Document:

Exhibit 10.1

 

AGREEMENT OF MERGER

 

THIS AGREEMENT OF MERGER
(this “Agreement”) is entered into as of October 28, 2013, by and among Sustainable Environmental Technologies Corporation,
a California corporation, and its wholly owned subsidiaries as listed on Exhibit “A” attached hereto (“Subsidiary”)
and HJG Holdings, LLC, a California limited liability company (“Parent”)

 

Subsidiary and Parent hereby
agree that at the Effective Time (as defined in this Agreement), Subsidiary and will merge into Parent on the following terms and
conditions (the “Merger”):

 

ARTICLE 1

MERGER

 

At the Effective Time (as
defined below), Subsidiary will be merged with and into Parent. Parent will be the surviving entity (hereinafter sometimes called
the “Surviving Entity”). At the Effective Time, the separate corporate existence of Subsidiary will cease, and
Surviving Entity will assume and succeed to the assets, rights, properties, privileges, powers, immunities, liabilities and obligations
of Subsidiary. All rights of creditors and all liens on the property of Subsidiary will be preserved unimpaired, but limited to
the property affected by such rights or liens immediately before the Merger.

 

ARTICLE 2

EFFECTIVE DATE

 

The Merger provided for
in this Agreement will become effective on the filing by and in the office of the California Secretary of State of an executed
copy of this Agreement with all requisite accompanying certificates. The time of such filing is referred to in this Agreement as
the “Effective Time.”

 

ARTICLE 3

ARTICLES OF INCORPORATION; BYLAWS; BOARD
OF DIRECTORS; OFFICERS

 

3.1     Articles of Organization.
Parent’s articles of organization in effect immediately before the Effective Time will remain the articles of organization
of the Surviving Entity without change or amendment until they are duly altered, amended, or repealed.

 

3.2     Operating Agreement.
Parent’s Operating Agreement in effect immediately before the Effective Time will remain as the Operating Agreement of the
Surviving Entity without change or amendment until they are duly altered, amended, or repealed in accordance thereto. Subsidiaries
bylaws shall become null and void and of no further effect as of the Effective Time.

 

3.3     Directors and Officers.
At the Effective Time, the directors of the Subsidiary shall resign from such appointment. The officer(s) of Subsidiary then in
office immediately before the Effective Time will become officers, in the same capacity that they serve Subsidiary, of the Surviving
Entity, and will continue as officers of the Surviving Entity in such capacities until such time as their successor has been elected
and qualified as provided for in the articles of organization and Operating Agreement of the Surviving Entity.

 

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ARTICLE 4

CONVERSION OF SHARES

 

In and by virtue of the
Merger, the shares of stock of Parent’s common stock outstanding at the Effective Time will be converted as follows:

 

4.1     Conversion of
Subsidiary’s Common Stock. At the Effective Time, each outstanding share of Subsidiary’s common stock, $0.001 par
value, (“Subsidiary Common Stock”), excluding any shares of Subsidiary Common Stock not issued and outstanding
at the Effective Time, will, by virtue of the Merger and without any further action on the part of Parent, Subsidiary, Surviving
Entity, or the shareholders of Subsidiary, shall be converted into and become the right to receive from Parent the sum of $0.11
per share in cash, without interest.

 

Upon Subsidiary’s
shareholders surrender to Broadridge Financial Solutions, who shall act as a payment agent as more specifically described in the
Letter attached hereto on Exhibit “B”, on or after the effective date of the Merger, of Subsidiary Common Stock
certificates properly endorsed or otherwise in a proper form for transfer, together with delivery of an executed letter of transmittal,
Parent will pay to the shareholder $0.11 per share in cash promptly after the Effective Time (subject to reduction and/or increase
in accordance with the escrow fund provisions).

