Document:

Exhibit 10.12

    

     
    
      EMPLOYMENT AGREEMENT

       

      THIS EMPLOYMENT AGREEMENT (this “Agreement”) is entered into as of June 29, 2019 by and between Andreas Schulmeyer (the “Executive”) and Better Choice
        Company, Inc. (together with any of its Affiliates (as defined in Section 3(a) below) as may employ the Executive from time to time, the “Company”).

       

      WHEREAS, on June 29, 2019 (the “Appointment Date”), the Board of Directors of the Company (the “Board”) appointed the Executive as the Company’s Chief Financial Officer;

       

      WHEREAS, the parties have agreed that the Executive will commence full-time employment with the Company on July 29, 2019 (the “Effective Date”)

       

      WHEREAS, during the period beginning on the Appointment Date and ending on the Effective Date (the “Consulting Period”), the Executive will provide consulting services to the Company, as reasonably
        requested by the Board from time to time, in accordance with the terms set forth in Section 4(a);

       

      WHEREAS, the Company desires to employ the Executive upon the terms and conditions set forth herein, effective as of the Effective Date;

       

      WHEREAS, the Executive desires to be employed by the Company upon the terms and conditions set forth herein, effective as of the Effective Date.

       

      NOW, THEREFORE, in consideration of the foregoing premises and certain other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as
        follows:

       

      1.       Representations and Warranties. The Executive hereby represents and warrants to the Company that
        the Executive (i) is not subject to any non-solicitation or non-competition agreement affecting the Executive’s employment with the Company, (ii) is not subject to any confidentiality or nonuse/nondisclosure agreement affecting the Executive’s
        employment with the Company, and (iii) will bring to the Company no trade secrets, confidential business information, documents, or other personal property of a prior employer.

       

      2.           Term of Employment.

       

      (a)         Term. The Company hereby employs the Executive, and the
          Executive hereby accepts employment with the Company, for a period of two years commencing as of the Effective Date (such period, as it may be extended or renewed, (the “Term”), unless sooner terminated in accordance with the provisions of Section 6. The Term shall be automatically renewed for successive two year terms unless notice of non-renewal is given by either party at least 90 days
          before the end of the Term.

       

      (b)         Continuing Effect. Notwithstanding any termination of this Agreement, at the end of the Term or
          otherwise, the provisions of Sections 6(e), 7, 8, 9, 10, 12 15, 16, 18, and 21 shall remain in full force and effect and the provisions of Section 9 shall be binding upon the legal representatives, successors and assigns of the Executive.

       

      
        
          

      

      
      3.           Duties.

       

      (a)        General Duties. The Executive shall serve as the Chief
          Financial Officer of the Company, with customary duties, responsibilities, and authority as may from time to time be assigned to the Executive by the Company’s Co-Chief Executive Officers and the Board and consistent with those duties normally
          performed by a Chief Financial Officer, which duties and responsibilities (the “Duties”) may include services for majority owned subsidiaries and affiliates of the Company (the “Affiliates”). The
          Executive shall report to the Company’s Co-Chief Executive Officers. The Executive shall, if requested by the Board, also serve as an officer or director of any Affiliate for no additional compensation. The Executive agrees to observe and comply
          with the Company’s written rules and policies as adopted by the Company from time to time.

       

      (b)         Devotion of Time. Subject to the last sentence of this Section 3(b), during the Term, the Executive
          shall devote the Executive’s full business time, skill, energy and attention to the business and affairs of the Company and its Affiliates as are necessary to perform the Executive’s Duties pursuant to this Agreement. The Executive shall not
          enter the employ of or serve as a consultant to, or in any way perform any professional services with or without compensation to, any other persons, business, or organization, without the prior consent of the Board. Notwithstanding the above, the
          Executive shall be permitted to (i) devote a limited amount of the Executive’s time to any not-for-profit charity or civic group, (ii) continue Executive’s service on the board of directors of KEH Camera, and (iii) with the consent of the Board,
          serve on other board of directors; provided that such activities do not interfere with, or otherwise create a conflict with, the Executive’s performance of the Executive’s Duties as provided hereunder.

       

      (c)        Location of Office. The Executive’s principal business office shall be in New York City, NY (the
          “Principal Office”). However, the Executive’s Duties shall include all business travel necessary for the performance of the Executive’s Duties.

       

      (d)        Adherence to Inside Information Policies. The Executive acknowledges that the Company is
          publicly-held and, as a result, has implemented inside information policies designed to preclude its executives and those of its subsidiaries from violating the federal securities laws by trading on material, non-public information or passing
          such information on to others in breach of any duty owed to the Company or any third party. The Executive shall promptly execute any agreements generally distributed by the Company to its employees requiring such employees to abide by its inside
          information policies.

       

      4.            Compensation and Expenses.

       

      (a)       Consulting Fees. During the Consulting Period, the Executive
          will serve as the Company’s Chief Financial Officer as an independent contractor, and will provide consulting services to the Company on key priorities for the Company, as reasonably requested by the Board from time to time. In consideration for
          the Executive’s services during the Consulting Period and the Executive’s agreement to commence full-time employment on the Effective Date, as soon as reasonably practicable following the execution of this Agreement by the Executive, the Company
          shall grant to the Executive shares of Company common stock (“Shares”) valued at $32,876 (with the number of Shares determined based on the volume weighted average price of a Share during the five-day business week in which Executive signs this
          Agreement (rounded up to the nearest whole share)). Such Shares will initially be unvested, but shall vest in full on the Effective Date, subject to Executive’s commencement of full-time employment with the Company, in accordance with the terms
          of this Agreement, on such date. If the Executive does not commence full-time employment with the Company, in accordance with the terms of this Agreement, on the Effective Date, such Shares shall
          automatically be forfeited and the Company shall pay the Executive $26,300.80 in a lump-sum cash payment in full satisfaction of all services provided during the Consulting Period, which amount shall be payable within thirty (30) days following
          the end of the Consulting Period and in any event no later than August 30, 2019. The Executive acknowledges and agrees that, except as set forth in this Section 4(a), no payments or benefits will be payable or provided to the Executive with
          respect to the Consulting Period.

       

      
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      (b)         Signing Bonus. As an additional incentive to the Executive to enter into this Agreement, and in
          order to defray office expenses, the Executive shall be eligible to receive a bonus (a “Signing Bonus”) in the form of stock options covering Shares valued at $55,000 as of the grant date of such stock options (determined in accordance with the
          terms of the Company’s 2019 Incentive Award Plan (the “Plan”)), which will vest on the same basis as the initial equity grant..

       

      (c)         Base Salary. For the services of the Executive to be
          rendered under this Agreement during the Term, the Company shall pay the Executive an annual salary of $250,000 (the “Base Salary”), less such deductions as shall be required to be withheld by applicable law and regulations payable in accordance
          with the Company’s customary payroll practices. The Executive’s Base Salary shall be reviewed at least annually by the Board and the Board may, but shall not be required to, increase the Base Salary during the Term. For the avoidance of doubt, the Executive’s Base Salary shall be subject to review and adjustment by the Board in a manner consistent with the Board’s review and adjustment of the base salaries of other executive officers of
          the Company.

       

      (d)        Target Bonus. For each fiscal year of the Company that ends
          during the Term, the Executive shall have the opportunity to earn a bonus in accordance with the terms and conditions set forth on Exhibit A hereto (an
          “Annual Bonus”). Any such Annual Bonus shall be payable on, or at such date as is determined by the Board within 120 days following, the last day of the fiscal year with respect to which it relates. Except as provided in Section 6,
          notwithstanding any other provision of this Section 4(c) or Exhibit A hereto, no Annual Bonus shall be payable with respect to any fiscal year unless the
          Executive remains continuously employed with the Company during the period beginning on the Effective Date and ending on the last day of the fiscal year to which the Annual Bonus relates.

       

      (e)         Equity Compensation. In consideration of the Executive’s
          agreement to enter into this Agreement and as an inducement to join the Company, on the Appointment Date, the Company granted to the Executive certain equity compensation rights and awards set forth on Exhibit

            B hereto (which, together with any other awards granted under the Plan hereafter, the “Equity Awards”)
          pursuant to the Plan. The Equity Awards shall be subject to the terms and conditions of the Plan, or any successor plan thereto, which may be modified or revoked at any time in the sole discretion of the Company subject to then outstanding rights
          thereunder, and applicable award agreements thereunder.

       

      
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      (f)          Expenses. In addition to any compensation received
          pursuant to this Section 4, the Company will reimburse or advance funds to the Executive for all reasonable documented travel (including travel expenses incurred by the Executive related to the Executive’s travel to the Company’s other offices),
          entertainment and other business expenses incurred in connection with the performance of the Executive’s Duties under this Agreement, provided that the Executive properly provides a written accounting of such expenses to the Company in accordance
          with the Company’s practices. Such reimbursement or advances will be made in accordance with policies and procedures of the Company in effect from time to time relating to reimbursement of, or advances
          to, its executive officers.

       

      5.           Benefits.

       

      (a)         Paid Time Off. For each twelve-month period during the
          Term, the Executive shall be entitled to four weeks of paid time off without loss of compensation or other benefits to which Executive is entitled under this Agreement, to be taken at such times as the
          Executive may select and the affairs of the Company may permit. The four weeks shall accrue daily and any unused days will be carried over to the next year of the Term and, upon the termination of this Agreement, any accrued and unused paid
          time-off shall be paid to Executive.

       

      (b)         Fringe Benefit and Perquisites. During the Term, the Executive shall be entitled to fringe benefits
          and perquisites consistent with the practices of the Company, and to the extent the Company provides similar benefits or perquisites (or both) to similarly situated executives of the Company.

       

      (c)         Employee Benefits. During the Term, the Executive shall be entitled to participate in all employee
          benefit plans, practices and programs maintained by the Company, as in effect from time to time (collectively, “Employee Benefit Plans”), on a basis which is no less favorable than is provided to other similarly situated executives of the
          Company, to the extent consistent with applicable law and the terms of the applicable Employee Benefit Plans. The Company reserves the right to amend or cancel any Employee Benefit Plans at any time in its sole discretion, subject to the terms of
          such Employee Benefit Plan and applicable law. Notwithstanding the foregoing sentence, during the Term, the Company shall provide the Executive with health insurance covering the Executive and family dependents; provided, however, that, upon the
          Executive’s request, with respect to the period beginning on the Effective Date and ending on December 31, 2019, in lieu of providing health insurance coverage under the Company’s plan, the Company shall reimburse the Executive for the premiums
          paid by the Executive for coverage of the Executive and family dependents under the Executive’s existing health insurance plan, reduced by the amount of the employee portion of such premiums that would otherwise be payable by the Executive under
          the applicable Company plan. For the avoidance of doubt, any such reimbursement shall be taxable and subject to deductions for withholding.

      

      
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      6.          Termination.

       

      (a)         Death or Disability. Except as otherwise provided in this Agreement, this Agreement shall
          automatically terminate upon the death or disability of the Executive. For purposes of this Section 6(a), “disability” shall mean (i) the Executive is unable to substantially engage in the Executive’s Duties by reason of any medically
          determinable physical or mental impairment that can be expected to result in death, or last for a continuous period of not less than 12 months; (ii) the Executive is, by reason of any medically determinable physical or mental impairment that can
          be expected to result in death, or last for continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Company; or
          (iii) the Executive is determined to be totally disabled by the Social Security Administration. Any question as to the existence of a disability shall be determined by the written opinion of the Executive’s regularly attending physician (or the
          Executive’s guardian) (or the Social Security Administration, where applicable). In the event that the Executive’s employment is terminated by reason of the Executive’s death or disability, the Company shall pay the following to the Executive or
          the Executive’s personal representative: (i) any accrued but unpaid Base Salary for services rendered to the date of termination, any accrued but unpaid expenses required to be reimbursed under this Agreement and any accrued paid time off (the “Accrued

            Payments”), and (ii) any earned but unpaid Annual Bonus for any prior period and the Annual Bonus for the year of such termination, prorated to the date of termination (determined based on actual performance for such year and payable when
          bonuses are paid to all Company executives for such year). The Executive or the Executive’s legally appointed guardian, as the case may be, shall have up to 12 months from the date of termination to exercise all vested stock options held by the
          Executive as of the date of termination, provided that in no event shall any option be exercisable beyond its term. The Executive (or the Executive’s estate) shall receive the payments provided herein at such times as the Executive would have
          received them if there was no death or disability.

       

      (b)         Termination by the Company for Cause or by the Executive Without Good Reason. The Company may, upon a majority vote by the Board, terminate the Executive’s employment pursuant to the terms of this Agreement at any time for Cause (as defined below) by giving the Executive written notice of
          termination. Such termination shall become effective upon the giving of such notice. Upon any such termination for Cause, or in the event the Executive terminates the Executive’s employment with the Company without Good Reason (as defined in
          Section 6(c)), the Executive shall receive the Accrued Payments and shall have no right to any other compensation or reimbursement under Section 4, or to participate in any Executive benefit programs under Section 5, except as may otherwise be
          provided for by law, for any period subsequent to the effective date of termination. For purposes of this Agreement, “Cause” shall mean: (i) the Executive is
          convicted of, or pleads guilty or nolo contendere to, a felony related to the business of the Company; (ii) the Executive, in carrying out the Executive’s Duties hereunder, has acted with gross negligence or intentional misconduct which results
          in material harm to the Company; (iii) the Executive misappropriates Company funds or otherwise defrauds the Company involving a material amount of money or property; (iv) the Executive breaches the Executive’s fiduciary duty to the Company,
          resulting in material profit to the Executive personally, directly or indirectly; (v) the Executive materially breaches any term of this Agreement with the Company and fails to cure such breach within 30 days ofreceipt of notice; (vi) the
          Executive breaches any provision of Section 8 or Section 9 of this Agreement; (vii) the Executive becomes subject to a preliminary or permanent injunction issued by a United States District Court enjoining the Executive from violating any
          securities law administered or regulated by the Securities and Exchange Commission; (viii) the Executive becomes subject to a cease and desist order or other order issued by the Securities and Exchange Commission after an opportunity for a
          hearing; (ix) the Executive refuses to carry out a resolution adopted by the Company’s Board at a meeting in which the Executive was offered a reasonable opportunity to argue that the resolution should not be adopted; or (x) the Executive abuses
          alcohol or drugs in a manner that interferes with the successful performance of the Executive’s Duties.

