Document:

First Amendment to Note and Warrant Purchase Agmt

 Exhibit 10.1 
 FIRST AMENDMENT 
 TO 

NOTE AND WARRANT PURCHASE AGREEMENT 
 THIS FIRST AMENDMENT TO NOTE AND WARRANT PURCHASE AGREEMENT (this “Amendment”) is made and entered into effective as of October 22, 2012 (the “Amendment Date”) by and
between Innovaro, Inc., a Delaware corporation f/k/a UTEK Corporation (the “Company”), and Gators Lender, LLC, a Florida limited liability company (“Investor”). Cortez 114, LLC, a Florida
limited liability company, Ybor City Group, Inc., a Florida corporation, 22nd Street of Ybor City, Inc., a Florida corporation, ABM of Tampa Bay, Inc., a Florida corporation and UTEK Europe, Ltd., a United Kingdom
corporation (collectively, the “Guarantors”) and UTEK Real Estate Holdings, Inc. (“Pledgor”) join in this Agreement to confirm their consent to its terms. 

W I T N E S S E T H: 

WHEREAS, the Company and Investor entered into that certain Note and Warrant Purchase Agreement (the “Agreement”)
dated as of October 22, 2009; 
 WHEREAS, the parties desire to amend the Agreement and to make certain other
amendments, all as more fully set forth in this Amendment; 
 WHEREAS, the principal balance of that certain Promissory
Note made by the Company in favor of Investor dated October 22, 2009, and delivered in connection with the Agreement (the “Note”) is $1,250,000.00 as of the Amendment Date; 

WHEREAS, each Guarantor is a party to the Absolute Guaranty of Payment and Performance (the “Guaranty Agreement”) dated
October 22, 2009, between Guarantor and Investor; 
 WHEREAS, Pledgor is a party to the Membership Interest Pledge
Agreement (the “Pledge Agreement”) dated February 26, 2010, among Pledgor, Cortez 114, LLC, and Investor; and 

WHEREAS, the parties desire to amend the repayment terms of the Note and to make certain other revisions to the Note, all as more
fully set forth in this Amendment: 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants contained
herein, the parties hereto, intending to be legally bound, hereby agree as follows: 
 1. Recitals. The foregoing recitals are true and
correct to the same extent as if fully set forth herein. 
 2. Amendments to Note. The Note shall be deemed amended as follows:

 A. Initial Payment under Note. Before November 22, 2012, the Company shall make a payment of $250,000.00 to
Investor under the Note, reducing the principal balance of the Note to $1,000,000. Investor may accelerate payments due under the Note if the Company fails to make this payment. 

B. Extension of Maturity of Note. The maturity date of the Note is hereby extended from October 22, 2012, to October 22,
2015. 

  
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 C. Requirement Principal Payments under Note. 

i. On October 22, 2013, the Company shall make a payment of $250,000.00 to Investor under the Note. 

ii. The principal balance of $750,000.00 under the Note, remaining after the payment provided for in Section C.i. shall be
due on October 22, 2015. 
 D. No Prepayment Penalty. The Company shall have the right to prepay the Principal
Amount under the Note in full or in part, upon 10 days prior written notice to Investor. 
 3. Amendments to Agreement and Issuance of New
Warrants. The Agreement shall be deemed amended as necessary to provide for the issuance of new Warrants by the Company to Investor, as consideration for the extension of the maturity of the Note, as follows: 

A. Initial Issuance of Warrants. Investor is and shall be entitled, subject to the conditions and adjustments set forth in the
Warrant Agreement dated of even date (the “2012 Warrant Agreement”) issued by the Company in favor of Investor, to acquire from the Company, in whole or in part, from time to time up to 150,000 fully paid and nonassessable shares of Common
Stock, at a purchase price equal to the Exercise Price, determined as provided in the 2012 Warrant Agreement, provided, however, that such purchase rights must be exercised if at all by 5:00 p.m. Tampa, Florida, time on October 22, 2017.