 

Parent has designated Broadridge
Financial Solutions, as the will payment agent (the “Payment Agent”). Promptly after the Effective Time, Buyer
will take all steps necessary to enable and cause the Surviving Entity to provide the Payment Agent with funds necessary to make
the payments provided for by the terms of this Agreement. Promptly after the Effective Time, the Surviving Corporation will cause
the Payment Agent to mail a letter of transmittal to each person who is shown as a shareholder of record of Subsidiary Common Stock
immediately before the Effective Time. The letter of transmittal will be substantially in the form of Exhibit “B”
to this Agreement. Upon delivery and surrender to the Payment Agent of the holder’s executed letter of transmittal and certificate(s)
evidencing ownership of Target Common Stock, the holder will be entitled to receive in exchange therefor an amount in cash equal
to the product of the number of shares of Target Common Stock represented by such certificate(s) multiplied by $0.11, less applicable
withholding taxes (as provided below). All such certificates will be canceled. No interest will be paid, payable, or accrued on
the amount of cash payable to any person hereunder. Each Target shareholder shall be deemed to have contributed such shareholder’s
pro rata portion of the Escrow Account. The amount of cash payable to any shareholder of Target shall be subject to, and reduced
by an amount equal to, the amount of any state, federal, and foreign withholding taxes incurred (and not previously paid by or
on behalf of such shareholder).

 

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4.2     The preceding paragraph
of this article will not apply to any shares of Subsidiary Common Stock that constitute “dissenting shares” within
the meaning of California Corporations Code §1300(b). The holders of such shares will have, in consideration for the cancellation
of dissenting shares held by them, the rights given to them under the applicable provisions of the California General Corporation
Law, including the right to receive the fair market value of those shares, in the manner and subject to the procedures and conditions
provided by law.

 

4.3     From and after the
Effective Time, no transfer of Subsidiary Common Stock outstanding before the Effective Time will be made on the record books of
Subsidiary.

 

ARTICLE 5

TERMINATION

 

This Agreement may be terminated
at any time before the Effective Time (whether before or after approval) by action of the shareholders of Subsidiary or by the
mutual consent and action of the boards of directors of Subsidiary and Parent.

 

ARTICLE 6

MISCELLANIOUS

 

6.1     Further Instruments and Assurances.
The Parties will execute and deliver all such other and further instruments and documents as may be necessary or desirable to
carry out the purposes of this Agreement, including but not limited to the filing of the final tax return for Subsidiary and merger
documentation with the California Secretary of State.

 

6.2     Invalidity and Severability.
If any provisions of this Agreement are held to be invalid or unenforceable, such invalidity or unenforceability shall not affect
the other provisions of this Agreement which are intended to be, and shall be deemed, severable.

 

6.3     Assignment and Binding Effect.
No Party shall assign this Agreement to any extent without the written consent of the other Parties hereto. Subject to the forgoing,
this Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and assigns.

 

6.4     Amendments and Waiver. This
Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance
and either retroactively or prospectively) only with the written consent of all of the Parties hereto.

 

6.5     Governing Law. This Agreement
shall be governed by and construed under the internal laws of the State of California, without reference to principles of conflict
of laws or choice of laws.

 

6.6     Counterparts. This Agreement
and any amendments hereto may be executed in any number of counterparts, all of which taken together shall constitute a single
original instrument. In any action or proceeding any photographic, photo static or other copy of this Agreement may be entered
into evidence.

 

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6.7     Entire Agreement. This Agreement,
together with all exhibits and schedules hereto, constitutes the entire agreement and understanding of the parties with respect
to the subject matter hereof and supersedes any and all prior negotiations, correspondence, agreements, understandings, duties
or obligations between the parties with respect to the subject matter hereof.

 

6.8     Headings. The headings in this
Agreement are inserted for convenience only and are in no way intended to describe, interpret, define, or limit the scope, extent
or intent of this Agreement or any provision of this Agreement.

 

6.9     Appendices, Schedules and Exhibits.
All references in this Agreement to appendices, exhibits and schedules shall, unless otherwise expressly provided, be deemed to
be references to the appendices, exhibits and schedules attached to this Agreement. All such appendices, exhibits and schedules
attached to this Agreement are incorporated into this Agreement as though fully set forth in this Agreement.

