so and so long as, in Lender's sole opinion, Lender's interests in the Collateral are not jeopardized.  Lender may require Borrower to post adequate security or a surety bond, reasonably satisfactory to Lender, to protect Lender's interest.
Inspection.  Permit employees or agents of Lender at any reasonable time to inspect any and all Collateral for the Loan or Loans and Borrower's other properties and to examine or audit Borrower's books, accounts, and records and to make copies and memoranda of Borrower's books, accounts, and records.  If Borrower now or at any time hereafter maintains any records (including without limitation computer generated records and computer software programs for the generation of such records) in the possession of a third party, Borrower, upon request of Lender, shall notify such party to permit Lender free access to such records at all reasonable times and to provide Lender with copies of any records it may request, all at Borrower's expense.  
Environmental Compliance and Reports.  Borrower shall comply in all respects with any and all Environmental Laws; not cause or permit to exist, as a result of an intentional or unintentional action or omission on Borrower's part or on the part of any third party, on property owned and/or occupied by Borrower, any environmental activity where damage may result to the environment, unless such environmental activity is pursuant to and in compliance with the conditions of a permit issued by the appropriate federal, state or local governmental authorities; shall furnish to Lender promptly and in any event within thirty (30) days after receipt thereof a copy of any notice, summons, lien, citation, directive, letter or other communication from any governmental agency or instrumentality concerning any intentional or unintentional action or omission on Borrower's part in connection with any environmental activity whether or not there is damage to the environment and/or other natural resources.
Additional Assurances.  Make, execute and deliver to Lender such promissory notes, mortgages, deeds of trust, security agreements, assignments, financing statements, instruments, documents and other agreements as Lender or its attorneys may reasonably request to evidence and secure the Loans and to perfect all Security Interests.
LENDER'S EXPENDITURES.  If any action or proceeding is commenced that would materially affect Lender's interest in the Collateral or if Borrower fails to comply with any provision of this Agreement or any Related Documents, including but not limited to Borrower's failure to discharge or pay when due any amounts Borrower is required to discharge or pay under this Agreement or any Related Documents, Lender on Borrower's behalf may (but shall not be obligated to) take any action that Lender deems appropriate, including but not limited to discharging or paying all taxes, liens, security interests, encumbrances and other claims, at any time levied or placed on any Collateral and paying all costs for insuring, maintaining and preserving any Collateral.  All such expenditures incurred or paid by Lender for such purposes will then bear interest at the rate charged under the Note or at the highest rate authorized by law, from the date incurred or paid by Lender to the date of repayment by Borrower.  All such expenses will become a part of the Indebtedness and, at Lender's option, will  (A)  be payable on demand;  (B)  be added to the balance of the Note and be apportioned among and be payable with any installment payments to become due during either  (1)  the term of any applicable insurance policy; or  (2)  the remaining term of the Note; or  (C)  be treated as a balloon payment which will be due and payable at the Note's maturity.  If Lender is required by law to give Borrower notice before or after Lender makes an expenditure, Borrower agrees that notice sent by regular mail at least five (5) days before the expenditure is made or notice delivered two (2) days before the expenditure is made is sufficient, and that notice within sixty (60) days after the expenditure is made is reasonable.

NEGATIVE COVENANTS.  Borrower covenants and agrees with Lender that while this Agreement is in effect, Borrower shall not, without the prior written consent of Lender: 
Indebtedness and Liens.  (1)  Except for trade debt incurred in the normal course of business and indebtedness to Lender contemplated by this Agreement, create, incur or assume indebtedness for borrowed money, including capital leases,  (2)  sell, transfer, mortgage, assign, pledge, lease, grant a security interest in, or encumber any of Borrower's assets (except as allowed as Permitted Liens), or  (3)  sell with recourse any of Borrower's accounts receivable, except to Lender.