       

      
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      (c)        Termination by the Company Without Cause; Termination by the Executive for Good Reason; Termination at
            the end of a Term after the Company provides notice of Non- Renewal.

       

      (1)          This Agreement may be terminated: (i) by the Executive for Good Reason (as defined below), (ii) by the
          Company without Cause, or (iii) at the end of a Term after the Company provides the Executive with notice of non-renewal.

       

      (2)         In the event this Agreement is terminated by the Executive for Good Reason or by the Company without
          Cause, subject to Section (6)(c)(4) and Section 21, the Executive shall be entitled to the following:

       

      (A)         The Accrued Payments;

       

      (B)         any earned but unpaid Annual Bonus for any prior period and the Annual Bonus for the year of such termination, prorated to the
          date of termination (determined based on actual performance for such year and payable when bonuses are paid to all Company executives for such year);

       

      (C)         continued payment of the then Base Salary during the 12 month period following the date of termination (the “Severance Period”), payable in accordance with the Company’s regular payroll practices as of the date of such termination;

       

      (D)         continued vesting of the Equity Awards during the Severance Period;

       

      (E)          the Executive or the Executive’s legally appointed guardian, as the case may be, shall have up to three (3) months from the
          date of termination to exercise all vested stock options held by the Executive as of the date of termination, provided that in no event shall any option be exercisable beyond its term; and

       

      (F)          any benefits (except perquisites) to which the Executive was entitled pursuant to Section 5(b) hereof shall continue to be paid
          or provided by the Company, as the case may be, during the Severance Period, subject to the terms of any applicable plan or insurance contract and applicable law.

       

      (3)          In the event this Agreement is terminated at the end of a Term after the Company provides the Executive
          with notice of non-renewal and the Executive remains employed until the end of the Term, subject to Section 6(c)(4) and Section 21, the Executive shall be entitled to the following:

       

      
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      (A)          The Accrued Payments;

       

      (B)         the Executive or the Executive’s legally appointed guardian, as the case may be, shall have up to three (3) months from the
          date of termination to exercise all vested stock options held by the Executive as of the date of termination, provided that in no event shall any option be exercisable beyond its term; and

       

      (C)         any benefits (except perquisites) to which the Executive was entitled pursuant to Section 5(b) hereof shall continue to be paid
          or provided by the Company, as the case may be, for 12 months, subject to the terms of any applicable plan or insurance contract and applicable law;

       

      provided, however, that the Executive shall only be entitled to receive the payments or benefits set forth in Section 6(c)(3)(B) and (D)
          if the Executive is willing and able (i) to execute a new agreement providing terms and conditions substantially similar to those in this Agreement and (ii) to continue providing such services, and therefore, the Company’s non-renewal of the Term
          will be considered an “involuntary separation from service” within the meaning of Treasury Regulation Section 1.409A-l(n).

       

      (4)         The payments and benefits provided in Sections 6(c)(2)(B), (C), (E) and (F) and Section 6(c)(3)(B) and (D)
          shall be conditioned on (i) the Executive’s execution and non-revocation of a waiver and release of claims in the Company’s customary form (a “Release”) as of the Release Expiration Date, in accordance with Section 21(d), and (ii) the Executive’s
          continued compliance with the restrictive covenants set forth in Sections 8 and 9 of this Agreement (the “Restrictive Covenants”). Notwithstanding any other provision of this Agreement, no payments will be made or benefits provided pursuant to
          such sections prior to the date the Release becomes irrevocable in accordance with its terms or following the date the Executive first breaches any of the Restrictive Covenants.

       

      (5)         The term “Good Reason” shall mean: (i) a material diminution in the Executive’s authority, duties or
          responsibilities due to no fault of the Executive other than temporarily while the Executive is physically or mentally incapacitated or as required by applicable law; (ii) the Company requires the Executive to permanently change the Executive’s
          principal business office as defined in Section 3(c) to a location that is greater than 30 miles from the Principal Office, (iii) a change in the Executive’s overall compensation or bonus structure such that the Executive’s overall compensation
          is materially diminished; or (v) any other action or inaction that constitutes a material breach by the Company under this Agreement. Prior to the Executive terminating the Executive’s employment with the Company for Good Reason, the Executive
          must provide written notice to the Company, within 30 days following the Executive’s initial awareness of the existence of such condition, that such Good Reason exists and setting forth in detail the grounds the Executive believes constitutes
          Good Reason. If the Company does not cure the condition(s) constituting Good Reason within 30 days following receipt of such notice, then the Executive’s employment shall be deemed terminated for Good Reason.

      

      
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      (d)          Any termination made by the Company under this Agreement shall be approved by the Board as provided herein.

       

      (e)          Upon (1) termination of the Executive’s employment with the Company for any reason or (2) the Company’s
          request at any time during the Executive’s employment (provided it does not interfere with the Executive’s ability to perform the Executive’s duties and responsibilities hereunder), the Executive shall (i) provide or return to the Company any and
          all Company property, including keys, key cards, access cards, security devices, employer credit cards, network access devices, computers, cell phones, smartphones, manuals, work product, thumb drives or other removable information storage
          devices, and hard drives, and all Company documents and materials belonging to the Company and stored in any fashion, including but not limited to those that constitute or contain any Confidential Information or work product, that are in the
          possession or control of the Executive, whether they were provided to the Executive by the Company or any of its business associates or created by the Executive in connection with the Executive’s employment by the Company; and (ii) delete or
          destroy all copies of any such documents and materials not returned to the Company that remain in the Executive’s possession or control, including those stored on any non-Company devices, networks, storage locations and media in the Executive’s
          possession or control. The Executive shall confirm the Executive’s compliance with this Section 6(e), in writing, at any time within five days of the Executive’s receipt of a request for same from the Company.

       

      (f)          The provisions of this Section 6 shall supersede in their entirety any severance payment or benefit
          obligations to the Executive pursuant to the provisions in any severance plan, policy, program or other arrangement maintained by the Company.

       

      7.           Indemnification. As provided in an Indemnification Agreement to be entered into between the
        Company and the Executive, a copy of which is annexed as Exhibit C, the Company shall indemnify the Executive, to the maximum extent permitted by applicable law, against all costs, charges and expenses incurred or sustained by him in
        connection with any action, suit or proceeding to which the Executive may be made a party by reason of the Executive being an officer, director or employee of the Company or of any subsidiary or affiliate of the Company. The Company shall provide,
        at its expense, directors and officers insurance for the Executive in amounts and for a term consistent with industry standards.

       

      8.           Non-Competition Agreement.

       

      (a)          Definitions. For the purpose of this Agreement:

       

      (1)         “Restricted Area” means North America and each other continent in which the Company derives ten percent
          (10%) or more of its total revenue at any time during the Term;

       

      (2)       “Restricted Period” means the period during such time as Executive is an employee of the Company and the one
          year period immediately following the last day of the Executive’s employment with the Company.

       

      
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      (3)        “Prohibited Activity” means any activity in which the Executive contributes the Executive’s knowledge,
          directly or indirectly, in whole or in part, as an employee, employer, owner, operator, manager, member, advisor, consultant, agent, partner, director, stockholder, officer, volunteer, intern, or any other similar capacity to an entity engaged in
          the same or similar businesses as the Company or any of its affiliates or subsidiaries, including but not limited to those engaged in the Business. For the avoidance of doubt, “Prohibited Activity” includes any activity requiring the disclosure of any Confidential Information.

       

      (4)          “Trade Secret” means Confidential Information which meets
          the additional requirements of the federal Defend Trade Secrets Act, the Uniform Trade Secrets Act, similar state law or applicable common law.

       

      (5)        “Trade Secret Prohibited Activity” means any Prohibited
          Activity that may require or inevitably requires disclosure of any Trade Secret of the Company Group.

       

      (6)         “Business” means the sale of pet foods, flea and tick
          products, pet nutritional products, related pet supplies and cannabidiol-based (“CBD”) products for humans and animals, and also includes any other product or services which the Company has taken concrete steps to offer for sale, but has not yet
          commenced selling or marketing, during or prior to the Term, and any products or services disclosed on the Company’s website.

       

      (b)          Non-Competition. Because of the Company’s legitimate business interest as described herein and the
          good and valuable consideration offered to the Executive, during the Term of this Agreement and during the Restricted Period the Executive agrees and covenants not to engage in any Prohibited Activity within the Restricted Area.

       

      (c)         Trade Secrets. Notwithstanding the foregoing or anything contained herein to the contrary, and
          subject only to Section 9(a)(l)(B) hereof, the Executive acknowledges and agrees that during the Executive’s employment with the Company and indefinitely following the cessation of that employment for any reason, the Executive shall not directly
          or indirectly disclose or divulge any Trade Secret or engage in any Trade Secret Prohibited Activity (so long as the information remains a Trade Secret under applicable law) without the prior written consent of the Company, which may be granted
          or withheld in the sole discretion of the Company.

       

      (d)         Non-Solicitation, Non-Disparagement. During the Restricted Period, the Executive shall not, directly
          or indirectly, whether for the Executive’s own account or for the account of any person or entity, solicit, attempt to solicit, endeavor to entice away from the Company, attempt to hire, hire, deal with, attempt to attract business from, accept
          business from, or otherwise interfere with (whether by reason of cancellation, withdrawal, modification of relationship or otherwise) any actual or prospective relationship of the Company with any person or entity: (i) who is, or was within one
          (1) year of the date upon which this Agreement is terminated, employed by or otherwise engaged to perform services for the Company, including, but not limited to, any independent contractor or representative, or (ii) who is, or was within one
          year of the date upon which this Agreement is terminated, an actual or bona fide prospective licensee, landlord, customer, client, vendor, supplier or manufacturer of the Company (or other person or entity with which the Company had an actual or
          prospective bona fide relationship). The Executive agrees that the Executive will never, directly or indirectly, make or publish any statement or communication which is false or disparaging with respect to the Company and/or its direct or
          indirect shareholders, officers, directors, members, managers, employees, contractors, consultants, or agents. For the avoidance of doubt, nothing herein shall deprive the Executive of the meaningful right to provide his reasoned business opinion
          when asked for same; provided that such opinion is provided in a manner that does not disparage the Company or otherwise violate any of the covenants set forth in this Agreement (including in this Section 8(d)).

       

      
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      (e)          Equitable Consideration. The Executive agrees that the Executive’s services hereunder are of a
          special, unique, extraordinary and intellectual character and the Executive’s position with the Company places the Executive in a position of confidence and trust with the customers, suppliers and employees of the Company. The Executive and the
          Company agree that in the course of employment hereunder, the Executive has and will continue to develop a personal relationship with the Company’s customers, and a knowledge of these customers’ affairs and requirements as well as confidential
          and proprietary information developed by the Company after the date of this Agreement. The Executive acknowledges that the Company’s relationships with its established clientele may therefore be placed in the Executive’s hands in confidence and
          trust. The Executive consequently agrees that it is reasonable and necessary for the protection of the goodwill, confidential and proprietary information, and legitimate business interests of the Company that the Executive make the covenants
          contained herein, that the covenants are a material inducement for the Company to employ or continue to employ the Executive and to enter into this Agreement, that the covenants are given as an integral part of and incident to this Agreement, and
          that the covenants will not prevent the Executive from earning a livelihood in the Executive’s chosen business, do not impose an undue hardship on the Executive, and will not injure the public.

       

      (f)          References. References to the Company in this Section 8 shall include the Company and any Affiliate.

       

      9.          Non-Disclosure of Confidential Information.

       

      (a)          Confidentiality.

       

      (1)          For the purpose of this Agreement, “Confidential Information” includes, but is not limited to, all
          information not generally known to the public, in spoken, printed, electronic or any other form or medium, relating directly or indirectly to: business processes, products, patents, sources of supply, customer dealings, data, source code,
          business plans, practices, methods, policies, publications, research, operations, strategies, techniques, agreements, transactions, potential transactions, negotiations, know-how, Trade Secrets, computer programs, computer software, applications,
          operating systems, software design, work-in-process, databases, records, systems, Personally Identifiable Information, supplier information, vendor information, financial information, results, legal information, marketing and advertising
          information, pricing information, design information, personnel information, developments, reports, internal controls, graphics, drawings, market studies, sales information, revenue, costs, notes, communications, algorithms, product plans,
          designs, models, ideas, inventions, unpublished patent applications, original works of authorship, discoveries, experimental processes, experimental results, specifications, customer information, customer lists, distributor lists, and buyer lists
          of the Company, its businesses, and any existing or prospective customer, vendor, supplier, investor or other associated third party, or of any other person or entity that has entrusted information to the Company in confidence. The Executive
          understands that the above list is not exhaustive, and that Confidential Information also includes other information that is marked or otherwise identified as confidential or proprietary, or that would otherwise appear to a reasonable person to
          be confidential or proprietary in the context and circumstances in which the information is known or used. Notwithstanding the foregoing, “Confidential Information”

          shall not include information that: (A) becomes publicly known without breach of the Executive’s obligations under this Section 9(a), or (B) is required to be disclosed by law or by court order or government order; provided, however, that if the
          Executive is required to disclose any Confidential Information pursuant to any law, court order or government order, (x) the Executive shall promptly notify the Company of any such requirement so that the Company may seek an appropriate
          protective order or waive compliance with the provisions of this Agreement, (y) the Executive shall reasonably cooperate with the Company to obtain such a protective order at the Company’s cost and expense, and (z) if such order is not obtained,
          or the Company waives compliance with the provisions of this Section 9(a), the Executive shall disclose only that portion of the Confidential Information which the Executive is advised by counsel that the Executive is legally required to so
          disclose and will exercise commercially reasonable efforts to obtain assurance that confidential treatment will be accorded the information so disclosed.

       

      
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      (2)         For the purpose of this Agreement, “Personally Identifiable Information” means information that, whether
          maintained or transmitted individually or in the aggregate with other information, allows a natural person to be identified, including, but not limited to, the name, birthday, address, telephone number, social security number, driver’s license
          number, passport number, credit card number, credit score information, bank information, or other unique identifiers of any natural person that allows for the identification of or contact with such person.