 

6.10     Interpretation. This Agreement
is the product of negotiation and shall be deemed to be drafted by all of the Parties hereto and shall not be construed in favor
of any particular Party, but shall be construed neutrally and by the plain meaning of its language. Each Party executing this Agreement
represents and warrants that he or it does so with full knowledge of his or its rights, having a full opportunity to undertake
whatever discovery or investigation he or it desired, and after receiving independent legal advice from his or its attorneys with
respect to the agreements herein and all rights which are herein settled. Each Party further warrants, represents and agrees that
he or it has not relied upon any representation or statement of fact or opinion by any other Party, their agents or attorneys.

 

6.11     Signer’s Warranty. Each
signatory to this Agreement represents and warrants that he or it has the fully authority to make and enter into this Agreement.

 

IN WITNESS WHEREOF,
the Parties have caused this Agreement to be executed and delivered as to the date first above written.

 

	 	
        SUSTAINABLE ENVIRONMENTAL TECHNOLOGIES CORPORATION,

        a California corporation

	 	 
	 	 
	 	 
	 	/s/Keith Morlock
	By:	Keith Morlock
	Its:	Chief Executive Officer
	 	 
	 	 
	 	 
	 	 
	 	
        HJG HOLDINGS, LLC,

        a California limited liability company

	 	 
	 	 
	 	 
	 	/s/Horst Geicke
	By:	Horst Geicke
	Its:	President

 

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Exhibit “A”

Subsidiaries

 

		1.	Aquair, Inc., a California corporation

		2.	Blue Bench, LLC, a Colorado limited liability company

		3.	Blue Bench 13-1, LLC, a Utah limited liability company

		4.	CL 11-1, LLC, a North Dakota limited liability company

		5.	CL 11-2, LLC, a North Dakota limited liability company

		6.	CL 11-3, LLC, a North Dakota limited liability company

		7.	O.C. Energy, Inc., a California corporation

		8.	ProWater, LLC, a Colorado limited liability company

		9.	Pro Water, LLC, a Utah limited liability company

		10.	SET IP Holdings, LLC, a Utah limited liability company

 

 

 

 

 

 

 

 

 

 

 

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Exhibit “B”

Letter of Transmittal to Shareholder

 

[Included with the notice
of Merger.]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	6Exhibit 10.68

 

THIS
AMENDED AND RESTATED PROMISSORY NOTE IS BEING EXECUTED AND DELIVERED FOR THE PURPOSE OF COMBINING, AMENDING, RESTATING AND REPLACING,
BUT NOT EXTINGUISHING, THE OBLIGATIONS OF MAKERS PURSUANT TO (I) THAT CERTAIN PROMISSORY NOTE DATED MAY 29, 2009, BY MEDIABISTRO
(AS DEFINED HEREIN) AND MEDIABISTRO SUBSIDIARY (AS DEFINED HEREIN) TO ALAN M. MECKLER AND (II) THAT CERTAIN PROMISSORY NOTE DATED
NOVEMBER 14, 2011, BY MEDIABISTRO, MEDIABISTRO SUBSIDIARY AND INSIDE NETWORK (AS DEFINED HEREIN) TO ALAN M. MECKLER (COLLECTIVELY,
THE “EXISTING NOTES”).