 B. If the Company has not paid in full the Principal Amount and all accrued but unpaid Interest under the Note by 5:00 p.m.
Tampa, Florida, time on October 22, 2013, Investor shall be entitled, subject to the conditions and adjustments set forth in the 2012 Warrant Agreement, to acquire from the Company, in whole or in part, from time to time up to an additional
75,000 fully paid and nonassessable shares of Common Stock, at a purchase price determined as provided in the 2012 Warrant Agreement, provided, however, that such purchase rights must be exercised if at all by 5:00 p.m. Tampa, Florida, time on
October 22, 2018. 
 C. If the Company has not paid in full the Principal Amount and all accrued but unpaid Interest under
the Note by 5:00 p.m. Tampa, Florida, time on October 22, 2014, Investor shall be entitled, subject to the conditions and adjustments set forth in the 2012 Warrant Agreement, to acquire from the Company, in whole or in part, from time to time
up to an additional 75,000 fully paid and nonassessable shares of Common Stock, at a purchase price determined as provided in the 2012 Warrant Agreement, provided, however, that such purchase rights must be exercised if at all by 5:00 p.m. Tampa,
Florida, time on October 22, 2019. 
 4. Full Force and Effect. Except as expressly amended or modified in this Amendment, the terms
and conditions set forth in the Agreement shall remain in full force and effect. The Company, Guarantors, and Pledgor acknowledge and confirm that all collateral furnished in connection with the Pledge Agreement and other collateral furnished
continues to secure the obligations thereunder. Except as expressly modified herein, all terms and provisions of the Agreement, the Guaranty, the Pledge Agreement, and all other documents, instruments and agreements executed and/or delivered in
connection with the Agreement, shall remain unchanged and in full force and effect. No consent of Investor hereunder shall operate as a waiver or continuing consent with respect to any instance or event other than those specified herein. Neither
this Amendment nor any earlier waiver or amendment of the Agreement will constitute a novation or have the effect of discharging any liability or obligation 

  
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evidenced by the Agreement, the Note, the Guaranty, the Pledge Agreement or any related document. This Amendment shall not be deemed to prejudice any rights or remedies that Investor now has or
might have in the future under or in connection with the Agreement, the Note, the Guaranty, the Pledge Agreement, or any related document, as the same may be amended, restated or otherwise modified. This Amendment is part of the Agreement.

 5. Conduct of Investor; Waiver of Defenses; Release of Claims. The Company, the Guarantors, Pledgor, and their respective successors,
assigns, and legal representatives and (collectively, the “Releasors”), acknowledge and agree that through the date hereof, Investor has acted in good faith and has conducted itself in a commercially reasonable manner in its relationships
with the Releasors in connection with this Agreement and in connection with the Note, the Agreement, the Guaranty Agreement, the Pledge Agreement, and other documents, and the Releasors hereby waive and release any claims to the contrary. The
Releasors hereby release, acquit, and forever discharge Investor and its affiliates, officers, managers, employees, agents, attorneys, advisors, successors and assigns, both present and former (collectively, the “Investor Affiliates”),
from any and all manner of losses, costs, defenses, damages, liabilities, deficiencies, actions, causes of action, suits, debts, controversies, damages, judgments, executions, claims, demands, and out-of-pocket expenses whatsoever, asserted or
unasserted, known or unknown, foreseen or unforeseen, in contract, tort, law or equity (generically, “Claims”), that any Releasor has or may have against Investor and/or any Investor Affiliate by reason of any action, failure to act,
event, statement, accusation, assertion, matter, or thing whatsoever arising from or based on facts occurring prior to the effectiveness of this Amendment or that arises out of or is connected to the Agreement. Each of the Releasors hereby
unconditionally and irrevocably agrees that it will not sue Investor or any Investor Affiliate on the basis of any Claim released, remised, and discharged by such Releasor pursuant to this Amendment. If any Releasor or any of their respective
successors, assigns or other legal representatives violates the foregoing covenant, each Releasor, for itself and its successors, assigns, and legal representatives, agrees to pay, in addition to such other damages as Investor or any Investor
Affiliate may sustain as a result of such violation, all reasonable and documented attorneys’ fees and costs incurred by Investor or any Investor Affiliate as a result of such violation. 
 6. Consent, Reaffirmation, and Agreement of Guarantors. Each Guarantor (a) consents to the execution and delivery of this Agreement, (b) reaffirms all of its obligations and covenants
under the Guaranty Agreement to which it is a party, (c) agrees that none of its obligations and covenants under such Guarantee Agreement shall be reduced or limited by the execution and delivery of this Agreement, and (d) agrees that the
definition of “Obligations” under the Guaranty Agreement to which it is a party shall include all obligations under this Amendment, the Agreement and the Note. 
 7. Further Assurances. From time to time, at either party’s request and without further consideration, the other party will execute and deliver such documents and take such other action as may
reasonably be requested in order to carry out the transactions contemplated hereby. 
 8. Counterparts. This Amendment may be executed in
one or more counterparts and by facsimile or other electronic transmission, all of which, when taken together, shall constitute one and the same original document. 
 9. Attorneys’ Fees and Costs; Taxes. Each party shall pay its’ own attorney fees and costs related to this Amendment, except that the Company shall reimburse Investor for up to $5,000.00
of fees incurred in connection with its counsel’s review of this Amendment and the 2012 Warrant Agreement. The Company shall pay any and all taxes (together with interest and penalties, if any, applicable thereto) and fees, including, without
limitation, documentary stamp taxes, now or hereafter required in connection with the execution and delivery of this Amendment and all related documents, instruments and agreements. 

