Document:

Exhibit 10.4

 

Certain identified information has been excluded from the exhibit because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed.

 

RESTRICTIVE COVENANT
AGREEMENT

 

THIS RESTRICTIVE COVENANT
AGREEMENT (“Agreement”) is made as of December 23, 2021 by and among James Henry Schladen and Victoria Ann Schladen,
Trustees of the Schladen Family Trust Dated December 7, 2006 (the “Schladen Family Trust”), James Henry Schladen, an
individual (“J. Schladen”), Victoria Ann Schladen, an individual (“V. Schladen” and, together with
the Schladen Family Trust and J. Schladen, the “Covenantors”), Arcadia Products, LLC, a Colorado limited liability
company (the “Company”), and DMC Global Inc., a Delaware corporation (“Parent”).

 

RECITALS

 

WHEREAS, Parent, Arcadia,
Inc. (“Arcadia”) and the Schladen Family Trust are parties to that certain Equity Purchase Agreement by and among Parent,
the Schladen Family Trust, J. Schladen, V. Schladen and certain other parties, dated December 16, 2021 (the “Purchase Agreement”);

 

WHEREAS, J. Schladen and V.
Schladen are trustees of the Schladen Family Trust;

 

WHEREAS, the Covenantors recognize
Parent’s interests in acquiring and protecting, among other things, the Company’s relationships with customers, suppliers
and others, and the goodwill associated with its ongoing business; and

 

WHEREAS, in connection with
the closing of the transactions contemplated by the Purchase Agreement, and to enable Parent to secure more fully the benefits of such
transactions, the Covenantors have agreed to enter into this Agreement, and the Covenantors are entering into this Agreement in order
to induce Parent to consummate the transactions contemplated by the Purchase Agreement.

 

AGREEMENT

 

NOW, THEREFORE, in consideration
of the mutual promises, covenants and obligations contained herein and in the Purchase Agreement, Parent, the Company and the Covenantors
agree as follows:

 

Article
I

DEFINITIONS 

 

In addition to the terms defined
in the body of this Agreement, for purposes of this Agreement, the following capitalized words shall have the meanings indicated below:

 

1.1             
Definitions.

 

“Affiliate”
means, with respect to any subject Person, any other Person directly or indirectly controlling, controlled by, or under common
control with, such subject Person as of the date on which, or at any time during the period for which, the determination of
affiliation is being made. For purposes of this Agreement, the term “control” (including the correlative meanings of the
terms “controlled by” and “under common control with”), as used with respect to any Person, means the
possession, directly or indirectly, of the power to direct or cause the direction of the management policies of such Person, whether
through the ownership of voting securities or by contract or otherwise.

 

    1

     

    

 

“Business”
means the business and operations carried on by the Company as of the Closing Date (as defined in the Purchase Agreement).

 

“Business Day”
means a day other than any day on which banks are authorized or obligated by Legal Requirements or executive order to close in Denver,
Colorado or New York, New York.

 

“Confidential Information”
means any non-public information (whether or not in written form and whether or not expressly designated as confidential) relating directly
or indirectly to the Company or its Subsidiaries or relating directly or indirectly to the business, operations, financial affairs, performance,
assets, technology, processes, products, contracts, customers, licensees, sublicensees, suppliers, personnel, consultants or plans of
the Company or its Subsidiaries (including any such information consisting of or otherwise relating to trade secrets, know how, technology,
inventions, prototypes, designs, drawings, sketches, processes, license or sublicense arrangements, formulae, proposals, research and
development activities, customer lists or preferences, pricing lists, referral sources, marketing or sales techniques or plans, operations
manuals, service manuals, financial information, projections, lists of consultants, lists of suppliers or lists of distributors); provided,
however, that “Confidential Information” shall not be deemed to include information that (i) is publicly known as of
the date hereof, (ii) has been independently developed and disclosed by parties other than the Company and its Subsidiaries and their
respective directors, officers, employees, consultants, members, shareholders, agents, advisors, representatives and Affiliates, (iii)
becomes available to a Covenantor on a non-confidential basis after the date hereof from a source who is not known to Covenantor to be
violating an obligation of confidentiality owed to the Company or its Subsidiaries with respect thereto, or (iv) otherwise enters the
public domain after the date hereof other than as a result of a Covenantor’s breach of this Agreement.