 

AMENDED AND RESTATED

PROMISSORY NOTE

 

$7,794,604.30

New
York, New York

November 1, 2013

 

FOR VALUE RECEIVED, the
undersigned, MEDIABISTRO INC., a Delaware corporation, formerly known as WebMediaBrands Inc., with a business address at 50 Washington
Street, Suite 912, Norwalk, CT 06854 (“Mediabistro”), MEDIABISTRO.COM SUBSIDIARY INC., a Delaware corporation,
formerly known as Mediabistro.com Inc., with a mailing address at 475 Park Avenue South, 4th Floor, New York, NY 10016 (“MB
Subsidiary”), and INSIDE NETWORK, INC., a California corporation with a mailing address at 475 Park Avenue South, 4th
Floor, New York, NY 10016 (“Inside Network”; together with Mediabistro and MB Subsidiary, collectively, “Makers”
and each, individually, a “Maker”), jointly and severally promise to pay to the order of ALAN M. MECKLER
(the “Payee”) or any subsequent assignee or holder hereof (Payee or any subsequent assignee or holder hereof
sometimes being hereinafter referred to as “Holder”) at 435 East 52nd Street New York, NY 10022,
or at such other address as Holder may designate from time to time in writing, the principal sum of SEVEN MILLION SEVEN HUNDRED
NINETY-FOUR THOUSAND SIX HUNDRED FOUR AND 30/100 DOLLARS ($7,794,604.30) or so much thereof as remains unpaid to Holder from time
to time, together with: (i) interest on the principal balance outstanding from time to time, from August 27, 2013, until said
balance shall have been paid in full, at the rate and in the manner hereinafter provided; (ii) all taxes levied or assessed on
this Note or the debt evidenced hereby against the Holder; and (iii) all costs and expenses, including reasonable attorneys’
fees, incurred in collecting or attempting to collect the indebtedness evidenced by this Amended and Restated Promissory Note (the
“Note”) or to realize on any collateral securing this Note or to protect or sustain the lien of the Holder,
or in any litigation or controversy arising from or connected with this Note or any security for this Note.

 

1.             Principal
and Interest.

 

(a)             Commencing as of August 27, 2013, interest on the outstanding principal amount of this Note initially shall accrue at the
rate of 5.50% per annum (the “Initial Rate”). Such Initial Rate will be subject to change as set forth in Section
1(c) and Section 1(d) below. Interest shall be calculated for the actual number of days elapsed on the basis of a 360 day year,
including the first date of the applicable period to, but not including, the date of repayment.

 

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(b)             Interest only shall be
payable monthly in arrears commencing on November 1, 2013 and continuing on the 1st day of each succeeding
calendar month until September 1, 2023; provided, that the first interest payment on November 1, 2013, shall
include all interest that has accrued, and remains unpaid, from and after August 27, 2013 until the date of such payment. Thereafter,
monthly principal and interest payments shall be payable in consecutive monthly installments commencing October 1, 2023 (the “First
Principal and Interest Payment Due Date”) and continuing on the 1st day of each succeeding calendar
month thereafter. On the First Principal and Interest Payment Due Date and thereafter, the monthly
payment will be in an amount sufficient to repay the principal and interest at the rate determined as described in Section 1(c)
below in substantially equal installments by the Maturity Date (as defined herein). The outstanding principal amount of
this Note, together with all interest accrued thereon and all other amounts due and payable by Makers hereunder and under the
security or other documents, instruments and agreements executed in connection with this Note shall be due and payable in full
on September 1, 2043 (the “Maturity Date”).

 

(c)             The Initial Rate will
change to an adjustable interest rate (the “Adjustable Rate”) on the first day of September 2018, and such
Adjustable Rate may change on such day every 12th month thereafter. The date on which the Initial Rate changes to the
Adjustable Rate and each date on which the Adjustable Rate may change is called a “Change Date.”

 

Beginning with the first Change Date,
the Adjustable Rate will be based on an Index. The “Index” is the average of interbank
offered rates for one-year U.S. dollar-denominated deposits in the London market (“LIBOR”), as published in
The Wall Street Journal. The most recent Index figure available as of the date 45 days before each Change Date is called the
“Current Index.” If the Index is no longer available, the Holder will choose a new index that is based upon
comparable information. The Holder will give Makers notice of such choice.

 

Before each Change Date, the Holder
will calculate the new Adjustable Rate by adding 2.75% to the Current Index. The Holder will then round the result of this addition
to the nearest one-eighth of one percentage point (0.125%). Subject to the limits stated below, this rounded amount will be the
new Adjustable Rate until the next Change Date.