Continuity of Operations.  (1)  Engage in any business activities substantially different than those in which Borrower is presently engaged,  (2)  cease operations, liquidate, merge or restructure as a legal entity (whether by division or otherwise), consolidate with or acquire any other entity, change its name, convert to another type of entity or redomesticate, dissolve or transfer or sell Collateral out of the ordinary course of business, or  (3)  pay any dividends on Borrower's stock (other than dividends payable in its stock), provided, however that notwithstanding the foregoing, but only so long as no Event of Default has occurred and is continuing or would result from the payment of dividends, if Borrower is a "Subchapter S Corporation" (as defined in the Internal Revenue Code of 1986, as amended), Borrower may pay cash dividends on its stock to its shareholders from time to time in amounts necessary to enable the shareholders to pay income taxes and make estimated income tax payments to satisfy their liabilities under federal and state law which arise solely from their status as Shareholders of a Subchapter S Corporation because of their ownership of shares of Borrower's stock, or purchase or retire any of Borrower's outstanding shares or alter or amend Borrower's capital structure. 
Loans, Acquisitions and Guaranties.  (1)  Loan, invest in or advance money or assets to any other person, enterprise or entity,  (2)  purchase, create or acquire any interest in any other enterprise or entity, or  (3)  incur any obligation as surety or guarantor other than in the ordinary course of business.
Agreements.  Enter into any agreement containing any provisions which would be violated or breached by the performance of Borrower's obligations under this Agreement or in connection herewith.
CESSATION OF ADVANCES.  If Lender has made any commitment to make any Loan to Borrower, whether under this Agreement or under any other agreement, Lender shall have no obligation to make Loan Advances or to disburse Loan proceeds if:  (A)  Borrower or any Guarantor is in default under the terms of this Agreement or any of the Related Documents or any other agreement that Borrower or any Guarantor has with Lender;  (B)  Borrower or any Guarantor dies, becomes incompetent or becomes insolvent, files a petition in bankruptcy or similar proceedings, or is adjudged a bankrupt;  (C)  there occurs a material adverse change in Borrower's financial condition, in the financial condition of any Guarantor, or in the value of any Collateral securing any Loan; or  (D)  any Guarantor seeks, claims or otherwise attempts to limit, modify or revoke such Guarantor's guaranty of the Loan or any other loan with Lender; or  (E)  Lender in good faith deems itself insecure, even though no Event of Default shall have occurred.
RIGHT OF SETOFF.  To the extent permitted by applicable law, Lender reserves a right of setoff in all Borrower's accounts with Lender (whether checking, savings, or some other account).  This includes all accounts Borrower holds jointly with someone else and all accounts Borrower may open in the future.  However, this does not include any IRA or Keogh accounts, or any trust accounts for which setoff would be prohibited by law.  Borrower authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums owing on the Indebtedness against any and all such accounts.
DEFAULT.  Each of the following shall constitute an Event of Default under this Agreement:
Payment Default.  Borrower fails to make any payment when due under the Loan.
Other Defaults.  Borrower fails to comply with or to perform any other term, obligation, covenant or condition contained in this Agreement or in any of the Related Documents or to comply with or to perform any term, obligation, covenant or condition contained in any other agreement between Lender and Borrower.
Default in Favor of Third Parties.  Borrower or any Grantor defaults under any loan, extension of credit, security agreement, purchase or sales agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of Borrower's or any Grantor's property or Borrower's or any Grantor's ability to repay the Loans or perform their respective obligations under this Agreement or any of the Related Documents.
False Statements.  Any warranty, representation or statement made or furnished to Lender by Borrower or on Borrower's behalf under this Agreement or the Related Documents is false or misleading in any material respect, either now or at the time made or furnished or becomes false or misleading at any time thereafter.
Insolvency.  The dissolution or termination of Borrower's existence as a going business, the insolvency of Borrower, the appointment of a receiver for any part of Borrower's property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower.
Defective Collateralization.  This Agreement or any of the Related Documents ceases to be in full force and effect (including failure of any collateral document to create a valid and perfected security interest or lien) at any time and for any reason.
Creditor or Forfeiture Proceedings.  Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of Borrower or by any governmental agency against any collateral securing the Loan.  This includes a garnishment of any of Borrower's accounts, including deposit accounts, with Lender.  However, this Event of Default shall not apply if there is a good faith dispute by Borrower as to the validity or reasonableness of the claim which is the basis of the creditor or forfeiture proceeding and if Borrower gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being an adequate reserve or bond for the dispute.
