Document:

EXHIBIT 10.1

 

PROMISSORY
NOTE AND PLEDGE AGREEMENT

 

	$250,000.00	January 18, 2018

 

 

FOR VALUE RECEIVED,
PROBILITY MEDIA CORPORATION (“Maker”), or its successors in interest, hereby promises to pay to the order
of TED L. BLANTON, SR., as Stockholders’ Agent, on behalf of the Stockholders (as defined in the Purchase Agreement
referred to below) (“Payee”), the principal amount of TWO HUNDRED FIFTY THOUSAND DOLLARS ($250,000.00), in such
coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public or private
debts, together with interest as set forth herein. Any capitalized term used in this Note and not otherwise defined herein shall
have the meaning given to such term in that certain Stock Purchase Agreement, dated as of January 18, 2018 (the “Purchase
Agreement”), by and among the Maker, North American Crane Bureau Group, Inc. (“NACB”), the Payee and
Diane Blanton (Ms. Blanton and the Payee being the “Stockholders”).

 

1.       Payment
of Interest and Principal.

 

(a)       The
principal, together with all accrued and unpaid interest on this Note, shall be due and payable, in two equal installments as follows:

 

A.       $125,000,
plus accrued and unpaid interest, on January 18, 2019; and

 

B.       $125,000,
plus accrued and unpaid interest, on January 18, 2020 (as applicable, the “Maturity Date”).

 

(b)       If
any payment hereunder becomes due and payable on a Saturday, Sunday or legal holiday under the laws of the United States of America
or the State of Texas, or both, the due date thereof shall be extended to the next business day and interest shall be payable for
any principal so extended for the period of such extension. Payments of principal and interest are to be made at the address provided
for Payee in the Purchase Agreement (or at such other place as the Payee shall have notified Maker in writing at least five (5)
days before such payment is due) or by wire transfer pursuant to Payee’s written instructions.

 

2.       Interest.
Interest shall accrue on the unpaid principal balance of this Note at the rate of 1.68% per annum. Interest shall be calculated
from and include the date hereof and shall be calculated on an actual 360-day basis. Notwithstanding anything to the contrary contained
herein, in no event shall this or any other provision herein permit the collection of any interest which would be usurious under
applicable law.

 

3.       Prepayment.
Maker shall have the right to prepay, without penalty, at any time after the date hereof, all or any portion of the outstanding
principal balance of this Note, together with all accrued and unpaid interest to the date of prepayment (such period beginning
on the date hereof and ending on the earlier of (i) the Maturity Date, as applicable, and (ii) the date on which Maker prepays
the outstanding principal balance of this Note, together with all accrued and unpaid interest, the “Note Term”).
All such payments shall be applied first to accrued and unpaid interest and thereafter to principal.

 

4.       Events
of Default.

 

(a)       The
following are Events of Default (“Events of Default”) hereunder:

 

A.       Maker
shall fail to make full and timely payment of principal of or interest on this Note when due and such failure continues for a period
of five (5) consecutive days; or

 

 

 

 

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B.       If
Maker (i) admits in writing its inability to pay generally its debts as they mature, or (ii) makes a general assignment for the
benefit of creditors, or (iii) is adjudicated a bankrupt or insolvent, or (iv) files a voluntary petition in bankruptcy, or (v)
takes advantage, as against his creditors generally, of any bankruptcy or insolvency law or statute of the United States of America
or any state or subdivision thereof, which petition or proceeding is not dismissed within sixty (60) days after the date of the
commencement thereof, or (vi) has a receiver, trustee, custodian, conservator, sequestrator or other such person appointed by any
court to take charge of its affairs or assets or business and such appointment is not vacated or discharged within sixty (60) days
thereafter.

 

(b)       If
any Event of Default shall occur and be continuing, Payee shall have the right, at its option, to declare the subject installment
payment due under this Note to be immediately due and payable, together with all accrued and unpaid interest thereon. If Maker
fails to make the second installment payment set forth in Section 1(a) of this Note and such failure has not been remedied within
five (5) consecutive days after notice, Payee shall have the right, at its option, (i) to foreclose upon the Collateral to secure
Maker’s performance hereunder, and to exercise any and all other rights as a secured party under the Uniform Commercial Code,
and (ii) to proceed to protect, exercise and enforce the rights and remedies of the Payee under the Note against Maker, and such
other rights and remedies as are provided by law or equity.

 

5.       Collateral.

 

(a)       This
Note, and Maker's performance hereunder, are secured by (i) the outstanding shares of common stock, par value $0.10 per share,
of NACB (the “Shares”), acquired by Maker from the Stockholders, pursuant to the Purchase Agreement and (ii)
the other collateral set forth on Exhibit A attached hereto, if any (together with the Shares, the “Collateral”).
Maker hereby pledges the Collateral to Payee as collateral security for the payment and performance of this Note. Maker hereby
represents and warrants that it is the owner of such Collateral (including the Shares), free and clear of any and all adverse claims,
liens, pledges, encumbrances, security interests, charges, demands, options or restrictions except in favor of Payee hereunder.
For so long as this pledge, lien and security interest shall remain in effect without foreclosure therein, (i) Maker shall be permitted
to vote such Shares and receive any and all dividends thereon, and (ii) any further shares of NACB or other securities, issued
in respect of the pledged Shares by reason of any stock dividend, stock split, recapitalization, merger, consolidation or other
such distribution or event, shall also be subject to the pledge, lien and security interest in favor of Payee hereunder.

 

(b)       Notwithstanding
any provision to the contrary contained in this Note, any and all net proceeds (after payment or allowance for related brokerage
commissions, underwriting discounts, and taxes on any taxable gain at the highest applicable marginal rate and other applicable
expenses) receivable upon any sale, transfer or other disposition of any or all of the Shares owned by Maker shall be applied to
the accrued and unpaid interest and unpaid principal of this Note, until this Note is paid in full. Any partial prepayment under
this Section 5 shall be applied first to accrued and unpaid interest and thereafter to principal.