 

“Governmental Authority”
means any United States or foreign federal, state, provincial or local government or other political subdivision thereof, any entity,
authority or body exercising executive, legislative, judicial, regulatory, taxing or administrative functions of any such government or
political subdivision, and any supranational organization of sovereign states exercising such functions for such sovereign states.

 

“Legal Requirement”
means any constitution, law, statute, ordinance, rule, regulation, regulatory requirement, code, order, judgment, injunction or decree
enacted, issued, promulgated, enforced or entered by a Governmental Authority or securities exchange.

 

“Person”
means an individual, a corporation, a partnership, an association, a limited liability company, a Governmental Authority, a trust, joint
venture or other entity or organization.

 

“Prohibited Period”
means the period from the date of this Agreement until the fifth anniversary of the date of this Agreement.

 

    2

     

    

 

“Restricted Area”
means the U.S. states and territories in which the Company has carried out the Business or sold products in the two (2) years prior to
the Closing Date.

 

“Restricted Employee”
means any individual who on the Closing Date is an employee of Parent, the Company, its Subsidiaries or their respective Affiliates.

 

“Subsidiary”
means with respect to any Person, any corporation, limited liability company, partnership, association, or other business entity of which:
(a) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency)
to vote in the election of directors, managers, or trustees thereof is at the time owned or controlled, directly or indirectly, by that
Person or one or more of the other subsidiaries of that Person or a combination thereof or (b) if a limited liability company, partnership,
association, or other business entity (other than a corporation), a majority of partnership or other similar ownership interests thereof
having the power to govern or elect members of the applicable governing body of such entity is at the time owned or controlled, directly
or indirectly, by that Person or one or more subsidiaries of that Person or a combination thereof; and the term “Subsidiary”
with respect to any Person shall include all subsidiaries of each subsidiary of such Person.

 

1.2             
Rules of Construction. Wherever the context so requires, the masculine gender includes the feminine or neuter, and the singular
number includes the plural and conversely. The word “or” is not exclusive. The words “include”, “includes”
and “including”, in each instance in which any of such words appears herein, shall be deemed to be followed by the phrase
 “without limitation”. The words “shall” and “will” are used interchangeably and have the same meaning.
If a term is defined as one part of speech (such as a noun), it shall have a corresponding meaning when used as another part of speech
(such as a verb). All recitals and headings in this Agreement are included for convenience and do not constitute a representation or warranty
of any kind or affect the construction or interpretation of any provision of, or the rights or obligations of any party under, this Agreement.
Any reference to value in this Agreement shall be measured in United States dollars.

 

Article
II

RESTRICTIVE COVENANTS

 

2.1             
Non-Competition; Non-Solicitation.

 

(a)               Subject
to the exceptions set forth in Section 2.1(b), each Covenantor expressly covenants and agrees that during the Prohibited
Period (i) such Covenantor will not, and will cause its respective Affiliates not to, carry on or engage in (other than through
and on behalf of, and for the sole benefit of, Parent, the Company, its Subsidiaries and their respective Affiliates), directly or
indirectly, the Business or any part thereof in the Restricted Area, and (ii) such Covenantor will not, and such Covenantor
will cause its respective Affiliates not to, directly or indirectly, engage or invest in, own, manage, operate, join, finance or
control, or participate in the ownership, management, operation, finance or control of, or become an employee of, partner in,
investor, lender, advisor, director, consultant, owner or member of (or an independent contractor to), associated with or in any
manner connected or affiliated with, or render services or advice to, any Person (other than Parent, the Company, its Subsidiaries
and their respective Affiliates) engaged in the Business or any part thereof within the Restricted Area as of the Closing Date (a
 “Competing Business”).

 

    3

     

    

 

(b)              
Notwithstanding the restrictions contained in Section 2.1(a), no Covenantor or any of its Affiliates shall be prohibited
from owning (i) an aggregate of up to five percent (5%) of the outstanding stock of a corporation (including a Competing Business) that
is publicly traded on a national securities exchange or in the over-the-counter market so long as such Covenantor or such Affiliate, as
applicable, has no power, directly or indirectly, to control or direct the management or affairs of any such corporation and is not involved
in the management, strategy or business of such corporation or (ii) shares of common stock or preferred stock of Parent.

