Document:

fssn_ex102.htm

EXHIBIT 10.2
  
 INDEPENDENT DIRECTOR AGREEMENT
  
 This INDEPENDENT DIRECTOR AGREEMENT (the "Agreement") is dated January 1, 2022 by and between FISION CORPORATION, a Delaware corporation (the "Company"), and GREG NAGEL, an individual resident of the State of Texas (the "Director"). This Agreement amends the prior agreement between Mr. Nagel and the Company dated April 1, 2021 as it relates to the quarterly share compensation due for the period January 1, 2022 to March 31, 2022.
  
 WHEREAS, the Mr. Nagel has served as a Director or the Company since April 1, 2020 and the Company desires to enter into an agreement with the Director with respect to such appointment for the period from January 1, 2022 through December 31, 2022; and
  
 WHEREAS, the Director is willing continue to serve the Company on the terms set forth herein and in accordance with the provisions of this Agreement.
  
 NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto agree as follows:
  
 1. Position. Subject to the terms and provisions of this Agreement, the Company shall cause the Director to be appointed, and the Director hereby agrees to serve the Company in such position upon the terms and conditions hereinafter set forth, provided, however, that the Director's continued service on the Board of Directors of the Company (the "Board") after the initial one- year term on the Board shall be subject to any necessary approval by the Company's stockholders. Director is classified as an Independent Director as defined by NASDAQ Marketplace Rule 4200(a)(15) and also Section lOA of the Securities and Exchange Act of 1934 which specifies general criteria for independence.
  
 2. Duties.
  
 (a) During the Directorship Term (as defined herein), the Director make reasonable business efforts to attend all Board meetings and quarterly pre-scheduled Board and Committee meetings of the Board, and Management conference calls, serve on appropriate subcommittees as reasonably requested and agreed upon by the Board, make himself available to the Company at mutually convenient times and places, attend external meetings and presentations when agreed on in advance, as appropriate and convenient, and perform such duties, services and responsibilities, and have the authority commensurate to such position.
  
 (b) The Director will use his best efforts to promote the interests of the Company. The Company recognizes that the Director (i) is or may become a full-time executive employee of another entity and that his responsibilities to such entity must have priority and (ii) sits or may sit on the board of directors of other entities, subject to any limitations set forth by the Sarbanes-Oxley Act of 2002 and limitations provided by any exchange or quotation service on which the Company's common stock is listed or traded. Notwithstanding the same, the Director will provide the Company with prior written notice of any future commitments to such entities and use reasonable business efforts to coordinate his respective commitments so as to fulfill his obligations to the Company and, in any event, will fulfill his legal obligations as a Director. Other than as set forth above, the Director will not, without the prior notification to the Board, engage in any other business activity which could materially interfere with the performance of his duties, services and responsibilities hereunder or which is in violation of the reasonable policies established from time to time by the Company, provided that the foregoing shall in no way limit his activities on behalf of (i) any current employer and its affiliates or (ii) the board of directors of any entities on which he currently sits. At such time as the Board receives such notification, the Board may require the resignation of the Director if it determines that such business activity does in fact materially interfere with the performance of the Director's duties, services and responsibilities hereunder.
  
 (c) Since the Director is to be classified as an independent director at the time of his appointment, the Director shall promptly inform the Board of any circumstances that would likely affect such independent status. The Director shall inform the Board within 10 business days of the Director's appointment of any held (indirect and indirect) personal interests which may conflict with the Company and its business. The Director will at all times act as a fiduciary in the service and best interests of the Company. In addition, the Director agrees to (i) provide all information regarding himself or herself as the Company requires to satisfy its disclosure obligations under applicable securities laws; (ii) timely file with the Securities and Exchange Commission all reports and schedules required of the Director in his or her personal capacity by virtue of his or her relationship with the Company (e.g. Forms 3, 4 and 5 as contemplated by Section 16(a) of the Securities Exchange Act of 1934).
  
  	 
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 3. Compensation.
  
 (a) Stock. On a quarterly basis, on March 31, June 30, September 30 and December 31, the Director shall receive $12,500 in the form of either restricted common stock of the Company calculated at the greater of the closing stock price on each of the quarterly anniversary dates listed or $0.05; or, preferred stock of the Company based on a $1 par value. The decision to provide the compensation as Restricted Common Stock or Preferred Stock shall be at the Company’s option. Notwithstanding the foregoing, if the Director is no longer a member of the Board at quarterly grant dates for any reason (such as resignation, withdrawal, death, disability or any other reason), then any non-issued shares shall be irrefutably forfeited. Furthermore, the Director agrees that the shares shall be subject to any reasonable restrictions as determined by the Board of Directors of the Company related to the sale or transfer of those shares.
  
 (b) Independent Contractor. The Director's status during the Directorship Term shall be that of an independent contractor and not for any purpose, that of an employee or agent with authority to bind the Company in any respect. All payments and other consideration made or provided to the Director under this Section 3 shall be made or provided without withholding or deduction of any kind, and the Director shall assume sole responsibility for discharging all tax or other obligations associated therewith.
  
 (c) Expense Reimbursements. During the Directorship Term, the Company shall reimburse the Director for all reasonable out-of-pocket expenses incurred by the Director in attending any in-person meetings, provided that the Director complies with the generally applicable policies, practices and procedures of the Company for submission of expense reports, receipts or similar documentation of such expenses.
  
 4. Directorship Term. The "Directorship Term," as used in this Agreement, shall mean the period commencing on the January 1, 2022 and terminating on the earliest of the following to occur: (a) the death of the Director; (b) the termination of the Director from his membership on the Board by the mutual agreement of the Company and the Director; (c) the removal of the Director from the Board by the majority stockholders of the Company; and (d) the resignation by the Director from the Board.
  