 

6.       Set-Off
for Indemnification Claims.

 

(a)       If
there is a claim for indemnification by Maker under Section 6.3 of the Purchase Agreement, Maker shall, in the manner provided
for notices under Section 9.2 of the Purchase Agreement, deliver a statement (a “Claim Notice”) to Payee, certified
by Maker, setting forth the specifics of the computations of the amount of the Losses (as such term is defined in the Purchase
Agreement) to which Maker believes it is entitled to as indemnification in accordance with Section 6.3 of the Purchase Agreement.

 

(b)       Within
thirty (30) days after receipt of any Claim Notice, Payee shall deliver a notice (a “Response Notice”) to Maker
in which Payee shall set forth the amounts (if any) for which it concedes liability and the amounts (if any) for which it denies
liability. A failure by Payee to respond to Maker within such period shall be deemed a concession of liability in whole.

 

(c)       If
a Response Notice is delivered by Payee to Maker in a timely manner indicating objections to any or all of the calculations set
forth in the Notice, then during the period of thirty (30) days following receipt of the Response Notice by Maker, Payee and Maker
shall use reasonable efforts to resolve in writing any differences that they may have with respect to any matter specified in the
Response Notice.

 

(d)       If
at the end of such thirty (30) day period, Payee and Maker have failed to reach written agreement with respect to any of such matters,
then either of them shall submit a demand for arbitration with respect to the matters as to which they have failed to reach written
agreement, to an arbitrator satisfactory to both Payee and Maker, for final and binding resolution of the specific items of such
disagreement (“Claim Resolution”), the terms of which resolution shall be set forth by the arbitrator in a notice
(the “Claims Resolution Notice”) which the arbitrator shall promptly deliver to Maker and Payee.

 

 

 

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(e)       Immediately
upon any concession of liability pursuant to paragraph 6(b) above (whether express or by failure of response), and on the date
of any Claim Resolution rendered in favor of Maker (to the extent of the finding in favor of Maker), at the option of Maker (which
shall be in addition to any other remedies Maker may have), the outstanding principal amount of this Note may be reduced by an
amount equal to the amount of conceded liability or pro-Maker Claim Resolution (the “Set-Off”), and interest
shall thereafter accrue on the remaining outstanding principal balance after giving effect to such Set-Off. Maker shall be entitled
to apply the full amount of the Set-Off to the next installment due to the Payee under this Note. Such Set-Off may be effected
from time to time upon each concession of liability and/or pro-Maker Claim Resolution, Maker shall record on its records the date
and amount of each such Set-Off (provided that the failure to make any such record entry shall not affect or impair the validity
of the subject Set-Off).

 

(f)       In
the event that any set-off is made hereunder for indemnification for which Maker could have collected on a claim (a “Pass-Through
Claim”) against a third party, Payee shall be subrogated to all rights and interests of the Maker and any of its successors,
to pursue and to collect on any indemnification or other remedy available to Maker thereunder with respect to a Pass-Through Claim.

 

(g)       The
rights of set-off provided in this Section 6 are in addition to, and not in lieu of, all other rights and remedies for indemnification
under or pursuant to the Purchase Agreement, and all such rights and remedies may be exercised singly, concurrently and/or successfully,
whether before or after payment of this Note.

 

7.       Miscellaneous.

 

(a)       In
case any one or more of the provisions contained in this Note should be invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby.

 

(b)       This
Note and the various rights and obligations arising hereunder shall inure to the benefit of and be binding upon the parties hereto
and their respective successors and permitted assigns. Maker may not delegate, transfer or assign any rights or obligations hereunder
without the Payee’s prior written consent (such consent not to be unreasonably withheld, conditioned or delayed). Payee may
not assign or delegate all or any portion of the rights of the Payee hereunder without the consent of Maker (such consent not to
be unreasonably withheld, conditioned or delayed). Any transfer or assignment of any of the rights, interests or obligations hereunder
in violation of the terms hereof shall be void and of no force or effect.

 

(c)       This
Note and any dispute, disagreement, or issue of construction or interpretation arising hereunder, whether relating to its execution,
its validity, the obligations provided therein or performance, shall be governed and interpreted according to the law of the State
of Florida, without regard to principals of conflicts of law. Each of Payee and Maker (i) agree that any legal suit, action or
proceeding arising out of or relating to this Note shall be instituted exclusively in the courts of Orange County in the State
of Florida, (ii) waive any objection to the venue of any such suit, action or proceeding and the right to assert that such forum
is not a convenient forum, and (iii) irrevocably consent to the jurisdiction of the courts of Orange County in the State of Florida
in any such suit, action or proceeding, and further agree to accept and acknowledge service of any and all process which may be
served in any such suit, action or proceeding and agree that service of process upon them mailed by certified mail to their respective
addresses shall be deemed in every respect effective service of process upon them in any such suit, action or proceeding.

 

(d)       Section
headings herein have been inserted for reference only and shall not be deemed to limit or otherwise affect, in any manner, or be
deemed to interpret in whole or in part any of the terms or provisions of this Note.

 

(e)       Maker
hereby waives all demands for payment, presentations for payment, notices of intention to accelerate maturity, notices of acceleration
of maturity, demand for payment, protest, notice of protest and notice of dishonor, to the extent permitted by law, except for
those notices expressly provided for herein. No extension of time for payment of this Note or any installment hereof, no alteration,
amendment or waiver of any provision of this Note shall release, modify, amend, waive, extend, change, discharge, terminate or
affect the liability of Maker under this Note.

 

(f)       Any
forbearance by Payee in exercising any right or remedy hereunder or under any other agreement or instrument in connection with
this Note or otherwise afforded by applicable law shall not be a waiver or preclude the exercise of any right or remedy by Payee.
The acceptance by Payee of payment of any sum payable hereunder after the due date of such payment shall not be a waiver of the
right of the holder of this Note to require prompt payment when due of all other sums payable hereunder or to declare a default
for failure to make prompt payment.

 

 

 

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(g)       This
Note may not be amended or modified or the provisions hereof waived (either generally or in a particular instance and either retroactively
or prospectively) without the prior written consent of the party against whom such amendment, modification, or waiver is sought
to be enforced.