 

2.2             
Each Covenantor further expressly covenants and agrees that during the Prohibited Period such Covenantor will not, and such Covenantor
will cause its Affiliates not to, directly or indirectly (whether as an employee, agent, contractor or otherwise), (i) induce or
attempt to induce any Restricted Employee to leave the employ of Parent, the Company, its Subsidiaries or their respective Affiliates;
(ii) in any way interfere with the relationship between Parent, the Company, its Subsidiaries or their respective Affiliates, on
the one hand, and any Restricted Employee on the other hand; (iii)  canvass, solicit, approach or contact with a view to the engagement
or employment of any Person who is a Restricted Employee; (iv) employ, or otherwise engage as an employee, independent contractor or otherwise,
any Restricted Employee in any Competing Business of such Covenantor or its Affiliates located in a State other than the State of California
(to the extent the restriction imposed by this clause (iv) is permitted by the laws of that State); or (v) in each case, in connection
with a Competing Business, canvass, solicit, approach or entice away or cause to be canvassed, solicited, approached or enticed away
from Parent, the Company, its Subsidiaries or their respective Affiliates any Person who is a customer, supplier, licensee or business
relation of Parent, the Company, its Subsidiaries or their respective Affiliates with respect to the Business in the Restricted Area,
or induce or attempt to induce any such Person to cease or reduce the extent of doing business with Parent, the Company, its Subsidiaries
or their respective Affiliates with respect to the Business in the Restricted Area, or in any way interfere with the relationship between
Parent, the Company, its Subsidiaries or their respective Affiliates, on the one hand, and any customer, supplier, licensee or business
relation of Parent, the Company, its Subsidiaries or their respective Affiliates, on the other hand, with respect to the Business in the
Restricted Area; provided, however, that the foregoing restrictions shall not apply to general advertisements of employment opportunities
which are not targeted at any employee(s) or the hiring of persons who respond to any such general advertisements without any other encouragement,
inducement, attempted inducement, recruitment, solicitation or attempted solicitation (or any action attempting to achieve the foregoing)
by (or on behalf of) any Covenantor.

 

2.3              Relief.
Each Covenantor acknowledges that the covenants made by such Covenantor in this Article II are made to and for the express
benefit of, and may be enforced by, each of Parent and the Company. Each Covenantor also acknowledges that money damages would not
be a sufficient remedy for any breach of this Article II by any Covenantor. All remedies, either under this Agreement or by
law or otherwise afforded to Parent, the Company, its Subsidiaries or their respective Affiliates, shall be cumulative and not
alternative. The Covenantors agree that in the event of any breach or threatened breach by any Covenantor of any provision of this Article
II, Parent and the Company shall each be entitled (in addition to any other remedy that may be available to it) to: (i) a
decree or order of specific performance or mandamus to enforce the observance and performance of this Article II; and
(ii) an injunction restraining such breach or threatened breach. In addition, Parent, the Company, its Subsidiaries and their
respective Affiliates shall be entitled to all damages or other relief for breach by the Covenantors, as may be awarded by a court
of competent jurisdiction to Parent, the Company, its Subsidiaries or their respective Affiliates.

 

    4

     

    

 

