Document:

Registration Rights Agreement

 Exhibit 4.5 
  
 REGISTRATION RIGHTS AGREEMENT 
  

This Registration Rights Agreement (this “Agreement”) is made and entered into as of
                    , 2005, by and among InterSearch Group, Inc., a
             corporation (the “Company”), and the investors signatory hereto (each a “Investor” and collectively, the “Investors”).

  
 This Agreement is made pursuant to the Securities Purchase
Agreement, dated as of the date hereof among the Company and the Investors (the “Purchase Agreement”). 
  
 The Company and the Investors hereby agree as follows: 
  
 1. Definitions. Capitalized terms used and not otherwise defined herein that are defined in the Purchase Agreement shall have the meanings given
such terms in the Purchase Agreement. As used in this Agreement, the following terms shall have the respective meanings set forth in this Section 1: 
  
 “Effective Date” means the date that the Registration Statement filed pursuant to Section 2(a) is first declared effective by the
Commission. 
  
 “Effectiveness Period” shall have
the meaning set forth in Section 2(e). 
  
 “Exchange
Act” means the Securities Exchange Act of 1934, as amended. 
  
 “Holder” or “Holders” means the holder or holders, as the case may be, from time to time of Registrable Securities. 
  

“Indemnified Party” shall have the meaning set forth in Section 5(c). 
  
 “Indemnifying Party” shall have the meaning set forth in
Section 5(c). 
  
 “Losses” shall have the
meaning set forth in Section 5(a). 
  
 “Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an investigation or partial proceeding, such as a deposition), whether commenced or threatened. 
  
 “Prospectus” means the prospectus included in a Registration
Statement (including, without limitation, a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated under the Securities Act), as
amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement, and all other amendments and supplements to the Prospectus,
including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 

 “Registrable Securities” means the Shares; provided, however, as to any particular
Registrable Securities, such securities shall cease to be Registrable Securities when (a) a Registration Statement with respect to the sale or transfer of such securities has been declared effective under the Act and such shares have been sold
pursuant to such Registration Statement, (b) such securities shall have ceased to be outstanding (c) such securities have been sold pursuant to Rule 144 or (d) all such securities held by a Holder are eligible for sale pursuant to
Rule 144 in any ninety (90) day period. 
  
 “Registration Statement” means the initial registration statement required to be filed in accordance with Section 2(a) and any additional registration statement(s) required to be filed under Section 2(b),
including (in each case) the Prospectus, amendments and supplements to such registration statements or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be
incorporated by reference in such registration statements. 
  
 “Required Filing Date” means a date which is 180 days from the date of the Closing under the Purchase Agreement. 
  
 “Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 
  
 “Rule 415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 
  
 “Rule 424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 
  
 “Securities Act” means the Securities Act of 1933, as amended. 
  
 “Selling Holder Questionnaire” shall have the meaning set forth in Section 2(d). 
  
 “Shares” means the shares of Common Stock issued or issuable
to the Investors pursuant to the Purchase Agreement. 
  
 2.
Piggyback Registration. 
  
 (a) If the Company proposes to file a
Registration Statement in connection with a public offering of any of its securities (other than a Registration Statement on Form S-4 or Form S-8, or any comparable successor form or form substituting therefor), then the Company shall include, on a
one time basis, for resale under the Act the Registrable Securities (a ”Piggyback Registration Statement”). The Company shall give written notice of a proposed offering (a “Piggyback Notice”) to the Holders of its intention
to effect such a registration at least twenty (20) days prior to the anticipated filing date of such Piggyback Registration Statement. The Piggyback Notice shall offer the Holders the opportunity to include in such Piggyback Registration
Statement such amount of Registrable Securities as they may request (“Piggyback 
  

 -2- 

 Registration”). The Company will, include in such Piggyback Registration Statement (and related qualifications under
blue sky laws) and the underwriting, if any, involved therein, all Registrable Securities with respect to which the Company has received a written request for inclusion therein within fifteen (15) days after receipt of the Piggyback Notice
(five (5) days if the Company gives telephonic notice to all registered Holders of the Registrable Securities, with written confirmation to follow promptly thereafter). Notwithstanding the above, the Company may determine, at any time, not to
proceed with such Piggyback Registration Statement. A registration shall not be deemed to be a Piggyback Registration for purposes of this Section (i) unless such Registration Statement with respect thereto has become effective, (ii) if
after it has become effective, such registration is interfered with by any stop order, injunction or other order or requirement of the Securities and Exchange Commission or other governmental agency or court for any reason not attributable to the
holders of Registrable Securities participating in such registration and has not thereafter become effective, or (iii) if the conditions to closing specified in the underwriting agreement, if any, entered into in connection with such
registration are not satisfied or waived, other than by reason of a failure on the part of the Registrable Securities or Holders thereof participating in such registration. 
  
 (b) To the extent that the Holders of Registrable Securities request Piggyback Registration of their Registrable Securities,
and the Piggyback Registration Statement relates to an underwritten offering, the Holders of Registrable Securities shall (together with the Company) enter into an underwriting agreement in customary form with the managing underwriter, if any,
selected by the Company for such underwriting. 
  
 (c) If a
Piggyback Registration involves an underwritten offering and the managing underwriter or underwriters of any such proposed public offering advises the Company that, in such managing underwriter’s or underwriters’ opinion, the total number
or kind of securities which such holders and any other persons entitled to be included in such public offering would adversely affect its ability to effect such an offering, then the Company will include in such registration and underwriting, to the
extent of the number or kind of securities which the Company is so advised can be sold in (or during the time of) such offering without having such an adverse effect: (a) first, all securities proposed by the Company to be sold for its own
account; and (b) second, the Registrable Securities requested to be included in the registration pro rata among the Holders of the Registrable Securities requesting such registration, on the basis of the total number of shares of such
securities that each such Holder of the Registrable Securities otherwise proposed to include in the Piggyback Registration. 
  
 (d) Notwithstanding the foregoing, in the event that the Company has not filed a Piggyback Registration Statement on or before a date which is nine
(9) months after the closing of the Offering, then the Company shall file a registration statement on appropriate form, with the Securities and Exchange Commission to register for resale under the Act the Registrable Securities. In the event
that the registration statement is not filed by the Company prior to such date, then the Holder shall be entitled to a cash payment equal to 2% of their respective original subscription amount for the failure to so file the registration statement.
In addition, the Holder shall be entitled to an additional cash payment of 1% of their original subscription amount in the event that the Company does not file to become a reporting company under the Securities and Exchange Act of 1934 as of the
ninth month following closing and for every 30 day (or part thereof) additional failure to file with the SEC to become a reporting company so as to allow Holder to resell their Registrable Securities pursuant to Rule 144. 
  

 -3- 

 (e) The Company shall cause the Registration Statement to be declared effective under the Securities Act
as soon as possible, and, subject to the limitations set forth in Section 4(d) shall use its reasonable best efforts to keep the Piggyback Registration Statement continuously effective under the Securities Act until the date which is the
earlier of (i) one year after the Effective Date, (ii) at such time as all of the Registrable Securities registered on such Registration Statement have been publicly sold by the Holders, or (iii) at such time as all of the Registrable
Securities may be sold pursuant to Rule 144(k) (the “Effectiveness Period”). 
  
 3. Holder Questionnaire. Each Holder agrees to furnish to the Company a completed Questionnaire in the form attached to this Agreement as Annex B (a “Selling Holder Questionnaire”). The Company
shall not be required to include the Registrable Securities of a Holder in a Registration Statement who fails to furnish to the Company a fully completed Selling Holder Questionnaire at least 48 hours Day prior to the Filing Date. 
  
 4. Registration Procedures 
  
 In connection with the Company’s registration obligations hereunder,
the Company shall: 
  
 (a) Not less than four Trading Days prior
to the filing of a Registration Statement or any related Prospectus or any amendment or supplement thereto, the Company shall furnish to the Holders copies of the “Selling Stockholders” section of such document, the “Plan of
Distribution” and any risk factor contained in such document that addresses specifically this transaction or the Selling Stockholders, as proposed to be filed which documents will be subject to the review of such Holders, provided that any
review by such Holders shall be complete within two calendar days. Except as provided under Section 2(d), the Company shall not file a Registration Statement or any such Prospectus or any amendments or supplements thereto that does not contain
the disclosure listing such Holder as a “Selling Stockholder” as provided to the Company by such Holder in accordance with Section 2(a). 
  
 (b) Subject to Section 4(d), (i) prepare and file with the Commission such amendments, including post-effective amendments, to each Registration
Statement and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement continuously effective as to the applicable Registrable Securities for its Effectiveness Period; (ii) cause the related Prospectus
to be amended or supplemented by any required Prospectus supplement, and as so supplemented or amended to be filed pursuant to Rule 424; (iii) respond as promptly as reasonably possible to any comments received from the Commission with respect
to each Registration Statement or any amendment thereto and, as promptly as reasonably possible provide the Holders true and complete copies of all correspondence from and to the Commission relating to such Registration Statement that would not
result in the disclosure to the Holders of material and non-public information concerning the Company; and (iv) comply in all material respects with the provisions of the Securities Act and the Exchange Act with respect to the Registration
Statements and the disposition of all Registrable Securities covered by each Registration Statement. 
  

 -4- 

 (c) Notify the Holders as promptly as reasonably possible (and, in the case of (i)(A) below, not less
than three Trading Days prior to such filing) and (if requested by any such Person) confirm such notice in writing no later than one Trading Day following the day (i)(A) when a Prospectus or any Prospectus supplement or post-effective amendment to a
Registration Statement is proposed to be filed; (B) when the Commission notifies the Company whether there will be a “review” of such Registration Statement and whenever the Commission comments in writing on such Registration
Statement (the Company shall provide true and complete copies thereof and all written responses thereto to each of the Holders that pertain to the Holders as a Selling Stockholder or to the Plan of Distribution, but not information which the Company
believes would constitute material and non-public information); and (C) with respect to each Registration Statement or any post-effective amendment, when the same has become effective; (ii) of any request by the Commission or any other
Federal or state governmental authority for amendments or supplements to a Registration Statement or Prospectus or for additional information; (iii) of the issuance by the Commission of any stop order suspending the effectiveness of a
Registration Statement covering any or all of the Registrable Securities or the initiation of any Proceedings for that purpose; (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification or
exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose; and (v) of the occurrence of any event or passage of time that makes the
financial statements included in a Registration Statement ineligible for inclusion therein. 
  
 (d) (i) The Company will notify as promptly as possible each Holder who holds Registrable Securities being sold pursuant to a
Registration Statement of the happening of any event of which the Company has knowledge as a result of which the Prospectus included in the Registration Statement as then in effect includes an untrue statement of a material fact or omits to state a
material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading (each an “Event”). The Company will promptly make such notification after the
Company becomes aware of the event, will promptly prepare a supplement or amendment to the Registration Statement to correct such untrue statement or omission, and will deliver a number of copies of such supplement or amendment to each Holder as
such Holder may reasonably request. Each Holder will hold in confidence and will not make any disclosure of any Event and any related information disclosed by the Company unless (i) the release of such information is ordered pursuant to a
subpoena or other order from a court or government body of competent jurisdiction, (ii) the information has been made generally available to the public other than by disclosure in violation of this or any other agreement (to the knowledge of
the relevant Holder), (iii) the information was developed independently by a Holder without breach of this Agreement, (iv) the information was known to the Holder before receipt of such information from the Company, or (v) the
information was disclosed to the Holder by a third party not under an obligation of confidentiality. A Holder may make disclosure of an Event or any related information disclosed by the Company, however, to any attorney, adviser, or other third
party retained by it that needs to know the information, as determined in good faith by the Holder (“Holder Representative”), if the Holder advises the Holder Representative of the confidentiality provisions of this Section 4(d)(i),
but the Holder will be liable for any act or omission of any of its Holder Representatives relative to such information as if the act 
  

 -5- 

 or omission was that of the Holder. Unless legally prohibited from so doing, each Holder will, upon
learning that disclosure of such confidential information is sought in or by a court or governmental body of competent jurisdiction or through other means, give prompt notice to the Company and allow the Company, at the Company’s expense, to
undertake appropriate action to prevent disclosure of, or to obtain a protective order for, such confidential information. 
  
 (ii) Notwithstanding the obligations under Section 4(b) or any provision of this Agreement, if (i) in the good faith judgment of the Company,
following consultation with legal counsel, it would be detrimental to the Company and its shareholders for resales of Registrable Securities to be made pursuant to the Registration Statement due to the existence of a material development or
potential material development involving the Company that the Company would be obligated to disclose in the Registration Statement, which disclosure would be premature or otherwise inadvisable at such time or would have a Material Adverse Effect
upon the Company and its shareholders, or (ii) in the good faith judgment of the Company, it would adversely affect or require premature disclosure of the filing of a Company-initiated registration of any class of its equity securities, then
the Company will have the right to suspend the use of the Registration Statement for a period (the “Allowable Grace Period”) of not more than 45 calendar days, provided, however, that the Company may so defer or suspend the use of the
Registration Statement no more than 60 calendar days in a calendar year. 
  
 (e) Use its best efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i) any order suspending the effectiveness of a Registration Statement, or (ii) any suspension of the qualification
(or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction, at the earliest practicable moment. 
  
 (f) Furnish to each Holder, without charge, at least one conformed copy of each Registration Statement and each amendment thereto and all exhibits to the
extent requested by such Person (including those previously furnished) promptly after the filing of such documents with the Commission. 
  
 (g) Promptly deliver to each Holder, without charge, as many copies of each Prospectus or Prospectuses (including each form of prospectus) and each
amendment or supplement thereto as such Persons may reasonably request. The Company hereby consents to the use of such Prospectus and each amendment or supplement thereto by each of the selling Holders in connection with the offering and sale of the
Registrable Securities covered by such Prospectus and any amendment or supplement thereto. 
  
 (h) Prior to any public offering of Registrable Securities, use its best efforts to register or qualify or cooperate with the selling Holders in connection with the registration or qualification (or exemption from
such registration or qualification) of such Registrable Securities for offer and sale under the securities or Blue Sky laws of all jurisdictions within the United States, to keep each such registration or qualification (or exemption therefrom)
effective during the Effectiveness Period and to do any and all other acts or things necessary or advisable to enable the disposition in such jurisdictions of the Registrable Securities covered by the Registration Statements; provided, that
the Company shall not be required to qualify generally to do business in any jurisdiction where it is not then so qualified or subject the Company to any material tax in any such jurisdiction where it is not then so subject. 
  

 -6- 

 (i) Cooperate with the Holders to facilitate the timely preparation and delivery of certificates
representing Registrable Securities to be delivered to a transferee pursuant to the Registration Statements, which certificates shall be free, to the extent permitted by the Purchase Agreement or the Securities Act or applicable regulations, of all
restrictive legends, and to enable such Registrable Securities to be in such denominations and registered in such names as any such Holders may request. 
  
 (j) Upon the occurrence of any event contemplated by Section 4(c)(v), as promptly as reasonably possible, prepare a supplement or amendment,
including a post-effective amendment, to the affected Registration Statements or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other required document. 

