Document:

Subscription Agreement dated as of March 19, 2010

 Exhibit 10.40 

EXECUTION COPY 

SUBSCRIPTION AND PURCHASE AGREEMENT 

THIS SUBSCRIPTION AND PURCHASE AGREEMENT (the “Agreement”) is entered into as of this 19th day of March, 2010 (the
“Effective Date”) by and between Geospatial Holdings, Inc., a Nevada corporation (the “Company”), and the investor named on the signature page to this Agreement (the “Investor”). 

AGREEMENT 

WHEREAS, the Company proposes to issue up to ten million (10,000,000) shares of Common Stock (as defined below) at the price of
$1.00 per share for the aggregate consideration of up to ten million dollars ($10,000,000) (the “Offering”); and 

WHEREAS, the Investor desires to purchase from the Company and the Company desires to issue and sell to the Investor the Shares (as
defined below). 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and
valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereby agree as follows: 

ARTICLE I 

DEFINITIONS 

1.1 Definitions. As used in this Agreement, and unless the context requires a different meaning, the following terms have the
meanings indicated: 
 “Agreement” has the meaning set forth in the preamble. 

“Board” means the board of directors of the Company. 

“Closing” has the meaning set forth in Section 2.2(a). 

“Closing Date” has the meaning set forth in Section 2.2(a). 

“Common Stock” means the common stock, par value $.001 per share, of the Company. 

“Company” has the meaning set forth in the preamble. 

“Company Agreement and Plan of Merger” means that Agreement and Plan of Merger dated March 25, 2008, by and among
Kayenta Kreations, Inc. (the predecessor to the Company), Kayenta Subsidiary Corp., Geospatial Mapping Systems, Inc. and Thomas G. Kimble, an individual. 

“Contractual Obligation” means as to any Person, any material provision of any security issued by such Person or any
material provision of any agreement, lease of real or personal property, undertaking, contract, indenture, mortgage, deed of trust or other instrument including, without limitation, the organizational or governing documents of such Person, to which
such Person is a party or by which it or any of its property is bound. 

 “Convertible Securities” shall mean stock or other securities convertible
into or exchangeable for shares of Common Stock. 
 “December 2009 Subscription Agreement” means that
Subscription and Purchase Agreement entered into on December 15, 2009 by and among the Company and certain investors pursuant to which the Company issued to such investors up to one and a half million dollars of Series A Convertible Preferred
Stock and pursuant to which the Company granted to such investors certain registration rights set forth therein. 

“Effective Date” has the meaning set forth in the preamble. 

“Effective Date Deadline” has the meaning set forth in Section 7.1. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Financial Statements” means (i) the audited financial statements of the Company (balance sheet, profit and loss
statement, statement of stockholders’ equity and statement of cash flows including notes thereto) at December 31, 2008 for the fiscal year then ended, and (ii) the unaudited financial statements (balance sheet, profit and loss
statement, and statement of cash flows) at December 31, 2009 for the six-month period then ended. 
 “Governmental
Authority” means any court, tribunal, arbitrator, authority, agency, commission, official or other instrumentality of any government of any nation, state, city, locality or other political subdivision. 

“Holder” means (i) any person owning of record Registrable Shares that have not been sold to the public or
(ii) any assignee of record of such Registrable Shares in accordance with Section 7.9 hereof. 

“Investor” has the meaning set forth in the preamble. 

“October 2009 Subscription Agreement” means that Subscription and Purchase Agreement entered into on October 1,
2009 by and among the Company and certain investors pursuant to which the Company issued to such investors up to one million dollars of Common Stock and pursuant to which the Company granted to such investors certain registration rights set forth
therein. 
 “Person” means any individual, firm, corporation, partnership, trust, incorporated or
unincorporated association, joint venture, joint stock company, Governmental Authority or other entity of any kind, and shall include any successor (by merger or otherwise) of such entity. 

“Preferred Stock” has the meaning set forth in Section 3.6. 

“Purchase Price” has the meaning set forth in Section 2.1. 

 

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 “Qualified Public Offering” has the meaning set forth in Section 7.1.

 “Register,” “registered” and “registration” refer to a registration
effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of effectiveness of such registration statement or document. 

“Registrable Shares” means the Shares owned or held by the Holders. Notwithstanding the foregoing, Registrable Shares
shall not include any securities sold by a Person to the public either pursuant to a registration statement or Securities Act Rule 144 or sold in a private transaction in which the transferor’s rights under Section 7 of this Agreement are
not assigned. 
 “Registration Expenses” means all expenses incurred by the Company in complying with Sections
7.1, 7.2 and 7.3 hereof, including, without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel for the Company, reasonable fees and disbursements of a single special counsel for the Holders, blue sky
fees and expenses and the expense of any special audits incident to or required by any such registration. 

“Registration Penalty Allocation” has the meaning set forth in Section 7.1. 

“Requirements of Law” means, as to any Person, the provisions of the certificate of incorporation and bylaws or other
organizational or governing documents of such Person, and any law, treaty, rule, regulation, right, privilege, qualification, license or franchise, order, judgment, or determination of an arbitrator or a court or other Governmental Authority
applicable to or binding upon such Person or any of its property (or to which such Person or any of its property is subject) or applicable to any or all of the transactions contemplated by, or referred to in, this Agreement. 

“Restricted Period” has the meaning set forth in Section 7.9. 

“SEC” or “Commission” means the Securities and Exchange Commission. 

“SEC Reports” shall mean all reports required to be filed with the SEC under the Securities Act and the Exchange Act.

 “Securities Act” means the Securities Act of 1933, as amended. 

“Selling Expenses” means all underwriting discounts and selling commissions applicable to the sale. 

“Series A Convertible Preferred Stock” has the meaning set forth in Section 3.6. 

“Shares” means the Common Stock being subscribed for, purchased and sold pursuant to this Agreement. 

“Stock Option Plan” has the meaning set forth in Section 3.6. 

“Violation” has the meaning set forth in Section 7.7. 

 

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 ARTICLE II 

PURCHASE AND SALE OF COMMON STOCK 

2.1 Subscription. Subject to the terms and conditions of this Agreement, the Investor agrees to purchase, and the Company agrees
to issue and sell to the Investor at the Closing, the Shares set forth below the Investor’s name on the signature page hereto in exchange for payment by the Investor of the aggregate investment also set forth thereon (the “Purchase
Price”). 
 2.2 Closing. 

a. The purchase and sale of the Shares (the “Closing”) shall take place at the offices of
Winston & Strawn LLP, 1700 K Street, NW, Washington, D.C. 20006, at 10:00 a.m. Eastern time on March 19, 2010 (the “Closing Date”), or at such other time and place as the Company and the Investor shall mutually agree.

 b. At the Closing, the Investor shall deliver the Purchase Price to the Company by wire transfer of
immediately available funds to the account of the Company designated on Exhibit A hereto, in total payment of the Purchase Price for the Shares subscribed hereunder, and the Company shall deliver to the Investor a certificate representing the
Shares that the Investor is purchasing. 
 ARTICLE III 

REPRESENTATIONS AND 

WARRANTIES OF THE COMPANY 

The Company hereby represents and warrants to the Investor as follows: 

3.1 Organization; Good Standing; Qualification. The Company is a corporation duly organized, validly existing, and in good
standing under the laws of the State of Nevada, has all requisite corporate power and authority to own and operate its properties and assets and to carry on its business as now conducted and as presently proposed to be conducted, to execute and
deliver this Agreement, to issue and sell the Shares, and to carry out the provisions of this Agreement. 
 3.2
Authorization; Binding Effect. All corporate action on the part of the Company, its directors and stockholders, necessary for the authorization, execution and delivery of this Agreement, the performance of all obligations of the Company
hereunder at the Closing, and the authorization, issuance, sale, and delivery of the Shares being sold hereunder has been taken or will be taken prior to the Closing. This Agreement, when executed and delivered, will constitute the valid and legally
binding obligation of the Company, enforceable in accordance with its terms except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors’
rights generally, and (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies. The sale of the Shares will not be subject to any preemptive rights or rights of first refusal
that have not been properly waived or complied with. 
  

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 3.3 Valid Issuance of Common Stock. The Shares, when issued, sold, and delivered in
accordance with the terms of this Agreement for the consideration expressed herein, will be duly and validly issued, fully paid, and nonassessable, and will be free of restrictions on transfer other than restrictions on transfer under this Agreement
and under applicable state and federal securities laws. Based in part upon the representations of the Investor in this Agreement, the sale and issuance of the Shares will be in compliance with all Requirements of Law. 

3.4 Non-contravention. Assuming the accuracy of the representations and warranties of Investor contained herein, the execution,
delivery and performance of this Agreement by the Company and the consummation of the transactions contemplated hereby, do not and will not (i) violate any Requirements of Law applicable to the Company, or (ii) result in a material breach
or default under any of the Contractual Obligations of the Company, or under any order, writ, judgment, injunction, decree, determination or award of any Governmental Authority, in each case applicable to the Company or its properties. 