 

(h)       Upon
receipt by Maker of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Note or any note exchanged
for it, and (in the case of loss, theft or destruction) of indemnity reasonably satisfactory to it, and upon surrender and cancellation
of such note, if mutilated, Maker will make and deliver in lieu of such note a new note of like tenor and unpaid principal amount
and dated as of the original date of the original note.

 

(i)       This
Note may be executed in two or more counterparts, each of which shall be deemed an original, but all of which taken together shall
constitute one and the same instrument.

 

 

 

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left intentionally blank]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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IN WITNESS WHEREOF, Maker has caused this
Note to be made and issued in its name on the date specified above.

 

	 	PROBILITY MEDIA CORPORATION
	 	 
	 	 
	 	By:	
        /s/ Noah I. Davis

	 	 	Name:	Noah I. Davis
	 	 	Title:	President and Chief Operating Officer

 

ACCEPTED AND AGREED to as of

this 18th day of January 2018:

 

	 
	 
	
        /s/ Ted L. Blanton

	Ted L. Blanton, as Stockholders’ Agent on behalf of the Stockholders

 

 

 

 

 

 

 

    	 	5EXHIBIT 10.2

 

CONSULTING AGREEMENT

 

THIS CONSULTING AGREEMENT
(this “Agreement”), dated January 18, 2018, by and between ProBility Media Corporation, a Nevada corporation
(the “Company”), and Ted L. Blanton, Sr., an individual (the “Consultant”) (each of the Company
and Consultant is referred to herein as a “Party” and together as the “Parties”). Capitalized
terms not otherwise defined herein shall have the meanings ascribed to them in the Purchase Agreement (as defined below).

 

W I T N E S S E T H:

 

WHEREAS, the
Consultant was the co-founder, President and Chief Executive Officer of North American Crane Bureau Group, Inc., a Florida corporation
(“NACB”), which is engaged in the business of providing crane operator training, certification and inspection
services, as well as crane simulation training;

 

WHEREAS, pursuant
to the Stock Purchase Agreement (the “Purchase Agreement”), dated as of January 18, 2018, by and among, the
Company, NACB, the Consultant and Diane Blanton, the Company has agreed to purchase all of the outstanding shares of common stock
of NACB and the business of NACB as a going concern;

 

WHEREAS, the
Company desires to retain the services of the Consultant (the “Services”), upon the terms and conditions set
forth herein, to assist the Company in preserving and transitioning to the Company the good will and business relationships of
the customers, suppliers, independent contractors and strategic partners in respect of the business;

 

WHEREAS, the
Consultant desires to provide consulting services to the Company upon such terms and conditions; and

 

WHEREAS, it
is a condition to the consummation of the transactions contemplated by the Purchase Agreement that the Company and the Consultant
enter into this Agreement and, but for such condition, the Company would not have entered into the Purchase Agreement.

 

NOW, THEREFORE,
in reliance on and in consideration of the premises and of the mutual benefits and covenants contained herein, the Parties hereto,
intending to be bound, hereby agree as follows:

 

ARTICLE
I.

ENGAGEMENT; TERM; SERVICES

 

1.1.       Services.
Pursuant to the terms and conditions hereinafter set forth, the Company hereby engages Consultant, and Consultant hereby accepts
such engagement, to provide the Services to the Company during the Term (as defined below) of this Agreement.

 

1.2.       Term.
The Consultant shall begin providing Services hereunder on the day following the Closing Date under, and as defined in, the Purchase
Agreement (the “Effective Date”), and this Agreement shall remain in effect until January 18, 2021 (the “Term”).
The obligations under this Agreement shall begin on the Effective Date and continue to bind the Parties until the end of the Term,
or the earlier termination thereof as provided in Article III herein.

 

1.3.       Allocation
of Time and Energies. The Consultant hereby promises to perform and discharge faithfully the Services which may be requested
from Consultant from time to time by the Company and duly authorized representatives of the Company. The Consultant shall provide
the Services required hereunder in a diligent and professional manner. The Consultant hereby agrees that he will not undertake
any such other work which could conflict with any of his obligations hereunder.

 

ARTICLE
II.

CONSIDERATION; EXPENSES; INDEPENDENT CONTRACTOR; TAXES

 

2.1.       Cash
Consideration. During the Term of this Agreement, for all Services rendered by Consultant hereunder and all covenants and conditions
undertaken by the Parties pursuant to this Agreement, the Company shall pay, and Consultant shall accept, as compensation a total
of $100,000 per year, to be paid in accordance with the Company’s usual payroll practices (the “Cash Fee”).

 

 

 

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2.2.       Grant
of Common Stock.

 

2.2.1       As
additional compensation for Consultant’s services rendered hereunder, Consultant shall be entitled to receive a total of
1,500,000 shares of the Company’s common stock, par value $0.001 per share (the “Shares”), as follows:
(i) 500,000 shares on the date hereof, (ii) 500,000 shares on July 18, 2019, and (iii) 500,000 shares on January 18, 2021 (each,
a “Share Payment Date”), reflecting an issuance price of $0.50 per share.

 

2.2.2       The
Consultant (or his estate) shall be entitled to receive all of the Shares provided for in Section 2.2.1 above despite any cessation
of Consultant’s relationship with the Company.

 

2.2.3       The
Consultant shall enter into a Lock-Up, Leak-Out Agreement, the form of which is attached as Exhibit A hereto (the “Lock-Up,
Leak-Out Agreement”), restricting Consultant from selling or otherwise transferring any Shares during the one-year period
following the Effective Date and limiting such sales or other transfers during the subsequent one-year period to such number of
Shares equal to 10% of the daily volume, based on the prior month’s average daily volume, every thirty (30) days.