       

      (3)         The Executive acknowledges and agrees that: (A) the Executive has had and will continue to have access to
          Confidential Information regarding the Company, (B) the Confidential Information is being acquired by the Executive in confidence, (C) the Confidential Information is a valuable, special, sensitive and unique asset of the business of the Company,
          (D) the Confidential Information is and shall at all times remain the sole property of the Company, (E) the continued confidentiality of the Confidential Information is essential to the continuation of
          the Company’s business; and (F), the improper disclosure of the Confidential Information could severely and irreparably damage the Company and its businesses. In consideration of the obligations undertaken by the Company herein, the Executive
          will not, at any time, during or after the Executive’s employment hereunder, reveal, divulge or make known to any person, any Confidential Information acquired by the Executive during the course of the Executive’s employment with the Company and
          for a period of two (2) years thereafter except with the prior written approval of the Company. Notwithstanding the foregoing, subject only to Section 9(a)(l)(B) hereof, the Executive may not disclose, divulge or otherwise make use of any Trade
          Secret so long as such information remains a Trade Secret under applicable law. The Executive agrees to use the Executive’s best efforts to maintain the confidentiality of the Confidential Information during the course of the Executive’s
          employment with the Company and thereafter, including adopting and implementing all reasonable procedures prescribed by the Company to prevent unauthorized use of Confidential Information or disclosure of Confidential Information to any
          unauthorized person. The Executive shall take all necessary and reasonable administrative, technical, and physical safeguards to secure and protect the confidentiality, integrity, and security of the Confidential Information.

       

      
        11

        
          

      

      (b)          References. References to the Company in this Section 9 shall include the Company and any
          Affiliate.

       

      (c)         Whistleblowing. Nothing contained in this Agreement shall
          be construed to prevent the Executive from reporting any act or failure to act to the SEC or other governmental body or prevent the Executive from obtaining a fee as a “whistleblower” under Rule 21F-17(a) under the Securities Exchange Act of 1934 or other rules or regulations implemented under the Dodd-Frank Wall Street Reform Act and Consumer Protection Act.

       

      (d)          Notice of Immunity Under the Economic Espionage Act of 1996, as amended by the Defend Trade Secrets Act
            of 2016. Notwithstanding any other provision of this Agreement, the Executive will not be held criminally or civilly liable under any federal or state Trade Secret law for any disclosure of a Trade Secret that is made: (i) in confidence to
          a federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or is made in a complaint or other document filed under
          seal in a lawsuit or other proceeding. If the Executive files a lawsuit for retaliation by the Company for reporting a suspected violation of law, the Executive may disclose the Company’s Trade Secrets to the Executive’s attorney and use the
          Trade Secret information in the court proceeding if the Executive files any document containing Trade Secrets under seal; and does not disclose Trade Secrets, except pursuant to court order.

       

      10.         Equitable Relief. The Company and the Executive recognize that the services to be rendered
        under this Agreement by the Executive are special, unique and of extraordinary character, and that in the event of the breach by the Executive of the terms and conditions of this Agreement or if the Executive, without the prior express consent of
        the Board, shall leave the Executive’s employment for any reason and/or take any action in violation of this Agreement, the Company shall be entitled to institute and prosecute proceedings in any court of competent jurisdiction referred to in
        Section 10(b) below, to enjoin the Executive from breaching the provisions of this Agreement. Any action arising from or under this Agreement must be commenced only in the appropriate

       

      11.       Conflicts of Interest. While employed by the Company, the Executive shall not, unless approved
        by the Board of Directors or its Compensation Committee, directly or indirectly:

       

      (a)         participate as an individual in any way in the benefits of transactions with any of the Company’s vendors,
          clients, customers, suppliers or manufacturers, without limitation, having a financial interest in the Company’s vendors, clients, customers, suppliers or manufacturers or making loans to, or receiving loans, from, the Company’s vendors, clients,
          customers, suppliers or manufacturers;

       

      (b)          realize a personal gain or advantage from a transaction in which the Company has an interest or use
          information obtained in connection with the Executive’s employment with the Company for the Executive’s personal advantage or gain; or

       

      (c)         accept any offer to serve as an officer, director, partner, consultant, manager with, or to be employed in
          a professional, technical, or managerial capacity by, a person or entity which does business with the Company.

       

      
        12

        
          

      

      12.         Inventions. Ideas, Processes, and Designs. All inventions, ideas, processes, programs,
        software, and designs (including all improvements) (i) conceived or made by the Executive during the course of the Executive’s employment with the Company (whether or not actually conceived during regular business hours) and for a period of six
        months subsequent to the termination (whether by expiration of the Term or otherwise) of such employment with the Company, and (ii) related to the business of the Company, shall be disclosed in writing promptly to the Company and shall be the sole
        and exclusive property of the Company, and the Executive hereby irrevocably assigns any such inventions to the Company. An invention, idea, process, program, software, or design (including an
        improvement) shall be deemed related to the business of the Company if (a) it was made with the Company’s funds, personnel, equipment, supplies, facilities, or Confidential Information, (b) results from work performed by the Executive for the
        Company, or (c) pertains to the current business or demonstrably anticipated business(es), research or development work of the Company. The Executive shall cooperate with the Company and its attorneys
        in the preparation of patent and copyright applications for such developments and, upon request and at the sole cost and expense of the Company, shall promptly assign all such inventions, ideas, processes, and designs to the Company. The decision
        to file for patent or copyright protection or to maintain such development as a Trade Secret, or otherwise, shall be in the sole discretion of the Company, and the Executive shall be bound by such decision. The Executive hereby irrevocably assigns
        to the Company, for no additional consideration, the Executive’s entire right, title and interest in and to all work product and intellectual property rights, including the right to sue, counterclaim and recover for all past, present and future
        infringement, misappropriation or dilution thereof, and all rights corresponding thereto throughout the world. Nothing contained in this Agreement shall be construed to reduce or limit the Company’s rights, title or interest in any work product or
        intellectual property rights so as to be less in any respect than the Company would have had in the absence of this Agreement. If applicable, the Executive shall provide as a schedule to this Agreement, a complete list of all inventions, ideas,
        processes, and designs, if any, patented or unpatented, copyrighted or otherwise, or non-copyrighted, including a brief description, which he made or conceived prior to the Executive’s employment with the Company and which therefore are excluded
        from the scope of this Agreement. References to the Company in this Section 12 shall include the Company, its subsidiaries and affiliates.

       

      13.          Indebtedness. If, during the course of the Executive’s employment under this Agreement, the
        Executive becomes indebted to the Company for any reason, the Company may, if it so elects, and if permitted by applicable law, set off any sum due to the Company from the Executive and collect any remaining balance from the Executive unless the
        Executive has entered into a written agreement with the Company. 

       

      14.          Assignability. The rights and obligations of the Company under this Agreement shall inure to
        the benefit of and be binding upon the successors and assigns of the Company, provided that such successor or assign shall acquire all or substantially all of the securities or assets and business of the Company. The Executive’s obligations
        hereunder may not be assigned or alienated and any attempt to do so by the Executive will be void. 

      

      

      
        13

        
          

      

      15.          Severability.

       

      (a)         The Executive expressly agrees that the character, duration and geographical scope of the covenants set
          forth in Section 8 of this Agreement are reasonable in light of the circumstances as they exist on the date hereof. Should a decision, however, be made at a
          later date by a court of competent jurisdiction that the character, duration or geographical scope of such provisions is unreasonable, then it is the intention and the agreement of the Executive and the Company that this Agreement shall be
          construed by the court in such a manner as to impose only those restrictions on the Executive’s conduct that are reasonable in the light of the circumstances and as are necessary to assure to the Company the benefits of this Agreement. If, in any
          judicial proceeding, a court shall refuse to enforce all of the separate covenants deemed included herein because taken together they are more extensive than necessary to assure to the Company the intended benefits of this Agreement, it is
          expressly understood and agreed by the parties hereto that the provisions of this Agreement that, if eliminated, would permit the remaining separate provisions to be enforced in such proceeding shall be deemed eliminated, for the purposes of such
          proceeding, from this Agreement.

       

      (b)         If any provision of this Agreement otherwise is deemed to be invalid or unenforceable or is prohibited by
          the laws of the state or jurisdiction where it is to be performed, this Agreement shall be considered divisible as to such provision and such provision shall be inoperative in such state or jurisdiction and shall not be part of the consideration
          moving from either of the parties to the other. The remaining provisions of this Agreement shall be valid and binding and of like effect as though such provisions were not included.

       

      16.        Notices and Addresses. All notices, offers, acceptance and any other acts under this Agreement
        (except payment) shall be in writing, and shall be sufficiently given if delivered to the addressees in person, by FedEx or similar receipted delivery, or next business day delivery to the addresses detailed below (or to such other address, as
        either of them, by notice to the other may designate from time to time), or by e-mail delivery (in which event a copy shall immediately be sent by FedEx or similar receipted delivery), as follows:

       

      
        	
                To the Company:

              	
                Better Choice Company Inc.

              
	 	
                100 Techne Center Drive, #210

              
	 	
                Milford, Ohio 45150

              
	 	
                Attention: Damian Dalla-Longa

              
	 	 
	
                With a copy to:

              	
                Latham & Watkins LLP

              
	 	
                885 Third Avenue

              
	 	
                New York, New York 10028

              
	 	 
	
                To the Executive:

              	
                Andreas Schulmeyer

              
	 	
                [* * *]

              

      

      

      17.         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. The execution of this Agreement may be by actual or facsimile signature.

       

      18.         Governing Law. This Agreement shall be governed or interpreted according to the internal laws
        of the State of Delaware without regard to choice of law considerations and all claims relating to or arising out of this Agreement, or the breach thereof, whether sounding in contract, tort, or otherwise, shall also be governed by the laws of the
        State of Delaware without regard to choice of law considerations.

       

      
        14

        
          

      

      19.         Entire Agreement. This Agreement constitutes the entire Agreement between the parties and
        supersedes all prior oral and written agreements between the parties hereto with respect to the subject matter hereof (including, without limitation, that certain employment offer term sheet dated as of June 4, 2019). Neither this Agreement nor any
        provision hereof may be changed, waived, discharged or terminated orally, except by a statement in writing signed by the party or parties against which enforcement or the change, waiver discharge or termination is sought.

       

      20.         Section and Paragraph Headings. The section and paragraph headings in this Agreement are for
        reference purposes only and shall not affect the meaning or interpretation of this Agreement.

       

      21.          Section 409A Compliance.

       

      (a)        The parties hereto acknowledge and agree that, to the extent applicable, this Agreement shall be
          interpreted, construed and administered in accordance with Section 409A of the Internal Revenue Code of 1986, as amended, and the Department of Treasury regulations and other interpretive guidance issued thereunder (collectively, “Section 409A”).
          For purposes of Section 409A, each installment payment provided under this Agreement shall be treated as a separate payment. Any payments to be made under this Agreement upon a termination of employment shall only be made if such termination of
          employment constitutes a “separation from service” under Section 409A. Notwithstanding any provision of this Agreement to the contrary, in the event that the Company determines that any amounts payable hereunder will be immediately taxable to the
          Executive under Section 409A, the Company reserves the right (without any obligation to do so or to indemnify the Executive for failure to do so) to (i) adopt such amendments to this Agreement and appropriate policies and procedures, including
          amendments and policies with retroactive effect, that the Company determines to be necessary or appropriate to preserve the intended tax treatment of the benefits provided by this Agreement, to preserve the economic benefits of this Agreement and
          to avoid less favorable accounting or tax consequences for the Company and/or (ii) take such other actions as the Company determines to be necessary or appropriate to exempt the amounts payable hereunder from Section 409A or to comply with the
          requirements of Section 409A and thereby avoid the application of penalty taxes thereunder. In no event shall any liability for failure to comply with the requirements of Section 409A be transferred from Executive or any other individual to the
          Company or any of its affiliates, employees or agents.

       

      (b)        To the extent required by Section 409A, each reimbursement or in-kind benefit provided under this Agreement
          shall be provided in accordance with the following:

       

      (1)          the amount of expenses eligible for reimbursement, or in-kind benefits provided, during each calendar year
          cannot affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year;

       

      (2)          any reimbursement of an eligible expense shall be paid to the Executive on or before the last day of the
          calendar year following the calendar year in which the expense was incurred; and

       

      
        15

        
          

      

      (3)          any right to reimbursements or in-kind benefits under this Agreement shall not be subject to liquidation
          or exchange for another benefit.

       

      (c)         In the event the Company determines that the Executive is a “specified employee” within the meaning of
          Section 409A(a)(2)(B)(i) of the Code at the time of the Executive’s separation from service, then to the extent any payment or benefit that the Executive becomes entitled to under this Agreement on account of the Executive’s separation from
          service would be considered deferred compensation subject to Section 409A as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the
          earlier of (i) six months and one day after the Executive’s separation from service, or (ii) the Executive’s death (the “Six Month Delay Rule”).

       

      (1)         For purposes of this subparagraph, amounts payable under the Agreement should not provide for a deferral
          of compensation subject to Section 409A to the extent provided in Treasury Regulation Section l.409A-l(b)(4) (e.g., short-term deferrals), Treasury Regulation Section l.409A-l(b)(9) (e.g., separation pay plans, including the exception under
          subparagraph (iii)), and other applicable provisions of the Treasury Regulations.

       

      (2)         To the extent that the Six Month Delay Rule applies to payments otherwise payable on an installment basis,
          the first payment shall include a catch-up payment covering amounts that would otherwise have been paid during the six-month period but for the application of the Six Month Delay Rule, and the balance of the installments shall be payable in
          accordance with their original schedule.

       

      (d)          Notwithstanding anything to the contrary in this Agreement, to the extent that any payments of
          “nonqualified deferred compensation” (within the meaning of Section 409A) due under this Agreement as a result of the Executive’s termination of employment are subject to the Executive’s execution, delivery and non-revocation of a Release, (i)
          the Company shall deliver the Release to the Executive within seven (7) days following the date of termination, and (ii) if the Executive fails to execute the Release on or prior to the Release Expiration Date (as defined below) or timely revokes
          acceptance of the Release thereafter, the Executive shall not be entitled to any payments or benefits otherwise conditioned on the Release. For purposes of this Section 21(d), “Release Expiration Date” shall mean the date that is twenty-one (21) days following the date upon which the Company timely delivers the Release to the Executive, or, in the event that the Executive’s termination of employment is “in connection with an exit incentive or other employment termination program” (as such phrase is defined in the Age Discrimination in Employment Act of 1967), the date
          that is forty- five (45) days following such delivery date. To the extent that any payments of nonqualified deferred compensation (within the meaning of
          Section 409A) due under this Agreement as a result of the Executive’s termination of employment are delayed pursuant to Section 6(c) and this Section 21(d), such amounts shall be paid in a lump sum on the first payroll date to occur on or after
          the 60th day following the date of termination, provided that, as of such 60th day, the Executive has executed and has not revoked the Release (and any applicable revocation period has expired).