3.5 Governmental Authorization; Third Party Consent. No approval, consent, compliance, exemption, authorization, or other action
by, or notice to, or filing with, any Governmental Authority or any other Person in respect of any Requirements of Law, and no lapse of a waiting period under any Requirements of Law, is necessary or required in connection with the execution,
delivery or performance by the Company (including, without limitation, the sale of the Shares) or enforcement against the Company of this Agreement or the transactions contemplated hereby, except (i) such filings as have been or will be made
prior to the Closing, (ii) any notices of sale required to be filed with the Commission under Regulation D of the Securities Act, and (iii) such post-closing filings as may be required under applicable state securities laws, which will be
timely filed within the applicable periods therefor. 
 3.6 Capitalization. Immediately prior to the
Closing Date, the capital stock of the Company shall consist of: 
 a. Preferred Stock. Five million
(5,000,000) shares of preferred stock (the “Preferred Stock”), of which one million five hundred seventy five thousand (1,575,000) are designated Series A Convertible Preferred Stock (the “Series A Convertible
Preferred Stock”), one million, five hundred seventy-five thousand (1,575,000) of which are issued and outstanding, and three million four hundred twenty five thousand (3,425,000) of which are undesignated. 

b. Common Stock. One hundred million (100,000,000) shares of Common Stock, of which thirty-one million, one
hundred twenty-four thousand, three hundred sixty-nine (31,124,369) shares have been duly authorized, issued and delivered and are validly outstanding, fully paid and nonassessable. The Company has reserved (i) fifteen million
(15,000,000) shares of Common Stock for issuance pursuant to its 2007 Stock Option Plan adopted December 1, 2007, as amended and restated April 25, 2008 (the “Stock Option Plan”); (ii) nine million, eight hundred
sixty-six thousand, two hundred seventy-two (9,866,272) shares of Common Stock for issuance upon the exercise of outstanding common stock warrants; (iii)

 

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forty thousand (40,000) shares of Common Stock for issuance to certain stockholders pursuant to the October 2009 Subscription Agreement; and (iv) two million, eight thousand, one
hundred twenty-five (2,008,125) shares of Common Stock for issuance upon the conversion of the outstanding Series A Convertible Preferred Stock to Common Stock. 

c. Of such reserved shares, (x) options to purchase twelve million, one hundred ninety-five thousand
(12,195,000) shares of Common Stock have been granted and remain unexercised; (y) two million, eight hundred five thousand (2,805,000) shares of Common Stock remain available for issuance to officers, directors, employees and
consultants pursuant to the Stock Option Plan. The post-closing capitalization of the Company is set forth in Exhibit B, assuming the issuance and sale of the full Offering amount shown in the first recital clause. Except for securities
issuable upon exercise or conversion of the securities described above, the Company has not issued, nor made any commitment to issue, shares, subscriptions, warrants, options, convertible securities or other such rights, nor does the Company have
any obligation to distribute to holders of any of its equity securities any evidence of indebtedness or asset. 
 3.7
Registration Rights. Except as provided in Section 5.12 of the Company Agreement and Plan of Merger, the October 2009 Subscription Agreement, the December 2009 Subscription Agreement, and Article VII of this Agreement, the
Company is currently not under any obligation and has not granted any rights to register under the Securities Act any of its presently outstanding securities or any of its securities that may subsequently be issued. The Company is not a party to any
trust or agreement regarding the voting of shares (or the giving of written consents) of its capital stock. To the Company’s knowledge, there are no other trusts or agreements regarding the voting of shares of the Company’s capital stock.

 3.8 Disclosure. The Company has provided the Investor with access to the Company’s SEC Reports and all
information that the Company believes is reasonably necessary to enable the Investor to decide whether to purchase the Shares. 

3.9 Exempt Offering. Subject to the truth and accuracy of the Investor’s representations set forth in
this Agreement, and the truth and accuracy of the representations made by other investors in this Offering in their respective subscription agreements, the offer, sale and issuance of the Shares under the circumstances contemplated by this Agreement
are exempt from the registration requirements of the Securities Act. 
 3.10 Changes. To the best of the Company’s
knowledge, since the date of its most recent SEC Reports there has not been: 
 a. any change in the assets,
liabilities, financial condition, business, property or operating results of the Company from that reflected in the Financial Statements, except changes in the ordinary course of business that have not been and are not expected to be, individually
or in the aggregate, materially adverse; 
 b. any damage, destruction or loss, whether or not covered by
insurance, materially and adversely affecting the business, properties, prospects, or financial condition of the Company (as such business is presently conducted and as it is presently proposed to be conducted); 

 

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 c. any waiver or compromise by the Company of a valuable right or of a
material debt owed to it; 
 d. any material change to a material contract or arrangement by which the Company or
any of its assets is bound or subject; 
 e. any material change in any compensation arrangement or agreement
with any employee, officer, director or stockholder; 
 f. any sale or assignment of any patents, trademarks,
copyrights, trade secrets, or other intangible assets; 
 g. any resignation or termination of employment of any
key officer of the Company, and the Company, to the best of its knowledge, does not know of the impending resignation or termination of employment of any such officer; 

h. any mortgage, pledge, transfer of a security interest in, or lien, created by the Company with respect to any of its
material properties or assets, except as for taxes not yet due or payable or contested by the Company in good faith; 

i. any loans or guarantees made by the Company to or for the benefit of any officers or directors, or any members of their
immediate families, other than travel advances and other advances made in the ordinary course of business; 
 j.
any declaration, setting aside, or payment of any dividend or other disposition of the Company’s assets in respect of any of the Company’s capital stock, or any direct or indirect redemption, purchase, or other acquisition of any such
stock by the Company; 
 k. to the best of the Company’s knowledge, any other event or condition of any
character that might materially and adversely affect the business prospects, or financial condition of the Company (as such business is currently conducted and as it is presently proposed to be conducted); or 

l. any agreement or commitment by the Company to do any of the things described in this Section 3.10. 

3.11 SEC Reports; Financial Statements. The Company has filed with the Commission all SEC Reports required to be filed by it since
the effective date of its registration statement, in each case, within the time periods specified in the Commission’s rules and regulations. Except as otherwise disclosed to the Investor, as of their respective dates, the SEC Reports complied
in all material respects with the requirements of the Securities Act and the Exchange Act and the rules and regulations of the Commission promulgated thereunder, and none of the SEC Reports, when filed, contained any untrue statement of a material
fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. Company’s financial statements included in
the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing. Such financial statements have been prepared in

  

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accordance with GAAP, except as may be otherwise specified in such financial statements or the notes thereto, and fairly present in all material respects the financial position of the Company and
any consolidated subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments. 

3.12 Brokers; Transaction Costs. Except with respect to its agreement with Convertible Capital, the Company has not entered into,
and will not enter into, any contract, agreement, arrangement or understanding with any Person which will result in an obligation of the Investor to pay any finder’s fee, brokerage commission or similar payment in connection with the
transactions contemplated hereby. The Investor will not be liable for any costs or expenses incurred by or on behalf of the Company in connection with this Agreement or the transactions contemplated hereby. 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF INVESTOR 

The Investor hereby represents and warrants as of the date hereof as follows: 

4.1 Authorization/Binding Effect. The Investor has full power and authority to enter into this Agreement, and this Agreement, when
executed and delivered, will constitute a valid and legally binding obligation of the Investor, enforceable against Investor in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium, or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability. 

4.2 Non-contravention. The execution, delivery and performance of this Agreement by the Investor, and the consummation of the
transactions contemplated hereby, do not and will not (a) violate any Requirements of Law applicable to Investor, or (b) result in a material breach or default under any of the Contractual Obligations of Investor, or under any order, writ,
judgment, injunction, decree, determination or award of any Governmental Authority, in each case applicable to Investor or Investor’s properties. 

4.3 Governmental Authorization; Third Party Consent. No approval, consent, compliance, exemption, authorization, or other action
by, or notice to, or filing with, any Governmental Authority or any other Person in respect of any Requirements of Law, and no lapse of a waiting period under any Requirements of Law, is necessary or required in connection with the execution,
delivery or performance by Investor (including, without limitation, the acquisition of the Shares) or enforcement against Investor of this Agreement or the transactions contemplated hereby. 

 

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 4.4 Broker’s, Finder’s or Similar Fees. There are no brokerage commissions,
finder’s fees or similar fees or commissions payable in connection with the transactions contemplated hereby based on any agreement, arrangement or understanding with Investor or any action taken by Investor. The Company shall not be liable for
any costs or expenses incurred by or on behalf of Investor in connection with this Agreement or the transactions contemplated hereby. 