 
 5. Registration Expenses. All fees and expenses incident to the
performance of or compliance with this Agreement by the Company shall be borne by the Company whether or not any Registrable Securities are sold pursuant to a Registration Statement. The fees and expenses referred to in the foregoing sentence shall
include, without limitation, (i) all registration and filing fees (including, without limitation, fees and expenses (A) with respect to filings required to be made with any Trading Market on which the Common Stock is then listed for
trading, and (B) in compliance with applicable state securities or Blue Sky laws), (ii) printing expenses (including, without limitation, expenses of printing certificates for Registrable Securities and of printing prospectuses if the
printing of prospectuses is reasonably requested by the holders of a majority of the Registrable Securities included in the Registration Statement), (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel
for the Company, (v) Securities Act liability insurance, if the Company so desires such insurance, and (vi) fees and expenses of all other Persons retained by the Company in connection with the consummation of the transactions contemplated
by this Agreement. In addition, the Company shall be responsible for all of its internal expenses incurred in connection with the consummation of the transactions contemplated by this Agreement (including, without limitation, all salaries and
expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit and the fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange as required
hereunder. 
  
 6. Indemnification. 
  
 (a) Indemnification by the Company. The Company shall,
notwithstanding any termination of this Agreement, indemnify and hold harmless each Holder, the officers, directors, agents, investment advisors, partners, members and employees of each of them, each Person who controls any such Holder (within the
meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the officers, directors, agents and employees of each such controlling Person, to the fullest extent permitted by applicable law, from and against any and
all losses, claims, damages, liabilities, costs (including, without limitation, reasonable costs of preparation and reasonable attorneys’ fees) and expenses (collectively, “Losses”), as incurred, arising out of or relating to
any untrue or alleged untrue statement of a material fact contained in 
  

 -7- 

 any Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement thereto or in any
preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or form of prospectus or supplement
thereto, in light of the circumstances under which they were made) not misleading, except to the extent, but only to the extent, that (1) such untrue statements or omissions are based solely upon information regarding such Holder furnished in
writing to the Company by such Holder expressly for use therein, or to the extent that such information relates to such Holder or such Holder’s proposed method of distribution of Registrable Securities and was reviewed and expressly approved in
writing by such Holder expressly for use in the Registration Statement, such Prospectus or such form of Prospectus or in any amendment or supplement thereto (it being understood that the Holder has approved Annex A hereto for this purpose) or
(2) in the case of an occurrence of an event of the type specified in Section 4(c)(ii)-(v), the use by such Holder of an outdated or defective Prospectus after the Company has notified such Holder in writing that the Prospectus is outdated
or defective and prior to the receipt by such Holder of an Advice or an amended or supplemented Prospectus, but only if and to the extent that following the receipt of the Advice or the amended or supplemented Prospectus the misstatement or omission
giving rise to such Loss would have been corrected. The foregoing indemnity agreement is also subject to the condition that, insofar as it relates to any untrue statement, allegedly untrue statement, omission or alleged omission made in any
preliminary prospectus but eliminated or remedied in the final prospectus, such indemnity agreement shall not inure to the benefit of any of such Indemnified Parties if a copy of such final prospectus had been made available to such persons and such
final prospectus was not delivered to the purchaser of the Registrable Securities with or prior to the written confirmation of the sale of such Registrable Securities.. The Company shall notify the Holders promptly of the institution or assertion of
any Proceeding of which the Company is aware in connection with the transactions contemplated by this Agreement. 
  
 (b) Indemnification by Holders. Each Holder shall, severally and not jointly, indemnify and hold harmless the Company, its directors, officers,
agents and employees, each Person who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, agents or employees of such controlling Persons, to the
fullest extent permitted by applicable law, from and against all Losses, as incurred, arising solely out of or based solely upon: (x) such Holder’s failure to comply with the prospectus delivery requirements of the Securities Act or
(y) any untrue statement of a material fact contained in any Registration Statement, any Prospectus, or any form of prospectus, or in any amendment or supplement thereto, or arising solely out of or based solely upon any omission of a material
fact required to be stated therein or necessary to make the statements therein not misleading to the extent, but only to the extent that, (1) such untrue statements or omissions are based solely upon information regarding such Holder furnished
in writing to the Company by such Holder expressly for use therein, or to the extent that such information relates to such Holder or such Holder’s proposed method of distribution of Registrable Securities and was reviewed and expressly approved
in writing by such Holder expressly for use in the Registration Statement (it being understood that the Holder has approved Annex A hereto for this purpose), such Prospectus or such form of Prospectus or in any amendment or supplement thereto or
(2) in the case of an occurrence of an event of the type specified in Section 5(c)(ii)-(v), the use by such Holder of an outdated or defective Prospectus after the Company has notified such Holder in writing that the Prospectus is outdated
or 
  

 -8- 

 defective and prior to the receipt by such Holder of an Advice or an amended or supplemented Prospectus, but only if and
to the extent that following the receipt of the Advice or the amended or supplemented Prospectus the misstatement or omission giving rise to such Loss would have been corrected. In no event shall the liability of any selling Holder hereunder be
greater in amount than the dollar amount of the net proceeds received by such Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation. 
  
 (c) Conduct of Indemnification Proceedings. If any Proceeding shall be brought or asserted against any Person
entitled to indemnity hereunder (an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from whom indemnity is sought (the “Indemnifying Party”) in writing, and the Indemnifying Party shall
assume the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses incurred in connection with defense thereof; provided, that the failure of any Indemnified
Party to give such notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and only) to the extent that it shall be finally determined by a court of competent jurisdiction (which
determination is not subject to appeal or further review) that such failure shall have proximately and materially adversely prejudiced the Indemnifying Party. 
  

An Indemnified Party shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but the fees and
expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party has agreed in writing to pay such fees and expenses; (2) the Indemnifying Party shall have failed promptly to assume
the defense of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding; or (3) the named parties to any such Proceeding (including any impleaded parties) include both such Indemnified Party
and the Indemnifying Party, and such Indemnified Party shall have been advised by counsel that a conflict of interest is likely to exist if the same counsel were to represent such Indemnified Party and the Indemnifying Party (in which case, if such
Indemnified Party notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to assume the defense thereof and such counsel shall be
at the expense of the Indemnifying Party). The Indemnifying Party shall not be liable for any settlement of any such Proceeding effected without its written consent, which consent shall not be unreasonably withheld. No Indemnifying Party shall,
without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect of which any Indemnified Party is a party, unless such settlement includes an unconditional release of such Indemnified Party from
all liability on claims that are the subject matter of such Proceeding. 
  
 All fees and expenses of the Indemnified Party (including reasonable fees and expenses to the extent incurred in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with this Section) shall be
paid to the Indemnified Party, as incurred, within 30 days of written notice thereof to the Indemnifying Party (regardless of whether it is ultimately determined that an Indemnified Party is not entitled to indemnification hereunder; provided, that
the Indemnifying Party may require such Indemnified Party to undertake to reimburse all such fees and expenses to the extent it is finally judicially determined that such Indemnified Party is not entitled to indemnification hereunder). 

 

 -9- 

 (d) Contribution. If a claim for indemnification under Section 5(a) or 5(b) is unavailable to
an Indemnified Party (by reason of public policy or otherwise), then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Losses, in
such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable
considerations. The relative fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or
omission or alleged omission of a material fact, has been taken or made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity
to correct or prevent such action, statement or omission. The amount paid or payable by a party as a result of any Losses shall be deemed to include, subject to the limitations set forth in Section 6(c), any reasonable attorneys’ or other
reasonable fees or expenses incurred by such party in connection with any Proceeding to the extent such party would have been indemnified for such fees or expenses if the indemnification provided for in this Section was available to such party in
accordance with its terms. 
  
 The parties hereto agree that it
would not be just and equitable if contribution pursuant to this Section 6(d) were determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the
immediately preceding paragraph. Notwithstanding the provisions of this Section 6(d), no Holder shall be required to contribute, in the aggregate, any amount in excess of the amount by which the proceeds actually received by such Holder from
the sale of the Registrable Securities subject to the Proceeding exceeds the amount of any damages that such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. 

 
 The indemnity and contribution agreements contained in this Section are in
addition to any liability that the Indemnifying Parties may have to the Indemnified Parties. 
  
 7. Miscellaneous 
  
 (a)
Remedies. In the event of a breach by the Company or by a Holder, of any of their obligations under this Agreement, each Holder or the Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under
this Agreement, including recovery of damages, will be entitled to specific performance of its rights under this Agreement. The Company and each Holder agree that monetary damages would not provide adequate compensation for any losses incurred by
reason of a breach by it of any of the provisions of this Agreement and hereby further agrees that, in the event of any action for specific performance in respect of such breach, it shall waive the defense that a remedy at law would be adequate.

  
 (b) No Piggyback on Registrations. Except as and to the
extent specified in Schedule 3.1(g) of the Disclosure Schedule to the Purchase Agreement, the Company has not previously entered into any agreement granting any registration rights with respect to any of its securities to any Person which
have not been fully satisfied. 
  

 -10- 

 (c) Compliance. Each Holder covenants and agrees that it will comply with the prospectus delivery
requirements of the Securities Act as applicable to it in connection with sales of Registrable Securities pursuant to the Registration Statement. 
  
 (d) Discontinued Disposition. Each Holder agrees by its acquisition of such Registrable Securities that, upon receipt of a notice from the Company
of the occurrence of any event of the kind described in Sections 4(c) or 4(d), such Holder will forthwith discontinue disposition of such Registrable Securities under the Registration Statement until such Holder’s receipt of the copies of the
supplemented Prospectus and/or amended Registration Statement or until it is advised in writing (the “Advice”) by the Company that the use of the applicable Prospectus may be resumed, and, in either case, has received copies of any
additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus or Registration Statement. The Company may provide appropriate stop orders to enforce the provisions of this paragraph. 

 
 (e) Amendments and Waivers. No provision of this Agreement may be
waived or amended except in a written instrument signed by the Company and the Holder holding a majority of the Registrable Securities. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be
deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of either party to exercise any right hereunder in any manner
impair the exercise of any such right. 
  
 (f) Notices. Any
and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is
delivered via facsimile at the facsimile telephone number specified in this Section prior to 6:30 p.m. (New York City time) on a Trading Day, (ii) the Trading Day after the date of transmission, if such notice or communication is delivered via
facsimile at the facsimile telephone number specified in this Agreement later than 6:30 p.m. (New York City time) on any date and earlier than 11:59 p.m. (New York City time) on such date, (iii) the Trading Day following the date of mailing, if
sent by nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as follows: 
  

			
	If to the Company:	 	 
	 	 	Mr. Dan O’Donnell
	 	 	InterSearch Group, Inc.
	 	 	250 Montgomery Street, Suite 1200
	 	 	San Francisco, CA 64101
	 	 	Facsimile
No.:                                    

  

 -11- 

			
	With a copy to:	 	Martin Traber, Esq.
	 	 	Foley & Lardner, LLP
	 	 	100 North Tampa Street
	 	 	Suite 2700
	 	 	Tampa, FL 33602
	 	 	Facsimile No.:
                            
		
	If to a Investor:	 	To the address set forth under such Investor’s name on the signature pages hereto.

  
    If
to any other Person who is then the registered Holder: 
  
 To the address of such Holder as it appears in the stock transfer books of the Company 
  
 or such other address as may be designated in writing hereafter, in the same manner, by such Person. 
  
 (g) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and
permitted assigns of each of the parties and shall inure to the benefit of each Holder. The Company may not assign its rights or obligations hereunder without the prior written consent of each Holder. Each Holder may assign its respective rights
hereunder in the manner and to the Persons as permitted under the Purchase Agreement. 
  
 (h) Execution and Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and, all of which taken together shall constitute
one and the same Agreement. In the event that any signature is delivered by facsimile transmission, such signature shall create a valid binding obligation of the party executing (or on whose behalf such signature is executed) the same with the same
force and effect as if such facsimile signature were the original thereof. 
  
 (i) Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by and construed and enforced in accordance with the internal laws of
the State of Florida, without regard to the principles of conflicts of law thereof. Each party agrees that all Proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement (whether brought
against a party hereto or its respective Affiliates, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the Middle District, Tampa Division, Tampa, Florida (the “Florida Courts”). Each
party hereto hereby irrevocably submits to the exclusive jurisdiction of the Florida Courts for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby
irrevocably waives, and agrees not to assert in any Proceeding, any claim that it is not personally subject to the jurisdiction of any Florida Court, or that such Proceeding has been commenced in an improper or inconvenient forum. Each party hereto
hereby irrevocably waives personal service of process and consents to process being served in any such Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of 
  

 -12- 

 delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service
shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. Each party hereto hereby irrevocably waives, to the
fullest extent permitted by applicable law, any and all right to trial by jury in any Proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. If either party shall commence a Proceeding to enforce any
provisions of this Agreement, then the prevailing party in such Proceeding shall be reimbursed by the other party for its attorney’s fees and other costs and expenses incurred with the investigation, preparation and prosecution of such
Proceeding. 
  
 (j) Cumulative Remedies. The remedies
provided herein are cumulative and not exclusive of any remedies provided by law. 
  
 (k) Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms,
provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their reasonable efforts to find and employ an alternative means
to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms,
provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 
  
 (l) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

  
 (m) Independent Nature of Investors’ Obligations and
Rights. The obligations of each Investor hereunder is several and not joint with the obligations of any other Investor hereunder, and no Investor shall be responsible in any way for the performance of the obligations of any other Investor
hereunder. The decision of each Investor to purchase Securities pursuant to the Transaction Documents has been made independently of any other Investor. Nothing contained herein or in any other agreement or document delivered at any closing, and no
action taken by any Investor pursuant hereto or thereto, shall be deemed to constitute the Investors as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Investors are in any way acting in
concert with respect to such obligations or the transactions contemplated by this Agreement. Each Investor acknowledges that no other Investor has acted as agent for such Investor in connection with making its investment hereunder and that no
Investor will be acting as agent of such Investor in connection with monitoring its investment in the Securities or enforcing its rights under the Transaction Documents. Each Investor shall be entitled to protect and enforce its rights, including
without limitation the rights arising out of this Agreement, and it shall not be necessary for any other Investor to be joined as an additional party in any Proceeding for such purpose. 
  
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK 
 SIGNATURE PAGES TO FOLLOW] 
  

 -13- 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date first
written above. 
  

			
	INTERSEARCH GROUP, INC.
		
	By:	 	  

	Name:	 	 
	Title:	 	 

  
 [REMAINDER OF
PAGE INTENTIONALLY LEFT BLANK 
 SIGNATURE PAGES OF INVESTOR TO FOLLOW] 
  

 -14- 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date first
written above. 
  

			
	[INVESTOR]
                                        
                    
		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 Address for Notice:

	  

	  

	  

	
	 Facsimile No.:                                   
                              

	 Attn:
	 	 

  

 -15- 

 Annex A 
  
 Plan of Distribution 
  
 The Selling Stockholders and any of their pledgees, donees, assignees and successors-in-interest may, from time to time, sell any or all of their shares
of Common Stock on any stock exchange, market or trading facility on which the shares are traded or in private transactions. These sales may be at fixed or negotiated prices. The Selling Stockholders may use any one or more of the following methods
when selling shares: 
  

	•	 	ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers; 

  

	•	 	block trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the transaction;

  

	•	 	purchases by a broker-dealer as principal and resale by the broker-dealer for its account; 

  

	•	 	an exchange distribution in accordance with the rules of the applicable exchange; 

  

	•	 	privately negotiated transactions; 

  

	•	 	to cover short sales made after the date that this Registration Statement is declared effective by the Securities and Exchange Commission; 

  

	•	 	broker-dealers may agree with the Selling Stockholders to sell a specified number of such shares at a stipulated price per share; 

  

	•	 	a combination of any such methods of sale; and 

  

	•	 	any other method permitted pursuant to applicable law. 