Events Affecting Guarantor.  Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or any Guarantor dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness.
Change in Ownership.  Any change in ownership of twenty-five percent (25%) or more of the common stock of Borrower.
Adverse Change.  A material adverse change occurs in Borrower's financial condition, or Lender believes the prospect of payment or performance of the Loan is impaired.
Insecurity.  Lender in good faith believes itself insecure.
Right to Cure.  If any default, other than a default on Indebtedness, is curable and if Borrower or Grantor, as the case may be, has not been given a notice of a similar default within the preceding twelve (12) months, it may be cured if Borrower or Grantor, as the case may be, after Lender sends written notice to Borrower or Grantor, as the case may be, demanding cure of such default:  (1)  cure the default within ten (10) days; or  (2)  if the cure requires more than ten (10) days, immediately initiate steps which Lender deems in Lender's sole discretion to be sufficient to cure the default and thereafter continue and complete all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical.
EFFECT OF AN EVENT OF DEFAULT.  If any Event of Default shall occur, except where otherwise provided in this Agreement or the Related Documents, all commitments and obligations of Lender under this Agreement or the Related Documents or any other agreement immediately will terminate (including any obligation to make further Loan Advances or disbursements), and, at Lender's option, all Indebtedness immediately will become due and payable, all without notice of any kind to Borrower, except that in the case of an Event of Default of the type described in the "Insolvency" subsection above, such acceleration shall be automatic and not optional.  In addition, Lender shall have all the rights and remedies provided in the Related Documents or available at law, in equity, or otherwise.  Except as may be prohibited by applicable law, all of Lender's rights and remedies shall be cumulative and may be exercised singularly or concurrently.  Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of Borrower or of any Grantor shall not affect Lender's right to declare a default and to exercise its rights and remedies.

FIXED CHARGE COVERAGE RATIO REQUIREMENT. A quarterly fixed charge coverage ratio of 1.25:1 is required for ADDvantage Technologies Group Inc.  FCCR to be defined as: (EBITDA + Capital Contributions + Non-cash Expenses + One-Time Expenses - Total Distributions) / (Principal and Interest payments on all outstanding debt + Capital Expenditures).
ADDITIONAL INDEBTEDNESS REQUIREMENT. Any additional indebtedness requires bank approval.
NON-USAGE FEE. Quarterly non-usage fee of 25 basis points.
DAILY SWEEP. Initiate daily sweep between the Operating Account and this Loan #****2001, with a target account balance of $1,500,000.00.
MISCELLANEOUS PROVISIONS.  The following miscellaneous provisions are a part of this Agreement:
Amendments.  This Agreement, together with any Related Documents, constitutes the entire understanding and agreement of the parties as to the matters set forth in this Agreement.  All prior and contemporaneous representations and discussions concerning such matters either are included in this document or do not constitute an aspect of the agreement of the parties.  Except as may be specifically set forth in this Agreement, no conditions precedent or subsequent, of any kind whatsoever, exist with respect to Borrower's obligations under this Agreement.  No alteration of or amendment to this Agreement shall be effective unless given in writing and signed by the party or parties sought to be charged or bound by the alteration or amendment.
Attorneys' Fees; Expenses.  Borrower agrees to pay upon demand all of Lender's costs and expenses, including Lender's attorneys' fees and Lender's legal expenses, incurred in connection with the enforcement of this Agreement.  Lender may hire or pay someone else to help enforce this Agreement, and Borrower shall pay the costs and expenses of such enforcement.  Costs and expenses include Lender's attorneys' fees and legal expenses whether or not there is a lawsuit, including attorneys' fees and legal expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated post-judgment collection services.  Borrower also shall pay all court costs and such additional fees as may be directed by the court.
Caption Headings.  Caption headings in this Agreement are for convenience purposes only and are not to be used to interpret or define the provisions of this Agreement.