       

      22.       Compensation Recovery Policy. The Executive acknowledges and agrees that, to the extent the
        Company adopts any clawback or similar policy pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act or otherwise, and any rules and regulations promulgated thereunder, the Executive shall take all action necessary or appropriate
        to comply with such policy (including, without limitation, entering into any further agreements, amendments or policies necessary or appropriate to implement and/or enforce such policy).

       

      [Signature Page To Follow]

       

      
        16

        
          

      

      
      IN WITNESS WHEREOF, the Company and the Executive have executed this Agreement as of the date and year first above written.

       

      
        	 	
                COMPANY:

              
	 	 	 
	 	
                Better Choice Company Inc.

              
	 	 	 
	 	
                By:

              	
                /s/Damian Dalla-Longa

              	 
	 	
                Name:    Damian Dalla-Longa

              
	 	
                Title:      Co-Chief Executive Officer

              

        

        

        	 	
                EXECUTIVE:

              
	 	 	 
	 	
                By:

              	
                /s/Andreas Schulmeyer

              	 
	 	
                Name: Andreas Schulmeyer

              

        

        

      

      
        S-1

        
          

      

      
      Exhibit A

        Target Bonus

       

      A bonus at the discretion of the Board of Directors, but not less than 25% of Executive’s Base Salary. The bonus shall be prorated for any period of employment which is less than a full year.

       

      For the avoidance of doubt, the Executive’s target bonus shall be subject to review and adjustment by the Board in a manner consistent with the Board’s review and adjustment of the target bonuses
        of other executive officers of the Company.

       

      
        A-1

        
          

      

      
      Exhibit B

        Equity Awards

       

      On the day after the date the Executive signs this Agreement, the Executive shall receive an award under the Plan of options for 500,000 shares with an exercise price equal to the closing price per
        share on the applicable grant date. The award shall vest in equal installments monthly over two years, with the first monthly vesting on July 29, 2019, with such first installment subject to the
        Executive’s commencement of full-time employment with the Company as of the Effective Date and all subsequent installments subject to the Executive’s continued employment with the Company through the applicable vesting date. Any exercise may, at
        the election of Executive, be exercised with a “cashless exercise” by using shares from any such exercise to pay the exercise price, which shares, for such purpose, being valued at the fair market value, as determined under the Plan, on the date of
        exercise.

       

      For the avoidance of doubt, it is understood by the Executive that any future Equity Awards will be in accordance with the Company’s post-IPO Management Incentive Plan, to be adopted in connection
        with the initial offering of Shares by the Company to the public pursuant to a listing on a national securities exchange. For the avoidance of doubt, any future Equity Awards shall be determined by the Board in a manner consistent with the Board’s
        determination of future equity awards to other executive officers of the Company.

      

      
        B-1

        
          

      

      
      

      Exhibit C

        Indemnification Agreement

       

      

       

      

      
        C-1Exhibit 10.13

  

  

  

  
    LOAN AGREEMENT

     

    THIS LOAN AGREEMENT (this “Agreement”) is made and entered into by and between BETTER CHOICE COMPANY INC., a Delaware corporation (“Borrower”), and FRANKLIN SYNERGY BANK, a Tennessee
      banking corporation (“Lender”), as of this 6th day of May, 2019 (the “Closing Date”).

     

    WITNESSETH:

     

    WHEREAS, Borrower has requested that Lender extend the credit facility to Borrower described herein; and

     

    WHEREAS, subject to the terms and conditions hereof, Lender has agreed to extend such credit facility to Borrower conditioned upon Borrower entering into this Agreement.

     

    NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

     

    ARTICLE 1

      DEFINITIONS AND USAGE

     

    Section 1.1      Defined Terms. As used in this Agreement, the following terms shall have the following meanings,
      unless the context expressly requires otherwise:

     

    (a)          “Advance” means any advance or other extension of credit made by Lender to Borrower pursuant to this Agreement and the Promissory
        Note.

     

    (b)          “Assignment of Deposit Account” means that certain Assignment of Deposit Account executed by Borrower in favor of Lender with respect
        to the Money Market Account and dated as of even date herewith.

     

    (c)          “Authorized Representative” means the following, each of whom must be satisfactory to Lender for the specific purposes involved and
        appropriate to the type of person involved: (a) with respect to a corporation, the officer or officers of the corporation that are duly authorized to act for the corporation in the specified capacity under the Organizational Documents of the
        corporation or applicable law; (b) with respect to a partnership, the general partner or general partners of the partnership that are duly authorized to act for the partnership in the specified capacity under the Organizational Documents of the
        partnership or applicable law; (c) with respect to a limited liability company, the manager or members of the limited liability company that are duly authorized to act for the limited liability company in the specified capacity under the
        Organizational Documents of the limited liability company or applicable law; (d) with respect to a natural person, the natural person if competent and authorized to act for himself or herself in the specified capacity under applicable law, or if
        not, any guardian, custodian, personal representative or other person that is authorized to act for such natural person in the specified capacity under applicable law; (e) with respect to a trust, the trustee or trustees of the trust who are duly
        authorized to act for the trust in the specified capacity under the Organizational Documents of the trust or applicable law; and (f) with respect to any other type of organization, the officers, directors, managers, officials or other
        representatives of the organization that are duly authorized to act for the organization in the specified capacity under the Organizational Documents of the organization or applicable law.

     

    
      
        

    

    
    (d)          “Business Day” means any day other than a Saturday, Sunday or day on which commercial banks are authorized to close under the laws of
        the state in which notices are to be sent to Lender under Section 10.1 hereof.

     

    (e)          “Code” means the Internal Revenue Code of 1986, as amended from time to time.

     

    (f)          “Collateral” means any and all collateral securing or intended to secure the Obligations, as described in Article III hereof.

     

    (g)          “Commitment Fee” means an amount equal to TEN THOUSAND AND NO/100 DOLLARS ($10,000.00).

     

    (h)          “Conditions Precedent” means those matters or events that by the terms of the Loan Documents must be completed or must occur or exist
        before Lender would become obligated to fund any Advance, including those matters described in Article IV hereof.

     

    (i)          “Debt” means all of a Person’s obligations, contingent or otherwise, that would be classified on its balance sheet as its liabilities
        in accordance with GAAP, including, in any event and without limitation, (a) liabilities secured by any mortgage, pledge or lien existing on Property owned by such Person, whether or not the liability secured thereby has been assumed by such
        Person; (b) all indebtedness and other similar monetary obligations of such Person; (c) all guaranties, obligations in respect of letters of credit, endorsements (other than endorsements of negotiable instruments for purposes of collection in the
        ordinary course of business), obligations to purchase goods or services for the purpose of supplying funds for the purchase or payment of Debt of others and other contingent obligations in respect of, or to purchase, or otherwise acquire, or
        advance funds for the purchase of, Debt of others; (d) all obligations of such Person to indemnify another Person to the extent of the amount of indemnity, if any, that would be payable by such Person at the time of determination; (e) the principal
        portion of all obligations of such Person under capital leases (specifically excluding obligations under operating leases), (f) all obligations of such Person to purchase or repurchase any accounts, instruments, chattel paper or general intangibles
        and (g) all obligations of such Person under any Hedging Agreement.

     

    (j)           “Default” means the occurrence of any Event of Default specified in Article 8 hereof, even though any requirement for
        notice or lapse of time or other condition precedent has not been satisfied.

     

    (k)          “Default Rate” means the lesser of (a) five percent (5%) above the Effective Rate, or (b) the highest interest rate permitted by
        applicable law.

     

    (l)           “Dollar(s)” and the sign “$” shall mean lawful money of the United States of America.

     

    
      2

      
        

    

    (m)         “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, including (unless the context
        otherwise requires) any rules or regulations promulgated thereunder.

     

    (n)          “Effective Rate” has the meaning ascribed to that term in the Note.

     

    (o)          “Event of Default” means the occurrence of any of the events specified in Article 8 hereof, provided that any requirement in
        Article 8 for notice or lapse of time or other condition precedent has been satisfied.

     

    (p)          “Financial Statements” means those financial statements of Borrower heretofore or hereafter delivered to Lender meeting the
        requirements in Section 6.11 hereof.

     

    (q)          “GAAP” means generally accepted accounting principles as in effect from time to time.

     

    (r)          “Governmental Authority” means any national, state, county, municipal or other government, domestic or foreign, and any agency,
        authority, department, commission, bureau, board, court or other instrumentality thereof.

     

    (s)          “Governmental Requirements” means all laws, rules, regulations, ordinances, judgments, decrees, codes, orders, injunctions, notices,
        determination, award, franchises, permits, licenses, authorizations, and demand letters of any Governmental Authority.

     

    (t)           “Guarantor” means, collectively, TruPet, LLC, a Delaware limited liability company, and Bona Vida Inc., a Delaware corporation.

     

    (u)          “Lender’s Office” means the office location of Lender where notices are to be sent as set forth in Section 10.1 hereof.

     

    (v)          “Lien” means any interest in Property securing an obligation owed to, or a claim by, a Person other than the owner of the Property,
        whether such interest is based on the common law, statute, or contract, and including the lien or security interest arising from a mortgage, encumbrance, pledge, security agreement, conditional sale, sale of accounts or general intangibles, trust
        receipt or a lease, consignment, or bailment for security purposes. The term “Lien” includes reservations, exceptions, encroachments, easements, rights of way, covenants, conditions, restrictions, leases, and other title exceptions and
        encumbrances affecting any Property. For the purposes of this Agreement, Borrower shall be deemed to be the owner of any Property that it has acquired or holds subject to a conditional sale agreement, financing lease, or other arrangement pursuant
        to which title to the Property has been retained by or vested in some other Person for security purposes.

     

    (w)          “Loan” means the loan facility described in Section 2.1 hereof and evidenced by this Agreement and the Note.

     

    (x)          “Loan Amount” means an amount equal to SIX MILLION TWO HUNDRED THOUSAND AND NO/100 DOLLARS ($6,200,000.00); provided, however, that
        in the event Borrower desires to decrease amount on deposit in the Money Market Account, as a condition to such withdrawal the Loan Amount shall likewise be reduced and Borrower shall execute such documents as Lender may require to evidence such
        reduced Loan Amount.

     

    
      3

      
        

    

    (y)          “Loan Documents” means, collectively, all of the agreements, documents, papers and certificates executed, furnished or delivered in
        connection with this Agreement (whether before, at, or after the Closing Date) or at any time evidencing or securing any of the Obligations, including this Agreement, the Note, the Security Documents and all other documents, certificates, reports,
        and instruments that this Agreement requires or that were executed or delivered (or both) at Lender’s request.

     

    (z)          “Material Adverse Effect” or “Material Adverse Change” means, as applicable, a material adverse effect on, or material adverse
        change in, (a) the business, operations or financial condition of Borrower, (b) the ability of Borrower to perform its obligations under the Loan Documents, or (c) Lender’s ability to enforce the rights and remedies granted under the Loan
        Documents, in all cases whether attributable to a single circumstance or event or an aggregation of circumstances or events.

     

    (aa)        “Maturity Date” has the meaning ascribed to that term in the Note.

     

    (bb)        “Money Market Account” means that certain Money Market Account Number 3048303 owned by Borrower and held by Lender.

     

    (cc)        “Note” means that certain Revolving Promissory Note made by Borrower payable to the order of Lender and dated as of even date
        herewith.

     

    (dd)        “Obligations” means any and all amounts and liabilities of any nature owing or to be owing by Borrower to Lender from time to time in
        respect of the Loan, whether now existing or hereafter incurred, and all of Borrower’s undertakings in and under the Loan Documents including all agreements, representations, warranties, and covenants therein and all renewals, extensions,
        modifications, increases, restatements and amendments of any of the foregoing.

     

    (ee)        “Obligors” means any and all accommodation parties, endorsers, surety, guarantors and other parties liable on the Note (and, if
        applicable, any and all general partners of Borrower), including without limitation, subject to the completion of the mergers set forth in Section 2.2, Guarantor.

     

    (ff)         “Organizational Documents” means with respect to a corporation, its charter and bylaws, with respect to a limited liability company,
        its articles of organization and operating agreement, with respect to a limited partnership, its certificate of limited partnership and limited partnership agreement, with respect to a general partnership, its partnership agreement and with respect
        to a trust, its trust agreement, indenture of trust or other document establishing the trust, together with any and all amendments to any of the foregoing.

     

    (gg)        “PBGC” means the Pension Benefit Guaranty Corporation and any entity succeeding to any or all of its functions under ERISA.

     

    (hh)        “Person” (whether or not capitalized) means any individual, corporation, partnership, joint venture, association, limited liability
        company, joint stock company, trust, unincorporated organization, government, or any agency or political subdivision thereof, or any other form of entity.

     

    
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    (ii)         “Plan” means any employee benefit or other plan established or maintained, or to which contributions have been made, by Borrower and
        covered by Title IV of ERISA or to which Section 412 of the Code applies.

     

    (jj)         “Property” or “Properties” means any interest in any kind of property or asset, whether real, personal, mixed, tangible or
        intangible.

     

    (kk)        “Security Agreement” means that certain Assignment and Security Agreement dated of even date herewith executed by Borrower (as
        Debtor) in favor of Lender (as Secured Party).

     

    (ll)          “Security Documents” means any and all agreements or instruments creating, evidencing or providing security at any time for the
        Obligations, including the Security Agreement and appropriate UCC-1 financing statements identifying Borrower as debtor and Lender as secured party.

     

    (mm)      “Service Contract” means a written contract pursuant to which Borrower is to provide equipment and services to third party customers,
        in each case to be evidenced by a written contract satisfactory to Lender.

     

    (nn)        “Solvent” means, with respect to any Person on a particular date, that as of such date (a) the fair value of the Property of such
        Person is greater than the total amount of Debt of such Person, (b) the present fair salable value of the Property of such Person is not less than the amount that will be required to pay the probable liability of such Person on its Debts as they
        become absolute and matured, (c) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which the Property of such Person would constitute an unreasonably small capital, and (d) such
        Person does not intend to, or believe or reasonably should have believed that it will, incur Debts beyond its ability to repay as they become due.