  
 The Selling Stockholders may also sell shares under Rule 144 under the Securities Act, if available, rather than under this prospectus. 
  
 Broker-dealers engaged by the Selling Stockholders may arrange for other
brokers-dealers to participate in sales. Broker-dealers may receive commissions or discounts from the Selling Stockholders (or, if any broker-dealer acts as agent for the purchaser of shares, from the purchaser) in amounts to be negotiated. The
Selling Stockholders do not expect these commissions and discounts to exceed what is customary in the types of transactions involved. 
  
 The Selling Stockholders may from time to time pledge or grant a security interest in some or all of the Shares owned by them and, if they default in the
performance of their secured obligations, the pledgees or secured parties may offer and sell shares of Common Stock from time to time under this prospectus, or under an amendment to this prospectus under Rule 424(b)(3) or other applicable provision
of the Securities Act of 1933 amending the list of selling stockholders to include the pledgee, transferee or other successors in interest as selling stockholders under this prospectus. 

 Upon the Company being notified in writing by a Selling Stockholder that any material arrangement has
been entered into with a broker-dealer for the sale of Common Stock through a block trade, special offering, exchange distribution or secondary distribution or a purchase by a broker or dealer, a supplement to this prospectus will be filed, if
required, pursuant to Rule 424(b) under the Securities Act, disclosing (i) the name of each such Selling Stockholder and of the participating broker-dealer(s), (ii) the number of shares involved, (iii) the price at which such the
shares of Common Stock were sold, (iv) the commissions paid or discounts or concessions allowed to such broker-dealer(s), where applicable, (v) that such broker-dealer(s) did not conduct any investigation to verify the information set out
or incorporated by reference in this prospectus, and (vi) other facts material to the transaction. In addition, upon the Company being notified in writing by a Selling Stockholder that a donee or pledge intends to sell more than 500 shares of
Common Stock, a supplement to this prospectus will be filed if then required in accordance with applicable securities law. 
  
 The Selling Stockholders also may transfer the shares of Common Stock in other circumstances, in which case the transferees, pledgees or other successors
in interest will be the selling beneficial owners for purposes of this prospectus. 
  
 The Selling Stockholders and any broker-dealers or agents that are involved in selling the shares may be deemed to be “underwriters” within the meaning of the Securities Act in connection with such sales. In
such event, any commissions received by such broker-dealers or agents and any profit on the resale of the shares purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act. Discounts, concessions,
commissions and similar selling expenses, if any, that can be attributed to the sale of Securities will be paid by the Selling Stockholder and/or the purchasers. 
  
 Each Selling Stockholder has represented and warranted to the Company that it does not have any agreement or understanding,
directly or indirectly, with any person to distribute the Common Stock. The Company has advised each Selling Stockholder that it may not use shares registered on this Registration Statement to cover short sales of Common Stock prior to the date on
which this Registration Statement shall have been declared effective by the Securities and Exchange Commission. If a Selling Stockholder use this prospectus for any sale of the Common Stock, it will be subject to the prospectus delivery requirements
of the Securities Act. The Selling Stockholders will be responsible to comply with the applicable provisions of the Securities Act and Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder promulgated, including
without limitation, Regulation M, as applicable to such Selling Stockholders in connection with resales of their respective shares under this Registration Statement. 
  
 The Company is required to pay all fees and expenses incident to the registration of the shares, but the Company will not
receive any proceeds from the sale of the Common Stock. The Company has agreed to indemnify the Selling Stockholders against certain losses, claims, damages and liabilities, including liabilities under the Securities Act. 

 Annex B 
  
 INTERSEARCH GROUP, INC. 
  
 Selling Securityholder Notice and Questionnaire 
  
 The undersigned beneficial owner of common stock, $.001 par value per share (the “Common Stock”), of INTERSEARCH GROUP, INC. (the
“Company” or the “Registrant”), (the “Registrable Securities”) understands that the Company has filed or intends to file with the Securities and Exchange Commission (the
“Commission”) a registration statement (the “Registration Statement”) for the registration and resale under Rule 415 of the Securities Act of 1933, as amended (the “Securities Act”), of the
Registrable Securities, in accordance with the terms of the Registration Rights Agreement, dated as of                     , 2005 (the
“Registration Rights Agreement”), between the Company and the Investors named therein. A copy of the Registration Rights Agreement is available from the Company upon request at the address set forth below. All capitalized terms not
otherwise defined herein shall have the meanings ascribed thereto in the Registration Rights Agreement. 
  
 Certain legal consequences arise from being named as a selling securityholder in the Registration Statement and the related prospectus. Accordingly, holders and beneficial owners of Registrable Securities are advised
to consult their own securities law counsel regarding the consequences of being named or not being named as a selling securityholder in the Registration Statement and the related prospectus. 
  
 NOTICE 
  
 The undersigned beneficial owner (the “Selling Securityholder”) of Registrable Securities hereby requests that the Company
include the Registrable Securities owned by it and listed below in Item 3 (unless otherwise specified under such Item 3) pursuant to the Registration Statement. 

 The undersigned hereby provides the following information to the Company and represents and warrants that such
information is accurate: 
  
 QUESTIONNAIRE 
  

					
	1. Name.
			
	 	 	(a)	 	Full Legal Name of Selling Securityholder
			
	 	 	 	 	  

			
	 	 	(b)	 	Full Legal Name of Registered Holder (if not the same as (a) above) through which Registrable Securities Listed in Item 3 below are held:
			
	 	 	 	 	  

			
	 	 	(c)	 	Full Legal Name of Natural Control Person (which means a natural person who directly you indirectly alone or with others has power to vote or dispose of the securities covered by the
questionnaire):
			
	 	 	 	 	  

			
	 	 	(d)	 	Full Legal Name of DTC participant (if applicable and if not the same as (b) above) through which Registrable Securities listed in Item 3 below are held (enter N/A if not
applicable):
			
	 	 	 	 	  

	
	2. Address for Notices to Selling Securityholder:
	
	

	  

	  

  

							
	 	 	Telephone:	 	 	 	  

	 	 	Fax:	 	 	 	  

	 	 	Contact Person:	 	 	 	  

  

							
	
	3. Beneficial Ownership of Registrable Securities:
			
	 	 	     (a)  
	 	 Type and Principal Amount of Registrable Securities beneficially owned:

			
	 	 	 	 	  

	 	 	 	 	  

  
  

					
	4. Broker-Dealer Status:
			
	 	 	 (a)
	 	 Are you a broker-dealer?

		
	 	 	Yes   ̈            No   ̈
			
	 	 	 Note:
	 	If yes, the Commission’s staff has indicated that you should be identified as an underwriter in the Registration Statement.
			
	 	 	 (b)
	 	Are you an affiliate of a broker-dealer?
		
	 	 	Yes   ̈            No   ̈
			
	 	 	 (c)
	 	If you are an affiliate of a broker-dealer, do you certify that you bought the Registrable Securities in the ordinary course of business, and at the time of the purchase of the Registrable
Securities to be resold, you had no agreements or understandings, directly or indirectly, with any person to distribute the Registrable Securities?
		
	 	 	Yes   ̈            No   ̈
			
	 	 	 Note:
	 	 If no, the Commission’s staff has indicated that you should be identified as an underwriter in the Registration
Statement.

	
	5. Beneficial Ownership of Other Securities of the Company Owned by the Selling Securityholder.
		
	 	 	Except as set forth below in this Item 5, the undersigned is not the beneficial or registered owner of any securities of the Company other than the Registrable Securities listed
above in Item 3.
			
	 	 	 (a)
	 	 Type and Amount of Other Securities beneficially owned by the Selling Securityholder:

	 	 	 	 	  

	 	 	 	 	  

			
	6. Relationships with the Company:
		
	 	 	Except as set forth below, neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the equity securities of the
undersigned) has held any position or office or has had any other material relationship with the Company (or its predecessors or affiliates) during the past three years.
		
	 	 	State any exceptions here:
	 	 	  

	 	 	  

	7. Legal Proceeds with the Company:
		
	 	 	Is the Company a party in any pending legal proceeding in which you are named as an adverse party?
		
	 	 	 Yes ______ No ______

		
	 	 	State any exceptions here:
	 	 	  

	 	 	  

  
 The undersigned agrees to promptly
notify the Company of any inaccuracies or changes in the information provided herein that may occur subsequent to the date hereof at any time while the Registration Statement remains effective. 
  
 By signing below, the undersigned consents to the disclosure of the information contained
herein in its answers to Items 1 through 7 and the inclusion of such information in the Registration Statement and the related prospectus. The undersigned understands that such information will be relied upon by the Company in connection with the
preparation or amendment of the Registration Statement and the related prospectus. 
  
 IN WITNESS WHEREOF the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person or by its duly authorized agent. 
  

					
	Dated:                     	 	Beneficial Owner:
                                    
			
	 	 	By:	 	  

	 	 	Name:	 	 
	 	 	Title:	 	 

 PLEASE FAX A COPY OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE, AND RETURN THE ORIGINAL BY OVERNIGHT MAIL,
TO: 
  
 Martin Traber, Esq. 
 Foley & Lardner, LLP 
 100 North Tampa Street 
 Suite 2700 
 Tampa, FL 33602 
  
 Facsimile No.:Silicon Valley Bank Loan & Security Agreement

 Exhibit 10.1 
  
 

 
  
 SILICON VALLEY BANK LOAN AND SECURITY
AGREEMENT 
  
 This LOAN AND SECURITY AGREEMENT (this
“Agreement”) dated as of December 10, 2004, between SILICON VALLEY BANK, a California chartered bank, with its principal place of business at 3003 Tasman Drive, Santa Clara, California 95054 (FAX
                                        )
(“Bank”), on the one hand, and WALNUT VENTURES, INC., a Nevada corporation, CORPORATE CONSULTING SERVICES, INC., a Nevada corporation, and INTERSEARCH GROUP, INC., a Florida corporation (jointly and severely,
collectively and each individually, referred to herein as “Borrower”), whose address is 250 Montgomery St., San Francisco, CA 94104, on the other hand, provides the terms on which Bank shall lend to Borrower and Borrower shall repay Bank.
The parties agree as follows: 
  

	 	1.	ACCOUNTING AND OTHER TERMS 

  
 Accounting terms not defined in this Agreement shall be construed following GAAP. Calculations and determinations must be made following
GAAP. The term “financial statements” includes the notes and schedules. The terms “including” and “includes” always mean “including (or includes) without limitation,” in this or any Loan Document. Capitalized
terms in this Agreement shall have the meanings set forth in Section 13. All other terms contained in this Agreement, unless otherwise indicated, shall have the meanings provided by the Code, to the extent such terms are defined therein.

  

	 	2.	LOAN AND TERMS OF PAYMENT 

  
 2.1 Promise to Pay. Borrower hereby promises to pay Bank the unpaid principal amount of all Advances hereunder with all
interest, fees and finance charges due thereon as and when due in accordance with this Agreement. 
  
 2.1.1 Financing of Accounts. 
  
 (a) Availability. Subject to the terms of this Agreement, Borrower may request that Bank finance specific Eligible Accounts. Bank
shall finance such Eligible Accounts by extending credit to Borrower in an amount equal to the result of the Advance Rate multiplied by the face amount of the Eligible Account (the “Advance”). Bank may, in its sole discretion, change the
percentage of the Advance Rate for a particular Eligible Account on a case by case basis. When Bank makes an Advance, the Eligible Account becomes a “Financed Receivable.” 
  
 (b) Maximum Advances. The aggregate face amount of all Financed Receivables outstanding at any time
may not exceed the Facility Amount. 
  
 (c)
Borrowing Procedure. Borrower will deliver an Invoice Transmittal for each Eligible Account it offers. Bank may rely on information set forth in or provided with the Invoice Transmittal. 
  
 (d) Credit Quality; Confirmations. Bank may, at its
option, conduct a credit check of the Account Debtor for each Account requested by Borrower for financing hereunder in order to approve any such Account Debtor’s credit before agreeing to finance such Account. Bank may also verify directly with
the respective Account Debtors the validity, amount and other matters relating to the Accounts (including confirmations of Borrower’s representations in Section 5.3) by means of mail, telephone or otherwise, either in the name of Borrower
or Bank from time to time in its sole discretion. 

 (e) Accounts Notification/Collection. Bank may notify any Person owing Borrower
money of Bank’s security interest in the funds and verify and/or collect the amount of the Account. 
  
 (f) Maturity. This Agreement shall terminate and all Obligations outstanding hereunder shall be immediately due and payable on the
Final Maturity Date. 
  
 (g) Suspension of
Advances. Borrower’s ability to request that Bank finance Eligible Accounts hereunder will terminate if, in Bank’s sole discretion, there has been a material adverse change in the general affairs, management, results of operation,
condition (financial or otherwise) or the prospect of repayment of the Obligations, or there has been any material adverse deviation by Borrower from the most recent business plan of Borrower presented to and accepted by Bank prior to the execution
of this Agreement. 
  
 2.2 Collections,
Finance Charges, Remittances and Fees. The Obligations shall be subject to the following fees and Finance Charges. Unpaid fees and Finance Charges may, in Bank’s discretion, accrue interest and fees as described in Section 9.2
hereof. 
  
 2.2.1 Collections.
Collections will be credited to the Financed Receivable Balance for such Financed Receivable, but if there is an Event of Default, Bank may apply Collections to the Obligations in any order it chooses. If Bank receives a payment for both a Financed
Receivable and a non-Financed Receivable, the funds will first be applied to the Financed Receivable and, if there is no Event of Default then existing, the excess will be remitted to Borrower, subject to Section 2.2.7. 
  
 2.2.2 Facility Fee. A fully earned,
non-refundable facility fee of Thirty-seven Thousand Five Hundred Dollars ($37,500) is due upon execution of this Agreement and has been paid as of the date hereof. 
  
 2.2.3 Finance Charges. In computing Finance Charges on the Obligations under this Agreement,
all Collections received by Bank shall be deemed applied by Bank on account of the Obligations three (3) Business Days after receipt of the Collections. Borrower will pay a finance charge (the “Finance Charge”) on each Financed
Receivable which is equal to the Applicable Rate divided by 360 multiplied by the number of days each such Financed Receivable is outstanding multiplied by the outstanding Financed Receivable Balance for such Financed
Receivable. The Finance Charge is payable when the Advance made based on such Financed Receivable is payable in accordance with Section 2.3 hereof. 
  
 2.2.4 Collateral Handling Fee, Warrant Waiver Fee, and Renewal Fee. 
  
 (a) Collateral Handling Fee. Borrower will pay to Bank a
collateral handling fee equal to: (a) 0.10% per month of the Financed Receivable Balance for each Financed Receivable outstanding based upon a 360 day year when the Adjusted Quick Ratio is equal to or greater than 1.25:1.0 for the prior
quarter; or (b) 0.50% per month of the Financed Receivable Balance for each Financed Receivable outstanding based upon a 360 day year when the Adjusted Quick Ratio is less than 1.25:1.0 for the prior quarter (the “Collateral Handling
Fee”). The Collateral Handling Fee is payable when the Advance made based on such Financed Receivable is payable in accordance with Section 2.3 hereof. In Computing Collateral Handling Fees under this agreement, all Collections received by
Bank shall be deemed applied by Bank on account of Obligations three (3) Business Days after receipt of the Collections. After an Event of Default, the Collateral Handling Fee will increase an additional 0.50% effective immediately upon such
Event of Default. 
  