Consent to Loan Participation.  Borrower agrees and consents to Lender's sale or transfer, whether now or later, of one or more participation interests in the Loan to one or more purchasers, whether related or unrelated to Lender.  Lender may provide, without any limitation whatsoever, to any one or more purchasers, or potential purchasers, any information or knowledge Lender may have about Borrower or about any other matter relating to the Loan, and Borrower hereby waives any rights to privacy Borrower may have with respect to such matters.  Borrower additionally waives any and all notices of sale of participation interests, as well as all notices of any repurchase of such participation interests.  Borrower also agrees that the purchasers of any such participation interests will be considered as the absolute owners of such interests in the Loan and will have all the rights granted under the participation agreement or agreements governing the sale of such participation interests.  Borrower further waives all rights of offset or counterclaim that it may have now or later against Lender or against any purchaser of such a participation interest and unconditionally agrees that either Lender or such purchaser may enforce Borrower's obligation under the Loan irrespective of the failure or insolvency of any holder of any interest in the Loan.  Borrower further agrees that the purchaser of any such participation interests may enforce its interests irrespective of any personal claims or defenses that Borrower may have against Lender.
Governing Law.  This Agreement will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State of Oklahoma without regard to its conflicts of law provisions.  This Agreement has been accepted by Lender in the State of Oklahoma.
Choice of Venue.  If there is a lawsuit, Borrower agrees upon Lender's request to submit to the jurisdiction of the courts of TULSA County, State of Oklahoma.
Joint and Several Liability.  All obligations of Borrower under this Agreement shall be joint and several, and all references to Borrower shall mean each and every Borrower.  This means that each Borrower signing below is responsible for all obligations in this Agreement.  Where any one or more of the parties is a corporation, partnership, limited liability company or similar entity, it is not necessary for Lender to inquire into the powers of any of the officers, directors, partners, members, or other agents acting or purporting to act on the entity's behalf, and any obligations made or created in reliance upon the professed exercise of such powers shall be guaranteed under this Agreement.
No Waiver by Lender.  Lender shall not be deemed to have waived any rights under this Agreement unless such waiver is given in writing and signed by Lender.  No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other right.  A waiver by Lender of a provision of this Agreement shall not prejudice or constitute a waiver of Lender's right otherwise to demand strict compliance with that provision or any other provision of this Agreement.  No prior waiver by Lender, nor any course of dealing between Lender and Borrower, or between Lender and any Grantor, shall constitute a waiver of any of Lender's rights or of any of Borrower's or any Grantor's obligations as to any future transactions.  Whenever the consent of Lender is required under this Agreement, the granting of such consent by Lender in any instance shall not constitute continuing consent to subsequent instances where such consent is required and in all cases such consent may be granted or withheld in the sole discretion of Lender.
Notices.  To the extent permitted by applicable law, any notice required to be given under this Agreement shall be given in writing, and shall be effective when actually delivered, when actually received by telefacsimile (unless otherwise required by law), when deposited with a nationally recognized overnight courier, or, if mailed, when deposited in the United States mail, as first class, certified or registered mail postage prepaid, directed to the addresses shown near the beginning of this Agreement.  Any party may change its address for notices under this Agreement by giving formal written notice to the other parties, specifying that the purpose of the notice is to change the party's address.  For notice purposes, Borrower agrees to keep Lender informed at all times of Borrower's current address.  To the extent permitted by applicable law, if there is more than one Borrower, any notice given by Lender to any Borrower is deemed to be notice given to all Borrowers.
Severability.  If a court of competent jurisdiction finds any provision of this Agreement to be illegal, invalid, or unenforceable as to any person or circumstance, that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other person or circumstance.  If feasible, the offending provision shall be considered modified so that it becomes legal, valid and enforceable.  If the offending provision cannot be so modified, it shall be considered deleted from this Agreement.  Unless otherwise required by law, the illegality, invalidity, or unenforceability of any provision of this Agreement shall not affect the legality, validity or enforceability of any other provision of this Agreement.
Subsidiaries and Affiliates of Borrower.  To the extent the context of any provisions of this Agreement makes it appropriate, including without limitation any representation, warranty or covenant, the word "Borrower" as used in this Agreement shall include all of Borrower's subsidiaries and affiliates.  Notwithstanding the foregoing however, under no circumstances shall this Agreement be construed to require Lender to make any Loan or other financial accommodation to any of Borrower's subsidiaries or affiliates.