  
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 IN WITNESS WHEREOF, this Amendment has been executed as of the date first above
written. 
  

																					
	COMPANY:	 		 		 		 	INVESTOR:
					
	INNOVARO, INC.,	 		 		 		 	GATORS LENDER, LLC,
	a Delaware corporation	 		 		 		 	a Florida limited liability company
							
	By:	 	 /s/ Asa Lanum
	 		 		 		 	By:	 	 /s/ Marty Shaffel

		 	Its:	 	 CEO
	 		 		 		 		 	Its:	 	 Manager

									
	GUARANTORS:	 		 		 		 		 		 		 		  	
					
	CORTEZ 114, LLC	 		 		 		 	YBOR CITY GROUP, INC.
	a Florida limited liability company	 		 		 		 	a Florida corporation
					
	By:	 	 /s/ Carole R. Wright
	 		 	By:	 	 /s/ Carole R. Wright

		 	Its:	 	 Sec / Treas
	 		 		 	Its:	 	 Sec / Treas

					
	22ND STREET OF YBOR CITY, INC.	 		 		 		 	ABM OF TAMPA BAY, INC.
	a Florida corporation	 		 		 		 	a Florida corporation
								
	By:	 	 /s/ Carole R. Wright
	 		 		 		 		 	By:	 	 /s/ Carole R. Wright

		 	Its:	 	 Sec / Treas
	 		 		 		 		 		 		 	Its:	  	 Sec / Tres

									
	 UTEK EUROPE, LTD.
 a United Kingdom corporation
	 		 		 		 		 		 		 		  	
										
	By:	 	 /s/ Asa Lanum
	 		 		 		 		 		 		 		  	
		 	Its:	 	 Director
	 		 		 		 		 		 		 		  	
									
	PLEDGOR:	 		 		 		 		 		 		 		  	
									
	 UTEK REAL ESTATE HOLDINGS, INC.
 a Florida corporation
	 		 		 		 		 		 		 		  	
										
	By:	 	 /s/ Carole R. Wright
	 		 		 		 		 		 		 		  	
		 	Its:	 	 Sec/ Treas
	 		 		 		 		 		 		 		  	

  
 4Warrant Agreement

 Exhibit 10.2 
 THE SECURITIES REPRESENTED HEREBY AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “1933 ACT”), OR THE SECURITIES LAWS OF
ANY STATE. THESE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS SUCH SECURITIES ARE REGISTERED UNDER THE 1933 ACT AND APPLICABLE STATE SECURITIES LAWS OR SUCH SECURITIES ARE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE 1933 ACT OR ANY APPLICABLE STATE SECURITIES LAW AND THE COMPANY IS PROVIDED WITH AN OPINION OF SECURITIES COUNSEL IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY THAT SUCH
EXEMPTIONS ARE AVAILABLE. 
 NEITHER THIS WARRANT AGREEMENT NOR THE WARRANTS GRANTED BY THIS WARRANT AGREEMENT ARE ASSIGNABLE OR
TRANSFERRABLE WITHOUT THE EXPRESS WRITTEN CONSENT OF INNOVARO, INC., EXCEPT AS PROVIDED BELOW. 
 WARRANT AGREEMENT

  

			
	No.    	  	As of October 22, 2012

 To Purchase 300,000 Shares of Common Stock of 

INNOVARO, INC. 