 

2.2.4       In
the event that, at any time during which the Consultant shall remain eligible to receive any Shares pursuant to this Agreement,
there shall occur any merger, consolidation, reorganization or other business combination with any Person that results in a Change
of Control (as such term is defined in Section 9.12 of the Purchase Agreement) of the Company or the sale, conveyance, disposition
of or transfer to any Person of all or substantially all the assets of the Company, then (a) if the Company is not the surviving
corporation, in lieu of the Shares otherwise issuable hereunder, the Company shall transfer or cause to be issued to the Consultant
the fair equivalent securities of the surviving corporation (provided, however, if the securities of the surviving
corporation are either (1) not listed on a market operated by the OTC Markets Group Inc. or any national securities exchange or
(2) not otherwise of a reporting company that is subject to the reporting requirements of the Exchange Act, then the surviving
corporation shall pay to the Consultant cash in lieu of Shares), and (b) the Company shall, as part of the terms and conditions
of any such merger, consolidation, reorganization or other business combination with any Person that results in a Change of Control
of the Company or sale, conveyance, disposition of or transfer to any Person of all or substantially all the assets of the Company,
cause the surviving corporation to acknowledge the terms and conditions of, and assume all of the Company’s obligations pursuant
to, this Agreement and reserve and make available the substitute consideration contemplated by this Section 2.2.4.

 

2.2.5       Upon
the Consultant’s death or disability, all Shares provided for under this Agreement will transfer to the Consultant’s
designated beneficiary.

 

2.3.       Company
Vehicle and Expenses. At Consultant’s option, Consultant (i) shall be able to continue using the Company’s 2014
Ford Expedition (the “Company Vehicle”) as a company vehicle for the duration of this Agreement or (ii) shall
purchase the Company Vehicle for an amount equal to the outstanding indebtedness relating to the Company Vehicle, together with
a vehicle allowance from the Company of $650 per month ($7,800 per year in the aggregate) in consulting fees to cover vehicle expenses.

 

2.4.       Independent
Contractor. It is the express intention of the Company and Consultant that Consultant perform the Services as an independent
contractor to the Company. Nothing in this Agreement shall in any way be construed to constitute Consultant as an agent or employee
of the Company. Without limiting the generality of the foregoing, Consultant is not authorized to bind the Company to any liability
or obligation or to represent that Consultant has any such authority in connection with the Services. Consultant acknowledges and
agrees that Consultant is obligated to report as income all compensation received by Consultant pursuant to this Agreement. Consultant
agrees to and acknowledges the obligation to pay all self-employment and other taxes on such income. The Company and Consultant
agree that Consultant will receive no Company-sponsored benefits from the Company pursuant to this Agreement, except that the Company
will add Consultant (or his new consulting company) to the Company’s professional liability insurance policy as an additional
insured and maintain such coverage for a minimum of ten years after the date hereof or, if less, until such time as the Company
is no longer engaged in the business in which such coverage is reasonably required (or, in which case, the applicable entity, North
American Crane Bureau Inc., is no longer active).

 

 

 

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2.5.       Taxes.
The Company makes no representations or warranties with respect to the tax consequences of the payments and any other consideration
provided to Consultant under the terms of this Agreement. Consultant agrees and understands that it is responsible for payment,
if any, of local, state, and/or federal taxes on the payments and any other consideration provided hereunder by the Company and
any penalties or assessments thereon. Consultant agrees to indemnify and hold harmless the Company and his affiliates and their
directors, officers and employees from and against all taxes, losses, damages, liabilities, costs and expenses, including attorneys’
fees and other legal expenses, arising from or in connection with (i) any obligation imposed on the Company to pay withholding
taxes or similar items, or (ii) any determination by a court or agency that the Consultant is not an independent contractor pursuant
to this Agreement.

 

ARTICLE
III.

TERMINATION

 

3.1.       Termination.
This Agreement and the services of the Consultant hereunder shall be terminated as follows:

 

3.1.1       The
Parties may terminate this Agreement immediately upon the mutual agreement of the Parties;

 

3.1.2       This
Agreement shall terminate immediately upon the death of the Consultant;

 

3.1.3       The
Company may terminate this Agreement upon 10 days’ written notice to the Consultant for cause, in the event the Consultant
becoming incapacitated or disabled such that he is unable to perform the Services or in the event of a material breach of this
Agreement by the Consultant which is not cured by the Consultant during such period; or

 

3.1.4       The
Consultant may terminate this Agreement upon 10 days’ written notice to the Company in the event of a material breach of
this Agreement by the Company which is not cured by the Company during such period;

 

The term “cause,”
as used in this Agreement, shall mean, in the reasonable judgment of the Company, continued neglect by the Consultant of his duties,
misconduct by or gross negligence of Consultant, any material violation of the provisions of this Agreement (including, without
limitation, any violation by the Consultant of Article IV), or any conduct which is detrimental to the Company or would result
in prejudice to the business or interest of the Company, should the Consultant’s services be continued.

 

3.2.       Rights
Upon Termination. Upon termination of the Term, the Consultant shall continue to comply with the terms of Articles VI-VIII
hereof following the Termination Date.

 

ARTICLE
IV.

REPRESENTATIONS OF CONSULTANT

 

4.1.       Investment
Representations.

 

4.1.1       The
Consultant acknowledges that:

 

(i)       The
Consultant understands that the Shares to be acquired by Consultant pursuant to this Agreement have not been registered under the
Securities Act, nor qualified under any state securities laws, and that such Shares are being offered and sold pursuant to an exemption
from such registration and qualification based in part upon the representations contained herein. Consultant is an “accredited
investor” as defined under Rule 501 promulgated under the Securities Act.

 

(ii)       The
Consultant has such knowledge and experience in financial and business matters that Consultant is capable of evaluating the merits
and risks of the investment contemplated by this Agreement; and Consultant is able to bear the economic risk of this investment
in the Shares (including a complete loss of Consultant’s investment). 

 

4.1.2       Limitations
on Disposition.

 

(i)       The
Consultant understands that the Consultant must bear the economic risk of Consultant’s investment in the Shares indefinitely
unless the Shares are registered pursuant to the Securities Act or an exemption from such registration is available, and unless
the disposition of such Shares is qualified under applicable state securities laws or an exemption from such qualification is available.
Consultant further understands that there is no assurance that any exemption from the Securities Act will be available or, if available,
that such exemption will allow Consultant to transfer any or all of Consultant’s interest in the Shares in the amounts or
at the times Consultant might propose.