 (b) Warrant Waiver Fee. A
fully earned, non-refundable warrant waiver fee (the “Warrant Waiver Fee”) of Seven Thousand Five Hundred Dollars ($7,500) is due upon execution of this Agreement and has been paid as of the date hereof. 
  
 (c) Renewal Fee. A fully earned, non-refundable renewal fee
(the “Renewal Fee”) equal to 1.0% of the Facility Amount is due on each Maturity Date. 

 2.2.5 Accounting. After each Reconciliation Period, Bank will provide an
accounting of the transactions for that Reconciliation Period, including the amount of all Financed Receivables, all Collections, Adjustments, Finance Charges, Collateral Handling Fee and the Facility Fee. If Borrower does not object to the
accounting in writing within thirty (30) days it shall be considered accurate. All Finance Charges and other interest and fees are calculated on the basis of a 360 day year and actual days elapsed. 
  
 2.2.6 Deductions. Bank may deduct fees,
Finance Charges, Advances which become due pursuant to Section 2.3, and other amounts due pursuant to this Agreement from any Advances made or Collections received by Bank. 
  
 2.2.7 Lockbox; Account Collection Services. As and when directed by Bank from time to time, at
Bank’s option and at the sole and exclusive discretion of Bank (regardless of whether an Event of Default has occurred), Borrower shall direct each Account Debtor (and each depository institution where proceeds of Accounts are on deposit) to
remit payments with respect to the Accounts to a lockbox account established with Bank or to wire transfer payments to a cash collateral account that Bank controls (collectively, the “Lockbox”). The Lockbox shall be established by Borrower
no later than 30 days prior to the initial Advance hereunder. It will be considered an immediate Event of Default if the Lockbox is not set-up and operational within forty-five (45) days from the date of such direction by Bank. Until such
Lockbox is established, the proceeds of the Accounts shall be paid by the Account Debtors to an address consented to by Bank. Upon receipt by Borrower of such proceeds, the Borrower shall immediately transfer and deliver same to Bank, along with a
detailed cash receipts journal. Provided no Event of Default exists or an event that with notice or lapse of time will be an Event of Default, within three (3) days of receipt of such amounts by Bank, Bank will turn over to Borrower the
proceeds of the Accounts other than Collections with respect to Financed Receivables and the amount of Collections in excess of the amounts for which Bank has made an Advance to Borrower, less any amounts due to Bank, such as the Finance Charge, the
Facility Fee, payments due to Bank, other fees and expenses, or otherwise; provided, however, Bank may hold such excess amount with respect to Financed Receivables as a reserve until the end of the applicable Reconciliation Period if Bank, in its
discretion, determines that other Financed Receivable(s) may no longer qualify as an Eligible Account at any time prior to the end of the subject Reconciliation Period. This Section does not impose any affirmative duty on Bank to perform any act
other than as specifically set forth herein. All Accounts and the proceeds thereof are Collateral and if an Event of Default occurs, Bank may apply the proceeds of such Accounts to the Obligations. 
  
 2.3 Repayment of Obligations;
Adjustments. 
  
 2.3.1
Repayment. Borrower will repay each Advance on the earliest of: (a) the date on which payment is received of the Financed Receivable with respect to which the Advance was made, (b) the date on which the Financed Receivable is no
longer an Eligible Account, (c) the date on which any Adjustment is asserted to the Financed Receivable (but only to the extent of the Adjustment if the Financed Receivable remains otherwise an Eligible Account), (d) the date on which
there is a breach of any warranty or representation set forth in Section 5.3 or a breach of any covenant in this Agreement, or (e) the Final Maturity Date (including any early termination). Each payment will also include all accrued
Finance Charges and Collateral Handling Fees with respect to such Advance and all other amounts then due and payable hereunder. 
  
 2.3.2 Repayment on Event of Default. When there is an Event of Default, Borrower will, if Bank demands (or, upon the
occurrence of an Event of Default under Section 8.5, immediately without notice or demand from Bank) repay all of the Advances. The demand may, at Bank’s option, include the Advance for each Financed Receivable then outstanding and all
accrued Finance Charges, Collateral Handling Fee, attorneys and professional fees, court costs and expenses, and any other Obligations. 
  
 2.3.3 Debit of Accounts. Bank may debit any of Borrower’s deposit accounts for payments or any amounts Borrower owes
Bank hereunder. Bank shall promptly notify Borrower when it debits Borrower’s accounts. These debits shall not constitute a set-off. 

 2.3.4 Adjustments. If at any time during the term of this Agreement any
Account Debtor asserts an Adjustment or if Borrower issues a credit memorandum or if any of the representations, warranties or covenants set forth in Section 5.3 are not longer true in all material respects, Borrower will promptly advise Bank.

  
 2.4 Power of Attorney. Borrower
irrevocably appoints Bank and its successors and assigns as attorney-in-fact and authorizes Bank, to: (i) following the occurrence of an Event of Default, sell, assign, transfer, pledge, compromise, or discharge all or any part of the Financed
Receivables; (ii) following the occurrence of an Event of Default, demand, collect, sue, and give releases to any Account Debtor for monies due and compromise, prosecute, or defend any action, claim, case or proceeding about the Financed
Receivables, including filing a claim or voting a claim in any bankruptcy case in Bank’s or Borrower’s name, as Bank chooses; (iii) following the occurrence of an Event of Default, prepare, file and sign Borrower’s name on any
notice, claim, assignment, demand, draft, or notice of or satisfaction of lien or mechanics’ lien or similar document; (iv) regardless of whether there has been an Event of Default, notify all Account Debtors to pay Bank directly;
(v) regardless of whether there has been an Event of Default, receive, open, and dispose of mail addressed to Borrower; (vi) regardless of whether there has been an Event of Default, endorse Borrower’s name on checks or other
instruments (to the extent necessary to pay amounts owed pursuant to this Agreement); and (vii) regardless of whether there has been an Event of Default, execute on Borrower’s behalf any instruments, documents, financing statements to
perfect Bank’s interests in the Financed Receivables and Collateral and do all acts and things necessary or expedient, as determined solely and exclusively by Bank, to protect or preserve, Bank’s rights and remedies under this Agreement,
as directed by Bank. 
  

	 	3.	CONDITIONS OF LOANS 

  
 3.1 Conditions Precedent to Initial Advance. Bank’s agreement to make the initial Advance is subject to the condition
precedent that Bank shall have received, in form and substance satisfactory to Bank, such documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate, including, without limitation, subject to the condition
precedent that Bank shall have received, in form and substance satisfactory to Bank, the following: 
  
 (a) a certificate of the Secretary of each Borrower with respect to articles, bylaws, incumbency and resolutions authorizing the execution
and delivery of this Agreement in form and substance substantially similar to that attached hereto as Exhibit D; 
  
 (b) an Intellectual Property Security Agreement covering Intellectual Property; 
  
 (c) subordination agreements/intercreditor agreements by
certain Persons; 
  
 (d) completed Disclosure
Schedule; 
  
 (e) Antidilution Agreement;

  
 (f) Registration Rights Agreement;

  
 (g) Account Control Agreement/ Investment
Account Control Agreement; 
  
 (h) insurance
certificates; 
  
 (i) payment of the fees and
Bank Expenses then due and payable; 
  
 (j)
Certificate of Foreign Qualification (if applicable); 
  
 (k) Certificate of Good Standing/Legal Existence; 

 (l) the Facility Fee and Warrant Waiver Fee; and 
  
 (m) a Joint and Several Borrower Rider for each Borrower in
form and substance substantially similar to that attached hereto as Exhibit C. 
  
 (n) such other documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate. 
  
 3.2 Conditions Precedent to all Advances.
Bank’s agreement to make each Advance, including the initial Advance, is subject to the following: 
  
 (a) receipt of the Invoice Transmittal; 
  
 (b) the Lockbox shall be established, and with respect to the initial Advance, must be established at least thirty (30) days prior to
the making by the Bank of the initial Advance; 
  
 (c) the Lockbox shall be maintained at all times; 
  
 (d) receipt of all accrued and unpaid fees, including, without limitation, the Renewal Fee and Collateral Handling Fee, and Bank Expenses; 
  
 (e) Bank shall have (at its option) conducted the confirmations and verifications as described in
Section 2.1.1 (d); and 
  
 (f) each of the
representations and warranties in Section 5 shall be true on the date of the Invoice Transmittal and on the effective date of each Advance and no Event of Default shall have occurred and be continuing, or result from the Advance. Each Advance
is Borrower’s representation and warranty on that date that the representations and warranties in Section 5 remain true. 
  

	 	4.	CREATION OF SECURITY INTEREST 

  
 4.1 Grant of Security Interest. Borrower hereby grants Bank, to secure the payment and performance in full of all of the
Obligations and the performance of each of Borrower’s duties under the Loan Documents, a continuing security interest in, and pledges and assigns to Bank, the Collateral, wherever located, whether now owned or hereafter acquired or arising, and
all proceeds and products thereof. Borrower warrants and represents that the security interest granted herein shall be a first priority security interest in the Collateral. 
  
 Except as noted on the Disclosure Schedule, Borrower is not a party to, nor is bound by, any material
license or other agreement with respect to which Borrower is the licensee that prohibits or otherwise restricts Borrower from granting a security interest in Borrower’s interest in such license or agreement or any other property. Without prior
consent from Bank, Borrower shall not enter into, or become bound by, any such license or agreement which is reasonably likely to have a material impact on Borrower’s business or financial condition. Borrower shall take such steps as Bank
requests to obtain the consent of, or waiver by, any person whose consent or waiver is necessary for all such licenses or contract rights to be deemed “Collateral” and for Bank to have a security interest in it that might otherwise be
restricted or prohibited by law or by the terms of any such license or agreement, whether now existing or entered into in the future. 
  
 If the Agreement is terminated, Bank’s lien and security interest in the Collateral shall continue until Borrower fully satisfies its
Obligations. If Borrower shall at any time, acquire a commercial tort claim, Borrower shall promptly notify Bank in a writing signed by Borrower of the brief details thereof and grant to Bank in such writing a security interest therein and in the
proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance satisfactory to Bank. 

 4.2 Authorization to File Financing Statements. Borrower hereby authorizes
Bank to file financing statements, without notice to Borrower, with all appropriate jurisdictions in order to perfect or protect Bank’s interest or rights hereunder, which financing statements may indicate the Collateral as “all assets of
the Debtor” or words of similar effect, or as being of an equal or lesser scope, or with greater detail, all in Bank’s discretion. 
  

	 	5.	REPRESENTATIONS AND WARRANTIES 

  
 Borrower represents and warrants as follows: 
  
 5.1 Due Organization and Authorization. Borrower and each Subsidiary is duly existing and in good standing in its state of
formation and qualified and licensed to do business in, and in good standing in, any state in which the conduct of its business or its ownership of property requires that it be qualified except where the failure to do so could not reasonably be
expected to cause a Material Adverse Change. Borrower represents and warrants to Bank that: (a) Borrower’s exact legal name is that indicated on the Disclosure Schedule and on the signature page hereof; and (b) Borrower is an
organization of the type, and is organized in the jurisdiction, set forth in the Disclosure Schedule; and (c) the Disclosure Schedule accurately sets forth Borrower’s organizational identification number or accurately states that Borrower
has none; and (d) the Disclosure Schedule accurately sets forth Borrower’s place of business, or, if more than one, its chief executive office as well as Borrower’s mailing address if different, and (e) all other information set
forth on the Disclosure Schedule pertaining to Borrower is accurate and complete. If Borrower does not now have an organizational identification number, but later obtains one, Borrower shall forthwith notify Bank of such organizational
identification number. 
  
 The execution,
delivery and performance of the Loan Documents have been duly authorized, and do not conflict with Borrower’s organizational documents, nor constitute an event of default under any material agreement by which Borrower is bound. Borrower is not
in default under any agreement to which or by which it is bound in which the default could reasonably be expected to cause a Material Adverse Change. 
  
 5.2 Collateral. Borrower has good title to the Collateral, free of Liens except Permitted Liens. All inventory is in all
material respects of good and marketable quality, free from material defects. Borrower has no deposit account, other than the deposit accounts with Bank and deposit accounts described in the Disclosure Schedule delivered to Bank in connection
herewith. The Collateral is not in the possession of any third party bailee (such as a warehouse). Except as hereafter disclosed to Bank in writing by Borrower, none of the components of the Collateral shall be maintained at locations other than as
provided in the Disclosure Schedule. In the event that Borrower, after the date hereof, intends to store or otherwise deliver any portion of the Collateral to a bailee, then Borrower will first receive the written consent of Bank and such bailee
must acknowledge in writing that the bailee is holding such Collateral for the benefit of Bank. 
  
 5.3 Financed Receivables. Borrower represents and warrants for each Financed Receivable: 
  
 (a) Each Financed Receivable is an Eligible Account.

  
 (b) Borrower is the owner with legal right to
sell, transfer, assign and encumber such Financed Receivable; 
  
 (c) The correct amount is on the Invoice Transmittal and is not disputed provided, however that, Bank will, on a case-by-case basis in its sole discretion, allow Borrower (upon Bank receiving notice from
Borrower requesting that Bank make such an allowance) to make subsequent adjustments to the amounts on the delivered Invoice Transmittal in order to remedy immaterial miscalculations;; 
  
 (d) Payment is not contingent on any obligation or contract and Borrower has fulfilled all its obligations
as of the Invoice Transmittal date; 

 (e) Each Financed Receivable is based on an actual sale and delivery of goods and/or
services rendered, is due to Borrower, is not past due or in default, has not been previously sold, assigned, transferred, or pledged and is free of any liens, security interests and encumbrances other than Permitted Liens; 
  
 (f) There are no defenses, offsets, counterclaims or
agreements for which the Account Debtor may claim any deduction or discount; 
  
 (g) Borrower reasonably believes no Account Debtor is insolvent or subject to any Insolvency Proceedings; 
  
 (h) Borrower has not filed or had filed against it Insolvency Proceedings and does not anticipate any filing; 
  
 (i) Bank has the right to endorse and/ or require Borrower
to endorse all payments received on Financed Receivables and all proceeds of Collateral; and 
  
 (j) No representation, warranty or other statement of Borrower in any certificate or written statement given to Bank contains any untrue
statement of a material fact or omits to state a material fact necessary to make the statement contained in the certificates or statement not misleading. 
  
 5.4 Litigation. There are no actions or proceedings pending or, to the knowledge of Borrower’s Responsible Officers or
legal counsel, threatened by or against Borrower or any Subsidiary in which an adverse decision could reasonably be expected to cause a Material Adverse Change. 
  
 5.5 No Material Deviation in Financial Statements. All consolidated financial statements for
Borrower and any Subsidiary delivered to Bank fairly present in all material respects Borrower’s consolidated financial condition and Borrower’s consolidated results of operations. There has not been any material deterioration in
Borrower’s consolidated financial condition since the date of the most recent financial statements submitted to Bank. 
  