     

    (oo)        “State” means the state of Borrower’s incorporation, organization or formation, as the case may be, which is described in the
        preamble of this Agreement.

     

    (pp)        “Transfer” means any voluntary or involuntary sale, conveyance, mortgage, grant, bargain, encumbrance, pledge, assignment, grant of
        any options with respect to, or any other transfer or disposition of (directly or indirectly, voluntarily or involuntarily, by operation of law or otherwise, and whether or not for consideration or of record) of a legal or beneficial interest.

     

    (qq)        “UCC” means the Uniform Commercial Code as in effect in the State, or, with respect to any particular matter, the Uniform Commercial
        Code as in effect in such other jurisdiction as may be required by law to govern such matter.

     

    
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    Section 1.2      Rules of Construction. For the purposes of this Agreement, except as otherwise expressly provided or
      unless the context otherwise requires:

     

    (a)          Words of masculine, feminine or neuter gender include the correlative words of other genders. Singular terms include the plural as well as
        the singular, and vice versa.

     

    (b)          All references herein to designated “Articles,” “Sections” and other subdivisions or to lettered Exhibits or numbered
        Schedules are to the designated Articles, Sections and subdivisions hereof and the Exhibits and Schedules attached hereto unless expressly otherwise designated in context. All Article, Section, other subdivision and Exhibit and Schedule captions
        herein are used for reference only and do not limit or describe the scope or intent of, or in any way affect, this Agreement.

     

    (c)          The terms “include,” “including,” and similar terms shall be construed as if followed by the phrase “without being limited to.”

     

    (d)          The terms “herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular
        Article, Section, other subdivision, Exhibit or Schedule.

     

    (e)          All Recitals set forth in, and all Exhibits and Schedules to, this Agreement are hereby incorporated into this Agreement by this reference
        except that in the event of any conflict between an Exhibit and/or Schedule and this Agreement or another Loan Document, the provisions of this Agreement or the Loan Document, as the case may be, shall prevail over such Exhibit and/or Schedule.
        Terms otherwise defined in the preamble or recitals hereof are incorporated into Section 1.1 hereof by this reference.

     

    (f)           No inference in favor of or against any party shall be drawn from the fact that such party or such party’s counsel has drafted any portion
        hereof.

     

    (g)          All references in this Agreement to a separate promissory note, deed of trust, instrument or other type of agreement are to such separate
        document as the same may be amended, restated, modified and/or supplemented from time to time pursuant to the applicable provisions thereof. Unless otherwise provided, all references to statutes and related regulations shall include any amendments
        thereof and any successor statutes and regulations.

     

    (h)          The words “Borrower” and “Lender” whenever used herein shall include the respective heirs, executors, administrators, legal
        representatives, successors and assigns of the parties hereto, and all those holding under any of them.

     

    (i)           Any appointment of Lender as Borrower’s attorney-in-fact hereunder shall be deemed irrevocable and coupled with an interest.

     

    (j)          Where the character or amount of any asset or liability or item of income or expense is required to be determined, or any consolidation or
        other accounting computation is required to be made for the purposes of this Agreement, such determination or calculation, to the extent applicable and except as otherwise specified in this Agreement, shall be made in accordance with GAAP
        consistent with those in effect at the Closing Date.

     

    (k)          Terms used in this Agreement and defined in the UCC shall have the same meanings herein, except as otherwise expressly provided or amplified
        (but not limited) herein.

     

    
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    (l)           The terms of this Agreement shall govern if determined to be in conflict with the terms or provisions in any other Loan Document.

     

    ARTICLE 2

      LOAN FACILITY

     

    Section 2.1      Loan Facility. Subject to the conditions and pursuant to the terms of the Loan Documents and in
      reliance upon the representations, warranties, and covenants set forth in the Loan Documents, and provided no Default or Event of Default has occurred, Lender agrees to make Advances under the Note from time to time in an aggregate amount less than
      or equal to the Loan Amount.

     

    Section 2.2      Purpose. The proceeds of the Loan shall be used by Borrower refinancing of certain debt of the
      Guarantor entities in conjunction with a merger of the Guarantor entities into Borrower and other business purposes of Borrower.

     

    Section 2.3      Interest; Repayment. The Loan shall bear interest at the Effective Rate and shall be repaid in
      accordance with the terms of the Note, provided, that all Obligations shall be due and payable in full on the Maturity Date.

     

    Section 2.4      Borrowing Procedures. An Authorized Representative of Borrower shall request Advances be made to an
      operating account maintained with Lender. Upon satisfaction of the Conditions Precedent, Lender shall make the Advance by depositing the funds being advanced into Borrower’s operating account with Lender on the date specified in such request,
      provided that if a request for an Advance is received by Lender later than 12:00 p.m. on a business day, Lender shall not be obligated to make such Advance until the next Business Day. Each request verbal or written by Borrower for any Advance shall
      constitute a representation and warranty by Borrower, as of the date the request or notice is given and as of the date of the Advance, that (i) such Authorized Representative of Borrower does not have knowledge of any Event of Default; and (ii) the
      representations and warranties contained herein are and will be true and correct, except as to changes occurring after the date of this Agreement caused by events, actions or transactions permitted under this Agreement.

     

    Section 2.5      Payments; Debit Authority. Each payment under the Note (including any prepayment and payment of
      interest) shall be made to Lender at Lender’s Office in Dollars and in immediately available funds on the date required by the Loan Documents. Lender may, but shall not be obligated to, debit the amount of any such payment which is not made by such
      time to any ordinary deposit account of Borrower with Lender. Any payment received by Lender after 2:00 p.m. at Lender’s Office on a Business Day (or at any time on a day that is not a Business Day) shall be deemed made by Borrower and received by
      Lender on the following Business Day. Payments that are due on a day that is not a Business Day shall be payable on the next succeeding Business Day, and any interest payable thereon shall be payable for such extended time at the interest rate
      specified in the Loan Documents.

     

    Section 2.6     Commitment Fee. Borrower shall pay to Lender the Commitment Fee on the Closing Date in consideration
      of Lender’s reserving and making available the money to fund the Note, and is payable by Borrower as compensation for Lender’s standing ready to lend pursuant to this Agreement. This fee shall be deemed to have been unconditionally earned by Lender
      upon the closing of the Loan, whether or not any proceeds of the Note are thereafter requested by Borrower or advanced by Lender.

     

    
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    Section 2.7      Required Prepayment. Upon the occurrence of an Event of Default, at Lender’s option, all of the
      Obligations shall be payable immediately in cash or on such other terms as Lender may require.

     

    Section 2.8      Optional Prepayment. Borrower may prepay the Loan in whole or in part without premium or penalty.

     

    Section 2.9      Usury. The parties to this Agreement intend to conform strictly to applicable usury laws as
      presently in effect. Accordingly, if the transactions contemplated hereby would be usurious under applicable law (including the laws of the United States of America and the state in which Lender’s Office is located), then, in that event,
      notwithstanding anything to the contrary in any Loan Document or agreement executed in connection with or as security for the Obligations, Borrower and Lender agree as follows: (i) the aggregate of all consideration that constitutes interest under
      applicable law which is contracted for, charged, or received under any of the Loan Documents or agreements, or otherwise in connection with the Obligations, shall under no circumstance exceed the maximum lawful rate of interest permitted by
      applicable law, and any excess shall be credited on the Obligations by the holder thereof (or, if the Obligations shall have been paid and performed in full, refunded to Borrower); and (ii) in the event that the maturity of the Obligations is
      accelerated by reason of an election of the holder resulting from any Event of Default under this Agreement or otherwise, or in the event of any required or permitted prepayment, then such consideration that constitutes interest may never include
      more than the maximum amount of interest permitted by applicable law, and excess interest, if any, for which this Agreement provides, or otherwise, shall be canceled automatically as of the date of such acceleration or prepayment and, if previously
      paid, shall be credited on the Obligations (or, if the Obligations have been paid and performed in full, refunded to Borrower).

     

    ARTICLE 3

      COLLATERAL

     

    Section 3.1      Collateral. The Obligations shall be secured by the following “Collateral,” all of which
      shall be in such form and upon such terms and conditions satisfactory to Lender:

     

    (a)          Security Agreement. A first perfected security interest in all of Borrower’s present and hereafter interest in the Property described
        in the Security Agreement.

     

    (b)          Assignment of Deposit Account. A collateral assignment of the Money Market Account pursuant to the Assignment of Deposit Account.

     

    (c)          Accounts. A first perfected security interest in all of Borrower’s operating and deposit accounts held with Lender.

     

    (d)          Guaranties. Subject to the completion of the mergers set forth in Section 2.2, fully executed Guaranty Agreements executed by
        Guarantor.

     

    
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    (e)          Other Documents. Such other documents, agreements, financing statements, affidavits, approvals, consents, opinions and other
        documents as Lender and its legal counsel deem necessary to adequately secure the Obligations.

     

    Section 3.2      Release of Collateral. Provided no Default or Event of Default has occurred and is continuing,
      Lender shall release its lien against the Collateral upon Borrower’s satisfaction and payment in full of the Obligations.

     

    ARTICLE 4

      CONDITIONS PRECEDENT

     

    Lender’s obligation to make the initial Advance on the Closing Date and each subsequent Advance is subject to the Conditions Precedent that Lender shall have received (or agreed in writing to waive
      or defer receipt of) all of the following, each duly executed, dated and delivered as of the Closing Date or the date of each Equipment Loan, in form and substance satisfactory to Lender and its legal counsel:

     

    Section 4.1     Loan Documents. The Loan Documents, all duly executed and delivered by Borrower, and/or the other
      parties thereto, as applicable, and, in the case of each subsequent Advance subject to the completion of the mergers set forth in Section 2.2, each Guarantor, in such form as is satisfactory to Lender and its legal counsel.

     

    Section 4.2      Organizational Documents. Copies of the Organizational Documents of Borrower, as amended to the
      Closing Date, certified by an Authorized Representative of Borrower and, in the case of each subsequent Advance subject to the completion of the mergers set forth in Section 2.2, copies of the Organizational Documents of each Guarantor
      certified by an Authorized Representative of each Guarantor.

     

    Section 4.3      Resolutions. Certified copies of resolutions of the governing bodies of Borrower and, in the case of
      each subsequent Advance subject to the completion of the mergers set forth in Section 2.2, each Guarantor, authorizing the execution, delivery, and performance of all Loan Documents to which each is a party.

     

    Section 4.4      Related Entity Documents. If Borrower has, directly or indirectly, any general partner, member,
      director, shareholder or other affiliated or related entity that is not a natural person and that is required to take any action or give any consent or approval (in the opinion of Lender or its legal counsel) in connection with the Loan, Borrower
      shall furnish to Lender appropriate certificates, Organizational Documents, resolutions and other documents for such related entity similar to those required of Borrower in this Article IV.

     

    Section 4.5      Certificate of Existence. A certificate of existence regarding Borrower certified by the Secretary
      of State of the State, containing no facts objectionable to Lender.

     

    Section 4.6      Intentionally Deleted.

     

    Section 4.7      Financial Statements. The respective Financial Statements of, all containing no matters
      objectionable to Lender.

     

    
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    Section 4.8      Insurance. Evidence that Borrower has obtained policies of insurance as required by this Agreement
      and the Security Documents.

     

    Section 4.9      Identification. The taxpayer identification number of.

     

    Section 4.10    Patriot Act. Evidence as satisfactory to Lender that Borrower is in compliance with the Uniting and
      Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, as such may be amended from time to time.

     

    Section 4.11    UCC Searches. Lender shall have received, at Borrower’s expense, reports of searches of the central
      and local UCC records indicating no liens for Borrower objectionable to Lender.

     

    Section 4.12    Other. Such other evidence, documents, certificates and items requested by Lender that are
      customarily provided in loan transactions of this type or necessary in connection with any other requirement hereof.

     

    Section 4.13   Adverse Change. There shall not have occurred, in the opinion of Lender, any Material Adverse Change
      regarding any facts submitted to Lender in connection with the Loan from that which existed at the time Lender considered the issuance of the commitment letter for the Loan. In addition, Borrower shall not be involved in any litigation threatened or
      existing against Lender or any affiliate of Lender.

     

    ARTICLE 5

      REPRESENTATIONS AND WARRANTIES

     

    As an inducement to Lender to enter this Agreement and make the Loan, Borrower represents and warrants to Lender that as of the Closing Date, and again as of the date of any Equipment Loan:

     

    Section 5.1      Existence; Qualification. The entity type of Borrower is correctly described in the preamble hereof,
      and Borrower is duly organized, legally existing and in good standing under the laws of the State.

     

    Section 5.2      Power and Authorization. (a) Borrower has the requisite power and authority to own its Properties
      and to transact the business in which it is now engaged or proposed to be engaged in; (b) Borrower is duly authorized and empowered to execute and deliver, and to perform and observe the terms and provisions of the Loan Documents to which it is a
      party and to carry out the transactions contemplated hereby and thereby; (c) all action on Borrower’s part required to be taken for the due execution, delivery and performance of the Loan Documents has been duly and effectively taken; and (d)
      Borrower is duly qualified to do business in every jurisdiction where the character of its Properties or the nature of its activities makes such qualification necessary.

     

    Section 5.3      Binding Obligations. This Agreement is, and the other Loan Documents, when executed and delivered in
      accordance with this Agreement, will be, legal, valid and binding obligations upon and against Borrower enforceable in accordance with their respective terms, subject to no defense, counterclaim, set off, or objection of any kind. Lender has taken no
      action nor has it failed to take any action that subjects Lender to any liability to Borrower.

     

    
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    Section 5.4      No Consent. The execution, delivery or performance of the Loan Documents by Borrower to which it is
      a party does not and will not require any registration with, consent or approval of, or notice to, or action by, any other Person.

     

    Section 5.5      Location. Borrower’s jurisdiction of organization is as set forth herein. Borrower shall notify
      Lender within at least thirty (30) days following any change in the location of its jurisdiction of organization.

     

    Section 5.6      Financial Condition. The Financial Statements of Borrower heretofore delivered to Lender have been
      prepared in accordance with the accounting standards required by this Agreement, and present fairly in all material respects the financial condition of Borrower, as of the date or dates and for the period or periods stated therein, subject to
      finalizing adjustments determined not to be material. No Material Adverse Change has occurred since the date of such Financial Statements.

