Document:

Exhibit 10.1

 

FIFTH AMENDMENT TO

 

AMENDED AND RESTATED $650,000,000 WAREHOUSING CREDIT

 

AND SECURITY AGREEMENT

 

among

 

WALKER & DUNLOP, LLC

 

as Borrower,

 

WALKER & DUNLOP, INC.

 

as Parent,

 

and

 

THE LENDERS PARTY HERETO,

 

PNC BANK, NATIONAL ASSOCIATION,

 

as Administrative Agent

 

and

 

PNC CAPITAL MARKETS LLC,

 

as Lead Arranger and Sole Bookrunner

 

Dated:  October 26, 2015

 

 

 

FIFTH AMENDMENT TO AMENDED AND RESTATED WAREHOUSING CREDIT

AND SECURITY AGREEMENT

 

THIS FIFTH AMENDMENT TO AMENDED AND RESTATED WAREHOUSING CREDIT AND SECURITY AGREEMENT (this “Fifth Amendment”) is made effective as of the 26th day of October, 2015, by and among WALKER & DUNLOP, LLC, a Delaware limited liability company (“Borrower”), WALKER & DUNLOP, INC., a Maryland corporation (“Parent”), the lenders party to the Credit Facility Agreement defined below (the “Lenders”) and PNC BANK, NATIONAL ASSOCIATION, in its capacity as Administrative Agent for the Lenders under the Credit Facility Agreement (hereinafter referred to in such capacity as the “Administrative Agent”).

 

R E C I T A L S

 

WHEREAS, the Lenders and Borrower are parties to that certain Amended and Restated Warehousing Credit and Security Agreement, dated as of June 25, 2013, by and among Borrower, Parent, the Lenders and the Administrative Agent (the “Original Credit Facility Agreement”), as amended by that certain First Amendment to Amended and Restated Warehousing Credit and Security Agreement, dated as of December 20, 2013 (the “First Amendment”), that certain Second Amendment to Amended and Restated Warehousing Credit and Security Agreement, effective as of June 17, 2014 (the “Second Amendment”), that certain Third Amendment to Amended and Restated Warehousing Credit and Security Agreement, effective as of August 26, 2014 (the “Third Amendment”) and that certain Fourth Amendment to Amended and Restated Warehousing Credit and Security Agreement, effective as of June 17, 2015 (the “Fourth Amendment”, and the Original Credit Facility Agreement, as amended by the First Amendment, Second Amendment, Third Amendment and Fourth Amendment, is herein referred to as the “Credit Facility Agreement”), whereby upon the satisfaction of certain terms and conditions set forth therein, the Lenders agreed to make Warehousing Advances from time to time, up to the Warehousing Credit Limit (each such term as defined in the Credit Facility Agreement).

 

WHEREAS, Borrower has requested, and the Administrative Agent and the Lenders have agreed, pursuant to the terms hereof, to modify certain terms of the Credit Facility Agreement as set forth in this Fifth Amendment.

 

NOW, THEREFORE, for and in consideration of the premises, the mutual entry of this Fifth Amendment by the parties hereto and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereby agree as follows:

 

Section 1.        Recitals.  The Recitals are hereby incorporated into this Fifth Amendment as a substantive part hereof.

 

Section 2.        Definitions.  Terms used herein and not otherwise defined shall have the meanings set forth in the Credit Facility Agreement.

 

 

Section 3.        Amendments to Credit Facility Agreement.  The Credit Facility Agreement is hereby amended as follows:

 

(a)        Section 7.16 of the Credit Facility Agreement is hereby deleted in its entirety and replaced with the following:

 

“7.16               Sale of Mortgage Loan to Investor.