 

 

 

 

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(ii)       The
Consultant acknowledges that he is aware of Rule 144 under the Securities Act (“Rule 144”) which permits limited
public resales of “restricted securities” subject to the satisfaction of certain conditions. Consultant understands
that under Rule 144, except as otherwise provided in paragraph (d) of that Rule, the conditions include, among other things: the
availability of certain current public information about the issuer, certain holding periods and limitations on the amount of securities
to be sold and the manner of sale. Consultant acknowledges that in the event all of the requirements of Rule 144 are not met, registration
under the Securities Act, or an exemption from registration will be required for any disposition of the Shares. Consultant understands,
that although Rule 144 is not exclusive, the SEC has expressed its opinion that persons proposing to sell restricted securities
received other than in a registered offering or pursuant to Rule 144 will have a substantial burden of proof in establishing that
an exemption from registration is available for such offers or sales and that such persons and the brokers who participate in the
transactions do so at their own risk.

 

4.1.3       Advisors.
The Consultant has consulted his own legal and tax advisors regarding the consequences of the transaction contemplated by this
Agreement and acknowledges that he is not relying upon, nor has he received, any legal or tax advice from the Company or its legal
counsel or accountants.

 

4.1.4       Investment
Purpose. The Consultant is acquiring Consultant’s interest in the Shares solely for Consultant’s own account for
investment and not with a view toward the resale, transfer or distribution thereof, nor with any present intention of transferring
or distributing Consultant’s interest in the Shares.

 

4.1.5       Restrictive
Legend. The Consultant understands and acknowledges that the Shares are characterized as “restricted securities”
under U.S. securities laws and agrees to the imprinting, so long as required by law, of the following legend on certificates representing
Consultant’s Shares:

 

THE SECURITIES REPRESENTED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR THE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OF AMERICA. THE SECURITIES MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF SUCH ACT AND SUCH LAWS.

 

ARTICLE V.

MUTUAL REPRESENTATIONS,
COVENANTS AND 

WARRANTIES OF THE
PARTIES

 

 

5.1.       Power
and Authority. The Parties have all requisite power and authority, corporate or otherwise, to execute and deliver this Agreement
and to consummate the transactions contemplated hereby and thereby. The Parties have duly and validly executed and delivered this
Agreement and will, on or prior to the consummation of the transactions contemplated herein, execute, such other documents as may
be required hereunder and, assuming the due authorization, execution and delivery of this Agreement by the Parties hereto and thereto,
this Agreement constitutes, the legal, valid and binding obligation of the Parties enforceable against each Party in accordance
with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar
laws affecting the Parties rights generally and general equitable principles.

 

5.2.       Execution
and Delivery. The execution and delivery by the Parties of this Agreement and the consummation of the transactions contemplated
hereby and thereby do not and shall not, by the lapse of time, the giving of notice or otherwise: (a) constitute a violation of
any law; or (b) constitute a breach or violation of any provision contained in the Articles of Incorporation or Bylaws, or such
other document(s) regarding organization and/or management of the Parties, if applicable; or (c) constitute a breach of any provision
contained in, or a default under, any governmental approval, any writ, injunction, order, judgment or decree of any governmental
authority or any contract to which the Parties are bound or affected.

 

5.3.       Authority
of Entities. Any individual executing this Agreement on behalf of an entity has authority to act on behalf of such entity and
has been duly and properly authorized to sign this Agreement on behalf of such entity.

 

 

 

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ARTICLE
VI.

CONFIDENTIAL/TRADE SECRET INFORMATION;

COMPANY PROPERTY; NON-SOLICITATION

 

6.1.       Confidential/Trade
Secret Information/Non-Disclosure/Non-Solicitation.

 

6.1.1       Confidential/Trade
Secret Information Defined. During the course of Consultant’s engagement, Consultant will have access to various Confidential/Trade
Secret Information of the Company and information developed for the Company. For purposes of this Agreement, the term “Confidential/Trade
Secret Information” is information that is not generally known to the public and, as a result, is of economic benefit
to the Company in the conduct of its business, and the business of the Company’s subsidiaries. Consultant and the Company
agree that the term “Confidential/Trade Secret Information” includes but is not limited to all information developed
or obtained by the Company, including its affiliates, and predecessors, and comprising the following items, whether or not such
items have been reduced to tangible form (e.g., physical writing, computer hard drive, disk, tape, etc.): all methods, techniques,
processes, ideas, research and development, product designs, engineering designs, plans, models, production plans, business plans,
add-on features, trade names, service marks, slogans, forms, pricing structures, business forms, marketing programs and plans,
layouts and designs, financial structures, operational methods and tactics, cost information, the identity of and/or contractual
arrangements with suppliers and/or vendors, accounting procedures, and any document, record or other information of the Company
relating to the above. Confidential/Trade Secret Information includes not only information directly belonging to the Company which
existed before the date of this Agreement, but also information developed by Consultant for the Company, including its subsidiaries,
affiliates and predecessors, during the term of Consultant’s engagement with the Company. Confidential/Trade Secret Information
does not include any information which (a) was in the lawful and unrestricted possession of Consultant prior to its disclosure
to Consultant by the Company, its subsidiaries, affiliates or predecessors, (b) is or becomes generally available to the public
by lawful acts other than those of Consultant after receiving it, or (c) has been received lawfully and in good faith by Consultant
from a third party who is not and has never been a Consultant of the Company, its subsidiaries, affiliates or predecessors, and
who did not derive it from the Company, its subsidiaries, affiliates or predecessors.

 

6.1.2       Restriction
on Use of Confidential/Trade Secret Information. Consultant agrees that his use of Confidential/Trade Secret Information is
subject to the following restrictions for an indefinite period of time so long as the Confidential/Trade Secret Information has
not become generally known to the public:

 

(i)       Non-Disclosure.
Consultant agrees that it will not publish or disclose, or allow to be published or disclosed, Confidential/Trade Secret Information
to any person without the prior written authorization of the Company unless pursuant to or in connection with Consultant’s
job duties to the Company under this Agreement; and

 

(ii)       Non-Removal/Surrender.
Consultant agrees that it will not remove any Confidential/Trade Secret Information from the offices of the Company or the premises
of any facility in which the Consultant is performing Services, except pursuant to his duties under this Agreement. Consultant
further agrees that it shall surrender to the Company all documents and materials in his possession or control which contain Confidential/Trade
Secret Information and which are the property of the Company upon the termination of his engagement with the Company, and that
it shall not thereafter retain any copies of any such materials.