4.5 Securities Law Representations. 

a. This Agreement is made with the Investor in reliance upon the Investor’s representation to the Company, which by
the Investor’s execution of this Agreement the Investor hereby confirms, that the Shares to be purchased by the Investor will be acquired for investment for Investor’s own account, not as a nominee or agent, and not with a view to the
resale or distribution of any part thereof, and the Investor has no present intention of selling, granting any participation in, or otherwise distributing the same. By executing this Agreement, the Investor further represents that the Investor does
not have any contract, undertaking, agreement or arrangement with any Person to sell, transfer or grant participations to such Person or to any third Person, with respect to any of the Shares. 

b. Investor’s financial condition is such that Investor can afford to bear the economic risk of holding the shares
for an indefinite period of time and has adequate means for providing for Investor’s current needs and contingencies and to suffer a complete loss of Investor’s investment in the Shares. 

c. Investor understands and acknowledges that (i) the Shares are being offered and sold under one or more of the
exemptions from registration provided for in Section 4(2), 4(6) or 3(b) of the Securities Act, including Regulation D promulgated thereunder, and any applicable state securities laws, (ii) Investor is purchasing the Shares without being
offered or furnished any offering literature or prospectus other than as described in Section 4.6, and (iii) this transaction has not been reviewed or approved by the Shared States Securities and Exchange Commission or by any regulatory
authority charged with the administration of the securities laws of any state or foreign country. 
 d. Investor
is an “accredited investor” as defined in Rule 501(a) of Regulation D promulgated under the Securities Act, as amended. 

e. Investor has been advised of and consents to the placement of a restrictive legend in the following form on the
certificates representing the Shares: 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR UNLESS THE COMPANY HAS
RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE ACT.” 
  

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 4.6 Investment Information. The Investor, in making the decision to purchase the
Shares, has relied solely upon the Investor’s independent investigations and has had access to the Company’s SEC Reports. The Investor represents that the Investor has read this Agreement and the Company’s SEC Reports and the Investor
is familiar with the disclosures herein and therein. In evaluating the suitability of an investment in the Company, the Investor has not relied upon any representations or other information (whether oral or written) other than as set forth in this
Agreement, the Company’s SEC Reports or as contained in any written answers to questions furnished by the Company or by any Person on the Company’s behalf. 

4.7 Sophistication of Investor. The Investor either (a) has a preexisting personal or business relationship with the Company
or its controlling Persons, such as would enable a reasonably prudent investor to be aware of the character and general business and financial circumstances of the Company or its controlling Persons, or (b) by reason of the Investor’s
business or financial experience, individually or in conjunction with the Investor’s unaffiliated professional advisors, the Investor is capable of evaluating the merits and risks of an investment in the Shares, making an informed investment
decision and protecting the Investor’s own interests. 
 4.8 Securities Act Compliance. The Investor understands
that: 
 a. The Shares have not been registered under the Securities Act by reason of one or more specific
exemptions available under the provisions of the Securities Act which depends in part upon the investment intent and the representations and warranties of the Investor made in this Agreement. 

b. In issuing the Shares to the Investor, the Company is relying upon these representations and warranties. 

c. Any routine sales of the Shares in reliance upon Rule 144 under the Securities Act (if the provisions of such Rule
should then be available as to the Shares) can be made only after the holding period specified in the Rule, in limited amounts, and in accordance with all the terms and conditions of that Rule. 

d. In the case of Shares to which Rule 144 is not applicable, compliance with Regulation A under the Securities Act or
some other exemption will be required. 
 e. Rule 144 is not now available for re-sales of the Shares by the
Investor. 
 f. This Agreement does not impose any obligation on the Company to register the Shares or to comply
with Regulation A or any other exemption under the Securities Act or to supply any information necessary to permit routine sales under Rule 144. 
  

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 4.9 Continuing Effect. The Investor agrees that the representations and warranties
set forth in this Article IV are true and accurate as of the date of this Agreement and shall be true and accurate as of the Closing Date, and shall survive the Closing. 

ARTICLE V 

CONDITIONS OF INVESTOR’S OBLIGATIONS AT CLOSING 

The obligations of the Investor under Section 2.2 of this Agreement are subject to the fulfillment on or before the Closing Date of each of the
following conditions, the waiver of which shall only be effective against the Investor if the Investor consents in writing thereto: 

5.1 Representations and Warranties. The representations and warranties of the Company contained in Article III shall be true on
and as of the Closing Date with the same effect as though such representations and warranties had been made on and as of the Closing Date, except for subsequent issuances of capital stock of the Company made upon the conversion or exchange of
securities described in Section 3.6. 
 5.2 Performance. The Company shall have performed and complied
with all agreements, obligations, and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing Date. 

5.3 Consents and Approvals. All authorizations, approvals, or permits, if any, of any Governmental Authority
required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be duly obtained and effective as of the Closing. 

5.4 Minimum Offering Amount. The Company shall have received and entered into binding subscription agreements, including this
Agreement, obligating the investors party thereto to purchase, and the Company to issue and sell, at least $250,000 of Common Stock in the Offering. 

ARTICLE VI 

CONDITIONS OF THE COMPANY’S OBLIGATIONS AT CLOSING 

The obligations of the Company under Section 2.2 of this Agreement are subject to the fulfillment on or before the Closing Date of each of the
following conditions: 
 6.1 Representations and Warranties. The representations and warranties of the Investor contained
in Article IV shall be true on and as of the Closing Date with the same effect as though such representations and warranties had been made on and as of the Closing Date. 

6.2 Performance. The Investor shall have performed and complied with all agreements, obligations, and conditions
contained in this Agreement that are required to be performed or complied with by the Investor on or before the Closing Date. 

6.3 Consents and Approvals. All authorizations, approvals, or permits, if any, of any Governmental Authority
required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be duly obtained and effective as of the Closing. 
  

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 6.4 Minimum Offering Amount. The Company shall have received and entered into binding
subscription agreements, including this Agreement, obligating the investors party thereto to purchase, and the Company to issue and sell, at least $250,000 of Common Stock in the Offering. 

ARTICLE VII 

REGISTRATION; COVENANTS OF THE COMPANY 

7.1 Registration. 

a. Subject to the conditions of this Section 7.1, the Company shall file a registration statement under the
Securities Act covering the Registrable Shares as soon as reasonably practicable (a “Qualified Public Offering”) and shall effect by September 1, 2010 (the “Effective Date Deadline”) the registration under the
Securities Act of all Registrable Shares. Upon request of the Holders, such registration shall provide for sale or distribution of such Registrable Shares on a delayed or continuous basis pursuant to Rule 415 under the Securities Act to the extent
it is available. 
 b. In the event the Company fails to effect a registration of the Registrable Shares by the
Effective Date Deadline, then (i) the Company shall use its best efforts to effect a registration as soon thereafter as practicable, (ii) each Investor shall receive an additional allocation of Registrable Shares equal to two percent
(2%) of the total amount of Registrable Shares purchased by the Investor pursuant to this Agreement (the “Registration Penalty Allocation”), and (iii) for each thirty (30) day period after the Effective Date Deadline
for which the Company continues to be unable to effect a registration pursuant to this Section 7.1, each Investor shall receive an additional Registration Penalty Allocation. 

7.2 Piggyback Registration. The Company shall notify all Holders of Registrable Shares in writing at least thirty (30) days
prior to the filing of any registration statement under the Securities Act for purposes of a public offering of securities of the Company (including, but not limited to, registration statements relating to secondary offerings of securities of the
Company, but excluding registration statements relating to employee benefit plans or with respect to corporate reorganizations or other transactions under Rule 145 of the Securities Act), which notice will specify the proposed offering price, the
kind and number of securities proposed to be registered, the distribution arrangements and such other information that at the time would be appropriate to include in such notice, and will afford each such Holder an opportunity to include in such
registration statement all or part of such Registrable Shares held by such Holder on terms and conditions at least as favorable as those applicable to the securities to be sold by the Company and by any other person thereunder. Each Holder desiring
to include in any such registration statement all or any part of the Registrable Shares held by it shall, within fifteen (15) days after the above-described notice from the Company, so notify the Company in writing. If a Holder decides not to
include some or all of its Registrable Shares in any registration statement thereafter filed by the Company or decides to withdraw its Registrable Shares from any underwriting or registration pursuant to Section 7.1, such Holder shall
nevertheless continue to have the right to include any Registrable Shares in any subsequent registration statement or registration statements as may be filed by the Company with respect to offerings of its securities, all upon the terms and
conditions set forth herein 
  