 

Provide status reports of its efforts to sell each Mortgage Loan to the applicable Investor on the earlier of: (a) within five (5) days after Borrower becomes aware of any fact or circumstance that causes Borrower to believe that the Investor may not purchase the Mortgage Loan within sixty (60) days after the date of the related Warehousing Advance, in which case such status report shall include Borrower’s plan for repaying the Administrative Agent the amount of the Mortgage Loan, or (b) fifty-five (55) days after the date of the applicable Warehousing Advance.  In addition, if the Investor has not purchased, and Borrower has not repaid, the Mortgage Loan within fifty-five (55) days after the date of the related Warehousing Advance, Borrower shall immediately cause the Administrative Agent to be named as an additional insured under the property insurance policy covering the property which is collateral for the Mortgage Loan  Notwithstanding the foregoing, for any Freddie Mac Program Plus Mortgage Loan that has a Closing Date between August 28, 2015 and December 15, 2015, (i) the Borrower must provide status reports of its efforts to sell the Mortgage Loan to Freddie Mac on the earlier of: (a) within five (5) days after the Borrower becomes aware of any fact or circumstance that causes the Borrower to believe that Freddie Mac may not purchase the Mortgage Loan by February 15, 2016, in which case such status report shall include Borrower’s plan for repaying the Administrative Agent the amount of the Mortgage Loan, or (b) February 10, 2016 and (ii) if Freddie Mac has not purchased, and the Borrower has not repaid, the Mortgage Loan by February 15, 2016, the Borrower shall immediately cause the Administrative Agent to be named as an additional insured under the property insurance policy covering the property which is collateral for the Mortgage Loan.”

 

(b)        The following defined terms set forth in Section 13.1 of the Credit Facility Agreement are hereby deleted in their entirety and replaced with the following:

 

‘“Applicable Base Rate” means for any day, a fluctuating per annum rate of interest equal to the sum of (a) the higher of (i) the Prime Rate and (ii) the Federal Funds Open Rate plus forty basis points (0.40%), and (b) one and one-half percent (1.5%).  The calculation and determination of the Applicable Base Rate shall be made daily by the Administrative Agent and such determination shall, absent manifest error, be final, conclusive and binding upon Borrower and the Administrative Agent.  Changes in the Applicable Base Rate shall become effective on the same day as the Administrative Agent changes its Prime Rate or a change occurs in the Federal Funds Open Rate, depending upon which rate is applicable on that day to the determination of the Base Rate.’

 

‘“Applicable Daily Floating LIBO Rate” means, for any day, a rate per annum equal to the Daily LIBO Rate for such day, plus one and 40/100th percent (1.40%).’

 

2

 

‘“Warehousing Advance Due Date” means with respect to a Warehousing Advance, the date that is sixty (60) days after the date of such Warehousing Advance; provided, however, that it means February 15, 2016 with respect to a Warehousing Advance made in connection with a Freddie Mac Program Plus Mortgage Loan that has a Closing Date between August 28, 2015 and December 15, 2015.’

 

Section 4.        Ratification, No Novation, Effect of Modifications.  Except as may be amended or modified hereby, the terms of the Credit Facility Agreement are hereby ratified, affirmed and confirmed and shall otherwise remain in full force and effect.  Nothing in this Fifth Amendment shall be construed to extinguish, release, or discharge or constitute, create or effect a novation of, or an agreement to extinguish, release or discharge, any of the obligations, indebtedness and liabilities of Borrower or any other party under the provisions of the Credit Facility Agreement or any of the other Loan Documents, unless specifically herein provided.

 

Section 5.        Amendments.  This Fifth Amendment may be amended or supplemented by and only by an instrument executed and delivered by each party hereto.

 

Section 6.        Waiver.  The Lenders shall not be deemed to have waived the exercise of any right which they hold under the Credit Facility Agreement unless such waiver is made expressly and in writing (and no delay or omission by any Lender in exercising any such right shall be deemed a waiver of its future exercise).  No such waiver made as to any instance involving the exercise of any such right shall be deemed a waiver as to any other such instance, or any other such right.  Without limiting the operation and effect of the foregoing provisions hereof, no act done or omitted by any Lender pursuant to the powers and rights granted to it hereunder shall be deemed a waiver by any Lender of any of its rights and remedies under any of the provisions of the Credit Facility Agreement, and this Fifth Amendment is made and accepted without prejudice to any of such rights and remedies.

 

Section 7.        Governing Law.  This Fifth Amendment shall be given effect and construed by application of the law of the Commonwealth of Pennsylvania.

 

Section 8.        Headings.  The headings of the sections, subsections, paragraphs and subparagraphs hereof are provided herein for and only for convenience of reference, and shall not be considered in construing their contents.