 

Promptly following the calculation
of the new Adjustable Rate, the Holder will determine the amount of the new monthly payment due by Makers. For payment adjustments
occurring before the First Principal and Interest Payment Due Date, the amount of Makers’ monthly payment will be sufficient
to repay all accrued interest each month on the unpaid principal balance at the new interest rate. If Makers’ make a voluntary
payment of principal before the First Principal and Interest Payment Due Date, the payment amount for subsequent payments will
be reduced to the amount necessary to repay all accrued interest on the reduced principal balance at the current Adjustable Rate.
For payment adjustments occurring on or after the First Principal and Interest Payment Due Date, the amount of the monthly payment
will be sufficient to repay unpaid principal and interest that Makers are expected to owe in full on the Maturity Date at the current
interest rate in substantially equal payments.

 

The Adjustable Rate at the first Change
Date will not be greater than 7.50% per annum or less than 5.50% per annum. Thereafter, the Adjustable Rate will never be increased
or decreased on any single Change Date by more than 2.00% from the rate of interest Makers’
have been paying for the preceding twelve (12) months. The Adjustable Rate will never be greater than 11.50% per annum or less
than 5.50% per annum.

 

The new Adjustable Rate will become
effective on each Change Date. Makers will pay the amount of the new monthly payment beginning on the
first monthly payment date after the Change Date until the amount of the monthly payment changes again.

 

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Before the effective date of any change
in the Adjustable Rate and/or monthly payment, the Holder will deliver or mail to Makers a notice of such change. The notice will
include information required by law to be given to Makers and also the title and telephone number of a person who will answer any
question Makers may have regarding such notice.

 

(d)             Following the occurrence and continuation of an Event of Default (as defined herein) or after maturity and including the
period after any judgment has been rendered with respect hereto, the interest rate payable hereunder may, at the election of Holder,
increase by 2.00% per annum from the date of the occurrence of such Event of Default until written waiver of the Event of Default
by Holder or payment of all principal, interest and other amounts due hereunder in full.

 

2.             Representations.
Makers hereby represent and warrant as follows:

 

(a)             Each of Mediabistro and
MB Subsidiary is a corporation duly formed, validly existing and in good standing under the laws of the State of Delaware, with
all requisite power and authority to conduct its business. Inside Network is a corporation duly formed, validly existing and in
good standing under the laws of the State of California, with all requisite power and authority to conduct its business.

 

(b)             Each Maker is duly qualified and/or licensed to conduct its business, and is in good standing in each of the jurisdictions
in which it conducts its business, except where the failure to so qualify would not have a material adverse effect on the business,
assets, liabilities or operations of a Maker.

 

(c)             Each Maker has full power and authority to execute and deliver this Note and to perform its obligations hereunder.

 

(d)             Each Maker has duly executed and delivered this Note. This Note is a legal, valid and binding obligation of each Maker,
enforceable against such Maker in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency,
reorganization, fraudulent conveyance or other similar laws affecting the enforcement of creditors’ rights generally and
general equitable principles.

 

(e)             Since June 30, 2013, there has been no event, occurrence, fact, condition, change, development or effect that, individually
or in the aggregate, would constitute, result in or have a material adverse effect on a Maker or its business, assets, liabilities
or operations.

 

3.             Events
of Default. The entire unpaid principal sum hereof and all accrued and unpaid interest thereon shall at once become due and
payable upon the occurrence of any of the following events for any reason (each, an “Event of Default”): (a)
the failure by Makers to fully pay any installment of principal or interest due hereunder within 30 business days after the same
shall have become due; (b) if any Maker shall become insolvent or shall generally not, or shall be unable to, or shall admit in
writing its inability to, pay its debts as they become due, shall suspend its business operations or a material part thereof or
make an assignment for the benefit of creditors, shall apply for, consent to, or acquiesce in, the appointment of a trustee, receiver
or other custodian for it or any of its property or such trustee, receiver or custodian shall be otherwise appointed, or shall
commence or have commenced against it any proceeding under any bankruptcy, reorganization, arrangement, readjustment of debt,
dissolution or liquidation law or statute of any jurisdiction; or (c) the dissolution or liquidation of any Maker, or the taking
of any company or corporate action by any Maker for the purpose of facilitating the same.