Successors and Assigns.  All covenants and agreements by or on behalf of Borrower contained in this Agreement or any Related Documents shall bind Borrower's successors and assigns and shall inure to the benefit of Lender and its successors and assigns.  Borrower shall not, however, have the right to assign Borrower's rights under this Agreement or any interest therein, without the prior written consent of Lender.
Survival of Representations and Warranties.  Borrower understands and agrees that in extending Loan Advances, Lender is relying on all representations, warranties, and covenants made by Borrower in this Agreement or in any certificate or other instrument delivered by Borrower to Lender under this Agreement or the Related Documents.  Borrower further agrees that regardless of any investigation made by Lender, all such representations, warranties and covenants will survive the extension of Loan Advances and delivery to Lender of the Related Documents, shall be continuing in nature, shall be deemed made and redated by Borrower at the time each Loan Advance is made,  and shall remain in full force and 

effect until such time as Borrower's Indebtedness shall be paid in full, or until this Agreement shall be terminated in the manner provided above, whichever is the last to occur.
Time is of the Essence.  Time is of the essence in the performance of this Agreement.
Waive Jury.  All parties to this Agreement hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought by any party against any other party.
DEFINITIONS.  The following capitalized words and terms shall have the following meanings when used in this Agreement.  Unless specifically stated to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America.  Words and terms used in the singular shall include the plural, and the plural shall include the singular, as the context may require.  Words and terms not otherwise defined in this Agreement shall have the meanings attributed to such terms in the Uniform Commercial Code.  Accounting words and terms not otherwise defined in this Agreement shall have the meanings assigned to them in accordance with generally accepted accounting principles as in effect on the date of this Agreement:  
Account.  The word "Account" means a trade account, account receivable, other receivable, or other right to payment for goods sold or services rendered owing to Borrower (or to a third party grantor acceptable to Lender).
Account Debtor.  The words "Account Debtor" mean the person or entity obligated upon an Account.  
Advance.  The word "Advance" means a disbursement of Loan funds made, or to be made, to Borrower or on Borrower's behalf under the terms and conditions of this Agreement.  
Agreement.  The word "Agreement" means this Business Loan Agreement (Asset Based), as this Business Loan Agreement (Asset Based) may be amended or modified from time to time, together with all exhibits and schedules attached to this Business Loan Agreement (Asset Based) from time to time.  
Borrower.  The word "Borrower" means ADDVANTAGE TECHNOLOGIES GROUP INC; ADDVANTAGE TRITON, LLC; and NAVE COMMUNICATIONS COMPANY and includes all co-signers and co-makers signing the Note and all their successors and assigns.
Borrowing Base.  The words "Borrowing Base" mean, as determined by Lender from time to time, the lesser of  (1)  $3,000,000.00   or (2)  the sum of  (a)  80.000% of the aggregate amount of Eligible Accounts (not to exceed in corresponding Loan amount based on Eligible Accounts $3,000,000.00), plus  (b)  50.000% of the aggregate amount of Eligible Inventory.  
Business Day.  The words "Business Day" mean a day on which commercial banks are open in the State of Oklahoma.  
Collateral.  The word "Collateral" means all property and assets granted as collateral security for a Loan, whether real or personal property, whether granted directly or indirectly, whether granted now or in the future, and whether granted in the form of a security interest, mortgage, collateral mortgage, deed of trust, assignment, pledge, crop pledge, chattel mortgage, collateral chattel mortgage, chattel trust, factor's lien, equipment trust, conditional sale, trust receipt, lien, charge, lien or title retention contract, lease or consignment intended as a security device, or any other security or lien interest whatsoever, whether created by law, contract, or otherwise.  The word Collateral also includes without limitation all collateral described in the Collateral section of this Agreement.
Eligible Accounts.  The words "Eligible Accounts" mean at any time, all of Borrower's Accounts which contain selling terms and conditions acceptable to Lender.  The net amount of any Eligible Account against which Borrower may borrow shall exclude all returns, discounts, credits, and offsets of any nature.  Unless otherwise agreed to by Lender in writing, Eligible Accounts do not include:  
(1)  Accounts with respect to which the Account Debtor is member, employee or agent of Borrower.  