 

Section 9.        Severability.  No determination by any court, governmental body or otherwise that any provision of this Fifth Amendment or any amendment hereof is invalid or unenforceable in any instance shall affect the validity or enforceability of (i) any other such provision or (ii) such provision in any circumstance not controlled by such determination.  Each such provision shall be valid and enforceable to the fullest extent allowed by, and shall be construed wherever possible as being consistent with, applicable law.

 

Section 10.      Binding Effect.  This Fifth Amendment shall be binding upon and inure to the benefit of the Administrative Agent, the Borrower, the Parent, the Lenders, and their respective permitted successors and assigns.

 

3

 

Section 11.      Counterparts.  This Fifth Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which shall constitute one and the same instrument.

 

[REMAINDER OF PAGE INTENTIONALLY BLANK]

 

4

 

IN WITNESS WHEREOF, each of the parties hereto have executed and delivered this Fifth Amendment under their respective seals as of the day and year first written above.

 

	
 
    	
WALKER &   DUNLOP, LLC, as Borrower
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Stephen P. Theobald
    
	
 
    	
Name:
    	
 Stephen P. Theobald
    
	
 
    	
Title:
    	
Executive Vice   President, Chief
    
	
 
    	
 
    	
Financial   Officer & Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
WALKER &   DUNLOP, INC., as Parent
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Stephen P. Theobald
    
	
 
    	
Name:
    	
 Stephen P. Theobald
    
	
 
    	
Title:
    	
Executive Vice   President, Chief
    
	
 
    	
 
    	
Financial   Officer & Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
PNC BANK, NATIONAL   ASSOCIATION,
    
	
 
    	
as Administrative Agent   and Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Donald Thomas
    
	
 
    	
Name: Donald Thomas
    
	
 
    	
Title: AVP
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
WELLS FARGO BANK,   NATIONAL ASSOCIATION, as Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ John Nelson
    
	
 
    	
Name: John Nelson
    
	
 
    	
Title: Managing   Director
    
				

 

 

 

 

 

 

 

 

 

 

Signature Page  -  Fifth Amendment to Amended and Restated Warehousing Credit and Security AgreementExhibit
10.1

 

Lifelogger
Technologies Corp.

11380
Prosperity Farms Road, Suite 221E,

Palm
Beach Gardens, Florida 33410

 

October
26, 2015

 

Andres Espineira,
CEO

Pixorial,
Inc.

18555 E
Smoky Hill Rd #461749

Aurora,
CO 80015-3105

 

Re:
Binding Letter of Intent/Term Sheet for Proposed Asset Purchase

 

Dear Mr.
Espineira:

 

Lifelogger
Technologies Corp., a Nevada corporation (“Company”), is pleased to submit this binding term sheet (“Term
Sheet”) concerning the Company’s purchase of the assets (the “Asset Purchase”) of Pixorial,
Inc., a Colorado corporation (“Pixorial”). This Term Sheet reflects the mutual intention of the Company and
Pixorial to effectuate the Asset Purchase on the general terms and conditions set forth below (the “Acquisition”).
In addition, the Company proposes to engage Andres Espineira as a consultant to the Company and enter into a license agreement
related to Pixorial’s software. In this Term Sheet, Company and Pixorial each may also be referred to as a “Party”
and, together, as the “Parties.”

 

Upon
execution of this Term Sheet, the Parties will begin due diligence with the intention of negotiating a definitive written agreement
to effectuate the Asset Purchase (the “Asset Purchase Agreement”) and related agreements, including, potentially,
bills of sale, assignment agreements, escrow agreement, indemnity agreements, and consulting agreements, etc. to be negotiated
among the Parties to this Term Sheet (together with the Asset Purchase Agreement, the “Definitive Agreement(s)”).
The Asset Purchase Agreement will contain terms and conditions of this letter of intent, and contain the usual agreements, covenants,
conditions, representations, warranties, indemnifications and other provisions commonly found in such agreements.

 

Based
on the information currently known to the Parties, the Parties mutually agree that the following terms reflect their mutual intent:

 

	Item	 	Description
	 	 	 
	Basic
                                                      Transaction:

         
	 	The
        Company will acquire certain assets of Pixorial as listed on Exhibit “A” (the “Pixorial Assets”),
        free and clear of any liens, claims or encumbrances. In exchange for Pixorial Assets, the Company will issue to Pixorial,
        or its designee(s), 3,200,000 shares of Company’s unregistered common stock (the “Company Shares”).
        The Company Shares will be issued free and clear of any liens, claims or other encumbrances, subject to normal restrictions
        under the Securities Act of 1933, as amended (the “Securities Act”).