Number of Shares; Exercise Price; Exercise Time. Innovaro, Inc., a Delaware corporation (the “Company”), certifies that Gators
Lender, LLC, a Florida limited liability company (“Holder”) is entitled, on the terms and subject to the conditions and adjustments set forth in this Warrant Agreement (the “Warrant”), to acquire from the Company,
in whole or in part, from time to time, up to Three Hundred Thousand (300,000) fully paid and nonassessable shares (the “Shares”) of common stock of the Company, par value $0.01 per share (the “Common Stock”),
at a purchase price equal to the Exercise Price, determined as provided herein, as more fully set forth below: 
 A. Initial
Issuance of Warrants. Lender is and shall be entitled to acquire from the Company, in whole or in part, from time to time up to 150,000 fully paid and nonassessable Shares (“Tranche A”); provided, however, that such purchase
rights must be exercised if at all by 5:00 p.m. Tampa, Florida, time on October 22, 2017 (the “Tranche A Expiration Time”). 
 B. If the Company has not paid in full the Principal Amount and all accrued but unpaid Interest under that certain Promissory Note made by the Company in favor of Lender dated October 22, 2009 (the
“Note”), by 5:00 p.m. Tampa, Florida, time on October 22, 2013, Lender shall be entitled to acquire from the Company, in whole or in part, from time to time up to an additional 75,000 fully paid and nonassessable Shares
(“Tranche B”); provided, however, that such purchase rights must be exercised if at all by 5:00 p.m. Tampa, Florida, time on October 22, 2018 (the “Tranche B Expiration Time”). 

 C. If the Company has not paid in full the Principal Amount and all accrued but unpaid
Interest under the Note by 5:00 p.m. Tampa, Florida, time on October 22, 2014, Lender shall be entitled to acquire from the Company, in whole or in part, from time to time up to an additional 75,000 fully paid and nonassessable Shares
(“Tranche C”); provided, however, that such purchase rights must be exercised if at all by 5:00 p.m. Tampa, Florida, time on October 22, 2019 (the “Tranche C Expiration Time”). 

The Tranche A Expiration Time, the Tranche B Expiration Time, and the Tranche C Expiration Time shall, collectively, be referred to
as the “Expiration Time” and the Expiration Time, individually, shall refer to the expiration time for the Tranche A, Tranche B, or Tranche C Warrant, as applicable. 
 The Exercise Price shall be $0.66. The number of Shares to which this Warrant relates, type of security and Exercise Price are subject to adjustment as provided herein, and all references to “Common
Stock” and “Exercise Price” herein shall be deemed to include any such adjustment or series of adjustments. This Warrant is issued pursuant to the Note and Warrant Purchase Agreement dated as of October 22, 2009, between the
Company and Holder, as amended by that certain First Amendment to Note and Warrant Purchase Agreement dated as of October 22, 2012. 
 1. Exercise of Warrant. 
 a. Generally. The purchase
rights represented by this Warrant are exercisable by Holder, in whole or in part, at any time, or from time to time, prior to the Expiration Time, by the surrender of this Warrant and the Notice of Exercise attached hereto, all duly completed and
executed on behalf of Holder, at the office of the Company at the address stated in Section 13 hereof or such other office or agency of the Company as it may designate by notice in writing to Holder at the address of Holder appearing on the
books of the Company (the “Office”), and upon payment of the Exercise Price for the Shares thereby purchased in cash, by certified or cashier’s check payable to the order of the Company or by wire transfer to the Company in an
amount equal to the Exercise Price for the Shares thereby purchased. Thereupon, Holder as holder of this Warrant shall be entitled to receive from the Company a stock certificate in proper form representing the number of Shares so purchased, and a
new Warrant in substantially identical form and dated as of the date of such exercise for the purchase of that number of Shares equal to the number of Shares subject hereto less the number of Shares as to which this Warrant is so exercised.