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 a. Underwriting. If the registration statement under which the
Company gives notice under this Section 7.2 is for an underwritten offering, the Company shall so advise the Holders of Registrable Shares. In such event, the right of any such Holder to be included in a registration pursuant to this
Section 7.2 shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Shares in the underwriting to the extent provided herein. All Holders proposing to distribute their
Registrable Shares through such underwriting shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Company. Notwithstanding any other provision of this Agreement, if
the underwriter determines in good faith that marketing factors require a limitation of the number of securities to be underwritten and advises the Holders of Registrable Shares in writing, the number of shares that may be included in the
underwriting shall be allocated, first, to the Company; second, to the Holders on a pro rata basis based on the total number of Registrable Shares held by the Holders; and third, to any holder of securities of the Company (other than a Holder) on a
pro rata basis. In making any such reduction, all shares held by employees of the Company which are not Registrable Shares shall first be excluded. No such reduction shall (i) reduce the securities being offered by the Company for its own
account to be included in the registration and underwriting or (ii) reduce the amount of Registrable Shares of the selling Holders included in the registration below thirty three and one-third percent (33 1/3%) of the total amount of securities
included in such registration, unless such offering is the Initial Offering, in which event any or all of the Registrable Shares of the Holders may be excluded. If any Holder disapproves of the terms of any such underwriting, such Holder may elect
to withdraw therefrom by written notice to the Company and the underwriter, delivered at least ten (10) business days prior to the effective date of the registration statement. Any Registrable Shares excluded or withdrawn from such underwriting
shall be excluded and withdrawn from the registration. For any Holder which is a partnership, limited liability company or corporation, the partners and members, retired partners and members and shareholders of such Holder, or the estates and family
members of any such partners and members and retired partners and members and any trusts for the benefit of any of the foregoing person shall be deemed to be a single “Holder,” and any pro rata reduction with respect to such
“Holder” shall be based upon the aggregate amount of shares carrying registration rights owned by all entities and individuals included in such “Holder,” as defined in this sentence. 

b. Right to Terminate Registration. The Company shall have the right to terminate or withdraw any registration
initiated by it under this Section 7.2 prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration. The Registration Expenses of such withdrawn registration shall be borne by
the Company in accordance with Section 7.4 hereof. 
 7.3 Form S-3 Registration. If the Company shall receive from
Holders of at least seventy five percent (75%) of the Registrable Shares then outstanding a written request or requests that the Company effect a registration on Form S-3 or any similar short-form registration statement and any related
qualification or compliance with respect to all or a part of the Registrable Shares owned by such Holder or Holders, the Company will: 

a. promptly give written notice of the proposed registration, and any related qualification or compliance, to all other
Holders of Registrable Securities; and 
  

 13 

 b. as soon as practicable, effect such registration and all such
qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holder’s or Holders’ Registrable Shares as are specified in such request, together with all or
such portion of the Registrable Shares of any other Holder or Holders joining in such request as are specified in a written request given within fifteen (15) days after receipt of such written notice from the Company; provided, however,
that the Company shall not be obligated to effect any such registration, qualification or compliance pursuant to this Section 7.3: 

(i) if Form S-3 is not available for such offering by the Holders, or 

(ii) if the Holders, together with the holders of any other securities of the Company entitled to inclusion in such
registration, propose to sell Registrable Shares and such other securities (if any) at an aggregate price to the public of less than five hundred thousand dollars ($500,000), or 

(iii) if the Company shall furnish to the Holders a certificate signed by the chairman of the Board of Directors of the
Company or its chief executive officer stating that in the good faith judgment of the Board of Directors of the Company, it would be seriously detrimental to the Company and its shareholders for such Form S-3 registration to be effected at such
time, in which event the Company shall have the right to defer the filing of the Form S-3 registration statement for a period of not more than ninety (90) days after receipt of the request of the Holder or Holders under this Section 7.3;
provided, that such right to delay a request shall be exercised by the Company not more than once in any twelve (12) month period, or 

(iv) if the Company has, within the twelve (12) month period preceding the date of such request, already effected one
(1) registration on Form S-3 for the Holders pursuant to this Section 7.3. 
 c. Subject to the
foregoing, the Company shall file a Form S-3 registration statement covering the Registrable Shares and other securities so requested to be registered as soon as practicable after receipt of the request or requests of the Holders. Registrations
effected pursuant to this Section 7.3 shall not be counted as demands for registration or registrations effected pursuant to Section 7.1 or Section 7.2, respectively. 

7.4 Expenses of Registration. Except as specifically provided herein, all Registration Expenses incurred in connection with any
registration, qualification or compliance pursuant to Sections 7.1, 7.2 or 7.3 herein shall be borne by the Company. All Selling Expenses applicable to Registrable Shares sold by Holders incurred in connection with any registrations hereunder shall
be borne by the Holders of the securities so registered pro rata on the basis of the number of shares so registered. 
  

 14 

 7.5 Obligations of the Company. Whenever required to effect the registration of any
Registrable Securities, the Company shall, as expeditiously as reasonably possible: 
 a. Prepare and file with
the SEC a registration statement with respect to such Registrable Shares and use its best efforts to cause such registration statement to become effective as soon as possible, and in any event within thirty (30) days of the date on which the
obligation to effect such registration arises, and, upon the request of the Holders of a majority of the Registrable Shares registered thereunder, keep such registration statement effective for up to one hundred eighty (180) days or, if a shelf
registration pursuant to Securities Act Rule 415, until the Holder or Holders have completed the distribution related thereto. 

b. Prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in
connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement for the period set forth in paragraph
(a) above. 
 c. Furnish to the Holders such number of copies of a prospectus, including a preliminary
prospectus, in conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Shares owned by them. 

d. Use its best efforts to register and qualify the securities covered by such registration statement under such other
securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders. 
 e. In the
event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter(s) of such offering. Each Holder participating in such underwriting shall
also enter into and perform its obligations under such an agreement, provided that such underwriting agreement shall not provide for indemnification or contribution obligations on the part of the Holders greater than the obligations set forth
in Sections 7.7(b) and (d). 
 f. Notify each Holder of Registrable Shares covered by such registration statement
at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such 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 not misleading in the light of the circumstances then existing and correct such misrepresentation or omission as
expeditiously as reasonably possible. 
 g. Use its best efforts to furnish, on the date that such Registrable
Shares are delivered to the underwriters for sale, if such securities are being sold through underwriters, (i) an opinion, dated as of such date, of the counsel representing the Company for the purposes of such registration, in form and
substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, and (ii) to the Holders requesting registration of Registrable Securities, a letter dated as of such date, from the
independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering addressed to the underwriters. 

 

 15 

 h. Cooperate and assist in any filings to be made with the National
Association of Securities Dealers, Inc. 
 i. Cause all such Registrable Shares to be listed on each securities
exchange on which similar securities issued by the Company are then listed, or cause such Registrable Shares to be authorized for trading on the Nasdaq Stock Market if any similar securities issued by the Company are then so authorized, if requested
by the Holders of a majority of such Registrable Securities. 
 j. Provide a transfer agent and registrar for all
Registrable Shares registered pursuant hereunder and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration. 

k. In connection with an underwritten offering, to the extent requested by the managing underwriters or Holders,
participate in and support customary efforts to sell the Registrable Shares in the offering; including without limitation, participating in “road shows.” 

7.6 Delay of Registration; Furnishing Information. It shall be a condition precedent to the obligations of the Company to take any
action pursuant to Section 7.1, 7.2 or 7.3 that the selling Holders shall furnish to the Company such information regarding themselves, the Registrable Shares held by them and the intended method of disposition of such securities as shall be
required to effect the registration of their Registrable Securities. 
 7.7 Indemnification. In the event any Registrable
Shares are included in a registration statement under Section 7.1, 7.2 or 7.3: 
 a. To the extent permitted
by law, the Company will indemnify and hold harmless each Holder, the partners, stockholders, members, officers and directors of each Holder, any underwriter (as defined in the Securities Act) for such Holder and each person, if any, who controls
such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act or other
federal or state law, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”) by the
Company: (i) any untrue statement or alleged untrue statement of a material fact contained in such registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto,
(ii) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by the Company of the Securities
Act, the Exchange Act, any state securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities law in connection with the offering covered by such registration statement; and the Company will
pay as incurred to each such Holder, partner, stockholder, member, officer, director, underwriter or controlling person any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim,
damage, liability or action; provided, however, that the indemnity agreement contained in this Section 7.7(a) shall not apply to amounts paid in 

 

 16 

 
settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld, nor shall the
Company be liable in any such case for any such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a Violation which occurs in reliance upon and in conformity with written information furnished expressly
for use in connection with such registration by such Holder, partner, officer, director, underwriter or controlling person of such Holder. 