2.4             
Reasonableness; Enforcement. Each Covenantor hereby represents to Parent and to the Company that it has read and understands,
and agrees to be bound by, the terms of this Article II. Each Covenantor acknowledges that (a) this Agreement is an express incentive
for Parent to enter into the Purchase Agreement and to consummate the transactions contemplated thereby; (b) such Covenantor is being
provided with the opportunity directly and/or indirectly to receive substantial financial benefit as a result of the Purchase Agreement
and the transactions contemplated thereby; and (c) the geographic scope and duration of the covenants contained in this Article II
are the result of arm’s-length bargaining, do not impose any greater restraint than is necessary to protect the legitimate business
interests of Parent in connection with its acquisition of the Company and its Subsidiaries and conduct of the Business and are fair and
reasonable in light of (i) the nature and geographic scope of the Company’s and its Subsidiaries’ existing operations
in the Business, (ii) the fact that Parent and its Affiliates have operations throughout the Restricted Area and have invested significant
time and resources, including in connection with the acquisition of the Company and its Subsidiaries, in pursuit of their strategy to
engage in the Business throughout the Restricted Area and (iii) the amount of Confidential Information that the Covenantors possess. It
is the desire and intent of the parties that the provisions of this Article II be enforced to the fullest extent permitted under
applicable Legal Requirements, whether now or hereafter in effect and therefore, to the extent permitted by applicable Legal Requirements,
the parties hereby waive any provision of applicable Legal Requirements that would render any provision of this Article II invalid
or unenforceable.

 

2.5             
Reformation. Each Covenantor agrees that the foregoing restrictions are reasonable under the circumstances and that any
breach of the covenants contained in this Article II would cause irreparable injury to Parent, the Company, its Subsidiaries and
their respective Affiliates. J. Schladen and V. Schladen each further understands that the foregoing restrictions may limit his or her
ability to engage in certain businesses in the Restricted Area during the Prohibited Period, but acknowledges that his or her skills are
such that he or she can be gainfully employed in non-competitive employment, and that the restrictions in this Article II will
not prevent him or her from earning a living. Nevertheless, if any of the aforesaid restrictions are found by a court of competent jurisdiction
to be unreasonable or overly broad as to geographic area or time or otherwise unenforceable, the parties intend for the restrictions herein
set forth to be modified by the court of competent jurisdiction making such determination so as to be reasonable and enforceable and,
as so modified, to be fully enforced. By agreeing to this contractual modification prospectively at this time, each Covenantor intends
to make this provision enforceable under the law or laws of all applicable States and other jurisdictions so that this Agreement, as prospectively
modified, shall remain in full force and effect and shall not be rendered void or illegal.

 

    5

     

    

 

2.6             
 Confidentiality. Each Covenantor agrees that it shall hold all Confidential Information in strict confidence and shall
not at any time (whether during or after the Restricted Period): (a) reveal, report, publish, disclose or transfer any Confidential
Information to any Person (other than Parent, the Company, its Subsidiaries or their respective Affiliates), except (i) in the performance
of their obligations under the Purchase Agreement; (ii) in the course of rendering services to Parent, the Company, its Subsidiaries or
their respective Affiliates in such Covenantor’s capacity as an officer, director or employee; (iii) when required to do so by subpoena,
order, judgment, decree or other mandate of a court of competent jurisdiction, by any governmental agency having authority over the Covenantor
or the Business or by any administrative body or legislative body (including a committee thereof) with jurisdiction to order the Covenantor
to divulge, disclose or make accessible such information (an “Order”); provided, that in the case of any disclosure
of Confidential Information pursuant to an Order, (A) the Covenantor agrees to provide Parent with reasonably prompt, written notice of
any such Order (where legally permitted) and to reasonably assist Parent, at Parent’s expense, in asserting any legal challenges
to or appeals of such Order that Parent in its sole but reasonable discretion pursues, and (B) in complying with any such Order, Covenantor
shall limit his, her or its disclosure only to the Confidential Information that is expressly required to be disclosed by such Order;
or (b) use any Confidential Information for the benefit of any Person (other than Parent, the Company, its Subsidiaries or their respective
Affiliates).

 

Article
III

MISCELLANEOUS 

 

3.1             
Notices. All notices, consents, waivers, agreements or other communications hereunder shall be deemed effective or to have
been duly given and made (and shall be deemed to have been duly given or made upon receipt) only if in writing and if (a) served by personal
delivery upon the party for whom it is intended, (b) delivered by overnight air courier or (c) sent by facsimile transmission or email,
with confirmation of transmission, in each case, to such party at the address set forth below, or such other address as may be designated
in writing hereafter, in the same manner, by such party:

 

If to any Covenantor:

[***]

[***]

Attention: James Henry Schladen and Victoria Ann Schladen

Email: [***]

Facsimile No.: [______________]

 

with a copy to:

Proskauer Rose LLP

2029 Century Park
East

Suite 2400

Los Angeles, CA
90067-3010

Attention: Mitchell
M. Gaswirth; Ben D. Orlanski;

Matthew S. O’Loughlin

Email: [***]; [***];

[***]

Facsimile No.: (310)
557-2193

 

    6

     

    

 

	If to Parent or to the Company:	  DMC Global Inc.