 5.6 Solvency. Borrower is able to pay its debts (including trade debts) as they mature. 
  
 5.7 Regulatory Compliance. Borrower is not an
“investment company” or a company “controlled” by an “investment company” under the Investment Company Act. Borrower is not engaged as one of its important activities in extending credit for margin stock (under
Regulations X, T and U of the Federal Reserve Board of Governors). Borrower has complied in all material respects with the Federal Fair Labor Standards Act. Borrower has not violated any laws, ordinances or rules, the violation of which could
reasonably be expected to cause a Material Adverse Change. None of Borrower’s or any Subsidiary’s properties or assets has been used by Borrower or any Subsidiary or, to the best of Borrower’s knowledge, by previous Persons, in
disposing, producing, storing, treating, or transporting any hazardous substance other than legally. Borrower and each Subsidiary has timely filed all required tax returns and paid, or made adequate provision to pay, all material taxes, except those
being contested in good faith with adequate reserves under GAAP. Borrower and each Subsidiary has obtained all consents, approvals and authorizations of, made all declarations or filings with, and given all notices to, all government authorities
that are necessary to continue its business as currently conducted except where the failure to obtain or make such consents, declarations, notices or filings would not reasonably be expected to cause a Material Adverse Change. 
  
 5.8 Subsidiaries. Borrower does not own any
stock, partnership interest or other equity securities except for Permitted Investments. 
  
 5.9 Full Disclosure. No written representation, warranty or other statement of Borrower in any certificate or written
statement given to Bank contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements contained in the certificates or statements not misleading. 

	 	6.	AFFIRMATIVE COVENANTS 

  
 Borrower shall do all of the following: 
  
 6.1 Government Compliance. Borrower shall maintain its and all Subsidiaries’ legal existence and good standing in its
jurisdiction of formation and maintain qualification in each jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect on Borrower’s business or operations. Borrower shall comply, and have
each Subsidiary comply, with all laws, ordinances and regulations to which it is subject, noncompliance with which could have a material adverse effect on Borrower’s business or operations or would reasonably be expected to cause a Material
Adverse Change. 
  
 6.2 Financial Statements,
Reports, Certificates. 
  
 (a) Borrower shall
deliver to Bank: (i) as soon as available, but no later than thirty (30) days after the last day of each month, a company prepared consolidated balance sheet and income statement covering Borrower’s consolidated operations during the
period certified by a Responsible Officer and in a form acceptable to Bank; (ii) as soon as available, but no later than one hundred eighty (180) days after the last day of Borrower’s fiscal year, audited consolidated financial
statements prepared under GAAP, consistently applied, together with an unqualified opinion on the financial statements from an independent certified public accounting firm reasonably acceptable to Bank; (iii) in the event that Borrower’s
stock becomes publicly held, within five (5) days of filing, copies of all statements, reports and notices made available to Borrower’s security holders or to any holders of Subordinated Debt and all reports on Form 10-K, 10-Q and 8-K
filed with the Securities and Exchange Commission; (iv) a prompt report of any legal actions pending or threatened against Borrower or any Subsidiary that could result in damages or costs to Borrower or any Subsidiary of One Hundred Thousand
Dollars ($100,000.00) or more; (v) prompt notice of any material change in the composition of the Intellectual Property Collateral, or the registration of any copyright, including any subsequent ownership right of Borrower in or to any
Copyright, Patent or Trademark not shown in the IP Agreement or knowledge of an event that materially adversely affects the value of the Intellectual Property Collateral; and (vi) budgets, sales projections, operating plans or other financial
information reasonably requested by Bank, including, without limitation, a report of Borrower’s annual financial projections approved by Borrower’s Board of Directors, delivered to Bank as soon as available, but no later than 30 days after
the last day of Borrower’s fiscal year. 
  
 (b) Within thirty (30) days after the last day of each month, Borrower shall deliver to Bank with the monthly financial statements a Compliance Certificate signed by a Responsible Officer in the form of Exhibit B.

  
 (c) Borrower will allow Bank to audit
Borrower’s Collateral, including, but not limited to, Borrower’s Accounts and accounts receivable, at Borrower’s expense, upon reasonable notice to Borrower; provided, however, prior to the occurrence of an Event of
Default, Borrower shall be obligated to pay for not more than one (1) audit per year; and provided, further, that Borrower shall not be obligated to pay for any Collateral audit until Bank makes an initial Advance hereunder, in
which case, a Collateral audit shall be completed within 90 days from the date of such initial Advance at Borrower’s expense. After the occurrence of an Event of Default, Bank may audit Borrower’s Collateral, including, but not limited to,
Borrower’s Accounts and accounts receivable at Borrower’s expense and at Bank’s sole and exclusive discretion and without notification and authorization from Borrower. 
  
 (d) Upon Bank’s request, provide a written report respecting any Financed Receivable, if payment of any
Financed Receivable does not occur by its due date and include the reasons for the delay. 
  
 (e) Provide Bank with, as soon as available, but no later than thirty (30) days following each Reconciliation Period, an aged listing
of accounts receivable and accounts payable by invoice date, in form acceptable to Bank. 

 6.3 Taxes. Borrower shall make, and cause each Subsidiary to make, timely
payment of all material federal, state, and local taxes or assessments (other than taxes and assessments which Borrower is contesting in good faith, with adequate reserves maintained in accordance with GAAP) and will deliver to Bank, on demand,
appropriate certificates attesting to such payments. 
  
 6.4 Insurance. Borrower shall keep its business and the Collateral insured for risks and in amounts, and as Bank may reasonably request. Insurance policies shall be in a form, with companies, and in amounts that are
satisfactory to Bank. All property policies shall have a lender’s loss payable endorsement showing Bank as an additional loss payee and all liability policies shall show Bank as an additional insured and all policies shall provide that the
insurer must give Bank at least twenty (20) days notice before canceling its policy. At Bank’s request, Borrower shall deliver certified copies of policies and evidence of all premium payments. Proceeds payable under any policy shall, at
Bank’s option, be payable to Bank on account of the Obligations. If Borrower fails to obtain insurance as required under this Section or to pay any amount or furnish any required proof of payment to third persons and Bank, Bank may make all or
part of such payment or obtain such insurance policies required in this Section and take any action under the policies Bank deems prudent. 
  
 6.5 Accounts. 
  
 (a) In order to permit Bank to monitor Borrower’s financial performance and condition, Borrower, and all Borrower’s
Subsidiaries, shall maintain Borrower’s, and such Subsidiaries, primary depository and operating accounts and securities accounts with Bank which accounts shall represent at least     % of the dollar value of
Borrower’s and such Subsidiaries accounts at all financial institutions. Any Guarantor shall maintain all depository, operating and securities accounts with Bank. 
  
 (b) Borrower shall identify to Bank, in writing, any bank or securities account opened by Borrower with any
institution other than Bank. In addition, for each such account that Borrower or Guarantor at any time opens or maintains, Borrower shall, at Bank’s request and option, pursuant to an agreement in form and substance acceptable to Bank, cause
the depository bank or securities intermediary to agree that such account is the collateral of Bank pursuant to the terms hereunder. The provisions of the previous sentence shall not apply to deposit accounts exclusively used for payroll, payroll
taxes and other employee wage and benefit payments to or for the benefit of Borrower’s employees. 
  
 6.6 [Intentionally Omitted]. 
  
 6.7 Further Assurances. Borrower shall execute any further instruments and take further action as Bank reasonably requests
to perfect or continue Bank’s security interest in the Collateral or to effect the purposes of this Agreement. 
  

	 	7.	NEGATIVE COVENANTS 

  
 Borrower shall not do any of the following without Bank’s prior written consent. 
  
 7.1 Dispositions. Convey, sell, lease,
transfer or otherwise dispose of (collectively a “Transfer”), or permit any of its Subsidiaries to Transfer, all or any part of its business or property, except for Transfers (i) of inventory in the ordinary course of business;
(ii) of non-exclusive licenses and similar arrangements for the use of the property of Borrower or its Subsidiaries in the ordinary course of business; or (iii) of worn-out or obsolete equipment. 
  
 7.2 Changes in Business, Ownership, Management or
Business Locations. Engage in or permit any of its Subsidiaries to engage in any business other than the businesses currently engaged in by Borrower or reasonably related thereto, or have a material change (which shall be any transfer of
over 25% of the capital stock or other ownership interests) in its ownership (other than by the sale of Borrower’s equity securities in a public offering or to venture capital investors so long as Borrower identifies to Bank the venture capital
investors prior to 

 
the closing of the investment), or management. Borrower shall not, without at least thirty (30) days prior written notice to Bank: (i) relocate its
chief executive office, or add any new offices or business locations, including warehouses (unless such new offices or business locations contain less than Five Thousand Dollars ($5,000.00) in Borrower’s assets or property), or (ii) change
its jurisdiction of organization, or (iii) change its organizational structure or type, or (iv) change its legal name, or (v) change any organizational number (if any) assigned by its jurisdiction of organization. 
  
 7.3 Mergers or Acquisitions. Merge or
consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person. A Subsidiary may
merge or consolidate into another Subsidiary or into Borrower. 
  
 7.4 Indebtedness. Create, incur, assume, or be liable for any Indebtedness, or permit any Subsidiary to do so, other than Permitted Indebtedness. 
  
 7.5 Encumbrance. Create, incur, or allow any
Lien on any of its property, or assign or convey any right to receive income, including the sale of any Accounts, or permit any of its Subsidiaries to do so, except for Permitted Liens, or permit any Collateral not to be subject to the first
priority security interest granted herein. The Collateral may also be subject to Permitted Liens. 
  
 7.6 Distributions; Investments. (i) Directly or indirectly acquire or own any Person, or make any Investment in any
Person, other than Permitted Investments, or permit any of its Subsidiaries to do so; or (ii) pay any dividends or make any distribution or payment or redeem, retire or purchase any capital stock. 
  
 7.7 Transactions with Affiliates. Directly or
indirectly enter into or permit to exist any material transaction with any Affiliate of Borrower, except for transactions that are in the ordinary course of Borrower’s business, upon fair and reasonable terms that are no less favorable to
Borrower than would be obtained in an arm’s length transaction with a non-affiliated Person. 
  
 7.8 Subordinated Debt. Make or permit any payment on any Subordinated Debt, except under the terms of the Subordinated Debt,
or amend any provision in any document relating to the Subordinated Debt, without Bank’s prior written consent. 
  
 7.9 Compliance. Become an “investment company” or a company controlled by an “investment company”, under
the Investment Company Act of 1940 or undertake as one of its important activities extending credit to purchase or carry margin stock, or use the proceeds of any Advance for that purpose; fail to meet the minimum funding requirements of ERISA,
permit a Reportable Event or Prohibited Transaction, as defined in ERISA, to occur; fail to comply with the Federal Fair Labor Standards Act or violate any other law or regulation, if the violation could reasonably be expected to have a material
adverse effect on Borrower’s business or operations or would reasonably be expected to cause a Material Adverse Change, or permit any of its Subsidiaries to do so. 
  

	 	8.	EVENTS OF DEFAULT 

  
 Any one of the following is an Event of Default: 
  

8.1 Payment Default. Borrower fails to pay any of the Obligations when due; 
  
 8.2 Covenant Default. 
  
 (a) If Borrower fails to perform any obligation under
Sections 2.2.7, 6.2 or 6.6 or violates any of the covenants contained in Section 7 of this Agreement, or 

 (b) If Borrower fails or neglects to perform, keep, or observe any other material term,
provision, condition, covenant, or agreement contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Bank and as to any default under such other term, provision, condition, covenant
or agreement that can be cured, has failed to cure such default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent
attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) days)
to attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of Default (provided that no Advances will be made during such cure period); 
  
 8.3 Material Adverse Change. A Material
Adverse Change occurs; 
  
 8.4
Attachment. (i) Any portion of Borrower’s assets is attached, seized, levied on, or comes into possession of a trustee or receiver and the attachment, seizure or levy is not removed in ten (10) days; (ii) the service
of process upon Borrower seeking to attach, by trustee or similar process, any funds of Borrower on deposit with Bank, or any entity under the control of Bank (including a subsidiary); (iii) Borrower is enjoined, restrained, or prevented by
court order from conducting any part of its business; (iv) a judgment or other claim becomes a Lien on a portion of Borrower’s assets; or (v) a notice of lien, levy, or assessment is filed against any of Borrower’s assets by any
government agency and not paid within ten (10) days after Borrower receives notice; 
  
 8.5 Insolvency. (i) Borrower is unable to pay its debts (including trade debts) as they become due or otherwise becomes
insolvent; (ii) Borrower begins an Insolvency Proceeding; or (iii) an Insolvency Proceeding is begun against Borrower and not dismissed or stayed within thirty (30) days (but no Advances shall be made before any Insolvency Proceeding
is dismissed); 
  
 8.6 Other
Agreements. If there is a default in any agreement to which Borrower is a party with a third party or parties resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity of any Indebtedness in an
amount in excess of One Hundred Thousand Dollars ($100,000) or that could result in a Material Adverse Change; 
  
 8.7 Judgments. If a judgment or judgments for the payment of money in an amount, individually or in the aggregate, of at
least Two Hundred Thousand Dollars ($200,000) shall be rendered against Borrower and shall remain unsatisfied and unstayed for a period of ten (10) days (provided that no Advances will be made prior to the satisfaction or stay of such
judgment); 
  
 8.8
Misrepresentations. If Borrower or any Person acting for Borrower makes any material misrepresentation or material misstatement now or later in any warranty or representation in this Agreement or in any writing delivered to Bank or to
induce Bank to enter this Agreement or any Loan Document; 
  
 8.9 Subordinated Debt. A default or breach occurs under any agreement between Borrower and any creditor of Borrower that signed a subordination agreement with Bank, or any creditor that has signed a
subordination agreement with Bank breaches any terms of the subordination agreement. 
  

	 	9.	BANK’S RIGHTS AND REMEDIES 

  
 9.1 Rights and Remedies. When an Event of Default occurs and continues Bank may, without notice or demand, do any or all of
the following: 
  
 (a) Declare all Obligations
immediately due and payable (but if an Event of Default described in Section 8.5 occurs all Obligations are immediately due and payable without any action by Bank); 

 (b) Stop advancing money or extending credit for Borrower’s benefit under this
Agreement or under any other agreement between Borrower and Bank; 
  
 (c) Settle or adjust disputes and claims directly with Account Debtors for amounts, on terms and in any order that Bank considers advisable and notify any Person owing Borrower money of Bank’s security interest
in such funds and verify the amount of such account. Borrower shall collect all payments in trust for Bank and, if requested by Bank, immediately deliver the payments to Bank in the form received from the Account Debtor, with proper endorsements for
deposit; 
  
 (d) Make any payments and do any
acts it considers necessary or reasonable to protect its security interest in the Collateral. Borrower shall assemble the Collateral if Bank requests and make it available as Bank designates. Bank may enter premises where the Collateral is located,
take and maintain possession of any part of the Collateral, and pay, purchase, contest, or compromise any Lien which appears to be prior or superior to its security interest and pay all expenses incurred. Borrower grants Bank a license to enter and
occupy any of its premises, without charge, to exercise any of Bank’s rights or remedies; 
  
 (e) Apply to the Obligations any (i) balances and deposits of Borrower it holds, or (ii) any amount held by Bank owing to or for
the credit or the account of Borrower; 
  
 (f)
Ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell the Collateral. Bank is hereby granted a non-exclusive, royalty-free license or other right to use, without charge, Borrower’s labels,
patents, copyrights, mask works, rights of use of any name, trade secrets, trade names, trademarks, service marks, and advertising matter, or any similar property as it pertains to the Collateral, in completing production of, advertising for sale,
and selling any Collateral and, in connection with Bank’s exercise of its rights under this Section, Borrower’s rights under all licenses and all franchise agreements inure to Bank’s benefit; 
  
 (g) Place a “hold” on any account maintained with
Bank and/or deliver a notice of exclusive control, any entitlement order, or other directions or instructions pursuant to any control agreement or similar agreements providing control of any Collateral; and 
  
 (h) Exercise all rights and remedies and dispose of the
Collateral according to the Code. 
  