 

6.2.       Non-Solicitation
of Employees and Consultants. Consultant agrees that during the Term and for the twelve-month period following the date of
the termination of this Agreement (the “Termination Date”), he shall not, directly or indirectly, solicit or
otherwise encourage any employees or consultants of the Company to leave the employ or service of the Company, or solicit, directly
or indirectly, any of the Company’s employees or consultants for employment or service; provided, however, that Consultant
may solicit an employee or consultant if (i) such employee or consultant has resigned voluntarily (without any solicitation from
Consultant), and at least one (1) year has elapsed since such employee’s or consultant’s resignation from employment
or termination of service with the Company, (ii) such employee’s employment or consultant’s services was terminated
by the Company, and if one (1) year has elapsed since such employee or consultant was terminated by the Company, (iii) the Company
has consented to the solicitation of such employee or consultant in writing, which consent the Company may withhold in its sole
discretion, or (iv) such solicitation solely occurs by general solicitations for employment to the public.

 

6.3.       Non-Solicitation
of Contacts. The Consultant agrees that during the Term and during the twelve-month period following the Termination Date,
Consultant shall not: (a) interfere with the Company’s business relationship with its customers or suppliers, or (b) solicit,
directly or indirectly, or otherwise encourage any of the Company’s customers or suppliers to terminate their business relationship
with the Company.

 

 

 

    	 	5	 

     

    

 

6.4.       Breach
of Provisions. If the Consultant materially breaches any of the provisions of Articles VI-VIII hereof, or in the event that
any such breach is threatened by Consultant, in addition to and without limiting or waiving any other remedies available to the
Company at law or in equity, the Company shall be entitled to immediate injunctive relief in any court, domestic or foreign, having
the capacity to grant such relief, to restrain any such breach or threatened breach and to enforce the provisions of Articles VI-VIII
hereof.

 

6.5.       Reasonable
Restrictions. The Parties acknowledge that the foregoing restrictions, as well as the duration and the territorial scope thereof
as set forth in Articles VI-VIII hereof, are under all of the circumstances reasonable and necessary for the protection of the
Company and its business.

 

6.6.       Specific
Performance. The Consultant acknowledges and agrees that the Company’s remedies at law for a breach or threatened breach
of any of the provisions of Articles VI-VIII hereof would be inadequate and, in recognition of this fact, Consultant agrees that,
in the event of such a breach or threatened breach, in addition to any remedies at law, the Company, without posting any bond,
shall be entitled to obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent
injunction or any other equitable remedy which may then be available.

 

6.7.       Company
Property. Upon termination of this Agreement, or on demand by the Company during the Term of this Agreement, Consultant will
immediately deliver to the Company, and will not keep in his possession, recreate or deliver to anyone else, any and all Company
property, records, data, notes, notebooks, reports, files, proposals, lists, correspondence, specifications, drawings blueprints,
sketches, materials, photographs, charts, all documents and property, and reproductions of any of the aforementioned items that
were developed by Consultant pursuant to the terms of this Agreement, obtained by Consultant in connection with the provision of
the Services, or otherwise belonging to the Company or its successors or assigns.

 

ARTICLE VII

WORK PRODUCT

 

7.1.       Work
Made for Hire. The Consultant hereby agrees that all information, materials, tools, data, inventions, ideas, writings and other
property, including, without limitation any improvements or modifications, whether or not copyrightable, created or adapted by
it, whether alone or in conjunction with any other person, firm or corporation (hereinafter referred to as “Person”)
arising out of or created in connection with Services, provided for the Company hereunder or as a result of such Services (the
“Work Product”), whether or not eligible for patent, copyright, trademark, trade secret or other legal protection,
shall be “work made for hire” for the Company within the meaning of the United States Copyright Act of 1976 and for
all other purposes and as such, the sole and exclusive property of the Company.

 

7.2.       License
of Work Product. The Consultant acknowledges that the Company in its sole discretion shall have the right to license the Work
Product or any portion thereof, and/or incorporate the Work Product or any portion thereof into the Company’s products, for
use by other licensees or clients of the Company.

 

7.3.       Right
to Work Product. The Consultant hereby assigns exclusively to the Company in perpetuity, all right, title and interest of any
kind whatsoever, in and to the Work Product, including any and all patents, patent rights, trademarks, mask work rights, trade
secrets, rights of priority, copyrights and other proprietary rights thereto (and the exclusive right to register copyrights, patents,
trademarks and other rights), and represents and warrants that Consultant has not previously assigned such rights or any portion
thereof to any other Person. Accordingly, all rights in and to the Work Product, including any materials derived therefrom or based
thereon and regardless of whether any such Work Product is actually used by the Company, shall from its creation be owned exclusively
by the Company and Consultant will not have or claim to have any rights of any kind whatsoever in such Work Product. Without limiting
the generality of the foregoing, Consultant will not make any use of any of the Work Product in any manner whatsoever without the
Company’s prior written consent.

 

7.4.       Representations
Regarding Work Product. The Consultant represents and warrants that the Work Product provided by it hereunder will be original
works created by it or a third party and not previously published in any form and that the use by the Company of the Work Product
will not violate or infringe on any copyright or other proprietary or privacy right of any other Person and that the Company will
have the right to use the Work Product in perpetuity without obligation to any Person. In the event of any breach of this representation
and warranty, Consultant agrees to indemnify the Company and hold it harmless from and against any and all claims, costs, liabilities
and expenses incurred by it as a result of such breach. “Person” means any individual, corporation, partnership,
joint venture, limited liability company, trust, unincorporated organization or governmental entity.