 b. Net Issue Election. In lieu of paying all or a portion of the Exercise Price in cash, Holder may
elect to receive, without the payment by Holder of any additional consideration, Shares equal to the value of this Warrant or any portion hereof, as determined below, by the surrender of this Warrant or such portion to the Company, with the Notice
of Exercise duly completed and executed by Holder, at the principal office of the Company. Thereupon, the Company shall issue to such Holder such number of fully paid and nonassessable Shares as is computed using the following formula: 

 

							
		 	X =  
	  	    Y (A - B)     

A
	  	
	 	  	  	

 where: 
  

					
	X	 	=	 	the number of shares to be issued to Holder pursuant to this Section.
			
	Y	 	=	 	the number of Shares covered by this Warrant in respect of which the net issue election is made pursuant to this
Section.

  
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	A	 	=	 	the Fair Market Value (as defined below) of one Share at the time the net issue election is made pursuant to this Section.
			
	B	 	=	 	the Exercise Price under this Warrant at the time the net issue election is made pursuant to this Section, based on the election made by Holder.

 As used in this Warrant, the term “Fair Market Value” means: 

i. if the exercise is in connection with a Change of Control, the fair market value per share of Subject Securities shall
be deemed to be the value of the consideration per share of Subject Securities to be received by the holders of such Subject Securities pursuant to, or in connection with, such transaction; 

ii. if this Warrant is not exercised in connection with a Change of Control, and if the Company’s Common Stock is
traded on a national securities exchange or actively traded over-the-counter: 
  

	 	1.	if the Company’s Common Stock is traded on a national securities exchange, the fair market value shall be deemed to be the volume weighted average closing price of
the Common Stock for the five consecutive trading days immediately preceding the date of exercise of this Warrant; or 

  

	 	2.	if the Company’s Common Stock is actively traded over-the-counter, the fair market value shall be deemed to be the volume weighted average closing price of the
Common Stock for the five consecutive trading days immediately preceding the date of exercise of this Warrant; or 

  

	 	3.	if neither (1) nor (2) is applicable, the fair market value shall be the highest price per share which the Company could obtain on the date of calculation
from a willing buyer in an arms’ length transaction for the Shares sold by the Company from authorized but unissued shares, as agreed by the Company and Holder. 

As used in this Warrant, the term “Change of Control” means (i) any merger with or into, acquisition of,
consolidation with, or other similar transaction involving the Company; provided, however, that any such transaction in which the shareholders of the Company existing immediately before such transaction own more than fifty percent
(50%) of total voting power of the resulting entity’s then outstanding securities after giving effect to such transaction, shall not constitute a Change of Control; (ii) the sale, transfer, lease, license or other disposition of all
or substantially all of the assets of the Company; (iii) any transaction or series of related transactions pursuant to which any Person or “group” (as such term is used in Section 13(d)(3) of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”)) becomes the “beneficial owner” (as such term is defined in Rule 13d-3 promulgated under the Exchange Act) of more than 50% of the total voting power of the Company’s then outstanding
securities; or (iv) a liquidation, dissolution or winding up of the Company. 
 c. Date of First Exercise.
Notwithstanding anything herein to the contrary, Lender may not deliver a Notice of Exercise or exercise any Warrant granted hereunder prior to April 23, 2013. 

  
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 2. Issuance of Shares. Certificates for Shares purchased hereunder shall be delivered
to Holder within a reasonable time after the date on which this Warrant shall have been exercised in accordance with the terms hereof. The Company represents and warrants that all Shares that may be issued upon the exercise of this Warrant have been
duly and validly authorized by all requisite corporate action of the Company and when issued in accordance with this Warrant, will be fully paid and nonassessable and free from all taxes, liens and charges in respect of the issuance thereof (other
than liens or charges created by or imposed upon Holder as holder of the Warrant or taxes in respect of any transfer occurring contemporaneously or otherwise specified herein). The Company agrees that the Shares so issued shall be and shall for all
purposes be deemed to have been issued to Holder as the record owner of such Shares as of the close of business on the date on which this Warrant shall have been exercised in accordance with the terms hereof. The Company shall take all such action
as may be necessary to assure that the Shares may be so issued without violation of any applicable law or regulation, or of any requirements of any domestic securities exchange upon which the Shares of the Company may be listed. 