b. To the extent permitted by law, each Holder will, if Registrable Shares held by such Holder are included in the
securities as to which such registration, qualifications or compliance is being effected, indemnify and hold harmless the Company, each of its stockholders, directors, officers and each person, if any, who controls the Company within the meaning of
the Securities Act, any underwriter and any other Holder selling securities under such registration statement or any of such other Holder’s partners, stockholders, members, officers and directors, any underwriter (as defined in the Securities
Act) for such Holder and each person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any losses, claims, damages or liabilities (joint or several) to which the Company or any
such stockholder, director, officer, controlling person, underwriter or other such Holder, or the partners, stockholders, members, officers and directors of such other Holder, any underwriter (as defined in the Securities Act) for such Holder and
each person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims,
damages or liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished
by such Holder under an instrument duly executed by such Holder and stated to be specifically for use in connection with such registration; and each such Holder will pay as incurred any legal or other expenses reasonably incurred by the Company or
any such director, officer, controlling person, underwriter or other Holder, or the partners, stockholders, members, officers and directors of such other Holder, any underwriter (as defined in the Securities Act) for such Holder and each person, if
any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, in connection with investigating or defending any such loss, claim, damage, liability or action if it is judicially determined that there was
such a Violation; provided, however, that the indemnity agreement contained in this Section 7.7(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without
the consent of the Holder, which consent shall not be unreasonably withheld; provided further, that in no event shall any indemnity under this Section 7.7 exceed the proceeds from the offering received by such Holder; provided
further, that any payments will be repaid to each such Holder if the Company acted recklessly. 
 c. Promptly
after receipt by an indemnified party under this Section 7.7 of notice of the commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying
party under this Section 7.7, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with
any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however,  

 

 17 

 
that an indemnified party shall have the right to retain its own counsel, with the fees and expenses to be paid by the indemnifying party, if in the reasonable opinion of counsel representation
of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such proceeding. The
failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action, if (and only to the extent) materially prejudicial to its ability to defend such action, shall relieve such indemnifying
party of any liability to the indemnified party under this Section 7.7, but the omission so to deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under
this Section 7.7. 
 d. If the indemnification provided for in this Section 7.7 is held by a court of
competent jurisdiction to be unavailable to an indemnified party with respect to any losses, claims, damages or liabilities referred to herein, the indemnifying party, in lieu of indemnifying such indemnified party thereunder, shall to the extent
permitted by applicable law contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the
one hand and of the indemnified party on the other in connection with the Violation(s) that resulted in such loss, claim, damage or liability, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and
of the indemnified party shall be determined by a court of law by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the
indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission; provided, that in no event shall any contribution by a
Holder hereunder exceed the proceeds from the offering received by such Holder. 
 e. The obligations of the
Company and Holders under this Section 7.7 shall survive completion of any offering of Registrable Shares in a registration statement and the termination of this Agreement. No indemnifying party, in the defense of any such claim or litigation,
shall, except with the consent of each indemnified party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a
release from all liability in respect to such claim or litigation. 
 7.8 Assignment of Registration Rights. The rights
to cause the Company to register Registrable Shares pursuant to this Article VII may be transferred or assigned by a Holder to a transferee or assignee of Registrable Shares which (a) is a subsidiary, parent, stockholder, general partner,
limited partner, retired partner, member, retired member or Affiliate of a Holder, (b) is a Holder’s Immediate Family member or an estate or trust of or for the benefit of an individual Holder, or (c) acquires at least twenty percent
(20%) of the Registrable Shares held by such Holder; provided, however, (i) the transferor shall, within ten (10) days after such transfer, furnish to the Company written notice of the name and address of such transferee
or assignee and the securities with respect to which such registration rights are being assigned and (ii) such transferee shall become a party to this Agreement. 

 

 18 

 7.9 “Market Stand-Off” Agreement; Agreement to Furnish Information. Each
Holder hereby agrees that such Holder shall, if requested by the underwriter of any underwritten public offering of the Company’s Common Stock, agree with such underwriter not to sell, transfer, make any short sale of, grant any option for the
purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale of, any Common Stock (or other securities) of the Company held by such Holder (other than those included in the registration) for a period
specified by the representative of the underwriters of Common Stock (or other securities) of the Company (the “Restricted Period”) not to exceed ninety (90) days following the effective date of any registration statement of the
Company filed under the Securities Act in connection with the Initial Offering; provided that such agreements shall not apply to Registrable Shares included in such registration statement or sales or similar transactions effected pursuant to
a valid exemption from the registration requirements of the Securities Act. Each Holder agrees to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriter which are consistent with the foregoing or
which are necessary to give further effect thereto. In addition, if requested by the Company or the representative of the underwriters of Common Stock (or other securities) of the Company, each Holder shall provide, within ten (10) days of such
request, such information concerning such Holder as may be reasonably requested by the Company or such representative in connection with the completion of any public offering of the Company’s securities pursuant to a registration statement
filed under the Securities Act. The obligations described in this Section 7.9 shall not apply to a registration relating solely to employee benefit plans on Form S-1 or Form S-8 or similar forms that may be promulgated in the future, or a
registration relating solely to a Rule 145 transaction on Form S-4 or similar forms that may be promulgated in the future. The Company may impose stop-transfer instructions with respect to the shares of Common Stock (or other securities) subject to
the foregoing restriction until the end of the Restricted Period. 
 7.10 Information Regarding the Company. With a view
to making available to the Investor the benefits of certain rules and regulations of the SEC which may permit the sale of the Shares to the public without registration, the Company agrees to: 

a. Following the date upon which the Company registers the Common Stock with the Commission under Section 12 of the
Exchange Act, the Company will file with the SEC, in a timely manner, all reports and other documents required of the Company under the Exchange Act; and 

b. So long as Investor owns any Shares, furnish to Investor forthwith upon request: (i) a written statement by the
Company as to its compliance with the reporting requirements of the Exchange Act (at any time after it has become subject to such reporting requirements); (ii) a copy of the most recent annual or quarterly report of the Company; and
(iii) such other reports and documents as the Investor may reasonably request in availing itself of any rule or regulation of the SEC allowing it to sell the Shares without registration. 

7.11 Restrictions on Transfer. 

a. Each certificate representing Shares shall (unless otherwise permitted by the provisions of this Agreement) be stamped
or otherwise imprinted with a legend substantially similar to the legend contained in Section 4.5(e). 
  

 19 

 b. The Company shall be obligated to reissue promptly unlegended
certificates at the request of any holder thereof if the holder shall have obtained an opinion of counsel (which counsel may be counsel to the Company) reasonably acceptable to the Company to the effect that the securities proposed to be disposed of
may lawfully be so disposed of without registration, qualification or legend. 
 c. Any legend endorsed on an
instrument pursuant to applicable state securities laws and the stop-transfer instructions with respect to such securities shall be removed upon receipt by the Company of an order of the appropriate blue sky authority authorizing such removal.

 ARTICLE VIII 

GENERAL PROVISIONS 

8.1 Indemnification. The Investor agrees to indemnify and hold harmless the Company, its officers, managers, affiliates, counsel,
agents and each other Person, if any, who controls or is controlled by it, within the meaning of Section 15 of the Securities Act, against any and all loss, liability, claim, damage and expense whatsoever (including, but not limited to, any and
all expenses reasonably incurred in investigating, preparing or defending against any litigation commenced or threatened or any claim whatsoever) arising out of or based upon (a) any false representation or warranty or breach or failure by the
Investor to comply with any covenant or agreement made by the Investor herein or in any other document furnished by the Investor to any of the foregoing in connection with this transaction, or (b) the disposition of any of the Shares contrary
to the Investor’s declaration, representations and warranties in this Agreement. 
 8.2 Amendment. This Agreement
may be amended, modified or supplemented at any time by the parties hereto only by an instrument in writing signed on behalf of each of the parties hereto. No agreement made through the use of electronic records or electronic signatures, as those
terms are used in the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. Sec. 7001 et. seq., shall be enforceable or binding on either party hereto. Notwithstanding the previous sentence, facsimile signatures, telecopied
signatures, or copies of signatures in PDF format sent by e-mail, will constitute a sufficient form of writing for purposes of this Section 8.2 and Section 8.3. 

8.3 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all
of which together shall constitute one and the same instrument. 
 8.4 Headings. The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the meaning hereof. 
 8.5 Governing Law. This
Agreement, and any disputes arising hereunder or controversies related hereto, shall be governed by and construed in accordance with the internal laws of the State of New York except for the laws governing conflicts of law thereof (other than
Sections 5-1401 and 5-1402 of the New York General Obligations Law). 
  

 20 

 8.6 Severability. If any one or more of the provisions contained herein, or the
application thereof in any circumstance, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions hereof shall not
be in any way impaired. 
 8.7 Entire Agreement; Waivers. This Agreement is intended by the parties as a final expression
of their agreement and is intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings,
other than those set forth herein. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a
waiver of any other provision hereof (whether or not similar), nor shall such waiver constitute a continuing waiver unless otherwise expressly provided. 

8.8 Further Assurances. Each of the parties shall execute such documents and perform such further acts (including, without
limitation, obtaining any consents, exemptions, authorizations, or other actions by, or giving any notices to, or making any filings with, any Governmental Authority or any other Person) as may be reasonably required or desirable to carry out or to
perform the provisions of this Agreement. 
 8.9 Notices. All notices or other communications given or made hereunder
shall be in writing and shall be delivered or mailed by registered or first class mail, postage prepaid, or express overnight courier service, to the address set forth on the signature page hereof. 