 

 

 

    	 	6	 

     

    

 

7.5.       Assignment
of Rights. In some jurisdictions, the Consultant may have a right, title, or interest (“Right,” including
without limitation all right, title, and interest arising under patent law, copyright law, trade-secret law, or otherwise, anywhere
in the world, including the right to sue for present or past infringement) in certain Work Product that cannot be automatically
owned by the Company. In that case, if applicable law permits Consultant to assign Consultant’s Right(s) in future Work Product
at this time, then Consultant hereby assigns any and all such Right(s) to the Company, without additional compensation to Consultant;
if not, then Consultant agrees to assign any and all such Right(s) in any such future Work Product to the Company or its nominee(s)
upon request, without additional compensation to Consultant.

 

7.6.       Waiver
of Moral Rights. The Consultant waives the Consultant’s moral rights to any and all copyrights subsisting in the Work
Product. If required by the Company, the Consultant also agrees to sign, and to cause the Consultant’s employees and subcontractors
to sign, any applications or other documents the Company may reasonably request: (a) to obtain or maintain patent, copyright, industrial
design, trade-mark or other similar protection for the Work Product, (b) to transfer ownership of the Work Product to the Company,
and (c) to assist the Company in any proceeding necessary to protect and preserve the Work Product. The Company will pay for all
expenses associated with preparing and filing such documents.

 

ARTICLE VIII.

NON-COMPETITION

 

8.1.       Non-Competition.
As a material inducement to the Company’s consummation of the transactions contemplated by the Purchase Agreement, including,
without limitation, the Company’s acquisition of the good will associated with the business of the Company, the Consultant
agrees as to subsections 8.1.1-8.1.4 below. Notwithstanding anything to the contrary contained herein, except as set forth in Section
8.1.1, to the extent of any conflict between the Purchase Agreement and this Section 8.1, the terms hereof shall control.

 

8.1.1       The
Consultant will not, for a period of two (2) years following the Effective Date (or, with respect to Mr. Blanton, if longer, co-terminus
with the non-compete provisions in the Purchase Agreement) (computed by excluding from such computation any time during which such
Consultant is found by a court of competent jurisdiction to have been in violation of any provision of this Section 8.1.1) (the
“Restricted Period”), directly or indirectly, for himself or on behalf of or in conjunction with any other Person,
engage in, invest in or otherwise participate in (whether as an owner, employee, officer, director, manager, consultant, independent
contractor, agent, partner, advisor, or in any other capacity) any business that competes with the business of the Company (such
business, the “Restricted Business”) in any Restricted Area, or at any time following the Effective Date make
any use of any Company Intellectual Property other than in connection with the business of the Company. Notwithstanding the above,
the foregoing covenant shall not be deemed to prohibit the acquisition as a passive investment of not more than five percent (5%)
of the capital stock of a competing business whose stock is traded on a national securities exchange or over-the-counter and shall
not be deemed to prohibit the acquisition of any capital stock of the Company, or prohibit Consultant from engaging and/or performing
accident investigation expert work, litigation support, or lift and equipment audits.

 

8.1.2       The
Consultant will not, for a period of two (2) years following the Effective Date (computed by excluding from such computation any
time during which Consultant is found by a court of competent jurisdiction to have been in violation of any provision of this Section
8.1.2), directly or indirectly, for himself or on behalf of or in conjunction with any other Person, (i) solicit or hire (or assist
or encourage any other Person to solicit or hire), or otherwise interfere in any manner with any employee, consultant or strategic
partner of any of the Company, the Company, or any of the Company’s subsidiaries (each, a “Restricted Entity”),
other than by general public advertisement or other such general solicitation not specifically targeted at any such Person, (ii)
induce or request any customer of any Restricted Entity to reduce, cancel or terminate its business with such Restricted Entity
or otherwise interfere in any manner in any Restricted Entity’s business relationship with any of its customers, or (iii)
solicit or accept business from any customer of any Restricted Entity in connection with a Restricted Business. For purposes of
this Section 8.1.2, a Person shall be deemed to be an employee, consultant, customer or strategic partner of any Restricted Entity
if any such relationship existed or exists at any time (A) during the thirty (30) days prior to the execution of this Agreement
or (B) after the Closing Date and during the operation of this provision, and any such Person shall cease to have the applicable
status one year after the termination of any such relationship. Notwithstanding the above, the foregoing covenant shall not be
deemed to prohibit Consultant from engaging and/or performing accident investigation expert work, litigation support, or lift and
equipment audits.

 

 

 

    	 	7	 

     

    

 

8.1.3       The
Consultant agrees that the foregoing covenants are reasonable with respect to their duration, geographic area and scope, to protect,
among other things, the Company’s acquisition of the goodwill associated with the business of the Company. If a judicial
or arbitral determination is made that any provision of this Section 8.1 constitutes an unreasonable or otherwise unenforceable
restriction against a Consultant, then the provisions of this Section 8.1 shall be rendered void with respect to Consultant only
to the extent such judicial or arbitral determination finds such provisions to be unenforceable. In that regard, any judicial or
arbitral authority construing this Section 8.1 shall be empowered to sever any prohibited business activity, time period or geographical
area from the coverage of any such agreements and to apply the remaining provisions of this Section 8.1 to the remaining business
activities, time periods and/or geographical areas not so severed. Moreover, in the event that any provision, or the application
thereof, of this Section 8.1 is determined not to be specifically enforceable, the Company may be entitled to recover monetary
damages as a result of the breach of such agreement.

 

8.1.4       The
Consultant acknowledges that he has carefully read and considered the provisions of this Section 8.1. Consultant acknowledges that
he has received and will receive sufficient consideration and other benefits to justify the restrictions in this Section 8.1. Consultant
also acknowledges and understands that these restrictions are reasonably necessary to protect interests of the Company, including,
without limitation, protection of the goodwill acquired, and Consultant acknowledges that such restrictions will not prevent him
from conducting businesses that are not included in the Restricted Business set forth in this Section 8.1 during the periods covered
by the restrictive covenants set forth in this Section 8.1. Consultant also acknowledges that the contemplated transactions constitute
full and adequate consideration for the execution and enforceability of the restrictions set forth in this Section 8.1.

 

ARTICLE IX.