 9.2
Bank Expenses; Unpaid Fees. Any amounts paid by Bank as provided herein shall constitute Bank Expenses and are immediately due and payable, and shall bear interest at the Default Rate and be secured by the Collateral. No payments by Bank
shall be deemed an agreement to make similar payments in the future or Bank’s waiver of any Event of Default. In addition, any amounts advanced hereunder which are not based on Financed Receivables (including, without limitation, unpaid fees
and Finance Charges as described in Section 2.2) shall accrue interest at the Default Rate and be secured by the Collateral. 
  
 9.3 Bank’s Liability for Collateral. So long as Bank complies with reasonable banking practices regarding the
safekeeping of collateral, Bank shall not be liable or responsible for: (a) the safekeeping of the Collateral; (b) any loss or damage to the Collateral; (c) any diminution in the value of the Collateral; or (d) any act or default
of any carrier, warehouseman, bailee, or other Person. Borrower bears all risk of loss, damage or destruction of the Collateral. 
  
 9.4 Remedies Cumulative. Bank’s rights and remedies under this Agreement, the Loan Documents, and all other agreements
are cumulative. Bank has all rights and remedies provided under the Code, by law, or in equity. Bank’s exercise of one right or remedy is not an election, and Bank’s waiver of any Event of Default is not a continuing waiver. Bank’s
delay is not a waiver, election, or acquiescence. No waiver hereunder shall be effective unless signed by Bank and then is only effective for the specific instance and purpose for which it was given. 

 9.5 Demand Waiver. Borrower waives demand, notice of default or dishonor,
notice of payment and nonpayment, notice of any default, nonpayment at maturity, release, compromise, settlement, extension, or renewal of accounts, documents, instruments, chattel paper, and guarantees held by Bank on which Borrower is liable.

  
 9.6 Default Rate. After the
occurrence of an Event of Default, all Obligations shall accrue interest at the Applicable Rate plus five percent (5.0%) per annum (the “Default Rate”). 
  

	 	10.	NOTICES 

  
 Notices or demands by either party about this Agreement must be in writing and personally delivered or sent by an overnight delivery
service, by certified mail postage prepaid return receipt requested, or by fax to the addresses listed at the beginning of this Agreement. A party may change notice address by written notice to the other party. 
  

	 	11.	CHOICE OF LAW, VENUE AND JURY TRIAL WAIVER 

  
 California law governs the Loan Documents without regard to principles of conflicts of law. Borrower and Bank each submit to the exclusive
jurisdiction of the State and Federal courts in California and Borrower accepts jurisdiction of the courts and venue in Santa Clara County, California. NOTWITHSTANDING THE FOREGOING, BANK SHALL HAVE THE RIGHT TO BRING ANY ACTION OR PROCEEDING
AGAINST BORROWER OR ITS PROPERTY IN THE COURTS OF ANY OTHER JURISDICTION WHICH BANK DEEMS NECESSARY OR APPROPRIATE IN ORDER TO REALIZE ON THE COLLATERAL OR TO OTHERWISE ENFORCE BANK’S RIGHTS AGAINST BORROWER OR ITS PROPERTY. 
  
 BORROWER AND BANK EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF
ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE LOAN DOCUMENTS OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR BOTH PARTIES TO
ENTER INTO THIS AGREEMENT. EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL. 
  

	 	12.	GENERAL PROVISIONS 

  
 12.1 Successors and Assigns. This Agreement binds and is for the benefit of the successors and permitted assigns of each
party. Borrower may not assign this Agreement or any rights or Obligations under it without Bank’s prior written consent which may be granted or withheld in Bank’s discretion. Bank has the right, without the consent of or notice to
Borrower, to sell, transfer, negotiate, or grant participation in all or any part of, or any interest in, Bank’s obligations, rights and benefits under this Agreement, the Loan Documents or any related agreement. Bank will provide notice to
Borrower of any transfer by Bank under this Section. 
  
 12.2 Indemnification. Borrower hereby indemnifies, defends and holds Bank and its officers, employees, directors and agents harmless against: (a) all obligations, demands, claims, and liabilities asserted by any other
party in connection with the transactions contemplated by the Loan Documents, except for losses caused by Bank’s gross negligence or willful misconduct; and (b) all losses or Bank Expenses incurred, or paid by Bank from, following, or
consequential to transactions between Bank and Borrower (including reasonable attorneys’ fees and expenses), except for losses caused by Bank’s gross negligence or willful misconduct. 
  
 12.3 Right of Set-Off. Borrower hereby grants
to Bank, a lien, security interest and right of setoff as security for all Obligations to Bank, whether now existing or hereafter arising upon and against all deposits, credits, collateral and property, now or hereafter in the possession, custody,
safekeeping or control of Bank or any entity under the control of Bank (including a Bank subsidiary) or in transit to any of them. At any time after the occurrence and during the continuance of an Event of Default, without demand or notice, Bank may
set off the same 

 
or any part thereof and apply the same to any liability or obligation of Borrower even though unmatured and regardless of the adequacy of any other
collateral securing the Obligations. ANY AND ALL RIGHTS TO REQUIRE BANK TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS,
CREDITS OR OTHER PROPERTY OF BORROWER, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED. 
  
 12.4 Time of Essence. Time is of the essence for the performance of all Obligations in this Agreement. 
  
 12.5 Severability of Provision. Each provision
of this Agreement is severable from every other provision in determining the enforceability of any provision. 
  
 12.6 Amendments in Writing; Integration. All amendments to this Agreement must be in writing signed by both Bank and
Borrower. This Agreement and the Loan Documents represent the entire agreement about this subject matter, and supersede prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the
parties about the subject matter of this Agreement and the Loan Documents merge into this Agreement and the Loan Documents. 
  
 12.7 Counterparts. This Agreement may be executed in any number of counterparts and by different parties on separate
counterparts, each of which, when executed and delivered, are an original, and all taken together, constitute one Agreement. 
  
 12.8 [Intentionally Omitted]. 
  
 12.9 Survival. All covenants, representations and warranties made in this Agreement continue in full force while any
Obligations remain outstanding. The obligation of Borrower in Section 12.2 to indemnify Bank shall survive until the statute of limitations with respect to such claim or cause of action shall have run. 
  
 12.10 Confidentiality. In handling any
confidential information, Bank shall exercise the same degree of care that it exercises for its own proprietary information, but disclosure of information may be made: (i) to Bank’s subsidiaries or affiliates in connection with their
business with Borrower; (ii) to prospective transferees or purchasers of any interest in the Advances (provided, however, Bank shall use commercially reasonable efforts in obtaining such prospective transferee’s or purchaser’s
agreement to the terms of this provision); (iii) as required by law, regulation, subpoena, or other order, (iv) as required in connection with Bank’s examination or audit; and (v) as Bank considers appropriate in exercising
remedies under this Agreement. Confidential information does not include information that either: (a) is in the public domain or in Bank’s possession when disclosed to Bank, or becomes part of the public domain after disclosure to Bank; or
(b) is disclosed to Bank by a third party, if Bank does not know that the third party is prohibited from disclosing the information. 
  
 12.11 Attorneys’ Fees, Costs and Expenses. In any action or proceeding between Borrower and Bank arising out of the
Loan Documents, the prevailing party will be entitled to recover its reasonable attorneys’ fees and other reasonable costs and expenses incurred, in addition to any other relief to which it may be entitled. 
  

	 	13.	DEFINITIONS 

  
 13.1 Definitions. In this Agreement: 
  
 “Accounts” are all existing and later arising accounts, contract rights, and other
obligations owed Borrower in connection with its sale or lease of goods (including licensing software and other technology) or provision of services, all credit insurance, guaranties, other security and all merchandise returned or reclaimed by
Borrower and Borrower’s Books relating to any of the foregoing. 

 “Account Debtor” is as defined in the Code and shall include, without
limitation, any person liable on any Financed Receivable, such as, a guarantor of the Financed Receivable and any issuer of a letter of credit or banker’s acceptance. 
  
 “Adjusted Quick Ratio” is the ratio of Quick Assets to Current Liabilities minus
Deferred Revenue minus the outstanding obligations under the Subordinated Notes. 
  
 “Adjustments” are all discounts, allowances, returns, disputes, counterclaims, offsets, defenses, rights of recoupment,
rights of return, warranty claims, or short payments, asserted by or on behalf of any Account Debtor for any Financed Receivable. 
  
 “Advance” is defined in Section 2.1.1. 
  
 “Advance Rate” eighty percent (80.0%), net of any offsets related to each specific Account
Debtor, including, without limitation, Deferred Revenue, or such other percentage as Bank establishes under Section 2.1.1. 
  
 “Affiliate” is a Person that owns or controls directly or indirectly the Person, any Person that controls or is
controlled by or is under common control with the Person, and each of that Person’s senior executive officers, directors, partners and, for any Person that is a limited liability company, that Person’s managers and members. 
  
 “Applicable Rate” is a per annum rate equal
to the Prime Rate plus 1.0% per annum based upon a 360 day year. 
  
 “Bank Expenses” are all audit fees and expenses and reasonable costs or expenses (including reasonable attorneys’ fees and expenses) for preparing, negotiating, administering, defending and
enforcing the Loan Documents (including appeals or Insolvency Proceedings). 
  
 “Borrower’s Books” are all Borrower’s books and records including ledgers, records regarding Borrower’s assets or liabilities, the Collateral, business operations or financial condition
and all computer programs or discs or any equipment containing the information. 
  
 “Business Day” is any day that is not a Saturday, Sunday or a day on which Bank is closed. 
  
 “Closing Date” is the date of this
Agreement. 
  
 “Code” is the
Uniform Commercial Code as adopted in California, as amended and as may be amended and in effect from time to time. 
  
 “Collateral” is any and all properties, rights and assets of Borrower granted by Borrower to Bank or arising under the
Code, now, or in the future, in which Borrower obtains an interest, or the power to transfer rights, as described on Exhibit A. 
  
 “Collateral Handling Fee” is defined in Section 2.2.4. 
  
 “Collections” are all funds received by
Bank from or on behalf of an Account Debtor for Financed Receivables. 
  
 “Compliance Certificate” is attached as Exhibit B. 
  
 “Contingent Obligation” is, for any Person, any direct or indirect liability, contingent or not, of that Person for
(i) any indebtedness, lease, dividend, letter of credit or other obligation of another such as an 

 
obligation directly or indirectly guaranteed, endorsed, co-made, discounted or sold with recourse by that Person, or for which that Person is directly or
indirectly liable; (ii) any obligations for undrawn letters of credit for the account of that Person; and (iii) all obligations from any interest rate, currency or commodity swap agreement, interest rate cap or collar agreement, or other
agreement or arrangement designated to protect a Person against fluctuation in interest rates, currency exchange rates or commodity prices; but “Contingent Obligation” does not include endorsements in the ordinary course of business. The
amount of a Contingent Obligation is the stated or determined amount of the primary obligation for which the Contingent Obligation is made or, if not determinable, the maximum reasonably anticipated liability for it determined by the Person in good
faith; but the amount may not exceed the maximum of the obligations under the guarantee or other support arrangement. 
  
 “Current Liabilities” is all obligations and liabilities of Borrower to Bank, plus, without duplication, the aggregate
amount of Borrower’s Total Liabilities which mature within one (1) year. 
  
 “Default Rate” is defined in Section 9.6. 
  
 “Deferred Revenue” is all amounts received or invoiced, as appropriate, in advance of
performance under contracts and not yet recognized as revenue. 
  
 “Disclosure Schedule” is a certain Disclosure Schedule completed and delivered by Borrower to Bank in connection with this Agreement. 
  
 “Eligible Accounts” are billed Accounts in the ordinary course of Borrower’s business
that meet all Borrower’s representations and warranties in Section 5.3, have been, at the option of Bank, confirmed in accordance with Section 2.1.1 (d), and are due and owing from Account Debtors deemed creditworthy by Bank in its
good faith business judgement. Without limiting the fact that the determination of which Accounts are eligible hereunder is a matter of Bank discretion in each instance, Eligible Accounts shall not include the following Accounts (which listing may
be amended or changed in Bank’s discretion with notice to Borrower): 
  
 (a) Accounts that the Account Debtor has not paid within ninety (90) days of invoice date; 
  
 (b) Accounts for an Account Debtor, fifty percent (50%) or more of whose Accounts have not been paid within ninety (90) days of
invoice date; 
  
 (c) Accounts for which the
Account Debtor does not have its principal place of business in the United States, unless agreed to by Bank in writing, in its sole discretion, on a case-by-case basis; 
  
 (d) Accounts for which the Account Debtor is a federal, state or local government entity or any department,
agency, or instrumentality thereof except for Accounts of the United States if the payee has assigned its payment rights to Bank and the assignment has been acknowledged under the Assignment of Claims Act of 1940 (31 U.S.C. 3727); 
  
 (e) Accounts for which Borrower owes the Account Debtor, but
only up to the amount owed (sometimes called “contra” accounts, accounts payable, customer deposits or credit accounts); 
  
 (f) Accounts for demonstration or promotional equipment, or in which goods are consigned, sales guaranteed, sale or return, sale on
approval, bill and hold, or other terms if Account Debtor’s payment may be conditional; 
  
 (g) Accounts for which the Account Debtor is Borrower’s Affiliate, officer, employee, or agent; 

 (h) Accounts in which the Account Debtor disputes liability or makes any claim and Bank
believes there may be a basis for dispute (but only up to the disputed or claimed amount), or if the Account Debtor is subject to an Insolvency Proceeding, or becomes insolvent, or goes out of business; 
  
 (i) Accounts for which Bank reasonably determines collection
to be doubtful or any Accounts which are unacceptable to Bank for any reason in its reasonable discretion. 
  
 “ERISA” is the Employment Retirement Income Security Act of 1974, and its regulations. 
  
 “Events of Default” are set forth in
Article 8. 
  
 “Facility Amount”
is Three Million Seven Hundred and Fifty Thousand Dollars ($3,750,000). 
  
 “Facility Fee” is defined in Section 2.2.2. 
  
 “Final Maturity Date” is a Maturity Date upon which no renewal of this Agreement takes place pursuant to the terms and
conditions herein. 
  
 “Finance
Charges” is defined in Section 2.2.3. 
  
 “Financed Receivables” are all those Eligible Accounts, including their proceeds which Bank finances and makes an Advance, as set forth in Section 2.1.1. A Financed Receivable stops being a Financed Receivable (but
remains Collateral) when the Advance made for the Financed Receivable has been fully paid. 
  
 “Financed Receivable Balance” is the total outstanding gross face amount, at any time, of any Financed Receivable.

  
 “GAAP” is generally accepted
accounting principles. 
  