11800 Ridge Parkway

Suite 300

Broomfield, CO 80021

Attention: Michelle Shepston, Chief Legal Officer

Email: [***]

Facsimile No.: (303) 604-1897

 

	with a copy to:	  Davis Graham and Stubbs LLP

1550 17th Street

Suite 500

Denver, CO 80202

Attention: John A. Elofson and Mark C. Bussey

Email: [***] and [***]

Facsimile No.: (303) 893-1379

 

3.2             
Applicable Law; Submission to Jurisdiction; Attorneys’ Fees; Waiver of Jury Trial.

 

(a)              
This Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware, without regard
to conflicts of laws principles thereof (to the extent that the application of the laws of another jurisdiction would be required thereby).

 

(b)              
With respect to any claim or dispute related to or arising under this Agreement, the parties hereto hereby consent to the exclusive
jurisdiction, forum and venue of the state and federal courts located in New Castle County, Delaware.

 

(c)              
If any legal action or other legal proceeding relating to this Agreement or the enforcement of any term of this Agreement is brought
against any party hereto, the prevailing party shall be entitled to recover reasonable attorneys’ fees, costs and disbursements
(in addition to any other relief to which the prevailing party may be entitled).

 

(d)              
EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

3.3             
No Waiver. No failure by any party hereto at any time to give notice of any breach by any other party of, or to require
compliance with, any condition or provision of this Agreement shall be deemed a waiver of similar or dissimilar provisions or conditions
at the same or at any prior or subsequent time.

 

    7

     

    

 

3.4             
 Severability. If a court of competent jurisdiction determines that any provision of this Agreement is invalid or unenforceable,
then the invalidity or unenforceability of that provision shall not affect the validity or enforceability of any other provision of this
Agreement, and all other provisions shall remain in full force and effect.

 

3.5             
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original,
but all of which together will constitute one and the same Agreement. A signed copy of this Agreement delivered by facsimile, email or
other means of electronic transmission (including in PDF format) shall be deemed to have the same legal effect as delivery of an original
signed copy of this Agreement.

 

3.6             
Assignment; Successors. This Agreement shall be binding upon and inure to the benefit of the parties named herein and their
respective successors and permitted assigns. No party may assign or delegate either this Agreement or any of its rights, interests, or
obligations hereunder without the prior written consent of the other parties.

 

3.7             
Entire Agreement. This Agreement supersedes all prior agreements between the parties with respect to its subject matter
and constitutes (together with the Purchase Agreement) a complete and exclusive statement of the terms of the agreement between the parties
with respect to its subject matter.

 

3.8             
Modification; Waiver. No modification of any provision of this Agreement shall be valid unless the same shall be in writing
and signed by the parties hereto. No waiver by any party of any default, misrepresentation, or breach of warranty or covenant hereunder,
whether intentional or not, shall be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or
covenant hereunder or affect in any way any rights arising by virtue of any prior or subsequent such occurrence.

 

3.9             
Covenantors’ Representations and Warranties. The Covenantors, jointly and severally, represent and warrant to Parent
and the Company as follows:

 

(a)              
(i) each Covenantor has full power, authority and capacity to execute and deliver, and to perform all of his, her or its obligations
under, this Agreement; and (ii) neither the execution and delivery of this Agreement nor the performance of this Agreement will result
in a violation or breach of: (A) any agreement or obligation by which such Covenantor is or may be bound; or (B) any law, rule
or regulation;

 

(b)              
the restrictions imposed upon each Covenantor under this Agreement are reasonable; and

 

(c)              
each Covenantor (i) has consulted with or has had the opportunity to consult with independent counsel of his, her or its own choice
concerning this Agreement and has been advised to do so by Parent; and (ii) has read and understands the Agreement, is fully aware of
its legal effect, and has entered into it freely based on her, his or its own judgment.