         

        The
        Company Shares shall be subject to a 3-year lock-up from the closing date and a leak-out agreement which permits the sale
        of 1/3 of the Company Shares on each anniversary of the Closing (the “Leak-Out”). Notwithstanding anything
        herein to the contrary, the Company Shares may not be sold or transferred unless (a) free of the terms of the Leak-Out
        and (b) registered under the Securities Act of 1933, as amended (the “Securities Act”), or pursuant
        to an exemption from registration under the Securities Act.

         

        Furthermore,
        the Company will engage Andres Espineira as a consultant to the Company on terms and conditions set forth below.

 

    	 

    	 

    

 

	Consulting
    Agreement:	Upon
execution of an Asset Purchase Agreement but with an effective date of November 1, 2015, the Company will execute and deliver
a consulting agreement (“Consulting Agreement”) with Andres Espineira pursuant to which Mr. Espineira shall perform
specific services to the Company as set forth in such Consulting Agreement over a 40 month period after the effective date of
the agreement. As compensation for his services pursuant to the Consulting Agreement, Mr. Espineira shall receive certain consideration
from the Company as follows:

 

	 	a.	Cash
compensation of $8,000 per month (subject to adjustment upon board approval); 

	 	 	 
	 	b.	Stock
    options to purchase a total of 6,000,000 shares of the Company’s common stock, which stock options shall (i) be exercisable
    at market value as determined by the closing price of the Company’s stock as quoted on the OTC Markets on the day prior
    to the effective date of the Consulting Agreement, and (ii) the 1/3 of the options shall vest on each anniversary of the Closing
    so long as Mr. Espineira continues to provide services to the Company, and
	 	 	 
	 	c.	Such
other compensation as determined by the Company’s Board of Directors.

 

Such
Consulting Agreement will provide customary representations, warranties, conditions, covenants, non-competition, non-solicitation
and confidentiality provisions mutually satisfactory to the Parties.

 

	License
    Agreement	Upon
                                    execution of an Asset Purchase Agreement but with an effective date of November 1, 2015, the
                                    Company will execute and deliver a license agreement (“License Agreement”)
                                    with Pixorial pursuant to which Pixorial will grant the Company a fully paid up license to
                                    use the Pixorial Assets. The License Agreement shall terminate upon Closing. Such License
                                    Agreement will provide customary representations, warranties, conditions, covenants and confidentiality
                                    provisions mutually satisfactory to the Parties. 

	 	 
	Definitive
        Agreement(s)

         
	The
Parties hereby agree to use reasonable diligence to commence good faith negotiations in order to execute and deliver definitive
agreements relating to the Acquisition and all other transactions contemplated herein (together the “Definitive Agreements”)
acceptable to parties hereto on or prior to November 10, 2015, with an anticipated Closing date on or before March 31, 2016, subject
to satisfaction of all conditions precedent. All terms and conditions concerning the Acquisition and other transactions shall
be stated in the Definitive Agreements, including without limitation, representations, warranties, covenants and indemnities that
are usual and customary in transactions of this nature as such may be mutually agreed upon between the parties. The obligation
of each party to execute, deliver and perform the Definitive Agreements is conditioned upon approval by the Board of Directors
of each respective party and of the shareholders of Pixorial. 

	 	 
	Closing:	The
consummation of the Acquisition (the “Closing”) will take place at the offices of a location that is mutually
acceptable to the Parties on the first business day after the day the last of the conditions set forth in the Definitive Agreements
is satisfied or waived, or at such other place and date as is agreed between the Parties (the “Closing Date”).
The Parties shall use good faith efforts to cause the Closing Date to occur on or before March 31, 2016. 