 “Good Faith
Deposit” is defined in Section 2.2.8. 
  
 “Indebtedness” is (a) indebtedness for borrowed money or the deferred price of property or services, such as reimbursement and other obligations for surety bonds and letters of credit, (b) obligations evidenced by
notes, bonds, debentures or similar instruments, (c) capital lease obligations and (d) Contingent Obligations. 
  
 “Insolvency Proceeding” is any proceeding by or against any Person under the United States Bankruptcy Code, or any other
bankruptcy or insolvency law, including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or proceedings seeking reorganization, arrangement, or other relief. 
  
 “Investment” is any beneficial ownership of
(including stock, partnership interest or other securities) any Person, or any loan, advance or capital contribution to any Person. 
  
 “Invoice Transmittal” shows Eligible Accounts which Bank may finance and, for each such Account, includes the Account
Debtor’s, name, address, invoice amount, invoice date and invoice number. 
  
 “IP Agreement” is a certain Intellectual Property Security Agreement executed and delivered by Borrower to Bank.

  
 “Intellectual Property
Collateral” is a defined in the IP Agreement. 
  
 “Lockbox” is defined in Section 2.2.7. 

 “Lien” is a mortgage, lien, deed of trust, charge, pledge, security
interest or other encumbrance. 
  
 “Loan
Documents” are, collectively, this Agreement, any note, or notes or guaranties executed by Borrower, and any other present or future agreement between Borrower and/or for the benefit of Bank in connection with this Agreement, all as
amended, extended or restated. 
  
 “Material Adverse Change” is: (i) A material impairment in the perfection or priority of Bank’s security interest in the Collateral or in the value of such Collateral; (ii) a material adverse change in the
business, operations, or condition (financial or otherwise) of Borrower; or (iii) a material impairment of the prospect of repayment of any portion of the Obligations. 
  
 “Maturity Date” is 364 days from the date of this Agreement, and shall be extended
automatically on each anniversary of the date of this Agreement if and only if: (1) all condition precedents under Section 3.2 have been satisfied in full as of such date; and (2) Borrower has paid in full to Bank as of such date the
Renewal Fee. 
  
 “Obligations”
are all advances, liabilities, obligations, covenants and duties owing, arising, due or payable by Borrower to Bank now or later under this Agreement or any other document, instrument or agreement, account (including those acquired by assignment)
primary or secondary, such as all Advances, Finance Charges, Facility Fee, Collateral Handling Fee, interest, fees, expenses, professional fees and attorneys’ fees, or other amounts now or hereafter owing by Borrower to Bank. 
  
 “Permitted Indebtedness” is: 
  
 (a) Borrower’s indebtedness to Bank under this
Agreement or the Loan Documents; 
  
 (b)
Subordinated Debt; 
  
 (c) Indebtedness to trade
creditors incurred in the ordinary course of business; and 
  
 (d) Indebtedness secured by Permitted Liens. 
  
 “Permitted Investments” are: (i) marketable direct obligations issued or unconditionally guaranteed by the United States or its agency or any state maturing within 1 year from its acquisition,
(ii) commercial paper maturing no more than 1 year after its creation and having the highest rating from either Standard & Poor’s Corporation or Moody’s Investors Service, Inc., (iii) Bank’s certificates of deposit
issued maturing no more than 1 year after issue, (iv) any other investments administered through Bank. 
  
 “Permitted Liens” are: 
  
 (a) Liens arising under this Agreement or other Loan Documents; 
  
 (b) Liens for taxes, fees, assessments or other government charges or levies, either not delinquent or being
contested in good faith and for which Borrower maintains adequate reserves on its Books, if they have no priority over any of Bank’s security interests; 
  

(c) Purchase money Liens (i) on equipment acquired or held by Borrower incurred for financing the acquisition of the equipment, or
(ii) existing on equipment when acquired, if the Lien is confined to the property and improvements and the proceeds of the equipment; 
  
 (d) Leases or subleases and non-exclusive licenses or sublicenses granted in the ordinary course of Borrower’s business, if the
leases, subleases, licenses and sublicenses permit granting Bank a security interest; 

 (e) Liens incurred in the extension, renewal or refinancing of the indebtedness secured
by Liens described in (a) through (d), but any extension, renewal or replacement Lien must be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness may not increase. 
  
 “Person” is any individual, sole
proprietorship, partnership, limited liability company, joint venture, company, trust, unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or government agency.

  
 “Prime Rate” is the greater
of (i) four percent (4%) or (ii) Bank’s most recently announced “prime rate,” even if it is not Bank’s lowest rate. 
  
 “Quick Assets” is, on any date, Borrower’s unrestricted cash, cash equivalents, net accounts receivable and
investments with maturities of fewer than 12 months determined according to GAAP. 
  
 “Reconciliation Day” is the last calendar day of each month. 
  
 “Reconciliation Period” is each calendar
month. 
  
 “Responsible Officer”
is each of the Chief Executive Officer, President, Chief Financial Officer and Controller of Borrower. 
  
 “Subordinated Debt” is debt incurred by Borrower subordinated to Borrower’s debt to Bank (pursuant to a
subordination agreement entered into between Bank, Borrower and the subordinated creditor), on terms acceptable to Bank. 
  
 “Subordinated Notes” means, collectively, each of: (1) those certain four New Investor Promissory Notes, dated as of
December 10, 2004, made by Borrower in favor of Dan O’Donnell, Andrew Keery, Steve Ernst, and Robert Hoult in an aggregate principal amount of $801,900.00, (2) that certain New Seller Promissory Note, dated as of October 27,
2004, made by Borrower in favor of Dan O’Donnell, in a principal amount of $129,104.00, and (3) that certain Existing Investor Promissory Note, dated as of January 1, 2004, made by Borrower in favor of Triumph Capital, in a principal
amount of $217,267.18. 
  
 “Subsidiary” is any Person, corporation, partnership, limited liability company, joint venture, or any other business entity of which more than 50% of the voting stock or other equity interests is owned or controlled,
directly or indirectly, by the Person or one or more Affiliates of the Person. 
  
 “Total Liabilities” is on any day, obligations that should, under GAAP, be classified as liabilities on Borrower’s
consolidated balance sheet, including all Indebtedness, and current portion of Subordinated Debt permitted by Bank to be paid by Borrower, but excluding all other Subordinated Debt. 
  
 [Remainder of Page Intentionally Left Blank] 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as a sealed instrument
under the laws of the State of California as of the date first above written. 
  

			
	 BORROWER:

	
	WALNUT VENTURES, INC.
		
	 By
	 	 /s/ Gary W. Bogatay, Jr.

	 Name:
	 	 Gary W. Bogatay, Jr.

	 Title:
	 	 CFO – Sec./Treasurer

	
	CORPORATE CONSULTING SERVICES, INC.
		
	 By
	 	 /s/ Gary W. Bogatay, Jr.

	 Name:
	 	 Gary W. Bogatay, Jr.

	 Title:
	 	 CFO – Sec./Treasurer

	
	INTERSEARCH GROUP, INC.
		
	 By
	 	 /s/ Gary W. Bogatay, Jr.

	 Name:
	 	 Gary W. Bogatay, Jr.

	 Title:
	 	 CFO – Sec./Treasurer

	
	 BANK:

	
	SILICON VALLEY BANK
		
	 By
	 	 /s/ Kim Crosslin

	 Name:
	 	 Kim Crosslin

	 Title:
	 	 Relationship Manager

 Disclosure Schedule to Loan and Security Agreement 
  
 The exact correct corporate name of Borrower is (attach a copy of the formation documents,
e.g., articles, partnership agreement): InterSearch Group, Inc. 
  
 Borrower’s State of formation: Florida 
  
 Borrower has operated
under only the following other names (if none, so state): 
  
                                       
                                        
                                        
                                        
                                        
                                         

  
 All other address at which the Borrower does business are as follows (attach
additional sheets if necessary and include all warehouse addresses): 
  
 250 Montgomery Street, Suite 1200, San Francisco, CA 94104 
  
 Borrower has deposit accounts and/or investment accounts located only at the following institutions: 
  
 SVB, Bank of the West 
  
 List Acct. Numbers: 
                                       
                                        
                                        
                                        
                                        
                                        
                    
  
 Liens existing on the Effective Date and disclosed to and accepted by Bank in writing: 
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
  
 Investments existing on the Effective Date and disclosed to and accepted by Bank in writing: 
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
  
 Subordinated Debt: 
  
 Indebtedness on the Effective Date and disclosed to and consented to by Bank in writing: 
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
  
 Borrower is not subject to litigation which would have a material adverse effect on the Borrower’s financial condition, except the following (attach additional
comments, if needed): 
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
  
 Tax ID Number
                                        
                             
  
 Organizational Number, if
any:                                       
  

 EXHIBIT A 
  
 The Collateral consists of all of Borrower’s right, title and interest in and to the following: 
  
 All goods, equipment, inventory, contract rights or rights to payment of
money, leases, license agreements, franchise agreements, general intangibles (including payment intangibles), accounts (including health-care receivables), documents, instruments (including any promissory notes), chattel paper (whether tangible or
electronic), cash, deposit accounts, fixtures, letters of credit rights (whether or not the letter of credit is evidenced by a writing), commercial tort claims, securities, and all other investment property, supporting obligations, and financial
assets, whether now owned or hereafter acquired, wherever located; and 
  
 Any copyright rights, copyright applications, copyright registrations and like protections in each work of authorship and derivative work, whether published or unpublished, now owned or later acquired; any patents, trademarks, service marks
and applications therefor; trade styles, trade names, any trade secret rights, including any rights to unpatented inventions, know-how, operating manuals, license rights and agreements and confidential information, now owned or hereafter acquired;
or any claims for damages by way of any past, present and future infringement of any of the foregoing; and 
  
 All Borrower’s books relating to the foregoing and any and all claims, rights and interests in any of the above and all substitutions for, additions,
attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds of any or all of the foregoing. 

 EXHIBIT B 
  
 

 
  
 SILICON VALLEY BANK

 Compliance Certificate 
  
 I, as authorized officer of [WALNUT VENTURES, INC. / CORPORATE CONSULTING SERVICES, INC. / INTERSEARCH GROUP, INC.], (“Borrower”) certify
under the Loan and Security Agreement (the “Agreement”) between Borrower and Silicon Valley Bank (“Bank”) as follows (all capitalized terms used herein shall have the meaning set forth in the Agreement): 
  
 Borrower represents and warrants for each Financed Receivable: 
  
 Each Financed Receivable is an Eligible Account. 
  
 Borrower is the owner with legal right to sell, transfer, assign and encumber such Financed
Receivable; 
  
 The correct amount is on the Invoice Transmittal and is not
disputed; 
  
 Payment is not contingent on any obligation or contract and Borrower
has fulfilled all its obligations as of the Invoice Transmittal date; 
  
 Each
Financed Receivable is based on an actual sale and delivery of goods and/or services rendered, is due to Borrower, is not past due or in default, has not been previously sold, assigned, transferred, or pledged and is free of any liens, security
interests and encumbrances other than Permitted Liens; 
  
 There are no defenses,
offsets, counterclaims or agreements for which the Account Debtor may claim any deduction or discount; 
  
 It reasonably believes no Account Debtor is insolvent or subject to any Insolvency Proceedings; 
  
 It has not filed or had filed against it Insolvency Proceedings and does not anticipate any filing; 
  
 Bank has the right to endorse and/ or require Borrower to endorse all payments received on Financed Receivables and all proceeds of
Collateral. 
  
 No representation, warranty or other statement of Borrower in any
certificate or written statement given to Bank contains any untrue statement of a material fact or omits to state a material fact necessary to make the statement contained in the certificates or statement not misleading. 
  
 Additionally, Borrower represents and warrants as follows: 
  
 Borrower and each Subsidiary is duly existing and in good standing in its state of formation
and qualified and licensed to do business in, and in good standing in, any state in which the conduct of its business or its ownership of property requires that it be qualified except where the failure to do so could not reasonably be expected to
cause a Material Adverse Change. The execution, delivery and performance of the Loan Documents have been duly authorized, and do not conflict with Borrower’s organizational documents, nor constitute an event of default under any material
agreement by which Borrower is bound. Borrower is not in default under any agreement to which or by which it is bound in which the default could reasonably be expected to cause a Material Adverse Change. 

 Borrower has good title to the Collateral, free of Liens except Permitted Liens. All inventory is in all material
respects of good and marketable quality, free from material defects. 
  
 Borrower
is not an “investment company” or a company “controlled” by an “investment company” under the Investment Company Act. Borrower is not engaged as one of its important activities in extending credit for margin stock
(under Regulations X, T and U of the Federal Reserve Board of Governors). Borrower has complied in all material respects with the Federal Fair Labor Standards Act. Borrower has not violated any laws, ordinances or rules, the violation of which could
reasonably be expected to cause a Material Adverse Change. None of Borrower’s or any Subsidiary’s properties or assets has been used by Borrower or any Subsidiary or, to the best of Borrower’s knowledge, by previous Persons, in
disposing, producing, storing, treating, or transporting any hazardous substance other than legally. Borrower and each Subsidiary has timely filed all required tax returns and paid, or made adequate provision to pay, all material taxes, except those
being contested in good faith with adequate reserves under GAAP. Borrower and each Subsidiary has obtained all consents, approvals and authorizations of, made all declarations or filings with, and given all notices to, all government authorities
that are necessary to continue its business as currently conducted except where the failure to obtain or make such consents, declarations, notices or filings would not reasonably be expected to cause a Material Adverse Change. 
  
 All representations and warranties in the Agreement are true and correct in all material
respects on this date, and the Borrower represents that there is no existing Event of Default. 
  

			
	Sincerely,
	
	/s/ Gary W. Bogatay, Jr.
	Signature
		
	Title	 	CFO – Sec/Treasurer
		
	Date	 	12/10/04

 EXHIBIT C 
  
 

 
  
 SILICON VALLEY BANK

 Joint and Several Borrower Rider 
  
 [Please See Attached] 

 EXHIBIT D 
  
 

 
  
 SILICON VALLEY BANK

 SECRETARY’S CERTIFICATE OF RESOLUTION 
  
 I, as Secretary of WALNUT VENTURES, INC. / CORPORATE CONSULTING SERVICES, INC. / INTERSEARCH GROUP, INC., a Nevada/Nevada/Florida corporation,
respectively (collectively, the “Corporation”), certify that at a meeting duly convened at which a quorum was present the following resolutions were adopted by the Board of Directors of the Corporation and that these resolutions have not
been modified, amended, or rescinded and remain effective as of today’s date. 
  
 It is resolved that any one of the following officers of the Corporation, whose name, title and signature is below: 
  

					
	 NAME    

	  	 TITLE    

	 	 SIGNATURE      

			
	 Daniel M. O’Donnell
	  	 Chief Executive Officer
	 	 /s/ Daniel O’Donnell

			
	 Gary W. Bogatay, Jr.
	  	 Chief Financial Officer
	 	 /s/ Gary W. Bogatay, Jr.

  
 may act for Borrower
and: 
  
 Sell the corporation’s accounts receivable to Bank

  
 Borrow money from Bank 
  
 Grant to Bank a security interest in any of the corporation’s assets

  
 Execute and deliver certain agreements in connection with the
sale of receivables, and granting of security interests. 
  
 Designate other individuals to request advances, pay fees and costs and execute other documents or agreements (including documents or agreement that waive the Corporation’s right to a jury trial) they think necessary to effectuate
these Resolutions. 
  