 

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Upon the occurrence and continuation
of an Event of Default hereunder, Holder may, at its election in
its sole and absolute discretion, (x) declare the entire outstanding balance under this Note to be,
and this Note shall thereupon be and become, immediately due and payable and/or (y)
exercise any other rights and/or remedies available to Holder at law, in equity or under this Note.
In the case of an Event of Default of the character described in clause (b) above, the principal of this Note shall forthwith
become due and payable, together with interest accrued thereon (including any interest accruing after the commencement of any
action or proceeding under the federal bankruptcy laws, as now or hereafter constituted, or any other applicable domestic or foreign
federal or state bankruptcy, insolvency or other similar law, and any other interest that would have accrued but for the commencement
of such proceeding, whether or not any such interest is allowed as an enforceable claim in such proceeding), without presentment,
demand, protest or other notice of any kind, all of which are hereby expressly waived, and Makers shall forthwith upon any such
acceleration pay to the Holder the entire principal of and interest accrued on the Note.

 

4.             Change of Control.
In the event of a “Change of Control” (as defined herein) of any Maker, the remaining principal balance and all accrued
and unpaid interest of this Note may, at the election of the Holder and upon written notice to Makers, be due and payable concurrently
with the closing of such event which constitutes a Change of Control. A “Change of Control” shall be (a)
any sale of all or substantially all of any Maker’s assets or equity interests (whether in a single transaction or a series
of related transactions) to an independent third party that is not controlled by, or affiliated with, Mediabistro or (b) any merger,
consolidation, restructuring or reorganization of any Maker with or into another company through one or a series of related transactions
if Mediabistro or the common equity holders of Mediabistro, as the case may be, immediately prior to the transaction possess less
than 50% of the voting power of the surviving entity immediately after such transaction.

 

5.             BOFI Note. The Payee has funded this Note with a portion of the proceeds of the Consolidated Interest-Only Period
Adjustable Rate Note dated August 27, 2013 (the “BOFI Note”) of Payee to BOFI Federal Bank (“BOFI”)
in the original principal amount of $9,850,000. Payee and Makers intend that the principal and interest payments hereunder will
be utilized by Payee to make payments due under the BOFI Note. Notwithstanding anything herein to the contrary, this Note must
be repaid in full if Payee is required to repay the BOFI Note whether due to an Event of Default by Makers under this Note or otherwise.
Until this Note is paid in full, Makers shall pay any and all of Payee’s reasonable out of pocket costs or expenses (including,
without limitation, attorneys’ fees, title insurance fees, recording costs and mortgage taxes) related to, arising out of,
or in connection with, the execution, delivery and negotiation this Note or the BOFI Note or the transactions contemplated hereby
or thereby and any enforcement or collection proceedings related to this Note or the BOFI Note.

 

6.             Waiver. Makers hereby waive demand, presentment, protest, notice of protest, notice of dishonor, diligence in collection,
notice of nonpayment and all notices of a like nature in connection with this Note.
No delay on the part of the Holder in exercising any right hereunder shall operate as a waiver of such right or any other right.
Any term of this Note may be amended or waived with the written consent of Makers and the Holder.

 

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7.             Prepayment. This Note may be prepaid at any time, in whole or in part, at the option of Makers, without penalty or
premium. All payments hereunder, including, without limitation, any partial prepayment, shall be applied first to all costs and
expenses due to Holder pursuant to the terms of this Note, then to accrued and unpaid interest and the balance, if any, to principal
outstanding hereunder. Any repayment upon a Change of Control or any other prepayment shall be made directly to BOFI if the BOFI
Note continues to remain outstanding and this Note is collateral for the BOFI Note.