     

    Section 5.7      Title. Borrower has good and marketable title to its Properties, free and clear of all Liens except
      those referenced or reflected in the Financial Statements of Borrower or those Liens securing the Obligations.

     

    Section 5.8      Intellectual Property. Borrower possesses or has the right to use all trademarks, service marks,
      copyrights, trade names, patents, licenses, and other intellectual property, and rights therein, as are necessary for the conduct of its business as now conducted and presently proposed to be conducted, without conflict with the rights or claimed
      rights of others.

     

    Section 5.9      Priority. The Loan Documents, when executed, acknowledged and delivered, and filed and recorded, as
      appropriate, grant to Lender a valid, enforceable and perfected first priority Lien in all Property in which such documents purport to convey or grant to Lender a lien or security interest. No chattel mortgage, bill of sale, security agreement,
      financing statement or other title retention agreement, except those executed in favor of or with the prior written consent of Lender, has been or will be executed with respect to such Property, and no Lien has attached or will attach with respect to
      such Property.

     

    Section 5.10    No Legal Bar or Resultant Lien. Borrower’s execution, delivery and performance of this Agreement and
      the other Loan Documents and the consummation of the transactions contemplated herein and therein, does not and will not: (a) contravene or breach any provisions of its Organizational Documents; (b) cause Borrower to be in default under, and will not
      violate any provisions of any Governmental Requirement presently in effect having application to Borrower or to the Property of Borrower; (c) result in any breach of, or constitute any default under, any indenture, mortgage, deed of trust, loan or
      credit agreement, or any other agreement, contract, lease or instrument to which Borrower is a party or by which Borrower may be bound or affected; or (d) result in, or require, the creation or imposition of any Lien upon or with respect to any
      Property now owned or hereafter acquired by Borrower other than Permitted Encumbrances, Liens contemplated by the Loan Documents or Liens otherwise disclosed to, and approved by, Lender in the Financial Statements of Borrower, and Borrower is not in
      violation of, has not breached, or is in default under any of the foregoing.

     

    
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    Section 5.11   Investments, Advances, and Guaranties. Borrower has not made investments in, advances to, or
      guaranties of the obligations of any Person, or committed or agreed to undertake any of these actions or obligations, except as referred to or reflected in the Financial Statements of Borrower.

     

    Section 5.12    Liabilities; Litigation; Labor Disputes; Etc. Borrower has no material liabilities (individually or
      in the aggregate) direct or contingent, except as reflected in the Financial Statements of Borrower. Except as reflected in such Financial Statements, there is no litigation, legal or administrative proceeding, investigation, or other action of any
      nature pending or, to the best knowledge of Borrower, threatened against or affecting Borrower that involves the possibility of any judgment or liability not fully covered by insurance. In addition, Borrower is not involved in any litigation
      threatened or existing against Lender or any affiliate of Lender. Borrower has not recently experienced and is not now experiencing any strike, labor dispute, slowdown, or work stoppage due to labor disagreements, and no such strike, dispute,
      slowdown, or work stoppage is threatened against Borrower.

     

    Section 5.13    Compliance with Laws, Etc. Borrower is not in violation of, nor has Borrower received notice of any
      violation of, any Governmental Regulation to which Borrower or any of its Properties are subject. Borrower has not failed to obtain any license, permit, franchise, or other governmental authorization necessary to the ownership of any of its
      Properties or to the conduct of its business.

     

    Section 5.14    Taxes; Governmental Charges. Borrower has filed or caused to be filed all tax returns and reports
      required to be filed with any Governmental Authority and Borrower has paid all due and payable taxes, assessments, fees, and other governmental charges levied upon it or upon any of its Properties or income, including interest and penalties, required
      to be paid to any Governmental Authority. Borrower has made all required withholding deposits.

     

    Section 5.15    No Default. Borrower is not in default in any respect that affects its business, Properties,
      operations, or condition, financial or otherwise, under any indenture, mortgage, deed of trust, credit agreement, note, agreement, or other instrument to which Borrower is a party or by which it or its Properties are bound. Borrower is not in
      violation of its Organizational Documents. No Default or Event of Default has occurred as of the Closing Date.

     

    Section 5.16    ERISA. Borrower is in compliance in all material respects with the applicable provisions of ERISA.
      Borrower has not incurred any material “accumulated funding deficiency” within the meaning of ERISA, and has not incurred any material liability to PBGC in connection with any Plan.

     

    Section 5.17    Casualties; Taking of Collateral, Etc. Neither the business of Borrower nor the Collateral has been
      affected as a result of any fire, explosion, earthquake, flood, drought, windstorm, accident, strike or other labor disturbance, embargo, cancellation of contracts, permits, concessions by any domestic or foreign government or any agency thereof,
      riot, activities of armed forces or Acts of God or of any public enemy.

     

    
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    Section 5.18    No Material Misstatements. No information, exhibit, or report furnished or to be furnished by
      Borrower to Lender in connection with this Agreement contain, as of the date thereof, or will contain as of the Closing Date, any material misstatement of fact or failed or will fail to state any material fact, the omission of which would render the
      statements therein materially false or misleading.

     

    Section 5.19    Regulation U. Borrower does not intend to use any part of the proceeds of the Loan, and has not
      incurred any indebtedness to be reduced, retired or purchased by it out of such proceeds, for the purpose of purchasing or carrying any margin stock within the meaning of Regulation U of the Board of Governors of the Federal Reserve System, and it
      does not own and has no intention of acquiring any such margin stock.

     

    Section 5.20    Solvency. Borrower is Solvent as of the Closing Date.

     

    ARTICLE 6

      AFFIRMATIVE COVENANTS

     

    Borrower covenants that, during the term of this Agreement and until all Obligations shall have been paid and performed in full, unless Lender shall otherwise first consent in writing, Borrower
      shall:

     

    Section 6.1     Payment and Performance. Pay and perform the Obligations according to the terms of the Loan Documents
      and do and perform, and cause to be done and to be performed, every act and discharge all of the Obligations provided to be performed and discharged by Borrower under the Loan Documents, at the time or times and in the manner specified.

     

    Section 6.2      Expenses. Borrower agrees to pay on demand all out of pocket costs and expenses of Lender (including
      the reasonable fees and out of pocket expenses of Lender’s attorneys, paralegals, accountants, auditors, and consultants) incurred by Lender in connection with the preparation, execution, delivery, administration, interpretation, amendment, waiver or
      enforcement of this Agreement or the other Loan Documents, or in the protection of Lender’s rights under the Loan Documents (including any suit for declaratory judgment or interpretation of the provisions hereof and any bankruptcy, insolvency or
      condemnation proceedings involving Borrower, its Property, and/or any Collateral). In addition, Borrower agrees to pay, and to hold Lender harmless from all liability for, any stamp, recording, intangibles or other taxes payable in connection with
      the execution or delivery of this Agreement, the Advances, the Collateral, or the issuance or delivery of the Note or any other Loan Documents, excluding, however, taxes based upon the income or assets of Lender. Upon Lender’s request, Borrower shall
      promptly reimburse Lender for all amounts expended, advanced, or incurred by Lender in endeavoring to satisfy any obligation of Borrower under this Agreement or any other Loan Documents, or to perfect a Lien in favor of Lender, or to protect the
      Property or to collect the Obligations, or to enforce or protect the rights of Lender under this Agreement or any other Loan Document, including all court costs, attorney’s and paralegal’s fees, fees of auditors and accountants, and investigation
      expenses reasonably incurred by Lender in connection with any such matters, and all such amounts shall bear interest at the Default Rate until paid in full. All obligations of Borrower under this Section shall be part of the Obligations and shall
      survive any termination of this Agreement.

     

    
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    Section 6.3      ERISA Information and Compliance. Comply with ERISA and all other applicable laws governing any
      pension or profit sharing plan or arrangement to which Borrower is a party. Borrower shall provide Lender with notice of any “reportable event” or “prohibited transaction” or the imposition of a “withdrawal liability” within the meaning of ERISA.

     

    Section 6.4      Taxes and Other Liens. Promptly pay and discharge (in any event, prior to delinquency) all taxes,
      assessments, and governmental charges or levies imposed upon it or upon any of its Properties by any Governmental Authority as well as all claims of any kind (including claims for labor, materials, supplies, and rent) which, if unpaid, might become a
      Lien upon any or all of its Properties; provided, however, that Borrower shall not be required to pay any such tax, assessment, charge, levy, or claim if the amount, applicability, or validity thereof shall currently be contested in good faith by
      appropriate proceedings diligently conducted and if Borrower shall establish reserves therefor adequate under GAAP.

     

    Section 6.5      Maintenance. (a) Do or cause to be done all things necessary to preserve and keep in full force and
      effect Borrower’s entity existence, name, rights, and franchises; (b) maintain the Property in good and workable condition at all times and continue its ownership in the same, and make all repairs, replacements, additions, and improvements thereto
      reasonably necessary and; and (c) maintain capital sufficient to operate its business and to perform and/or pay all Obligations as they become due.

     

    Section 6.6      Further Assurances. Promptly cure any defects in the creation, issuance, and delivery of the Loan
      Documents at Borrower’s expense. Borrower, at Borrower’s expense, will promptly execute and deliver to Lender upon request all such other and further agreements and instruments in compliance with or accomplishment of the covenants and agreements of
      Borrower in the Loan Documents, or to evidence further and to describe more fully any Collateral, or to correct any omissions in the Loan Documents, or to state more fully the Obligations and agreements set out in any of the Loan Documents, or to
      perfect, protect, or preserve any Liens created pursuant to any of the Loan Documents, or to make any recordings, to file any notices, or to obtain any consents, all as may be reasonably necessary or appropriate in connection therewith for so long as
      those “further assurances” advance the spirit and letter of this Agreement.

     

    Section 6.7      Compliance with Laws. Observe and comply with all applicable Governmental Regulations, including all
      labor laws, to which Borrower, or any of Borrower’s Properties are subject, and will promptly pay when due all taxes and assessments upon Borrower’s Properties, and all claims for labor or materials, rents, and other obligations that, if unpaid, will
      or might become a Lien against Borrower’s Properties. In the event any such liability or obligation is contested by Borrower in good faith, Borrower shall establish reserves with Lender and/or obtain a bond in amount, form and substance satisfactory
      to Lender to meet such liabilities or obligations.

     

    Section 6.8      Books and Records. Keep books of record and account, in which full, true, and correct entries will
      be made of all dealings or transactions in accordance with sound accounting principles consistently applied, except only for changes in accounting principles or practices with which Borrower’s certified public accountants concur and which changes
      have been reported to Lender in writing and with an explanation thereof. Borrower’s books and records shall at all times be maintained at the address for Borrower set forth in this Agreement. Lender, or any of its agents, employees, or
      representatives, at Lender’s expense shall have the right to visit Borrower’s place or places of business, at intervals determined by Lender, and, without hindrance or delay, to inspect, audit, check, and make extracts from the books, records,
      journals, orders, receipts, correspondence, and other data relating to Borrower’s operations; provided that upon the occurrence and during the continuance of an Event of Default and after the expiration of any applicable notice and cure periods, the
      cost of such review shall be at Borrower’s expense. Lender shall have the right to discuss such matters with Borrower’s Authorized Representatives and accountants at all times.

     

    
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    Section 6.9      Notice of Certain Events. Promptly give to Lender, if Borrower learns of the occurrence of any of
      the following events, notice of (a) any event that constitutes a Default or Event of Default, together with a detailed statement by a responsible officer of Borrower of the steps being taken as a result thereof; (b) the receipt of any notice from, or
      the taking of any other action by, the holder of any promissory note, debenture, or other evidence of Debt of Borrower or of any security (as defined under the Securities Act of 1933, as amended) of Borrower with respect to a claimed default,
      together with a detailed statement by a responsible officer of Borrower specifying the notice given or other action taken by such holder and the nature of the claimed default and what action Borrower is taking or proposes to take with respect
      thereto; (c) any legal, judicial, or regulatory proceedings affecting Borrower in which the amount involved is material and is not covered by insurance or which, if adversely determined, would have a Material Adverse Effect; (d) any dispute between
      Borrower and any Governmental Authority or any other Person which, if adversely determined, might interfere with the normal business operations of Borrower; or (e) any Material Adverse Changes from any facts reflected in the financial statements of
      Borrower delivered to Lender pursuant to this Agreement or from the facts warranted or represented in any Loan Document.

     

    Section 6.10    Insurance. Obtain and maintain, in amount, form and substance, and with insurers satisfactory to
      Lender, and shall provide to Lender evidence of, the following insurance in connection with the Loan and the Property:

     

    (a)          General Liability. Commercial general liability insurance in an amount not less than $1,000,000.00 on an “occurrence basis” and
        $2,000,000.00 on an aggregate basis insuring Borrower and Lender against claims for personal injury, including bodily injury, death or property damage. Said insurance is to be kept in full force and effect at all times throughout the term of this
        Agreement until the full payment and performance of the Obligations.

     

    (b)          Worker’s Compensation. Worker’s compensation insurance covering Borrower and its employees, as required by applicable law, which
        shall contain an agreement to notify Lender in writing at least thirty (30) days prior to any cancellation or amendment of such policy. Said insurance is to be kept in full force and effect at all times throughout the term of this Agreement until
        the full payment and performance of the Obligations.

     

    (c)          Other. Such other insurance, in such amounts and for such terms, as may from time to time be reasonably required by Lender insuring
        against such other casualties or losses which at the time are commonly insured against by those in Borrower’s business.

     

    
      15

      
        

    

    The policy described in (a) above shall be evidenced by an Acord 25 certificate naming Lender as additional insured (and an additional insured endorsement to said policy in form and substance
      satisfactory to Lender shall be delivered to Lender on or prior to the Closing Date) and shall provide that Lender shall receive not less than thirty (30) days written notice prior to amendment or cancellation. Borrower will notify Lender of any
      change in the status of the insurance required above within five (5) Business Days of Borrower’s receipt of notice of any such change. The proceeds of the policy described in (a) above shall be payable by check to Lender or jointly payable to
      Borrower and to Lender, in Lender’s discretion, and shall be delivered to Lender, and such proceeds (after deducting Lender’s reasonable costs and expenses of obtaining such proceeds) shall be applied by Lender, at Lender’s sole option.