[SIGNATURE PAGE FOLLOWS] 
  

 21 

 GEOSPATIAL HOLDINGS, INC. 

SUBSCRIPTION AGREEMENT 

COUNTERPART SIGNATURE PAGE 

IN WITNESS WHEREOF, the Company and the Investor have executed this Agreement as of March     , 2010.

  

							
	COMPANY:	 		 	
			
	GEOSPATIAL HOLDINGS, INC.	 		 	Address of the Company:
				
	By:	 	/s/ Mark A. Smith	 		 	229 Howes Run Road
	Name:	 	Mark A. Smith	 		 	Sarver, PA 16055
	Title:	 	Chief Executive Officer	 		 	

  

					
	INVESTOR:	 		 	
			
	NAME OF INVESTOR:	 		 	Address of Investor:
			
	2000 IRREVOCABLE TRUST FOR BENJAMIN SMITH	 		 	1001 CARLISIE STREET
	Print Name	 		 	NATRONA HEIGHTS, PA 15065
			
	/s/ Lisa A. Smith	 		 	 
	Signature	 		 	
			
	  	 		 	 
	Title (if Investor is not a natural person)	 		 	
			
	E-Mail Address: msmith@gooselakecapital.com	 		 	
			
	Fax Number: 724-353-3049	 		 	

  

				
	 Number of Shares to be Purchased
	  	 Purchase Price

	 200,000
	  	$	200,000.00

 Exhibit A to 

Subscription Agreement 

Wire Transfer Instructions: 
 Dollar Bank Pitts

 2700 Liberty Avenue 
 Pittsburgh,
PA 15222 
 Phone 412-261-8111 

ABA No.: 243074385 
 Account
No.: 2671774040 
 For account of: 

Geospatial Holdings, Inc. 
 229 Howes Run Road

 Sarver, PA 16055 
 Phone
412-724-353-3400 

 Exhibit B to 

Subscription Agreement 

Post-Offering Capitalization Table. 
 Please
see attached. 

 GEOSPATIAL HOLDINGS, INC. 

INSTRUCTIONS FOR RETURNING 

COUNTERPART SIGNATURE PAGE 

TO 

SUBSCRIPTION AGREEMENT 

Return completed and signed signature page by one of the following methods by no later than 5:00 p.m. Eastern time, on March 29, 2010:

 1. By U.S. mail or overnight courier service to: 

George Samuel III 

Winston & Strawn LLP 

200 Park Avenue 

New York, NY 10166 
 2. By
e-mail to: gsamuel@winston.comEmployment Agreement dated as of September 15, 2008

 Exhibit 10.41 

EMPLOYMENT AGREEMENT 

THIS AGREEMENT (“Agreement”), by and between GEOSPATIAL MAPPING SYSTEMS, INC., a Delaware corporation (the
“Company”), and Todd Porter (the “Executive”) is entered into as of                     , 2008
(the “Employment Date”). 
 In consideration of the mutual covenants set forth herein, the Company and the
Executive hereby agree as follows: 
 1. Employment. The Company hereby agrees to employ the Executive, and the
Executive agrees to continue to serve the Company, in the capacities described in Section 3 of this Agreement, during the Period of Employment (as defined in Section 2 of this Agreement), in accordance with the terms and conditions of this
Agreement. 
 2. Period of Employment. The term “Period of Employment” shall mean the period
which commenced on the Employment Date and, unless earlier terminated pursuant to Section 6, ends on April 21st, 2011. 

3. Duties During the Period of Employment. 

3.1 Duties. During the Period of Employment, the Executive shall be employed as an Executive Vice President of the Company
or other position as assigned by the President. 
 3.2 Scope. Throughout the Period of Employment, and excluding
any periods of vacation and sick leave to which the Executive is entitled, the Executive shall devote substantially all of his business time and attention to the business and affairs of the Company. It shall not be a violation of this Agreement for
the Executive to (a) serve on corporate, civic or charitable boards or committees, (b) deliver lectures, fulfill speaking engagements or teach occasional courses or seminars at educational institutions, or (c) manage personal
investments and engage in any other activities, so long as such activities under clauses (a), (b) and (c) do not interfere, in any significant respect, with the Executive’s responsibilities hereunder or otherwise violate this
Agreement or the Agreement Not to Compete executed and delivered by the Executive pursuant to the provisions of Section 12. 

4. Compensation and Other Payments. 

4.1 Salary. During the Period of Employment, the Executive’s Base Salary shall initially be at the rate of Two Hundred Twenty
Thousand Dollars ($220,000) per year (the “Base Salary”). Executive shall participate in the Company’s Executive Bonus Compensation Plan to be established by the Compensation Committee of the Company’s board of directors.

 4.2 Stock Options. The Company hereby grants to the Executive a ten (10) year stock option award with respect to
Five Hundred Thousand (500,000) shares of common stock of the Company at an exercise price of eighty cents ($0.80) per share. This option award (a) is a non-qualified option granted under the 2007 Stock Option Plan of the

 
Company dated December 1, 2007, (b) 1/3 of the options will vest and be exercisable 365 days from the date of grant, and 1/3 shall vest on each successive 365 day period thereafter, and
(c) shall be further documented by an option agreement in the form customarily used by the Company for non-qualified option awards under that plan, but with all terms consistent with this Agreement. 

4.3 Other Compensation. During the Period of Employment, the Executive shall be entitled to participate, at a level and on a
basis commensurate with the Executive’s position and responsibilities, in any and all supplemental compensation plans or arrangements established by the Company for its senior executives, including but not limited to any equity-based incentive
compensation plans or arrangements. 
 5. Other Executive Benefits. 

5.1 Business Expenses. Subject to the Executive’s compliance with the policies and procedures approved by the Board and
applicable to all senior executives of the Company, the Company shall promptly reimburse the Executive for all expenses and disbursements reasonably incurred by the Executive in the performance of his duties hereunder during the Period of
Employment. 
 5.2 Benefit Plans. The Executive and his eligible family members shall be entitled, subject to any
normally applicable waiting periods and eligibility criteria, to participate, on terms no less favorable to the Executive than the terms offered to other senior executives of the Company, in any group and/or executive life, hospitalization or
disability insurance plan, health program, pension, profit sharing, 401(k) and similar benefit plans (qualified, non-qualified and supplemental) or other fringe benefits (it being understood that items such as stock options and other equity awards
are not fringe benefits) of the Company (collectively referred to as the “Benefits”). Anything contained herein to the contrary notwithstanding, the Benefits described herein shall not duplicate benefits made available to the
Executive pursuant to any other provision of this Agreement. (Note: medical and dental insurance to be paid 100% by Company. Life insurance shall be equal to 4 times base salary and disability shall be at limits set by the Company’s
Compensation Committee for all executives). 
 5.3 Holidays and Vacation. During the Period of Employment, the Executive
shall be entitled to four (4) weeks paid holidays and other absences from work that are reasonably consistent with the performance of the Executive’s duties as provided in this Agreement. Such vacations and absences shall be consistent
with those generally provided to other senior executives of the Company.. 
 5.4 Company Automobile. During the Period
of Employment, the Executive shall be reimbursed for use of an automobile in accordance with a policy approved by the Board. 

5.5 Education Reimbursement. Upon the successful completion of the Executive’s current E-MBA program Company shall reimburse
Executive $26,500. 
  

 -2- 

 6. Termination. 

6.1 Death. The Period of Employment shall terminate automatically upon the Executive’s death. 

6.2 Disability. If the Company determines in good faith that the Disability of the Executive has occurred (pursuant to the
definition of “Disability” set forth below), it may give to the Executive written notice of its intention to terminate the Executive’s employment. In such event, the Period of Employment shall terminate effective on the 30th day after
receipt by the Executive of such written notice given at any time after a period of 120 consecutive days of Disability or a period of 180 days of Disability within any 12 consecutive months, and, in either case, while such Disability is continuing
(“Disability Effective Date”). The Disability Effective Date shall not occur if the Executive returns to performance of the Executive’s duties as contemplated in this Agreement within 30 days after receipt of such notice. For
purposes of this Agreement, “Disability” means the Executive’s inability to substantially perform his duties hereunder, with reasonable accommodation, as evidenced by a certificate signed either by a physician mutually
acceptable to the Company and the Executive or, if the Company and the Executive cannot agree upon a physician, by a physician selected by agreement of a physician designated by the Company and a physician designated by the Executive; provided,
however, that if such physicians cannot agree upon a third physician within 30 days, such third physician shall be designated by the American Arbitration Association. Until the Disability Effective Date, the Executive shall be entitled to all
compensation and benefits provided for under Sections 4 and 5 hereof. It is understood that nothing in this Section 6.2 shall serve to limit the Company’s obligations under Section 7.3, below. 