 

[signature
page follows]

 

    8

     

    

 

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

 

	 	“COVENANTORS”
	 	 
	 	/s/ James Henry Schladen
	 	James Henry Schladen
	 	 
	 	/s/ Victoria Ann Schladen
	 	Victoria Ann Schladen
	 	 
	 	James Henry Schladen and Victoria Ann Schladen, Trustees of the Schladen Family Trust dated December 7, 2006
	 	 
	 	/s/ James Henry Schladen
	 	James Henry Schladen, Trustee
	 	 
	 	/s/ Victoria Ann Schladen
	 	Victoria Ann Schladen, Trustee
	 	 
	 	“COMPANY”
	 	 
	 	Arcadia Products, LLC, a Colorado limited liability company
	 	 
	 	By:	/s/ Michelle Shepston
	 	Name:	Michelle Shepston
	 	Title:	Vice President and Secretary
	 	 
	 	“PARENT”
	 	 
	 	DMC Global Inc., a Delaware corporation
	 	 
	 	By:	/s/ Michael Kuta
	 	Name:	Michael Kuta
	 	Title:	Chief Financial Officer

 

SIGNATURE
PAGE
TO RESTRICTIVE
COVENANT
AGREEMENTExhibit 10.5

 

PROMISSORY NOTE

 

	$24,902,236.00	Broomfield, Colorado
	 	December 23, 2021

 

FOR VALUE RECEIVED, Synergex
Group LLC, Trustee of the Munera Family ESBT (“Borrower”), whose address is ●, promises to pay to the order
of DMC Global Inc., a Delaware corporation (“Lender”), at 11800 Ridge Parkway, Suite 300, Broomfield, Colorado 80021,
the principal sum of twenty-four million, nine hundred two thousand, two hundred thirty-six and no/100 dollars ($24,902,236.00), together
with interest on the outstanding principal balance as specified below..

 

1.                  
Principal and Interest.

 

1.1             Interest
Rate. The outstanding principal amount of this Promissory Note (this “Note”) shall bear simple interest at the
rate of 1.89% percent per annum.

 

1.2              Mandatory
Payments.

 

(a)              All
accrued but unpaid interest under this Note shall be due and payable annually on each anniversary of the date of this Note.

 

(b)           If
at any time all or any portion of Borrower’s limited liability company interests (“LLC Interests”) in Arcadia,
LLC (the “Company”) are purchased by Lender pursuant to Article XII of the Amended and Restated Limited Liability
Company Agreement of the Company dated as of even date herewith (as amended, modified or supplemented from time to time, the “LLC
Agreement”), an amount equal to the Bridge Loan Allocation (as defined in the LLC Agreement) for such transaction shall be
withheld by the Lender and applied to the principal amount of this Note and all accrued and unpaid interest thereon as provided in the
LLC Agreement.

 

(c)              
If all or any portion of Borrower’s LLC Interests are sold, directly or indirectly, to a third party in any transaction
contemplated by the LLC Agreement, an aggregate amount equal to the proportionate share (based on the ratio of LLC Interest sold versus
the LLC Interests held immediately prior to the transaction) of the outstanding principal amount of this Note and all accrued and unpaid
interest thereon shall be paid by Borrower to Lender within two (2) days after consummation of the sale transaction.

 

(d)              At
such time as the Borrower ceases to own, directly or indirectly, any LLC Interests, any amounts outstanding under this Note which have
not yet been repaid pursuant to Sections 1.2(a) or (b) above shall immediately be due and payable.

 

(e)               If
not sooner paid, the entire outstanding principal amount of this Note and all accrued and unpaid interest thereon shall be due and payable
in full on December ●, 2051.

 

1.3              
Voluntary Prepayments. Borrower may, at any time and from time to time, and without penalty, prepay in cash all or a portion
of this Note.

 

1.4              
Application of Payments. All payments of this Note shall be applied, first, to amounts, if any, payable under Section 8
of this Note and then to principal.