	 	 
	Due
    Diligence:	During
    the Term (hereinafter defined), subject to applicable law, for purposes of conducting due diligence, Pixorial shall allow
    Company’s legal counsel, auditors, accountants and other authorized representatives: (a) reasonable opportunity and
    access during normal business hours to inspect and investigate the condition of the Pixorial Assets; (b) access to Pixorial’s
    books and records and its financial and accounting records for all periods as may be required to prepare the Audited Financial
    Statements (as defined below) and (c) reasonable opportunity to confirm (i) marketable title to the Pixorial Assets, (ii)
    the Pixorial Assets are free and clear of any liens, claims or encumbrances, and (iii) compliance with any licenses, permits,
    consents and authorizations necessary for the lawful use of the Pixorial Assets. Pixorial will furnish the Company with copies
    of documents and with such other information as reasonably requested.
	 	 
	Pixorial
    Obligations:	Until
the closing of the Acquisition or expiration or termination of this Term Sheet, whichever shall first occur, there shall not be:
(a) any material adverse change or condition of any character in the Pixorial Assets; (b) any sale, lease, license, encumbrance
or other transfer or disposition of the Pixorial Assets by Pixorial; (c) any entry into or commitment to enter into any material
contract by Pixorial relating to the Pixorial Assets or any change or amendment to any such material contract, or any entry into
any or commitment to enter into any contract with an affiliate of Pixorial relating to the Pixorial Assets; and (d) any damage,
destruction or loss to the Pixorial Assets. 

	 	 
	Conditions
        to Closing:

         
	The
    Closing of the Asset Purchase will be subject to the satisfaction of various customary conditions, including, but not limited
    to, the preparation of the Definitive Agreements, the receipt of all required board and stockholder approvals of Pixorial
    and the Company, the receipt of all consents and releases of liens, if applicable, from third parties including Siena Pier
    Ventures 2007 Fund, LLP and Siena Pier Ventures, LLC and any other creditors of Pixorial, the absence of material adverse
    changes or condition of the Pixorial Assets, the completion of all necessary securities, anti-trust and other governmental
    filings, the absence of any litigation or regulatory proceedings which would prohibit or interfere with the consummation of
    the Asset Purchase and the delivery of audited financial statements of Pixorial for the periods and in a form as required
    under applicable rules and regulations promulgated the Securities and Exchange Commission for transactions of this type (the
    “Audited Financial Statements”).

 

    	- 2 -

    	 

    

 

Additional
Terms

 

The
following paragraphs (collectively, the “Additional Terms”) are applicable to this Term Sheet.

 

1.Term.The
obligations of the parties to each other under this Term Sheet shall terminate (the “Term”) upon the first
to occur of (i) November 10, 2015; or (ii) the execution and delivery of definitive Asset Purchase Agreement(s), provided that
the provisions and obligations related to Exclusivity and Confidentiality below shall survive the termination of this Term Sheet.

 

2.Exclusivity.Upon
execution of this Term Sheet and during the Term, Pixorial will, and will cause its affiliates and its affiliates’ officers,
directors, employees, agents and other representatives to immediately cease any and all discussions and negotiations concerning
the contemplation, consideration or making of any Alternate Proposal, and to refrain from (a) soliciting, initiating or knowingly
encouraging the submission of proposals or offers relating to, (b) participating in any discussions or negotiations with any person
relating to, (c) furnishing to any person any information with respect to, or (d) taking any other action to facilitate or cooperate
in any way with the making of any proposal that constitutes, or may reasonably be expected to lead to a direct or indirect acquisition,
recapitalization, purchase of any capital stock or other equity interest in, or any of the businesses of, Pixorial, or a merger,
consolidation or other business combination involving Pixorial, or similar transactions involving all or any substantial portion
of Pixorial’s business, securities or assets (an “Alternate Proposal”).

 