(2)  Accounts with respect to which the Account Debtor is a subsidiary of, or affiliated with  Borrower or its shareholders, officers, or directors.
(3)  Accounts with respect to which goods are placed on consignment, guaranteed sale, or other terms by reason of which the payment by the Account Debtor may be conditional.  
(4)  Accounts with respect to which the Account Debtor is not a resident of the United States, except to the extent such Accounts are supported by insurance, bonds or other assurances satisfactory to Lender.  
(5)  Accounts with respect to which Borrower is or may become liable to the Account Debtor for goods sold or services rendered by the Account Debtor to Borrower.  
(6)  Accounts which are subject to dispute, counterclaim, or setoff.  
(7)  Accounts with respect to which the goods have not been shipped or delivered, or the services have not been rendered, to the Account Debtor.  
(8)  Accounts with respect to which Lender, in its sole discretion, deems the creditworthiness or financial condition of the Account Debtor to be unsatisfactory.  
(9)  Accounts of any Account Debtor who has filed or has had filed against it a petition in bankruptcy or an application for relief under any provision of any state or federal bankruptcy, insolvency, or debtor-in-relief acts; or who has had appointed a trustee, custodian, or receiver for the assets of such Account Debtor; or who has made an assignment for the benefit of creditors or has become insolvent or fails generally to pay its debts (including its payrolls) as such debts become due.
(10)  Accounts with respect to which the Account Debtor is the United States government or any department or agency of the United States.
(11)  Accounts which have not been paid in full within 90 days from the invoice date.  The entire balance of any Account of any single Account Debtor will be ineligible whenever the portion of the Account which has not been paid within 90 days from the invoice date is in excess of 10.000% of the total amount outstanding on the Account.
(12)  That portion of the Accounts of any single Account Debtor which exceeds 20.000% of all of Borrower's Accounts.
(13)  Borrowing Base is limited to 80% of eligible A/R of Subsidiaries Nave Communications Company and ADDvantage Triton LLC.
Eligible Inventory.  The words "Eligible Inventory" mean, at any time, all of Borrower's Inventory as defined below, except:  
(1)  Inventory which is not owned by Borrower free and clear of all security interests, liens, encumbrances, and claims of third parties.
(2)  Inventory which Lender, in its sole discretion, deems to be obsolete, unsalable, damaged, defective, or unfit for further processing.
(3)  Work in process.
(4)  A 25% borrowing allowance is available for ADDvantage Triton LLC and Nave Communications Company.
Environmental Laws.  The words "Environmental Laws" mean any and all state, federal and local statutes, regulations and ordinances relating to the protection of human health or the environment, including without limitation the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. ("CERCLA"), the Superfund Amendments and Reauthorization Act of 1986, Pub. L. No. 99-499 ("SARA"), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq., the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., or other applicable state or federal laws, rules, or regulations adopted pursuant thereto.
Event of Default.  The words "Event of Default" mean any of the events of default set forth in this Agreement in the default section of this Agreement.

Expiration Date.  The words "Expiration Date" mean the date of termination of Lender's commitment to lend under this Agreement.
GAAP.  The word "GAAP" means generally accepted accounting principles.  
Grantor.  The word "Grantor" means each and all of the persons or entities granting a Security Interest in any Collateral for the Loan, including without limitation all Borrowers granting such a Security Interest.  
Guarantor.  The word "Guarantor" means any guarantor, surety, or accommodation party of any or all of the Loan.
Guaranty.  The word "Guaranty" means the guaranty from Guarantor to Lender, including without limitation a guaranty of all or part of the Note.
Hazardous Substances.  The words "Hazardous Substances" mean materials that, because of their quantity, concentration or physical, chemical or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when improperly used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled.  The words "Hazardous Substances" are used in their very broadest sense and include without limitation any and all hazardous or toxic substances, materials or waste as defined by or listed under the Environmental Laws.  The term "Hazardous Substances" also includes, without limitation, petroleum and petroleum by-products or any fraction thereof and asbestos.
Indebtedness.  The word "Indebtedness" means the indebtedness evidenced by the Note or Related Documents, including all principal and interest together with all other indebtedness and costs and expenses for which Borrower is responsible under this Agreement or under any of the Related Documents.