 Further resolved that all acts authorized by these
Resolutions and performed before they were adopted are ratified. These Resolutions remain in effect and Bank may rely on them until Bank receives written notice of their revocation. 
  
 I certify that the persons listed above are the Corporation’s officers with the titles and signatures shown following their names and
that these resolutions have not been modified are currently effective. 

									
				
	X 	 	/s/ Daniel O’Donnell	 	 	 	12/22/04
					
	 	 	 *  Secretary or Assistant Secretary
	 	 	 	 Date
	 	 12/10/04

					
	X	 	/s/ Gary W. Bogatay, Jr.	 	  	 	  	 	  

  

	*	If the certifying officer is designated as a signer in these resolutions then another corporate officer must also sign. 

 LOAN MODIFICATION AGREEMENT 
  
 This Loan Modification Agreement is entered into as of April 5, 2005 by and among Walnut Ventures, Inc. (“Walnut”), Corporate
Consulting Services, Inc. (“CCS”), Intersearch Group, Inc. (“Intersearch”), La Jolla Internet Properties, Inc. (“La Jolla”) and Silicon Valley Bank (“Bank”). 
  
 A. Whereas, Bank has heretofore made a loan to Walnut, CCS and Intersearch
pursuant to, among other documents, a Loan and Security Agreement, dated December 10, 2004 (as may be amended, restated, or otherwise modified from time to time, the “Loan Agreement”). The Loan Agreement provided for, among other
things, a Facility Amount in the original principal amount of Three Million Seven Hundred Fifty Thousand Dollars ($3,750,000). Defined terms used but not otherwise defined herein shall have the same meanings as in the Loan Agreement. 
  
 Whereas, all indebtedness owing by Borrower to Bank shall be referred to as the
“Indebtedness.” 
  
 Whereas, repayment of the Indebtedness is secured by
the Collateral as described in the Loan Agreement. 
  
 Whereas, the
above-described security documents and guaranties, together with all other documents securing repayment of the Indebtedness shall be referred to as the “Security Documents”. Hereinafter, the Security Documents, together with all other
documents evidencing or securing the Indebtedness shall be referred to as the “Loan Documents”. 
  
 B. Whereas, La Jolla desires to assume the obligations of Walnut, CCS and Intersearch under the Loan Documents, jointly and severally with Walnut, CCS and
Intersearch. 
  
 NOW, THEREFORE, the parties hereto agree
as follows: 
  
 1. Assumption. La Jolla hereby assumes and
agrees to pay and perform when due all present and future indebtedness, liabilities and obligations of Walnut, CCS and Intersearch, jointly and severally with Walnut, CCS and Intersearch under, based upon, or arising out of the Loan Documents and
instruments and agreements relating thereto. La Jolla agrees to honor, perform and comply with, in all respects, all terms and provisions of all of the Loan Documents, to the same extent as though La Jolla were named therein jointly and severally
with Walnut, CCS and Intersearch. All references in the Loan Documents to “Borrower” shall be deemed to refer to La Jolla, Walnut, CCS and Intersearch, jointly and severally. Furthermore, all present and future obligations of Walnut, CCS
and Intersearch shall be deemed to refer to all present and future obligations of La Jolla, Walnut, CCS and Intersearch, jointly and severally. 
  
 2. Obligations. La Jolla acknowledges that the Obligations are due and owing to Bank from Walnut, CCS and Intersearch, and upon the execution of
this Loan Modification Agreement are due and owing from La Jolla, Walnut, CCS and Intersearch jointly and severally, without any defense, offset or counterclaim of any kind or nature whatsoever as of the date hereof. 
  
 3. Representations and Warranties. La Jolla hereby represents and
warrants to Bank that all representations and warranties in the Loan Documents made on the part of Walnut, CCS and Intersearch are true and correct on the date hereof with respect to La Jolla, with the same force and effect as if La Jolla were named
as the borrower in the Loan Documents jointly and severally with Walnut, CCS and Intersearch. 
  
 C. GRANT OF SECURITY INTEREST. 
  
 La Jolla hereby grants to Bank a continuing security in all of its assets as described more particularly on Exhibit “A” to the Loan Agreement. 
  

 1 

 D. DESCRIPTION OF CHANGE IN TERMS. 
  
 Modification(s) to Loan Agreement. 
  

	 	1.	Section 10 entitled “Notices” is hereby amended in its entirety to read as follows: 

  
 Notices 
  
 Unless otherwise provided in this Agreement, all notices or demands by any party relating to this Agreement or any other agreement
entered into in connection herewith shall be in writing and (except for financial statements and other informational documents which may be sent by first-class mail, postage prepaid) shall be personally delivered or sent by a recognized overnight
delivery service, certified mail, postage prepaid, return receipt requested, or by telefacsimile to Borrower or to Bank, as the case may be, at its addresses set forth below: 
  
 If to Borrower: 
  
 Walnut Ventures, Inc. 
 250 Montgomery
Street Suite 1200 
 San Francisco, CA 94104 
 Attn: Gary Bogatay 
 FAX: 415-869-5403 
  
 and 
  
 Corporate Consulting Services, Inc. 
 250
Montgomery Street Suite 1200 
 San Francisco, CA 94104 
 Attn: Gary Bogatay 
 FAX: 415-869-5403 
  
 and 
  
 Intersearch Group, Inc. 
 250 Montgomery
Street Suite 1200 
 San Francisco, CA 94104 
 Attn: Gary Bogatay 
 FAX: 415-869-5403 
  
 and 
  
 La Jolla Internet Properties, Inc. 
 250
Montgomery Street Suite 1200 
 San Francisco, CA 94104 
 Attn: Gary Bogatay 
 FAX: 415-869-5403 
  

 2 

 If to Bank: 
  
 Silicon Valley Bank 
 3003 Tasman Drive 
 Santa Clara, CA 95054-1191 
 Attn:
                                       

FAX:
                                      
  
 Subrogation and Similar Rights. 
  
 Notwithstanding any other provision of this Agreement or any other Loan
Document, until payment to Bank in full and performance of all Obligations, each Borrower irrevocably waives all rights that it may have at law or in equity (including, without limitation, any law subrogating the Borrower to the rights of Bank under
the Loan Documents) to seek contribution, indemnification, or any other form of reimbursement from any other Borrower, or any other Person now or hereafter primarily or secondarily liable for any of the Obligations, for any payment made by the
Borrower with respect to the Obligations in connection with the Loan Documents or otherwise and all rights that it might have to benefit from, or to participate in, any security for the Obligations as a result of any payment made by the Borrower
with respect to the Obligations in connection with the Loan Documents or otherwise. Any agreement providing for indemnification, reimbursement or any other arrangement prohibited under this Section 10 shall be null and void. If any payment is
made to a Borrower in contravention of this Section 10, such Borrower shall hold such payment in trust for Bank and such payment shall be promptly delivered to Bank for application to the Obligations, whether matured or unmatured. 

 
 Waivers of Notice. 
  
 Each Borrower waives notice of acceptance hereof; notice of the existence,
creation or acquisition of any of the Obligations; notice of an Event of Default; notice of the amount of the Obligations outstanding at any time; notice of intent to accelerate; notice of acceleration; notice of any adverse change in the financial
condition of any other Borrower or of any other fact that might increase the Borrower’s risk; presentment for payment; demand; protest and notice thereof as to any instrument; default; and all other notices and demands to which the Borrower
would otherwise be entitled. Each Borrower waives any defense arising from any defense of any other Borrower, or by reason of the cessation from any cause whatsoever of the liability of any other Borrower. Bank’s failure at any time to require
strict performance by any Borrower of any provision of the Loan Documents shall not waive, alter or diminish any right of Bank thereafter to demand strict compliance and performance therewith. Nothing contained herein shall prevent Bank from
foreclosing on the Lien of any deed of trust, mortgage or other security instrument, or exercising any rights available thereunder, and the exercise of any such rights shall not constitute a legal or equitable discharge of any Borrower. Each
Borrower also waives any defense arising from any act or omission of Bank that changes the scope of the Borrower’s risks hereunder. Each Borrower hereby waives any right to assert against Bank any defense (legal or equitable), setoff,
counterclaim, or claims that such Borrower individually may now or hereafter have against another Borrower or any other Person liable to Borrower with respect to the Obligations in any manner or whatsoever until the Obligations are paid in full to
Bank. 
  

 3 

 Subrogation Defenses. 
  
 Each Borrower waives the benefits, if any, of any statutory or common law
rule that may permit a borrower to assert any defenses of a surety or guarantor, or that may give a borrower the right to require a senior creditor to marshal assets, and Borrower agrees that it shall not assert any such defenses or rights.

  
 Right to Settle, Release. 

 
 (a) The liability of Borrower hereunder shall not be diminished by
(i) any agreement, understanding or representation that any of the Obligations is or was to be guaranteed by another Person or secured by other property, or (ii) any release or unenforceability, whether partial or total, or rights, if any,
which Borrower may now or hereafter have against any other Person, including another Borrower, or property with respect to any of the Obligations. 
  
 (b) Without notice to any Borrower and without affecting the liability of any Borrower hereunder, Bank may (i) compromise, settle, renew, extend the
time for payment, change the manner or terms of payment, discharge the performance of, decline to enforce, or release all or any of the Obligations with respect to a Borrower, (ii) grant other indulgences to a Borrower in respect of the
Obligations, (iii) modify in any manner any documents, relating to the Obligations with respect to a Borrower, (iv) release, surrender or exchange any deposits or other property securing the Obligations, whether pledged by a Borrower or
any other Person, or (v) compromise, settle renew, or extend the time for payment, discharge the performance of, decline to enforce, or release all or any obligations of any guarantor, endorser or other Person who is now or may hereafter be
liable with respect to any of the Obligations. 
  
 5. General
Provisions. This Agreement and the Loan Documents set forth in full all of the representations and agreements of the parties with respect to the subject matter hereof. All agreements, covenants, representations and warranties, expressed or
implied, oral and written, of the parties with regard to the subject matter hereof are contained herein and in the Loan Documents. No other agreements, covenants, representations or warranties, express or implied, oral or written, have been made by
either party to the other with respect to the subject matter of this Agreement. All prior and contemporaneous conversations, negotiations, possible and alleged agreements and representation, covenants, and warranties with respect to the subject
matter hereof are waived, merged herein and therein and superseded hereby and thereby. This Loan Modification Agreement may not be modified or amended, nor may any rights hereunder be waived, except in a writing signed by the parties hereto. Without
limiting the terms of the Loan Documents, La Jolla shall reimburse Bank for all costs, fees and expenses incurred by Bank in connection with the negotiations, preparation and conclusion of, and the enforcement of Bank’s rights and remedies
under, this Agreement, any amendment hereof, and any agreements and documents relating hereto, including, but not limited to, reasonable attorneys’ fees, and all other costs, fees and expenses. La Jolla agrees to cooperate fully with Bank and
take all further actions and execute all further documents from time to time as Bank may deem necessary or advisable to carry out the purposes of this Agreement. 
  
 6. Countersignature. This Loan Modification Agreement shall become effective only when it shall have been executed by
La Jolla, Walnut, CCS, Intersearch and Bank. 
  
 IN WITNESS
WHEREOF, the parties hereto have executed this Loan Modification Agreement as of the date first above written. 
  

 4 

									
	BORROWER:	 	 	 	BANK:
	WALNUT VENTURES, INC.	 	 	 	SILICON VALLEY BANK
					
	By:	 	 /s/ Gary W. Bogatay, Jr.
	 	 	 	By:	 	 /s/ Brett Maver

	 Name:
	 	 Gary W. Bogatay, Jr.
	 	 	 	 Name:
	 	Brett Maver
	 Title:
	 	 CFO/Secretary
	 	 	 	 Title:
	 	VP
			
	CORPORATE CONSULTING SERVICES, INC.	 	 	 	 
					
	By:	 	 /s/ Gary W. Bogatay, Jr.
	 	 	 	 	 	 
	 Name:
	 	 Gary W. Bogatay, Jr.
	 	 	 	 	 	 
	 Title:
	 	 CFO/Secretary
	 	 	 	 	 	 
			
	INTERSEARCH GROUP, INC.	 	 	 	 
					
	By:	 	 /s/ Gary W. Bogatay, Jr.
	 	 	 	 	 	 
	 Name:
	 	 Gary W. Bogatay, Jr.
	 	 	 	 	 	 
	 Title:
	 	 CFO/Secretary
	 	 	 	 	 	 
			
	LA JOLLA INTERNET PROPERTIES, INC.	 	 	 	 
					
	By:	 	 /s/ Gary W. Bogatay, Jr.
	 	 	 	 	 	 
	 Name:
	 	 Gary W. Bogatay, Jr.
	 	 	 	 	 	 
	 Title:
	 	 CFO/Secretary
	 	 	 	 	 	 

  

 5 

 CORPORATE BORROWING RESOLUTION 
  
 Borrower: La Jolla Internet Properties, Inc. Bank: Silicon Valley Bank 
  
 the Secretary or Assistant Secretary of La Jolla Internet Properties, Inc. (“Borrower”), certify that Borrower is a
corporation existing under the laws of the State of Nevada. 
  
 I certify that at
a meeting of Borrower’s Directors (or by other authorized corporate action) duly held the following resolutions were adopted. 
  
 It is resolved that any one of the following officers of Borrower, whose name, title and signature is below: 
  

					
	 NAME  

	  	 TITLE  

	 	 SIGNATURE    

			
	Gary Bogatay	  	CFO/Secretary	 	 /s/ Gary W. Bogatay, Jr.

			
	 	  	 	 	 
			
	 	  	 	 	 
			
	 	  	 	 	 
			
	 	  	 	 	 

  
 may act for Borrower and: 

 
 Borrow Money/Sell Accounts Receivable. Borrow money from Silicon Valley Bank
(“Bank”) and, or sell Borrower’s accounts receivable to Bank. 
  
 Execute Loan Documents. Execute any loan documents Bank requires. 
  
 Grant Security. Grant Bank a security interest in any of Borrower’s assets. 
  
 Negotiate Items. Negotiate or discount all drafts, trade acceptances, promissory notes, or other indebtedness in which Borrower has an interest and receive cash or otherwise use the proceeds. 
  
 Letters of Credit. Apply for letters of credit from Bank. 
  
 Foreign Exchange Contracts. Execute spot or forward foreign exchange contracts.

  
 Issue Warrants. Issue warrants for Borrower’s stock. 

 
 Further Acts. Designate other individuals to request advances, pay fees and costs
and execute other documents or agreements (including documents or agreement that waive Borrowers right to a jury trial) they think necessary to effectuate these Resolutions. 

 Further resolved that all acts authorized by these Resolutions and performed before they were adopted are
ratified. These Resolutions remain in effect and Bank may rely on them until Bank receives written notice of their revocation. 
  
 I certify that the persons listed above are Borrower’s officers with the titles and signatures shown following their names and that these resolutions have not
been modified are currently effective. 
  

					
			
	X 	 	 /s/ Gary W. Bogatay, Jr.
	 	     4/18/05

	 	 	*Secretary or Assistant Secretary	 	    Date
			
	X 	 	 	 	 
	 	 	 	 	 

  

	*	If the certifying officer is designated as a signer in these resolutions then another corporate officer must also sign.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00094-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00094-of-00352.parquet"}]]