3.
Confidential Information.The
Parties agree to treat all information concerning one another furnished by them (collectively, the “Proprietary Information”)
in accordance with the provisions of this Confidential Information paragraph of this Term Sheet and to take, or abstain from taking,
the other actions set forth herein. The Parties agree that the Proprietary Information will be used solely for the purpose of
allowing the Parties to evaluate the feasibility and desirability of, and negotiate and plan for any integration activities necessitated
by, the Asset Purchase (the “Permitted Use”). The Parties agree to (i) use the Proprietary Information solely
in accordance with the Permitted Use, and (ii) hold the Proprietary Information in strict confidence and to take reasonable precautions
to protect such Proprietary Information; provided, however that the Parties may disclose Proprietary Information (A) to
those officers, directors, employees, financial advisors, accountants, legal counsel, lending institutions or other potential
debt and equity finance sources (collectively, “Party Representatives”) on a need to know basis in accordance
with the Permitted Use and subject to the restrictions contained herein, (B) to the extent that the Parties consent in writing,
and (C) to the extent necessary to comply with any federal securities law, except to the extent such requirement for disclosure
under the federal securities laws results from any attempt by Company to acquire Pixorial or any of its Affiliates or in connection
with any judicial or administrative proceeding. If the Asset Purchase is not consummated, the Parties shall return to their opposites
hereunder this Term Sheet or destroy (at the Parties’ respective option), and certify to such destruction, all Proprietary
Information of their opposite hereunder and all documents or media containing any such Proprietary Information and any and all
copies or extracts thereof, including, to the extent practicable, expunging all such Proprietary Information from any computer,
word processor or other device containing such information. If either of the Parties or Parties’ Representatives are requested
in any proceeding to disclose any of the Proprietary Information, such Party shall (a) give prompt notice to the opposite Party
hereunder of the disclosure requirements, and to the extent legally permissible, the scope of the information that such Party
intends to disclose, (b) provide such Party a reasonable opportunity to interpose an objection or obtain a protective order requiring
that the Proprietary Information so disclosed be used only for the purposes for which the order was issued, (c) cooperate fully
with the efforts of the applicable Party under (b) above, as requested by said Party, and (d) minimize the extent of any such
disclosure. The Parties understand and acknowledge that neither, nor any of either’s Representatives, makes or has made
any representation or warranty, express or implied, as to the accuracy or completeness, of the Proprietary Information.

 

4.Effect
of Term Sheet. Except with respect to the Additional
Terms, which shall be legally binding on the Parties upon their execution and delivery hereof, this Term Sheet is an expression
of intent only. The statements of intent or understanding contained herein shall be deemed to constitute an offer, acceptance
and legally binding agreement, and such statements create certain rights and obligations for each of the Parties to this Term
Sheet. Each Party understands and agrees that they will work together in good faith to enter into Definitive Agreements.

 

    	- 3 -

    	 

    

 

5.Miscellaneous
Provisions.

 

(a)Amendments;
Waivers. This Term Sheet may not be modified, amended
or supplemented except by a written instrument signed by the Parties. In addition, no waiver of any provision of this Term Sheet
shall be binding unless set forth in a writing signed by the Party affecting the waiver. Any waiver shall be limited to the circumstance
or event specifically referenced in the written waiver document and shall not be deemed a waiver of any other term of this Term
Sheet or of the same circumstance or event upon any recurrence thereof.

 

(b)Payment
of Expenses. Except as otherwise set forth in this Term
Sheet, each Party shall bear its own legal, accounting and other fees and expenses incurred in connection with the Asset Purchase
and preparation of Pixorial’s financial statements in accordance with Generally Accepted Accounting Principles, whether
or not the Definitive Agreements are executed or the Closing of the Asset Purchase contemplated by this Term Sheet occurs. The
Company shall pay on behalf of Pixorial, the reasonable costs and fees for auditing the Audited Financial Statements.

 

(c)Notices.
Any notice, consent or waiver required or permitted to be given under this Term Sheet shall be in writing and be deemed given
when delivered by hand or received by registered or certified mail, postage prepaid, or by nationally reorganized overnight courier
service addressed to the persons identified herein at their respective addresses set forth in this Term Sheet.

 

(d)Governing
Law. This Term Sheet shall be deemed to be made in and
in all respects shall be interpreted, construed and governed by and in accordance with the laws of the State of Florida without
regard to the conflicts of law provisions thereof to the extent that such principles would direct a matter to another jurisdiction.

 

(e)Enforcement.
Each Party agrees that it shall bring any legal action or proceeding to enforce or interpret the terms and conditions of this
Term Sheet or to collect any monies under it, exclusively in the courts of the State of Florida and the federal courts located
in the State of Florida (the “Chosen Courts”). Each Party (i) irrevocably consents to the exclusive jurisdiction
of the Chosen Courts, (ii) waives any objection to laying venue in any such action or proceeding in the Chosen Court, (iii) waives
to the fullest extent possible, any objection that the Chosen Courts are an inconvenient forum or do not have jurisdiction over
any Party hereto, and (iv) agrees that service of process upon such Party in any such action or proceeding shall be effective
if notice is given in accordance with Paragraph 5(c). Each Party agrees that a final judgment in any action brought in the Chosen
Courts shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided
by law.