6.3 By the Company for Cause. During the Period of Employment, the Company may terminate the Executive’s employment
immediately for “Cause.” For purposes of this Agreement, “Cause” means (a) a material breach of this Agreement by the Executive or the gross neglect of the Executive’s duties hereunder (after the provision to the
Executive by the Company of written notice reasonably specifying the breach and/or performance deficiency and thirty (30) days to cure such breach), (b) the Executive’s willful misconduct or gross negligence, which is demonstrably and
materially injurious to the Company monetarily or otherwise, or (c) the Executive’s engaging in egregious misconduct involving serious moral turpitude to the extent that the Executive’s credibility and reputation no longer conforms to
the standards of employees of the Company employed in a similar level or position. For purposes of this definition, no act or failure to act on the part of the Executive shall be considered “willful” unless it is done, or omitted to be
done, by the Executive in bad faith or without reasonable belief that the Executive’s action or omission was in the best interest of the Company. Any act, or failure to act, based upon direction given in a resolution duly adopted by the Board
or based upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by the Executive in good faith and in the best interest of the Company. The foregoing notwithstanding, the Company may not
terminate the Executive’s employment for Cause, and any purported termination by the Company of Executive’s employment shall be presumed other than for Cause, unless (i) a determination that Cause exists is made and approved by at
least a 3/4ths majority of the Board, (ii) the Executive is given at least seven (7) days written notice of the Board meeting called to make such determination, including written notice of the particulars purporting to establish Cause and
(iii) the Executive and his legal counsel are given the opportunity to address that meeting. 
  

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 6.4 By Executive for Good Reason. During the Period of Employment, the
Executive’s employment hereunder may be terminated by the Executive for Good Reason upon (30) days’ written notice. For purposes of this Agreement, “Good Reason” means, without the Executive’s written consent,
any material breach of this Agreement by the Company (after the provision to the Company by the Executive of written notice reasonably specifying the breach and/or performance deficiency and thirty (30) days to cure such breach). 

6.5 Other than for Cause or Good Reason. The Executive or the Company may terminate this Agreement for any reason other than for
Good Reason or Cause, respectively, upon 30 days’ written notice to the Company or the Executive, as the case may be. 

6.6 Notice of Termination. Any termination by the Company or by the Executive shall be communicated by a Notice of Termination to
the other party hereto given in accordance with Section 18.2 of this Agreement. For purposes of this Agreement, a “Notice of Termination” means a written notice which (a) indicates the specific termination provision in
this Agreement relied upon, (b) sets forth in reasonable detail, if applicable, the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated, and (c) if the Date
of Termination (as defined below) is other than the date of receipt of such notice, specifies the Date of Termination. The failure by the Executive or Company to set forth in the Notice of Termination any fact or circumstance which contributes to a
showing of the basis for termination shall not waive any right of such party hereunder or preclude such party from asserting such fact or circumstance in enforcing his or its rights hereunder. 

6.7 Date of Termination. “Date of Termination” means the date specified in the Notice of Termination; provided,
however, that if the Executive’s employment is terminated by reason of death or Disability, the Date of Termination shall be the date of death of the Executive or the Disability Effective Date, as the case may be. 

7. Obligations of the Company Upon Termination. The following provisions of this Section 7 describe the entire obligations of
the Company to the Executive upon termination of his employment under this Agreement. 
 7.1 Termination by the Company for
Cause or by Executive’s Resignation without Good Reason. In the event the Period of Employment terminates by reason of the termination of the Executive’s employment by the Company for Cause, or by reason of the resignation of the
Executive other than for Good Reason, the Company shall pay to the Executive all Accrued Obligations. “Accrued Obligations” shall mean, as of the Date of Termination, the sum of (a) the Executive’s Base Salary through the Date
of Termination to the extent not theretofore paid, (b) the amount of any bonus, incentive compensation, deferred compensation and other cash compensation earned by the Executive as of the Date of Termination to the extent not theretofore paid,
and (c) any vacation pay, expense reimbursements and other cash entitlements earned by the Executive as of the Date of Termination to the extent not theretofore paid. 
  

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 7.2 Death. If the Period of Employment is terminated by death, the Executive’s
beneficiaries shall be paid the Accrued Obligations. In addition, all equity awards granted to the Executive by the Company that have not yet vested shall fully vest on the Date of Termination; and all vested options (whether previously vested or
vesting under this sentence) shall remain exercisable for a period equal to their full original terms. 
 7.3
Disability. If the Period of Employment is terminated because of Disability, the Executive shall be paid the Accrued Obligations. In addition, all equity awards granted to the Executive by the Company that have not yet vested shall fully vest on
the Date of Termination; and all vested options (whether previously vested or vesting under this sentence) shall remain exercisable for a period equal to their full original terms. 

7.4 Resignation with Good Reason or Termination without Cause. If the Company terminates the Executive’s employment other
than for Cause (and other than due to the Executive’s Disability), or if the Executive terminates his employment for Good Reason, the Executive shall receive, in addition to payment of the Accrued Obligations, the following: 

7.4.1. A lump sum cash payment in an amount equal to the number of months remaining in the Period of
Employment multiplied by the sum of (a) 1/12th of the
Executive’s annual Base Salary on the Date of Termination (without regard to any reduction in Base Salary not approved by the Executive). 

7.4.2 Immediate vesting in all equity awards granted to the Executive by the Company but not yet vested as of the Date of
Termination; 
 7.4.3 Continued exercisability, for a period equal to their full original terms, for all vested options,
whether previously vested or vesting under subsection 7.4.2; 
 7.4.4 For a period of 12 months after the Date of
Termination, the Company shall continue health, prescription drug, dental, disability and life insurance benefits to the Executive and/or the Executive’s eligible family members at least equal to those which would have been provided to them in
accordance with Section 5.2 of this Agreement if the Executive’s employment had not been terminated (provided that any benefits provided under this subsection 7.4.4 are subject to immediate early termination if the Executive becomes
eligible to receive similar types of benefits through subsequent employment). 
 7.5 Release. Any and all compensation
and benefits payable pursuant to Section 7.4, above, beyond payments of the Accrued Obligations shall be payable only if the Executive delivers to the Company a general release, in a form reasonably prescribed by the Company, of all claims of
the Executive arising up to the date of the release; and such release shall be delivered by the Executive within twenty-one (21) days after presentation thereof to the Executive by the Company. 

7.6 Exclusive Rights. It is understood that the Executive’s rights under this Section 7 are in lieu of all other rights
which the Executive may otherwise have had upon termination of employment under this Agreement. 
  

 -5- 

 7.7 No Right of Set-Off. The Company shall have no right to reduce, because of any
debt or financial obligation of the Executive to the Company, the amount of any compensation or benefit otherwise payable by the Company to the Executive under this Agreement or under any other plan, policy, arrangement or practice of the Company.

 8. Taxes. In the event that the aggregate of all payments or benefits made or provided to, or that may be made or
provided to, the Executive under this Agreement and under all other plans, programs and arrangements of the Company (the “Aggregate Payment”) is determined to constitute an “excess parachute payment,” as such term is defined in
Section 280G(b) of the Internal Revenue Code, the Company shall pay to the Executive prior to the time any excise tax imposed by Section 4999 of the Internal Revenue Code (“Excise Tax”) is payable with respect to such Aggregate
Payment, an additional amount which, after the imposition of all income and excise taxes thereon, is equal to the Excise Tax on the Aggregate Payment. The determination of whether the Aggregate Payment constitutes an excess parachute payment and, if
so, the amount to be provided to the Executive and the time of payment pursuant to this Section 8 shall be made by an independent auditor (the “Auditor”) jointly selected by the Company and the Executive and paid by the Company. The
Auditor shall be a nationally recognized United States public accounting firm which has not, during the two (2) years immediately preceding the date of its selection, acted in any way on behalf of the Company or any affiliate thereof. If the
Executive and the Company cannot agree on the firm to serve as the Auditor, then the Executive and the Company shall each select one accounting firm and those two firms shall jointly select the accounting firm to serve as the Auditor.
Notwithstanding the foregoing, in the event that the amount of the Executive’s Excise Tax liability is subsequently determined to be greater than the Excise Tax liability with respect to which any initial payment to the Executive under this
Section 8 has been made, the Company shall pay to the Executive an additional amount (grossed up for all taxes), with respect to such additional Excise Tax (and any interest and penalties thereon) at the time and in the amount reasonably
determined by the Auditor. Similarly, if the amount of the Executive’s Excise Tax liability is subsequently determined to be less than the Excise Tax liability with respect to which any prior payment to the Executive has been made under this
Section 8, the Executive shall refund to the Company the excess amount received, after reduction for any nonrefundable tax, penalties and/or interest incurred by the Executive in connection with the receipt of such excess, and such refund shall
be paid promptly after the Executive has received any corresponding refund of excess Excise Tax paid to the Internal Revenue Service. The Executive and the Company shall cooperate with each other in connection with any proceeding or claim relating
to the existence or amount of liability for Excise Tax, and all expenses incurred by the Executive in connection therewith shall be paid by the Company promptly upon notice of demand from the Executive. 