3. No Rights as Shareholder. This Warrant does not entitle Holder as a holder hereof to any voting rights or other rights as a
shareholder of the Company prior to the exercise hereof. 
 4. Charges, Taxes and Expenses. Certificates for Shares
issued upon exercise of this Warrant shall be issued in the name of Holder as holder of this Warrant. Issuance of certificates for Shares upon the exercise of this Warrant shall be made without charge to Holder for any issue or transfer tax or other
incidental expense in respect of the issuance of such certificates, all of which taxes and expenses shall be paid by the Company. 
 5. Exchange and Registry of Warrant. This Warrant is exchangeable, upon the surrender hereof by Holder as the registered holder at the Office of the Company, for a new Warrant in substantially
identical form and dated as of such exchange. The Company shall maintain at the Office a registry showing the name and address of Holder as the registered holder of this Warrant. This Warrant may be surrendered for exchange or exercise, in
accordance with its terms, at the Office of the Company, and the Company shall be entitled to rely in all respects, prior to written notice to the contrary, upon such registry. 

6. Loss, Theft, Destruction or Mutilation of Warrant. Upon receipt by the Company of evidence reasonably satisfactory to it of the
loss, theft, destruction or mutilation of this Warrant, and in the case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it, and upon reimbursement to the Company of all reasonable expenses incidental thereto, and
upon surrender and cancellation of this Warrant if mutilated, the Company will make and deliver a new Warrant of like tenor and dated as of such cancellation and reissuance, in lieu of this Warrant. 

7. Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right
required or granted herein shall be a Saturday or a Sunday or shall be a legal holiday, then such action may be taken or such right may be exercised on the next succeeding day not a Saturday or a Sunday or a legal holiday. 

8. Adjustments and Termination of Rights. The purchase price per Share and the number of Shares purchasable hereunder are subject
to adjustment from time to time as follows: 
 a. Reclassification, Recapitalization, etc. If the Company
at any time shall, by reclassification of securities, recapitalization, automatic conversion, or other similar event 

  
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affecting the number or character of outstanding shares of Common Stock, or otherwise, change any of the securities as to which purchase rights under this Warrant exist into the same or a
different number of securities of any other class or classes, this Warrant shall thereafter represent the right to acquire such number and kind of securities as would have been issuable as the result of such change with respect to the securities
that were subject to the purchase rights under this Warrant immediately prior to such reclassification or other change. 
 b. Split, Subdivision or Combination of Shares. If the Company at any time while this Warrant remains outstanding and unexpired shall split, subdivide or combine the securities as to which purchase
rights under this Warrant exist, the Exercise Price shall be proportionately decreased in the case of a split or subdivision or proportionately increased in the case of a combination. 

c. Stock Dividends. If the Company at any time while this Warrant is outstanding and unexpired shall pay a dividend
with respect to Common Stock payable in shares of Common Stock, or make any other distribution with respect to Common Stock of shares of Common Stock, then the Exercise Price shall be adjusted, from and after the date of determination of the
shareholders entitled to receive such dividend or distribution, to that price determined by multiplying the Exercise Price in effect immediately prior to such date of determination by a fraction (i) the numerator of which shall be the total
number of shares of Common Stock outstanding immediately prior to such dividend or distribution, and (ii) the denominator of which shall be the total number of shares of Common Stock outstanding immediately after such dividend or distribution.

 d. Adjustment of Number of Shares. Upon each adjustment in the Exercise Price pursuant to
Section 9(b) or 9(c) hereof, the number of Shares purchasable hereunder shall be adjusted to the product obtained by multiplying the number of Shares purchasable immediately prior to such adjustment in the Exercise Price by a fraction
(i) the numerator of which shall be the Exercise Price immediately prior to such adjustment, and (ii) the denominator of which shall be the Exercise Price immediately after such adjustment. 