Inventory.  The word "Inventory" means all of Borrower's raw materials, work in process, finished goods, merchandise, parts and supplies, of every kind and description, and goods held for sale or lease or furnished under contracts of service in which Borrower now has or hereafter acquires any right, whether held by Borrower or others, and all documents of title, warehouse receipts, bills of lading, and all other documents of every type covering all or any part of the foregoing.  Inventory includes inventory temporarily out of Borrower's custody or possession and all returns on Accounts.  
Lender.  The word "Lender" means Vast Bank, N.A., its successors and assigns.  
Loan.  The word "Loan" means any and all loans and financial accommodations from Lender to Borrower whether now or hereafter existing, and however evidenced, including without limitation those loans and financial accommodations described herein or described on any exhibit or schedule attached to this Agreement from time to time.
Note.  The word "Note" means the Note dated December 23, 2021 and executed by ADDVANTAGE TECHNOLOGIES GROUP INC; ADDVANTAGE TRITON, LLC; and NAVE COMMUNICATIONS COMPANY in the principal amount of $3,000,000.00, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the note or credit agreement.
Permitted Liens.  The words "Permitted Liens" mean  (1)  liens and security interests securing Indebtedness owed by Borrower to Lender;  (2)  liens for taxes, assessments, or similar charges either not yet due or being contested in good faith;  (3)  liens of materialmen, mechanics, warehousemen, or carriers, or other like liens arising in the ordinary course of business and securing obligations which are not yet delinquent;  (4)  purchase money liens or purchase money security interests upon or in any property acquired or held by Borrower in the ordinary course of business to secure indebtedness outstanding on the date of this Agreement or permitted to be incurred under the paragraph of this Agreement titled "Indebtedness and Liens";  (5)  liens and security interests which, as of the date of this Agreement, have been disclosed to and approved by the Lender in writing; and  (6)  those liens and security interests which in the aggregate constitute an immaterial and insignificant monetary amount with respect to the net value of Borrower's assets.
Primary Credit Facility.  The words "Primary Credit Facility" mean the credit facility described in the Line of Credit section of this Agreement.  
Related Documents.  The words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments, agreements and documents, whether now or hereafter existing, executed in connection with the Loan.
Security Agreement.  The words "Security Agreement" mean and include without limitation any agreements, promises, covenants, arrangements, understandings or other agreements, whether created by law, contract, or otherwise, evidencing, governing, representing, or creating a Security Interest.  
Security Interest.  The words "Security Interest" mean, without limitation, any and all types of collateral security, present and future, whether in the form of a lien, charge, encumbrance, mortgage, deed of trust, security deed, assignment, pledge, crop pledge, chattel mortgage, collateral chattel mortgage, chattel trust, factor's lien, equipment trust, conditional sale, trust receipt, lien or title retention contract, lease or consignment intended as a security device, or any other security or lien interest whatsoever whether created by law, contract, or otherwise.  

BORROWER ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS BUSINESS LOAN AGREEMENT (ASSET BASED) AND BORROWER AGREES TO ITS TERMS.  THIS BUSINESS LOAN AGREEMENT (ASSET BASED) IS DATED DECEMBER 23, 2021.
BORROWER:
ADDVANTAGE TECHNOLOGIES GROUP INC

By:   COPY_____________________________________________
JOSEPH E HART, President of ADDVANTAGE TECHNOLOGIES GROUP INC
ADDVANTAGE TRITON, LLC

By:   COPY_____________________________________________
JOSEPH E HART, Manager of ADDVANTAGE TRITON, LLC
NAVE COMMUNICATIONS COMPANY

By:   COPY_____________________________________________
JOSEPH E HART, President  of NAVE COMMUNICATIONS COMPANY
LENDER:
VAST BANK, N.A.

By:   COPY_____________________________________________
Lauren Smith, Vice President

LaserPro, Ver. 21.4.0.034  Copr. Finastra USA Corporation 1997, 2022.   All Rights Reserved.   - OK  C:\CFI\LPL\C40.FC  TR-12524  PR-62 (M)

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