9. Mitigation. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation
of the amounts payable to the Executive under any of the provisions of this Agreement. Except as otherwise set forth herein with respect to health, prescription drug, dental, disability and life insurance benefits, any severance benefits payable to
the Executive shall not be subject to reduction for any compensation received from other employment. 
  

 -6- 

 10. Indemnification. The Executive shall be indemnified by the Company against
liability as an officer and director of the Company and any subsidiary or affiliate of the Company to the maximum extent permitted by applicable law. To the full extent permitted under the corporate governing documents of the Company, and subject to
the terms of any policies and procedures applicable to all directors and senior officers of the Company, the Company shall advance to the Executive payment of reasonable costs of defending against any claims covered by the foregoing indemnification
commitment. The Executive’s rights under this Section 10 shall continue so long as he may be subject to such liability, whether or not this Agreement may have terminated prior thereto. 

11. Confidential Information and Trade Secrets. As a condition to the Company’s obligations hereunder, the Executive shall
execute and deliver to the Company an Agreement Not to Compete in the form attached as Exhibit A to this Agreement. The Company hereby acknowledges receipt of an Agreement Not to Compete executed by the Executive. 

12. Withholding. Anything in this Agreement to the contrary notwithstanding, all payments required to be made by the Company
hereunder to the Executive shall be subject to withholding at the time payments are actually made to the Executive and received by him of such amounts relating to taxes as the Company may reasonably determine it should withhold pursuant to any
applicable law or regulation. In lieu of withholding such amounts, in whole or in part, the Company may, in its sole discretion, accept other provision for payment of taxes as required by law, provided that it is satisfied that all requirements of
law as to its responsibilities to withhold such taxes have been satisfied. 
 13. Arbitration. Any dispute or controversy
between the Company and the Executive arising out of or relating to this Agreement, other than a dispute arising out of or related to the Non-Disclosure of Confidential Information and Trade Secrets Agreement, shall be settled by arbitration
conducted under the rules of (but not necessarily administered by) the American Arbitration Association (“AAA”) in accordance with its National Rules for the Resolution, of Employment Disputes then in effect, and judgment on any
award rendered by the arbitrator may be entered in any court having jurisdiction thereof. Any arbitration shall be held before a single arbitrator who shall be selected by the agreement of the Company and the Executive, unless the parties are unable
to agree to an arbitrator, in which case the arbitrator will be selected under the procedures of the AAA. The arbitrator shall have the authority to award any remedy or relief that a court of competent jurisdiction could order or grant, including,
without limitation, the issuance of an injunction. Either party may, without inconsistency with this arbitration provision, apply to any court having jurisdiction over the parties and seek interim provisional, injunctive or other interim equitable
relief until the arbitration award is rendered or the controversy is otherwise resolved. Except as necessary in court proceedings to enforce this arbitration provision or an award rendered hereunder, or to obtain interim relief, neither a party nor
an arbitrator may disclose the existence, content or results of any arbitration hereunder without the prior written consent of the Company and the Executive. The Company and the Executive acknowledge that this Agreement evidences a transaction
involving interstate commerce. Notwithstanding any choice of law provision included in this Agreement, the United States Federal Arbitration Act shall govern the interpretation and enforcement of this arbitration provision. The arbitration
proceeding shall be conducted in Pittsburgh, Pennsylvania or such other location to which the parties may agree. The Company shall pay the costs of any arbitrator appointed hereunder. 

 

 -7- 

 14. Disputes; Payment of Attorneys’ Fees. In the event that the Executive is the
prevailing party, or is successful to a material degree, in pursuing or defending, whether in arbitration or litigation, any claim or dispute relating to the Executive’s employment with the Company, including but not limited to any claim or
dispute relating to (a) this Agreement, (b) termination of the Executive’s employment with the Company or (c) the failure or refusal of the Company or the Executive to perform fully in accordance with the terms hereof, the
Company shall promptly reimburse the Executive for all reasonable costs and expenses (including, but not limited to, attorneys’ fees) relating solely, or reasonably allocable, to such claim or dispute. In any other case, the Executive and the
Company shall each bear all of their own costs and expenses (including, but not limited to, attorneys’ fees). Upon written request from the Executive while any claim or dispute described in the first sentence of this Section 14 is pending,
the Company shall promptly reimburse the Executive for all reasonable costs and expenses relating to such claim or dispute; provided that the Executive agrees in writing that he will repay the Company in full for such reimbursement if he is not
ultimately successful to a material degree with respect to the substance of such claim or dispute. In addition, the Company shall promptly reimburse the Executive for all reasonable costs and expenses (including, but not limited to, attorneys’
fees) incurred by the Executive in preparing responses to Internal Revenue Service (“IRS”) audits of the Executive’s personal income tax returns or otherwise defending such tax returns in any administrative proceeding or civil
litigation relating thereto that is occasioned by or connected with an audit by the IRS of one or more income tax returns of the Company. The provisions of this Section 14 shall survive the expiration or termination of this Agreement and the
Period of Employment. 
 15. Successors. 

15.1 This Agreement is personal to the Executive and without the prior written consent of the Company shall not be assignable by
the Executive otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive’s heirs and legal representatives. 

15.2 This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns. 

15.3 As used in this Agreement, the term “Company” shall include any successor to the Company’s business and/or
assets as aforesaid which assumes and agrees to perform this Agreement by operation of law, or otherwise. 
 16.
Representations. 
 16.1 The Company represents and warrants that (a) the execution of this Agreement has been
duly authorized by the Company, including action of the Board, (b) the execution, delivery and performance of this Agreement by the Company does not and will not violate any law, regulation, order, judgment or decree or any agreement, plan or
corporate governance document of the Company, and (c) upon the execution and delivery of this Agreement by the Executive, this Agreement shall be the valid and binding obligation of the Company, enforceable in accordance with its terms, except
to the extent enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally and by the effect of general principles of equity (regardless of whether enforceability is
considered in a proceeding in equity or at law). 
  

 -8- 

 16.2 The Executive represents and warrants to the Company that (a) the
execution, delivery and performance of this Agreement by the Executive does not and will not violate any law, regulation, order, judgment or decree or any agreement to which the Executive is a party or by which he is bound, (c) upon the
execution and delivery of this Agreement by the Company, this Agreement shall be the valid and binding obligation of the Executive, enforceable in accordance with its terms, except to the extent enforceability may be limited by applicable
bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally and by the effect of general principles of equity (regardless of whether enforceability is considered in a proceeding in equity or at law).

 17. Miscellaneous. 

17.1 This Agreement shall be governed by and construed in accordance with the laws of the state of Pennsylvania, without reference
to principles of choice of law. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect. This Agreement may not be amended or modified otherwise than by a written agreement executed by the parties
hereto or their respective successors or legal representatives. 
 17.2 All notices and other communications given or
made pursuant to this Agreement shall be in writing and shall be deemed to have been duly given or made the second business day after the date of mailing, if delivered by registered or certified mail, postage prepaid; upon delivery, if sent by hand
delivery; upon delivery, if sent by prepaid courier, with a record of receipt; or the next day after the date of dispatch, if sent by cable, telegram, facsimile or telecopy (with a copy simultaneously sent by registered or certified mail, postage
prepaid, return receipt requested), to the parties at the following addresses: 
 if to the Executive, to: 

Todd Porter 

18940 KZ Road 

Cypress, TX 77433 

Telephone: 832-732-0665 

if to Company, to: 

Geospatial Mapping Systems, Inc. 

229 Howes Run Road 

Sarver, PA 16055 

Attention: General Counsel 

Facsimile: 724-353-3049 

Telephone: 724-353-3400 

Any party hereto may change the address to which notice to it, or copies thereof, shall be addressed, by giving notice thereof to the
other parties hereto in conformity with the foregoing. 
  

 -9- 

 17.3 None of the provisions of this Agreement shall be deemed to impose a penalty.

 17.4 The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or
enforceability of any other provision of this Agreement. 
 17.5 Any party’s failure to insist upon strict
compliance with any provision hereof shall not be deemed to be a waiver of such provision or any other provision hereof. 

17.6 This Agreement supersedes any and all prior communications, understandings, and agreements, written or oral, between the
Company and the Executive with respect to the subject matter hereof, and contains the entire understanding of the Company and the Executive with respect to the subject matter hereof. In the event of any inconsistency between this Agreement and any
plan, policy, arrangement or practice of the Company, the relevant provision of this Agreement shall control. 
 17.7
This Agreement may be executed simultaneously in two (2) or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. 

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

 

			
	GEOSPATIAL MAPPING SYSTEMS, INC.
		
	By:	 	 /s/ Mark A. Smith

	Its:	 	Chief Executive Officer
	
	Todd Porter
	 /s/ Todd Porter

 

 -10-

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