MISCELLANEOUS

 

9.1.       Notices.
All notices, approvals, consents, requests, and other communications hereunder shall be in writing and shall be delivered (i) by
personal delivery, or (ii) by national overnight courier service, or (iii) by certified or registered mail, return receipt requested,
or (iv) via facsimile transmission, with confirmed receipt, or (v) via email. Notice shall be effective upon receipt except for
notice via fax (as discussed above) or email, which shall be effective only when the recipient, by return or reply email or notice
delivered by other method provided for in this Section 9.1, acknowledges having received that email (with an automatic “read
receipt” or similar notice not constituting an acknowledgement of an email receipt for purposes of this Section 9.1,
or which such recipient ‘replies’ to such prior email). Such notices shall be sent to the applicable party or parties
at the address specified below:

 

	If to the Company:	
        ProBility Media Corporation

        1517 San Jacinto
Street

        Houston, Texas 77002

        Attention:   Mr.
Noah I. Davis

                      President and Chief Operating Officer

        Facsimile: (800)
861-1175

        Email: noah@probilitymedia.com

 

	If to the Consultant:	
        Ted L. Blanton,
Sr.

        930 Williston Park
Point

        Lake Mary, Florida
32746

        Facsimile: (407) 869-8778

        Email:tblantonsr@cranesafe.com

         

 

 

 

    	 	8	 

     

    

9.2.       Binding
Effect; Assignment. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective legal
representatives, heirs, successors and assigns. Consultant may not assign any of its rights or obligations under this Agreement.
The Company may assign its rights and obligations under this Agreement to any successor entity.

 

9.3.       Severability.
If any provision of this Agreement, or portion thereof, shall be held invalid or unenforceable by a court of competent jurisdiction,
such invalidity or unenforceability shall attach only to such provision or portion thereof, and shall not in any manner affect
or render invalid or unenforceable any other provision of this Agreement or portion thereof, and this Agreement shall be carried
out as if any such invalid or unenforceable provision or portion thereof were not contained herein. In addition, any such invalid
or unenforceable provision or portion thereof shall be deemed, without further action on the part of the Parties hereto, modified,
amended or limited to the extent necessary to render the same valid and enforceable.

 

9.4.       Waiver.
No waiver by a Party of a breach or default hereunder by the other Party shall be considered valid, unless expressed in a writing
signed by such first Party, and no such waiver shall be deemed a waiver of any subsequent breach or default of the same or any
other nature.

 

9.5.       Entire
Agreement. This Agreement sets forth the entire agreement between the Parties with respect to the subject matter hereof, and
supersedes any and all prior agreements between the Company and Consultant, whether written or oral, relating to any or all matters
covered by and contained or otherwise dealt with in this Agreement. This Agreement does not constitute a commitment of the Company
with regard to Consultant’s engagement, express or implied, other than to the extent expressly provided for herein.

 

9.6.       Amendment.
No modification, change or amendment of this Agreement or any of its provisions shall be valid, unless in a writing signed by the
Parties.

 

9.7.       Governing
Law. This Agreement, and all of the rights and obligations of the Parties in connection with the relationship established hereby,
shall be governed by and construed in accordance with the substantive laws of the State of Texas without giving effect to principles
relating to conflicts of law.

 

9.8.       Survival.
The termination of Consultant’s engagement with the Company pursuant to the provisions of this Agreement shall not affect
Consultant’s obligations to the Company hereunder which by the nature thereof are intended to survive any such termination,
including, without limitation, Consultant’s obligations under Article VI-VIII of this Agreement.

 

9.9.       No
Presumption from Drafting. This Agreement has been negotiated at arm’s-length between persons knowledgeable in the matters
set forth within this Agreement. Accordingly, given that all Parties have had the opportunity to draft, review and/or edit the
language of this Agreement, no presumption for or against any Party arising out of drafting all or any part of this Agreement will
be applied in any action relating to, connected with or involving this Agreement. In particular, any rule of law, legal decisions,
or common law principles of similar effect that would require interpretation of any ambiguities in this Agreement against the Party
that has drafted it, is of no application and is hereby expressly waived. The provisions of this Agreement shall be interpreted
in a reasonable manner to affect the intentions of the Parties.

 

9.10.       Review
and Construction of Documents. Each Party herein expressly represents and warrants to all other Parties hereto that (a) before
executing this Agreement, said Party has fully informed itself of the terms, contents, conditions and effects of this Agreement;
(b) said Party has relied solely and completely upon its own judgment in executing this Agreement; (c) said Party has had the opportunity
to seek and has obtained the advice of its own legal, tax and business advisors before executing this Agreement; (d) said Party
has acted voluntarily and of its own free will in executing this Agreement; and (e) this Agreement is the result of arm’s
length negotiations conducted by and among the Parties and their respective counsel.

 

9.11.       Electronic
Signatures and Counterparts. This Agreement and any signed agreement or instrument entered into in connection with this Agreement,
and any amendments hereto or thereto, may be executed in one or more counterparts, all of which shall constitute one and the same
instrument. Any such counterpart, to the extent delivered by means of a facsimile machine or by .pdf, .tif, .gif, .peg or similar
attachment to electronic mail (any such delivery, an “Electronic Delivery”) shall be treated in all manner
and respects as an original executed counterpart and shall be considered to have the same binding legal effect as if it were the
original signed version thereof delivered in person. At the request of any Party, each other Party shall re execute the original
form of this Agreement and deliver such form to all other Parties. No Party shall raise the use of Electronic Delivery to deliver
a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of Electronic
Delivery as a defense to the formation of a contract, and each such Party forever waives any such defense, except to the extent
such defense relates to lack of authenticity.

 

 

[Remainder of page
left intentionally blank]

 

 

 

    	 	9	 

     

    

 

IN WITNESS WHEREOF, the Parties hereto
have executed this Agreement as of the day and year first above written, to be effective as of the Effective Date.

 

	“COMPANY”	
        PROBILITY MEDIA CORPORATION

        

        

         

         

        By:   /s/ Noah I. Davis                                    

        Name: Noah I. Davis

        Title: President and Chief Operating

        Officer

         

	“CONSULTANT”	
         

           /s/ Ted L. Blanton, Sr.                             

        Ted L. Blanton, Sr.

         

         

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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