e. Adjustment on Subsequent Issuance at Lower Price. If after the date of this Warrant the Company at any time or
from time to time issues (i) additional shares of capital stock at a price per share that is less than the then applicable Exercise Price (other than Common Stock issued upon the exercise of options outstanding on the date hereof),
(ii) options to purchase or rights to subscribe for capital stock at a price per share that is less than the then applicable Exercise Price, (iii) securities that by their terms are convertible into or exchangeable for capital stock
(including, without limitation, warrants to purchase capital stock, except for warrants to underwriters in connection with a capital-raising transaction on behalf of the Company) at a price per share that is less than the then applicable Exercise
Price or (iv) options to purchase or rights to subscribe for such convertible or exchangeable securities at a price per share that is less than the then applicable Exercise Price, the Exercise Price will immediately be reduced to the lowest per
share price applicable with respect to any such issuance of securities. Such adjustment will be made successively whenever the Company makes any such issuance. In the event of an adjustment pursuant to this subsection, appropriate adjustments shall
also be made to the number of Shares subject to the Warrant so that the aggregate purchase price payable for the total number of Shares purchasable under this Warrant (as adjusted) remains the same. 

Such adjustment will be made successively whenever the Company makes any such issuance. In the event of an adjustment pursuant to this
subsection, appropriate adjustments shall also be made to the number of Shares subject to the Warrant so that the aggregate purchase price payable for the total number of Shares purchasable under this Warrant (as adjusted) remains the same.

  
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 f. Other Action Affecting Shares. In case the Company shall take any
action affecting the outstanding number of Shares other than an action described in any of the above Sections 9(a)-(e) which would have an inequitable effect on Holder, the Exercise Price shall be adjusted in such manner and at such time
as the Company’s Board of Directors determines in good faith to be equitable in the circumstances. 
 9. Notice of
Adjustments, Notices. If the Exercise Price or number or type of securities issuable hereunder shall be adjusted pursuant to Section 9 hereof, the Company shall issue and provide to Holder as holder of this Warrant a certificate signed by
an officer of the Company setting forth, in reasonable detail, the event requiring the adjustment, the amount of the adjustment, the method by which such adjustment was calculated and the Exercise Price and number of Shares purchasable hereunder
after giving effect to such adjustment. 
 10. Governing Law; Remedies. This Warrant shall be binding upon any successors
or assigns of the Company. This Warrant shall constitute a contract under the laws of Florida and for all purposes shall be construed in accordance with and governed by the laws of said state, without giving effect to the conflict of laws
principles. The Company stipulates that the remedies at law of Holder in the event of any default or threatened default by the Company in the performance of or compliance with any of the terms of this Warrant are not and will not be adequate, and
that such terms may be specifically enforced by a decree for the specific performance of any agreement contained herein or by an injunction against a violation of any of the terms hereof or otherwise, without the necessity of proving damages or
posting any bond in connection therewith. 
 11. Amendments. This Warrant may be amended and the observance of any term
of this Warrant may be waived only with the written consent of the Company and Holder as holder hereof. 
 12. Notice.
All notices hereunder shall be in writing and shall be effective (a) on the day on which delivered if delivered personally or transmitted by telex or telegram or telecopier with evidence of receipt, (b) one business day after the date on
which the same is delivered to a nationally recognized overnight courier service with evidence of receipt or (c) five business days after the date on which the same is deposited, postage prepaid, in the U.S. mail, sent by certified or
registered mail, return receipt requested, and addressed to the party to be notified at the address indicated below for the Company, or at the address for Holder set forth in the registry maintained by the Company pursuant to Section 6 or at
such other address and/or telecopy or telex number and/or to the attention of such other person as the Company or Holder may designate by ten-day advance written notice. 

Notice Address for the Company: 

Innovaro, Inc. 
 2109 Palm Avenue 
 Tampa, FL 33605 

Attention: President 
 13. Assignment. This Warrant may not be assigned by Holder without the prior written consent of the Company, which consent may be withheld in the sole discretion of the Company for any reason or no
reason, except that this Warrant may be transferred to members of the Holder and by members of the Holder for estate planning purposes. Without limitation of the foregoing, in connection with any proposed transfer, Holder shall be obliged to provide
the Company with evidence satisfactory to 

  
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the Company, including an opinion of counsel satisfactory to the Company, that the proposed transfer and the exercise hereof by the proposed transferee will be exempt from the registration
requirements under the Securities Act of 1933 and applicable state securities law. 
 14. Entire Agreement. This Warrant
and the forms attached hereto contain the entire agreement between the parties with respect to the subject matter hereof and supersede all prior and contemporaneous arrangements or undertakings with respect thereto. 