 

8.             Jury Trial Waiver. Makers and Holder waive their right to a jury trial in connection with any action arising under
or relating to this Note. Makers and Holder acknowledge that they make these waivers knowingly, voluntarily and only after consideration
of the ramifications of these waivers with their respective legal counsel.

 

9.             Successors and Assigns. This Note shall inure to the benefit of Holder and its successors and assigns and shall be
binding upon Makers and any successor to their businesses, whether by merger or otherwise. No Maker may assign or delegate its
obligations or responsibilities under this Note without Holder’s prior written consent. Makers consent to the collateral
assignment of this Note to BOFI in connection with the BOFI Note.

 

10.             Joint and Several. Each Maker and each and every other endorser, guarantor and surety of this Note, and all others
who may become liable for all or any part of this obligation, do hereby agree that their liability hereunder shall be joint and
several and hereby waive demand, presentment for payment, protest, notice of protest and notice of nonpayment of this Note, and
do hereby consent to any number of renewals or extensions of the time of payment hereof, and agree that any such renewal or extension
may be without notice to any of said parties and without affecting their liability hereunder, and further consent to the release
of any part or parts or all of the security for the payment hereof and to the release of any party or parties liable hereon, all
without affecting the liability of the other persons, partnerships or corporations liable for the payment of this Note.

 

11.             Governing Law. This Note shall be governed by, and construed in accordance with, the laws of the State of New York,
applicable to contracts made and to be wholly performed within said State. Each Maker irrevocably and unconditionally agrees that
any legal action arising under or in connection with this Note is to be instituted in the state or federal courts located in the
State of New York.

 

12.             
Invalidity. Any term or provision of this Note that is held by a court of competent jurisdiction or other authority
to be invalid, void or unenforceable in any situation in any jurisdiction shall not affect the validity or enforceability of the
remaining terms and provisions hereof or the validity or enforceability of the offending term or provision in any other situation
or in any other jurisdiction. If the final judgment of a court of competent jurisdiction or other authority declares that any term
or provision hereof is invalid, void or unenforceable, the parties agree that the court making such determination shall have the
power to reduce the scope, duration or applicability of the term or provision, to delete specific words or phrases, or to replace
any invalid, void or unenforceable term or provision with a term or provision that is valid and enforceable and that comes closest
to expressing the intention of the invalid or unenforceable term or provision. Notwithstanding any provisions of this Note to the
contrary, the rate of interest and other amounts to be paid by Makers to Holder under this Note shall not exceed the highest or
the maximum rate of interest permitted to be charged by Holder under applicable laws. Any amounts paid by Makers to Holder in excess
of such rate shall be deemed to be partial prepayments of principal hereunder.

 

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13.             Amendment and Restatement. This Note is given to combine, amend, restate and replace the Existing Notes, but shall
not result in repayment or extinguishment of the unpaid indebtedness evidenced by the Existing Notes. All indebtedness formerly
evidenced by the Existing Notes and unpaid on the date hereof shall now be evidenced by this Note, and as of the date hereof, the
Existing Notes shall no longer evidence such outstanding indebtedness. This Note shall not be considered to be a novation of the
Existing Notes as this Note evidences the same indebtedness.

 

MAKERS:

 

MEDIABISTRO INC.

 

By: /s/ Mitchell
Eisenberg

Name: Mitchell Eisenberg

Title: EVP &
General Counsel

 

 

MEDIABISTRO.COM SUBSIDIARY INC.

 

By: /s/ Mitchell
Eisenberg

Name: Mitchell Eisenberg

Title: EVP &
General Counsel

 

 

INSIDE NETWORK, INC.    

 

By: /s/ Mitchell
Eisenberg

Name: Mitchell Eisenberg

Title: EVP &
General Counsel

 

    	6

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