     

    Section 6.11    Financial Statements and Reports. Promptly furnish to Lender:

     

    (a)          As soon as available, and in any event within thirty (30) days after the end of each calendar month, Borrower shall furnish to Lender
        monthly company prepared financial statements of Borrower prepared by Borrower and certified as true and correct by an Authorized Representative of Borrower.

     

    (b)          Borrower shall cause Lender to receive the annual local, state and federal tax returns for Borrower for the immediately preceding month
        within thirty (30) days following the filing of such tax return with the applicable governmental entity during the term of the Loan and until the Note has been repaid in full. Each tax return shall be certified as true and correct by an Authorized
        Representative of Borrower.

     

    (c)          Following the occurrence of a Default or an Event of Default and upon Lender’s request thereafter, Borrower shall provide to Lender updated
        financial statements for Borrower within ten (10) days from the date of the such request, which shall be certified as true and correct by an Authorized Representative Borrower. Except as otherwise provided in this Section, the financial statements
        required under this Section shall be prepared using GAAP and shall include a balance sheet, an income statement, a statement of cash flow, a statement of contingent liabilities, and such other information as may be requested by Lender.

     

    Section 6.12    Capital. At all times maintain capital sufficient to operate its business and to perform and/or pay
      all Obligations as they become due, including payments due with respect to the Note.

     

    Section 6.13     Intentionally Deleted.

     

    ARTICLE 7

      NEGATIVE COVENANTS

     

    Borrower covenants and agrees that, during the term of this Agreement and until all Obligations shall have been paid and performed in full, unless Lender shall otherwise first consent in writing,
      Borrower will not, either directly or indirectly:

     

    Section 7.1      Transfer. Transfer, or permit to exist any Transfer of, or Lien on, the Collateral, except, subject
      to all other provisions of this Article, the foregoing restrictions shall not apply to sales or leases otherwise permitted by Lender in writing.

     

    
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    Section 7.2      Proceeds of Loan. Permit the proceeds of the Loan to be used for any purpose other than those
      permitted under this Agreement.

     

    Section 7.3     Structure. Suffer or permit any material change to be made to Borrower’s ownership or management
      structure or the character of its business as carried on as of the Closing Date without the prior written consent of Lender. Notwithstanding the foregoing, Borrower intends to merge both Guarantor entities into Borrower, and nothing in this Agreement
      shall be deemed to prevent such merger or to constitute a default or Event of Default in the event such mergers occur.

     

    Section 7.4      Assignment. Assign or transfer any of Borrower’s rights, remedies, powers, duties, liabilities or
      obligations arising under or pursuant to any of the Loan Documents.

     

    Section 7.5      Additional Debt. Incur, create, assume, or in any manner become or be liable with respect to any
      Debt other than Debt owed to Lender.

     

    Section 7.6     Sale of Assets, Dissolution, Etc. (a) Sell, lease, transfer or otherwise dispose of any of its
      property which is not classified as Collateral, except in the ordinary course of business for fair market value or more (as used herein “fair market value” shall be that amount which is within ten percent (10%) of the appraised value of any of such
      assets); (b) suffer or permit in whole or in part dissolution or liquidation; (c) enter into any arrangement, directly or indirectly, with any Person whereby Borrower shall Transfer any Property used and/or useful in its business, whether now owned
      or hereafter acquired, and thereafter rent or lease such Property or other Property which Borrower intends to use for substantially the same purpose or purposes as the Property being sold or transferred; or (d) make or obtain any acquisition of all
      or substantially all of the Property or assets of any other Person, or merge or consolidate with or into, or Transfer (whether in one transaction or in a series of transactions) all or substantially all of its Properties to any Person.

     

    Section 7.7      Inconsistent Agreements. Enter into any agreement containing any provision that would be violated or
      breached by the performance by Borrower of its Obligations.

     

    ARTICLE 8

      EVENTS OF DEFAULT

     

    The occurrence of any of the following events (each an “Event of Default”) shall terminate any obligations on the part of Lender to make any Advance hereunder and, at the option of Lender,
      shall make all sums of principal, interest and expenses remaining unpaid on the Loan immediately due and payable, without notice of default, presentment or demand for payment, protest, or notice of nonpayment or dishonor, or other notices or demands
      of any kind, except as hereinafter specified:

     

    Section 8.1      Principal and Interest Payments. Borrower fails to make payment of any installment of principal or
      interest on the Obligations within ten (10) days of the date when due.

     

    Section 8.2     Representations and Warranties. Any representation or warranty made by or on behalf of Borrower or
      any Obligor in any Loan Document appears to have been incorrect in any material respect as of the date thereof, or any representation, warranty, statement (including financial statements), certificate, or data furnished or made by or on behalf of
      Borrower or any Obligor in any Loan Document appears to have been untrue in any material respect as of the date as of which the facts therein set forth were stated or certified.

     

    
      17

      
        

    

    Section 8.3      Obligations. Excluding obligations set forth in this Article 8, Borrower or any Obligor
      fails to perform any of its agreements, obligations or covenants as required by and contained in any Loan Document and fails to cure such non-performance within fifteen (15) days after the earlier of (a) receipt by Borrower of written notice from
      Lender notifying Borrower that a breach or default has occurred, or (b) actual knowledge by Borrower that a breach or default has occurred; provided that no notice or cure period shall be applicable to a default occurring under any of the following
      sections or articles hereof: Section 6.10 and Article 7.

     

    Section 8.4      Involuntary Bankruptcy or Receivership Proceedings. Any of the following events or conditions occurs
      with respect to Borrower or any Obligor: (a) a receiver, custodian, liquidator, or trustee of itself or of any of the Property of Borrower or any Obligor is appointed by the order or decree of any court or agency or supervisory authority having
      jurisdiction; or (b) any of the Property of Borrower or any Obligor is sequestered by court order; or (c) a petition is filed against Borrower or any Obligor under any state or federal bankruptcy, reorganization, debt arrangement, insolvency,
      readjustment of debt, dissolution, liquidation or receivership law of any jurisdiction, whether now or hereafter in effect.

     

    Section 8.5      Voluntary Petitions. Borrower or any Obligor files (or takes formal action authorizing the filing of
      or takes affirmative steps to prepare to file) a voluntary bankruptcy petition or other petition to seek relief under any provision of any bankruptcy, reorganization, debt arrangement, insolvency, readjustment of debt, dissolution or liquidation law
      of any jurisdiction or consents to the filing of any such petition against it under any such law.

     

    Section 8.6      Assignments for Benefit of Creditors, Etc. Borrower or any Obligor makes an assignment for the
      benefit of its creditors, or admits in writing its inability to pay its debts generally as they become due, or consents to the appointment of a receiver, trustee, or liquidator of Borrower or of all or any part of its Property.

     

    Section 8.7      Discontinuance of Business, Merger, Control, Etc. Borrower or any Obligor (a) discontinues its usual
      business; (b) ceases to continue its current operations in the manner and scope conducted on the date of this Agreement; (c) merges or consolidates into any other entity, other than Borrower; (d) dies or commences to dissolve, wind-up or liquidate
      itself or (e) experiences a change of control in its ownership or management without the prior written consent of Lender;

     

    Section 8.8      Cross Default on Other Debt or Security. Subject to any applicable grace period or waiver prior to
      any due date, Borrower or any Obligor fails to make any payment due on any Debt or on any security (as “security” is defined for purposes of the federal securities laws) or any event shall occur or any condition shall exist with respect to any Debt
      or security of Borrower or any Obligor or under any agreement securing or relating to such Debt or security, the effect of which is to cause or to permit any holder or trustee of such Debt or other security or a trustee to cause (whether or not such
      holder or trustee elects to cause) any or all of such Debt or security to become due prior to its stated maturity or prior to its regularly scheduled dates of payment.

     

    
      18

      
        

    

    Section 8.9      Undischarged Judgments. If judgment for the payment of money is rendered by any court or other
      Governmental Authority against Borrower which is not fully covered by valid collectible insurance and such remains unpaid or not bonded (to Lender’s satisfaction) in full within thirty (30) days after such judgment is entered.

     

    Section 8.10   Violation of Laws. Borrower or any Obligor materially violates or otherwise materially fails to comply
      with any Governmental Regulation or Borrower or any Obligor fails or refuses at any and all times to remain current on its financial reporting requirements pursuant to such Governmental Regulations.

     

    Section 8.11    Litigation. Should a court order, injunction, or judgment be issued in connection with any
      litigation, the effect of which would have a Material Adverse Effect on Borrower or any Obligor.

     

    Section 8.12   Fire or Casualty. Should any portion of the Collateral be materially damaged or destroyed by fire or
      other casualty, which is not adequately covered by insurance (as determined by Lender in the exercise of its discretion) to effect the full and complete repair or replacement of same to the satisfaction of Lender.

     

    Section 8.13    Levy. A levy shall be made under any legal process on the Property, and such levy is not removed
      within thirty (30) days following such levy.

     

    Section 8.14    Attachment of Liens to Property. Attachment of any involuntary Lien upon the Collateral which is not
      removed within thirty (30) days after the attachment.

     

    Section 8.15    Material Adverse Change. The occurrence of any Material Adverse Change or any event that would result
      in a Material Adverse Effect.

     

    Section 8.16    Failure of Merger. The failure to complete the mergers contemplated by Section 2.2 of this
      Agreement no later than May 10, 2019.

     

    ARTICLE 9

      REMEDIES

     

    Section 9.1      General Remedies. Upon the occurrence of an Event of Default, Lender may declare the entire
      principal amount of all Obligations then outstanding, including interest accrued thereon, to be immediately due and payable without presentment, demand, protest, notice of protest, or dishonor or other notice of default of any kind, all of which
      Borrower, to the extent permitted by applicable law, hereby expressly waives, and, at Lender’s sole discretion and option, all obligations of Lender under this Agreement shall immediately cease and terminate unless and until Lender shall reinstate
      such obligations in writing. Such acceleration and cessation of Lender’s obligations shall occur automatically, without any declaration by Lender or any notice, upon the occurrence of an Event of Default under Sections 8.4, 8.5 and 8.6
      hereof. Upon the occurrence of any Event of Default, Lender may also exercise all rights against Collateral set forth in the Loan Documents or afforded a creditor under applicable law, including all rights and remedies afforded by the UCC, and/or
      bring an action to protect or enforce its rights under the Loan Documents or seek, collect or enforce the Obligations by any lawful means. All remedies provided in this Agreement or in any other Loan Document shall be cumulative, in addition to all
      other remedies available to Lender under the principles of law and equity or pursuant to any other body of law, statutory or otherwise, and the exercise or partial exercise of any such right or remedy shall not preclude the exercise of any other
      right or remedy.

     

    
      19

      
        

    

    Section 9.2     Default. Upon the occurrence of a Default or at any time thereafter until such Default no longer
      exists, Borrower agrees that Lender, in its sole discretion, and may immediately cease making Advances or Equipment Loans, all without liability whatsoever to Borrower or any other Person, all of which is expressly waived hereby. Borrower releases
      Lender from any and all liability whatsoever, whether direct, indirect, or consequential, and whether seen or unforeseen, resulting from or arising out of or in connection with Lender’s determination to cease making Advances pursuant to this Section.

     

    Section 9.3     No Waiver. The acceptance by Lender at any time and from time to time of part payment on the Note
      shall not be deemed to be a waiver of any Default or Event of Default then existing. No delay or omission by Lender to exercise any right, power or remedy accruing to Lender upon any Default or Event of Default under this Agreement or the other Loan
      Documents shall impair any such right, power or remedy of Lender, nor shall it be construed to be a waiver of any such Default or Event of Default or an acquiescence therein, or in any similar Default or Event of Default thereafter occurring; nor
      shall any single or partial exercise of any such right or power preclude other or further exercise thereof, or the exercise of any other right or power of Lender under this Agreement or the other Loan Documents; nor shall any waiver or any single
      Default or Event of Default be deemed a waiver of any other Default or Event of Default theretofore or thereafter occurring, or be deemed to be a continuing waiver. Any waiver, permit, consent or approval of any kind or character on the part of
      Lender of any Default or Event of Default, or any waiver on the part of Lender of any provision or condition of this Agreement or the other Loan Documents, must be in writing and shall be effective only to the extent specifically set forth in such
      writing.

     

    Section 9.4    Lender’s Performance of Borrower’s Covenants and Duties. Should any covenant, duty or agreement of
      Borrower fail to be performed in accordance with its terms hereunder or under any other Loan Document, Lender may, at its option, perform, or attempt to perform, such covenant, duty or agreement on behalf of Borrower. Borrower shall, at the request
      of Lender, promptly pay any amount expended by Lender in such performance or attempted performance to Lender, together with interest thereon at the Default Rate from the date of such expenditure by Lender until paid; except that Lender does not
      assume and shall not have, except by express written consent of Lender, any liability for the performance of any duties of Borrower under this Agreement or under the other Loan Documents.

     

    Section 9.5      Right of Set off. Upon the occurrence and during the continuance of any Event of Default, Lender is
      authorized, at any time and from time to time, without notice to Borrower (any such notice being expressly waived by Borrower), to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and
      other indebtedness at any time owing by Lender to or for the credit or the account of Borrower against any and all of the Obligations, irrespective of whether or not Lender shall have accelerated the Obligations or made any demand under this
      Agreement or the Note and although such obligations may be unmatured.

     

    
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    ARTICLE 10

      GENERAL PROVISIONS

     

    Section 10.1    Notices. All notices, requests, demands, directions and other communications (collectively “notices”)
      required under this Agreement shall be in writing (including communication by facsimile transmission) and shall be sent by hand, by registered or certified mail return receipt requested, by overnight courier service maintaining records of receipt, or
      by facsimile transmission with confirmation in writing mailed first class, in all cases with charges prepaid. Any such properly given notice shall be effective upon the earlier of receipt or (a) the date delivered by hand, or (b) the third Business
      Day after being mailed, or (c) the following Business Day if sent by overnight courier service, or (d) upon sender’s receipt of transmission confirmation, if sent by facsimile. All notices shall be sent to the applicable party at its address (or facsimile number) set forth below or in accordance with the last written direction from such party to the other party hereto:

     

      

    
      	 	
              Borrower:

            	
              Better Choice Company Inc.