15. No Impairment. The Company will not, by amendment of its Certificate of Incorporation or through any reorganization, transfer
of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by the Company, but it will at
all times in good faith assist in the carrying out of all of the provisions of this Warrant. 
 IN WITNESS WHEREOF, the Company
has caused this Warrant to be executed by its duly authorized officer. 
 Dated: as of October 22, 2012 

 

					
	INNOVARO, INC.
		
	By:	 	 /s/ Asa Lanum

			
		 	Name:	 	 Asa Lanum

			
		 	Title:	 	 CEO

  
 7 

 NOTICE OF DETERMINATION OF THE EXERCISE PRICE 

 

	To:	INNOVARO, INC. 

 The undersigned
hereby elects to have the Exercise Price for the purchase of shares of Common Stock, par value $0.01 per share (the “Common Stock”), of Innovaro, Inc. (the “Company”), pursuant to the terms of the attached Warrant,
set based upon the volume weighted average closing price of the Common Stock for the five consecutive trading days immediately preceding the date of the delivery by the undersigned to the Company of this Notice of Determination of the Exercise
Price, as such date shall be evidenced by a receipt issued by the Company, in the event of a hand delivery, or a delivery receipt issued by the U.S. Post Office or courier service. 

 

					
		 		 	  

		 		 	 [Name]

			
	  
	 		 	  

	 [Date]
	 		 	 [Signature]

 NOTICE OF EXERCISE 

 

	To:	INNOVARO, INC. 

 1. The
undersigned hereby elects to purchase                      shares (the “Shares”) of Common Stock, par value $0.01 per share, of
Innovaro, Inc. (the “Company”) pursuant to the terms of the attached Warrant, and tenders herewith payment of the purchase price and any transfer taxes payable pursuant to the terms of the Warrant. 

2. The Shares to be received by the undersigned upon exercise of the Warrant are being acquired for the undersigned’s own account
and not as a nominee or agent, and not with a view to resale or distribution of any part thereof, and the undersigned has no present intention of selling, granting any participation in, or otherwise distributing the same, except in compliance with
applicable federal and state securities laws. The undersigned further represents that the undersigned does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participation to such person or to any
third person, with respect to the Shares. The undersigned has received all the information considered by the undersigned to be necessary or appropriate for deciding whether to purchase the Shares. 

3. The undersigned understands that the Shares are characterized as “restricted securities” under federal securities laws
inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such laws and applicable regulations such securities may be resold without registration under the Securities Act of 1933 (the
“Act”), only in certain limited circumstances. In this connection, the undersigned represents that the undersigned is familiar with Rule 144 of the Act, as presently in effect, and understands the resale limitations imposed thereby and by
the Act. 
 4. The undersigned understands the certificates evidencing the Shares may bear one or all of the following legends:

  

	 	(a)	THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, THE FLORIDA SECURITIES ACT, OR ANY OTHER SIMILAR
SECURITIES STATUTE. THIS CERTIFICATE MAY ONLY BE TRANSFERRED UPON REGISTRATION OF THE SHARES UNDER THE FOREGOING STATUTES AND APPLICABLE REGULATIONS ADOPTED THEREUNDER OR UPON THE DELIVERY TO THE CORPORATION OF AN OPINION OF COUNSEL SATISFACTORY TO
THE CORPORATION THAT SUCH REGISTRATION IS NOT REQUIRED. 

  

	 	(b)	Any legend required by applicable state law. 

 5. Please issue a certificate or certificates representing said Shares in the name of the undersigned and issue a new Warrant for the portion of the attached Warrant that is not being exercised.

  

					
		 		 	  

		 		 	 [Name]

			
	  
	 		 	  

	 [Date]
	 		 	 [Signature]

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