 

(f)Waiver
of Jury Trial. EACH PARTY HERETO HEREBY KNOWINGLY,
VOLUNTARILY, INTENTIONALLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LEGAL REQUIREMENTS, THE RIGHT
TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED ON OR WITH RESPECT TO THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED
HEREBY OR RELATING OR INCIDENTAL HERETO.

 

(g)Severability.
Each provision of this Term Sheet is intended to be severable. If any term or provision hereof is illegal or invalid for any
reason whatsoever, such illegality or invalidity shall not affect the legality, validity or enforceability of the remainder of
the Term Sheet.

 

    	- 4 -

    	 

    

 

(h)Headings.
Section and other headings contained in this Term Sheet are for reference purposes only and are not intended to describe, interpret,
define, or limit the scope, extent, or intent of this Term Sheet or any provision hereof.

 

(i)Entire
Asset Purchase Agreement. This Term Sheet contains the
entire understanding among the Parties and supersedes any prior written or oral agreements between them respecting the subject
matter of this Term Sheet. There are no representations, agreements, arrangements, or understandings, oral or written, between
the Parties relating to the subject matter of this Term Sheet that are not fully set forth herein, and unless and until such time
as the Definitive Agreements are executed and delivered pursuant to their terms, this Term Sheet constitutes a complete and exclusive
statement of the terms of the agreement between the Parties with respect to the subject matter hereof.

 

(j)Counterparts.This
Term Sheet may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which shall
constitute one agreement. Photocopies, facsimile transmissions, or email transmissions of Adobe portable document format files
(also known as “PDF” files) of signatures shall be deemed original signatures and shall be fully binding on the Parties
to the same extent as original signatures.

 

If
the foregoing evidences your understanding of our mutual intent, please so indicate by signing and returning a copy of this Term
Sheet.

 

	 	Sincerely,
	 	 
	 	Lifelogger Technologies
    Corp.,
	 	 	 
	 	By:	/s/ Stewart Garner
	 	 	Stewart Garner, CEO

 

Agreed and
accepted:

 

Pixorial,
Inc.

 

	By:	/s/ Andres Espineira	 
	 	Andres Espineira, Individually and
    	 
	 	As Chief Executive Officer	 
	 	and Chairman of the Board 	 

 

Date: October
26, 2015

 

    	- 5 -

    	 

    

 

EXHIBIT
A

LIST
OF ASSETS

 

PIXORIAL,
INC.

 

In
consideration for the following Pixorial assets:

 

	 	1.	Domain Name:
www.pixorial.com and all code and content embedded in or contained on this website.
	 	 	 
	 	2.	Supplier List and list of users
    and customers (approximately 620,000 users)
	 	 	 
	 	3.	Trademarks:

 

	 	a.	Pixorial
    ® (Registration: #3592368 Principal) 
	 	 	 
	 	b.	What’s
    Your Story ® (Registration: #4233467 Principal) 
	 	 	 
	 	c.	Enjoy
    Your Show ® (Registration: #3588314 Principal) 
	 	 	 
	 	d.	Your
    Video Memories on Demand ® (Registration: #4075516 Supplemental) 

 

	 	4.	All the source code,
    software, trade secrets, processes, ideas, know-how, improvements, discoveries, developments, designs, techniques and contract
    rights related to the Pixorial app including but not limited to contract rights related to the Pixorial app for inclusion
    on the Apple store and the Google Play store.
	 	 	 
	 	5.	All information relating to research
    & development, new products, marketing, business plans, market intelligence related to the Pixorial app and its.
	 	 	 
	 	6.	All works of authorship by Pixorial.
	 	 	 
	 	7.	All documents relating to the operation
    of Pixorial (legal, human resources, business development, presentations, funding efforts, etc.)
	 	 	 
	 	8.	All proprietary rights granted by
    employees and contractors to Pixorial by the execution of any and all Proprietary Information and Inventions Agreements.
	 	 	 
	 	9.	All customer and supplier agreements.

 

    	- 6 -

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