            

    

    
      	 	
              

              

            	
              
                
                  81 Prospect Street

                

              

            

    

    
      	 	
              

              

            	
              
                Brooklyn, New York 11201

              

            

    

    
      	 	
              

              

            	
              
                Attention: Damian Dalla-Longa

              

            

    

    
      	 	
              

              

            	
              
                
                  Fax: N/A

                

              

            

    

     

    

    
      	 	
              With a copy to:

            	
              Latham & Watkins LLP

            

    

    
      	 	
              

              

            	
              
                885 Third Avenue

              

            

    

    
      	 	
              

              

            	
              
                New York, New York 10022-4834

              

            

    

    
      	 	
              

              

            	
              
                Attention: Erika L. Weinberg

              

            

    

    
      	 	
              

              

            	
              
                Fax: (212) 751-4864

              

            

    

     

    

    
      	 	
              Lender:

            	
              Franklin Synergy Bank

            

    

    
      	 	
              

              

            	
              
                3325 West End Avenue

              

            

    

    
      	 	
              

              

            	
              
                Nashville, Tennessee 37203

              

            

    

    
      	 	
              

              

            	
              
                Attention: Melinda Bailey

              

            

    

    
      	 	
              

              

            	
              
                Fax: (615) 515-8100

              

            

    

     

    

    
      	 	
              With a copy to:

            	
              Thompson Burton PLLC

            

    

    
      	 	
              

              

            	
              
                6100 Tower Circle, Suite 200

              

            

    

    
      	 	
              

              

            	
              
                Franklin, Tennessee 37067

              

            

    

    
      	 	
              

              

            	
              
                Attention: J. Bryan Echols

              

            

    

    
      	 	
              

              

            	
              
                Fax: (615) 807-6804

              

            

    

     

    

    Section 10.2   Term of This Agreement. This Agreement shall be binding on Borrower as long as any portion of the
      Obligations remains outstanding or Lender has any obligations to make Advances hereunder, provided however, Borrower’s representations and warranties, and Borrower’s agreements of indemnity shall survive the payment and performance in full of the
      Obligations and shall continue in full force and effect so long as the possibility of such liabilities, claims, or losses exists.

     

    
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    Section 10.3    Invalidity. If any one or more of the provisions contained in any Loan Document for any reason shall
      be held invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of any Loan Document.

     

    Section 10.4    Survival of Agreements. All representations and warranties of Borrower in this Agreement and the
      other Loan Documents and all covenants and agreements in this Agreement and the other Loan Documents not fully performed before the Closing Date of this Agreement shall survive the Closing.

     

    Section 10.5    Successors and Assigns. Borrower shall not assign its rights or delegate its duties under this
      Agreement or any other Loan Document. All covenants and agreements made by or on behalf of Borrower in any Loan Document shall bind Borrower’s successors and assigns and shall inure to the benefit of Lender and its successors and assigns.

     

    Section 10.6    Renewal, Extension, or Rearrangement. All provisions of this Agreement or any other Loan Document
      relating to the Obligations shall apply with equal force and effect to each and all promissory notes, amendment, restatement or other modification hereafter executed which in whole or in part represent a renewal, extension for any period, increase,
      or rearrangement of any part of the Obligations.

     

    Section 10.7    Waivers. Pursuant to Tennessee Code Annotated Section 47-50-112, no action or course of dealing on
      the part of Lender, its officers, employees, consultants, or agents, nor any failure or delay by Lender with respect to exercising any right, power, or privilege of Lender under any Loan Document shall operate as a waiver thereof, except as otherwise
      provided in such Loan Document. Lender may from time to time waive any requirement hereof, including any of the Conditions Precedent; however, no waiver shall be effective unless in writing and signed by Lender. The execution by Lender of any waiver
      shall not obligate Lender to grant any further, similar, or other waivers.

     

    Section 10.8   Construction; Governance. This Agreement and the other Loan Documents constitute a contract made under
      and shall be construed in accordance with and governed by the laws of the state in which Lender’s Office is located (without regard to its conflict of law principles). The terms of this Agreement shall govern if determined to be in conflict with the
      terms or provisions in any other Loan Document.

     

    Section 10.9    Nature of Commitment. Lender’s obligation to accept the Note or make any Advances thereunder shall be
      deemed to be pursuant to a contract to make a loan or to extend debt financing or financial accommodations to or for the benefit of Borrower within the meaning of Sections 365(c(2) and 365(e)(2)(B) of the United States Bankruptcy Code, 11 U.S.C. §
      101 et seq.

     

    Section 10.10  Disclosures. Every reference in this Agreement to disclosures of Borrower to Lender (except the
      subsequent Financial Statements of Borrower), to the extent that such references refer or are intended to refer to disclosures at or prior to the execution of this Agreement, shall be deemed strictly to refer only to written disclosures delivered to
      Lender concurrently with the execution of this Agreement and referred to specifically in the Loan Documents. The parties hereto intend that such disclosures are to be limited to those presented in an orderly manner at the time of executing this
      Agreement and are not to be deemed to include expressly or impliedly any disclosures that previously may have been delivered from time to time to Lender, except to the extent that such previous disclosures are again presented to Lender in writing
      concurrently with the execution of this Agreement.

     

    
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    Section 10.11  Participation. Borrower agrees and consents to Lender’s sale or transfer, whether now or later, of one
      or more participation interests in the Loan to one or more purchasers, whether related or unrelated to Lender. Lender may provide, without any limitation whatsoever, to any one or more purchasers, or potential purchasers, any information or knowledge
      Lender may have about Borrower or about any other matter relating to the Loan, and Borrower hereby waives any rights to privacy Borrower may have with respect to such matters. Borrower additionally waives any and all notices of sale of participation
      interests, as well as all notices of any repurchase of such participation interests. Borrower also agrees that the purchasers of any such participation interests will be considered as the absolute owners of such interests in the Loan and will have
      all the rights granted under the participation agreement or agreements governing the sale of such participation interests. Borrower further waives all rights of offset or counterclaim that it may have now or later against Lender or against any
      purchaser of such a participation interest and unconditionally agrees that either Lender or such purchaser may enforce Borrower’s obligation under the Loan irrespective of the failure or insolvency of any holder of any interest in the Loan. Borrower
      further agrees that the purchaser of any such participation interests may enforce its interests irrespective of any personal claims or defenses that Borrower may have against Lender.

     

    Section 10.12  Distribution of Information. Borrower hereby authorizes Lender, as Lender may elect in its sole
      discretion, to discuss with and furnish to any affiliate of Lender, to any government or self-regulatory agency with jurisdiction over Lender, or to any participant or prospective participant, all financial statements, audit reports and other
      information pertaining to Borrower and any Obligor whether such information was provided by Borrower or prepared or obtained by Lender or third parties. Neither Lender nor any of its employees, officers, directors or agents make any representation or
      warranty regarding any audit reports or other analyses of Borrower which Lender may elect to distribute, whether such information was provided by Borrower or prepared or obtained by Lender or third parties, nor shall Lender or any of its employees,
      officers, directors or agents be liable to any Person receiving a copy of such reports or analyses for any inaccuracy or omission contained in such reports or analyses or relating thereto.

     

    Section 10.13  Entire Agreement; No Oral Representations. This Agreement represents the entire agreement between the
      parties hereto except for such other agreements set forth in the Loan Documents, superseding any and all other agreements, promises or representations existing prior to or made simultaneously with this Agreement. Any oral statements regarding the
      subject matter of this Agreement are merged herein.

     

    Section 10.14  Amendments. Neither this Agreement nor any of the other Loan Documents may be modified or amended
      except in writing signed by the parties hereto or thereto.

     

    
      23

      
        

    

    Section 10.15  Indemnification. It is agreed that Lender has not made Borrower its agent and their relationship is
      merely one between a lender and a borrower. Borrower shall indemnify Lender and the respective directors, officers, employees, agents and advisors of Lender (each, an “Indemnitee”) against, and hold each of them harmless from, any and all costs,
      losses, liabilities, claims, damages and related expenses, including the fees, charges and disbursements of any counsel for any Indemnitee, which may be incurred by or asserted against any Indemnitee arising out of, in connection with or as a result
      of (a) the execution or delivery of this Agreement or any other Loan Document, the performance by Borrower of the obligations or the consummation of any of the transactions contemplated hereby or thereby; (b) the disbursement of any Advance or any
      actual or proposed use of the proceeds therefrom; or (c) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort, or any other theory and regardless of whether any
      Indemnitee is a party thereto. The foregoing provision shall survive the term of this Agreement and the payment and performance in full of the Obligations and shall continue in full force and effect so long as the possibility of such liabilities,
      claims or losses exists. All amounts due under this Section shall be payable promptly by Borrower after written demand by Lender.

     

    Section 10.16  No Marshalling of Assets. Lender may proceed against the Collateral and against parties liable
      therefore in such order as it may elect, and neither Borrower nor any Obligor nor any creditor of Borrower shall be entitled to require Lender to marshall assets. The benefit of any rule of law or equity to the contrary is hereby expressly waived.

     

    Section 10.17  Impairment of Collateral. Lender may, in its sole discretion, release any of the Collateral or release
      any party liable therefore. The defenses of impairment of collateral and impairment of recourse and any requirement of diligence on Lender’s part in collecting the Obligations are hereby expressly waived.

     

    Section 10.18  Relationship of Lender and Borrower. Lender and Borrower intend that the relationship between them
      shall be solely that of creditor and debtor. Nothing contained in any of the Loan Documents, nor the consummation of the transactions contemplated herein or therein, shall be deemed or construed to create a partnership, tenancy-in-common, joint
      tenancy, joint venture or co-ownership by or between Lender and Borrower, or to create a relationship between Lender and Borrower other than that of creditor and debtor, or to cause Lender to be liable or responsible in any way for the actions,
      liabilities, debts or obligations of Borrower.

     

    Section 10.19 Joint and Several Liability. Notwithstanding anything to the contrary contained herein or in the other
      Loan Documents to the contrary, if Borrower consists of more than one Person: (a) the duties, covenants, obligations, representations and warranties of each Borrower in this Agreement and the other Loan Documents are and shall be joint and several
      obligations of each Borrower; and (b) each Borrower hereby waives any and all rights of subrogation, reimbursement, contribution, indemnity or otherwise arising by contract or operation of law, including any lien rights from or against the other
      Borrower until the Loan is paid in full and all Obligations are fulfilled.

     

    Section 10.20 Counterparts. This Agreement and the other Loan Documents may be executed in any number of counterparts
      or counterpart signature pages (by facsimile transmission or otherwise), each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute but one and the same instrument.

     

    Section 10.21  Time of Essence. Time is of the essence with regard to each and every provision of this Agreement and
      the other Loan Documents.

     

    

    
      24

      
        

    

    Section 10.22  Jurisdiction; Venue; Service of Process. BORROWER HEREBY IRREVOCABLY CONSENTS TO THE JURISDICTION OF
      THE UNITED STATES DISTRICT COURT FOR THE MIDDLE DISTRICT OF TENNESSEE AND OF ALL TENNESSEE STATE COURTS LOCATED IN DAVIDSON COUNTY, TENNESSEE, INCLUDING THE CHANCERY COURT FOR DAVIDSON COUNTY, TENNESSEE, FOR ANY SUIT BROUGHT OR ACTION COMMENCED IN
      CONNECTION WITH THIS AGREEMENT, ANY OTHER LOAN DOCUMENT, ANY OF THE OBLIGATIONS, ANY COLLATERAL, OR ANY RELATIONSHIP BETWEEN LENDER AND BORROWER, AND AGREES NOT TO CONTEST OR CHALLENGE VENUE IN ANY SUCH COURTS. Borrower irrevocably consents to the
      service of process of any such courts in any such action or proceeding by registered or certified mail, postage prepaid, return receipt requested, to Borrower at the address provided pursuant to Section 10.1 hereof, and agrees that such
      service shall become effective thirty (30) days after such mailing. However, nothing herein shall affect the right of Lender or Borrower to serve process in any other manner permitted by law or to commence legal proceedings or otherwise proceed
      against Lender or Borrower in any other jurisdiction. This Section does not confer or expand any standing to Borrower to bring any cause of action.

     

    Section 10.23  Jury Waiver. BORROWER AND LENDER HEREBY KNOWINGLY, WILLINGLY AND IRREVOCABLY WAIVES ITS AND THEIR
      RIGHTS TO DEMAND A JURY TRIAL IN ANY ACTION OR PROCEEDING INVOLVING THIS AGREEMENT, ANY OTHER LOAN DOCUMENT, ANY OF THE OBLIGATIONS, ANY COLLATERAL, OR ANY RELATIONSHIP BETWEEN LENDER AND BORROWER. BORROWER WARRANTS AND
        REPRESENTS THAT IT HAS REVIEWED THE FOREGOING WAIVERS WITH ITS LEGAL COUNSEL AND HAS KNOWINGLY AND VOLUNTARILY WAIVED ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, THIS SECTION MAY BE FILED AS A
        WRITTEN CONSENT TO A TRIAL BY THE COURT.

     

    Section 10.24  Waiver of Certain Damages. IN ANY ACTION TO ENFORCE THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT,
      BORROWER HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY AND ALL RIGHTS UNDER THE LAWS OF ANY STATE TO CLAIM OR RECOVER ANY SPECIAL, EXEMPLARY, PUNITIVE, CONSEQUENTIAL OR OTHER DAMAGES OTHER THAN ACTUAL DIRECT DAMAGES.

     

    
      [SIGNATURE PAGE TO FOLLOW]

       

      

    

    
      25

      
        

    

    ENTERED INTO as of the date first written above.

    
      

      

      
        	
                 

              	BORROWER:
	
                 

              	

              
	
                 

              	
                BETTER CHOICE COMPANY INC., a Delaware corporation

              
	
                 

              	

              
	
                 

              	By: /s/ Damian Dalla-Longa
	
                 

              	Print Name: Damian Dalla-Longa
	
                 

              	
                Title: Co-CEO

              
	
                 

              	

              
	
                 

              	LENDER:
	
                 

              	

              
	
                 

              	
                FRANKLIN SYNERGY BANK, a Tennessee banking corporation

              
	
                 

              	

              
	
                 

              	
                By: /s/ Melinda M. Bailey

              
	
                 

              	
                MELINDA M. BAILEY

              
	
                 

              	
                Senior Vice President

              

      

      

    

  

  

  

  26

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