 

2.                  
Security. The obligations of Borrower under this Note are unsecured.

 

    

    

    

 

3.                  
 Events of Default.

 

3.1              
Definition. For purposes of this Note, an “Event of Default” shall occur if:

 

(a)               any
amount payable under this Note is not paid to Lender within ten (10) days of the date on which it is due;

 

(b)               Borrower
dissolves or liquidates (which, for the avoidance of doubt, shall not be triggered by a transfer of LLC Interests in compliance with
the LLC Agreement and Section 4(b) of this Note); or

 

(c)               Borrower
breaches or otherwise fails to perform or observe any covenant or agreement contained in this Note and such breach or failure either
cannot be remedied or, if it can be remedied, continues unremedied for a period of thirty (30) days after the earlier of knowledge thereof
by, or notice thereof to, Borrower.

 

3.2              
Consequences of Events of Default. If an Event of Default occurs:

 

(a)                the
entire outstanding principal amount of this Note, plus all accrued and unpaid interest thereon, shall immediately become due and payable,
without any demand or other action on the part of Lender;

 

(b)                Lender
shall also have all rights set forth in this Note and any other rights that it may have been afforded under any contract or agreement,
and any other rights that Lender may have pursuant to applicable law.

 

4.                  
Transfer of LLC Interests; Assignment of Note.

 

(a)               
Borrower agrees that it may not, during the period in which there is any principal amount outstanding under this Note, directly
or indirectly, sell, pledge, or otherwise transfer any of its LLC Interests except as permitted under the LLC Agreement.

 

(b)               
In the event of a transfer of LLC Interests permitted by the LLC Agreement under Section 12.2 of the LLC Agreement (Estate Planning
Transfers; Transfers Upon Death”), Borrower agrees that it will take all action necessary to cause the transferee to accept and
assume all obligations as a Borrower under this Note.

 

5.                  
Amendment and Waiver. Except as otherwise provided herein, the provisions of this Note may be amended and Borrower may
take any action herein prohibited, or omit to perform any act herein required to be performed by him, only if Borrower has obtained the
written consent of Lender.

 

6.                  
Manner of Payment. Except as otherwise provided herein, any payment to be made hereunder shall be made at the direction
of Lender by check or draft payable to or upon the order of Lender or by wire transfer of immediately available federal funds to an account
designated by Lender. If any payment of principal on this Note shall become due on Saturday, Sunday or a day on which the commercial
banks in New York, New York or Denver, Colorado are not open for business, such payment shall be made on the next succeeding business
day. Payments of principal shall be delivered to Lender at the address indicated above or to such other address or to the attention of
such other person as specified by prior written notice to Borrower.

 

    2

    

    

 

7.                  Waiver
of Notice. To the extent permitted by law, Borrower hereby waives demand, notice, protest and all other demands and notices in connection
with the delivery, acceptance, performance, default or enforcement of this Note.

 

8.                 Attorneys’
Fees and Costs. Borrower shall pay reasonable attorneys’ fees and all other reasonable costs and expenses incurred in the enforcement
of this Note, the collection of amounts due hereunder and the exercise of Lender’s rights and remedies under this Note, whether
such enforcement, collection or exercise is by court action or otherwise.

 

9.                  Governing
Law, Waiver, Etc. This Note shall be governed as to validity, interpretation, construction, effect and in all other respects by the
laws and decisions of the State of Delaware. No renewal or extension of this Note, no release or surrender of any security for this Note,
no release of any person liable hereon, no delay in the enforcement hereof, and no delay or omission in exercising any right or power
here under, shall affect the liability of Borrower. No delay or omission by Lender in exercising any power or right hereunder shall impair
such right or power or be construed to be a waiver of any default, nor shall any single or partial exercise of any power or right hereunder
preclude any or full exercise thereof or the exercise of any other right or power. Each legal holder hereof shall have and may exercise
all the rights and powers given to Lender herein.

 

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is intentionally left blank.]

 

    3

    

    

 

IN WITNESS WHEREOF, Borrower has executed and
delivered this Note as of the date first written above.

 

	 	BORROWER

 

	 	Synergex
  Group LLC, Trustee of the Munera Family ESBT

 

	 	By:	 

	 	Name:	Gerard Munera
	 	Title:	Manager

 

    4

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