 5. Director's Representation and Acknowledgment. The Director represents to the Company that his execution and performance of this Agreement shall not be in violation of any agreement or obligation (whether or not written) that he may have with or to any person or entity, including without limitation, any prior or current employer. The Director hereby acknowledges and agrees that this Agreement (and any other agreement or obligation referred to herein) shall be an obligation solely of the Company, and the Director shall have no recourse whatsoever against any stockholder of the Company or any of their respective affiliates with regard to this Agreement.
  
 6. Directorship Covenants.
  
 (a) Unauthorized Disclosure. The Director agrees and understands that in the Director's position with the Company, the Director has been and will be exposed to and receive information relating to the confidential affairs of the Company, including, but not limited to, technical information, business and marketing plans, strategies, customer information, other information concerning the Company's products, promotions, development, financing, expansion plans, business policies and practices, and other forms of information considered by the Company to be confidential and in the nature of trade secrets. The Director agrees that during the Directorship Term and thereafter, the Director will keep such information confidential and will not disclose such information, either directly or indirectly, to any third person or entity without the prior written consent of the Company; provided, however, that (i) the Director shall have no such obligation to the extent such information is or becomes publicly known or generally known in the Company's industry other than as a result of the Director's breach of his obligations hereunder and (ii) the Director may, after giving prior notice to the Company to the extent practicable under the circumstances, disclose such information to the extent required by applicable laws or governmental regulations or judicial or regulatory process. This confidentiality covenant has no temporal, geographical or territorial restriction. Upon termination of the Directorship Term, the Director will promptly return to the Company and/or destroy at the Company's direction all property, keys, notes, memoranda, writings, lists, files, reports, customer lists, correspondence, tapes, disks, cards, surveys, maps, logs, machines, technical data, other product or document, and any summary or compilation of the foregoing, in whatever form, including, without limitation, in electronic form, which has been produced by, received by or otherwise submitted to the Director in the course or otherwise as a result of the Director's position with the Company during or prior to the Directorship Term, provided that the Company shall retain such materials and make them available to the Director if requested by him in connection with any litigation against the Director under circumstances in which (i) the Director demonstrates to the reasonable satisfaction of the Company that the materials are necessary to his defense in the litigation and (ii) the confidentiality of the materials is preserved to the reasonable satisfaction of the Company.(b) Non-Solicitation. During the Directorship Term and for a period of three (3) years thereafter, the Director shall not interfere with the Company's relationship with, or endeavor to entice away from the Company, any person who, on the date of shall not interfere with the termination of the Directorship Term and/or at any time during the one year period prior to the termination of the directorship Term, was an employee or customer of the Company or otherwise had a material business relationship with the Company.
  
  	 
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 (c) Non-Compete. The Director agrees that during the Directorship Term and for a period of Three (3) years thereafter, he shall not in any manner, directly or indirectly, through any person, firm or corporation, alone or as a member of a partnership or as an officer, director, stockholder, investor or employee of or consultant to any other corporation or enterprise; engage in the business of developing, marketing, selling or supporting technology to or for businesses in which the Company engages in or in which the Company has an actual intention, as evidenced by the Company's written business plans, to engage in, within any geographic area in which the Company is then conducting such business. Nothing in this Section 6 shall prohibit the Director from being (i) a stockholder in a mutual fund or a diversified investment company or (ii) a passive owner of not more than three percent of the outstanding stock of any class of securities of a corporation, which are publicly traded, so long as the Director has no active participation in the business of such corporation.
  
 (d) Insider Trading Guidelines. Director agrees to execute the Company's Insider Trading Guidelines in the form attached hereto.
  
 (e) Remedies. The Director agrees that any breach of the terms of this Section 6 would result in irreparable injury and damage to the Company for which the Company would have no adequate remedy at law; the Director therefore also agrees that in the event of said breach or any threat of breach, the Company shall be entitled to an immediate injunction and restraining order to prevent such breach and/or threatened breach and/or continued breach by the Director and/or any and all entities acting for and/or with the Director, without having to prove damages or paying a bond, in addition to any other remedies to which the Company may be entitled at law or in equity. The terms of this paragraph shall not prevent the Company from pursuing any other available remedies for any breach or threatened breach hereof, including, but not limited to, the recovery of damages from the Director. The Director acknowledges that the Company would not have entered into this Agreement had the Director not agreed to the provisions of this Section 6.
  
 (f) The provisions of this Section 6 shall survive any termination of the Directorship Term, and the existence of any claim or cause of action by the Director against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of the covenants and agreements of this Section 6.
  
 7. Indemnification. The Company agrees to indemnify the Director for his activities as a member of the Board to the fullest extent permitted under applicable law and shall use its best efforts to get Directors and Officers Insurance benefitting the Board, within one year of the Effective Date of this Agreement.
  
 8. Non-Waiver of Rights. The failure to enforce at any time the provisions of this Agreement or to require at any time performance by the other party hereto of any of the provisions hereof shall in no way be construed to be a waiver of such provisions or to affect either the validity of this Agreement or any part hereof, or the right of either party hereto to enforce each and every provision in accordance with its terms. No waiver by either party hereto of any breach by the other party hereto of any provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions at that time or at any prior or subsequent time.
  
 9. Notices. Every notice relating to this Agreement shall be in writing and shall be given by personal delivery or by registered or certified mail, postage prepaid, return receipt requested; to:
  
 If to the Company: FISION Corporation
 Email: mike.brown@fisiononline.com
  
 If to the Director:
 Greg Nagel
 7925 Rolling Acres Trail
 Fair Oaks Ranch, TX 78015
 Email: grnags1@gmail.com
  
 Either of the parties hereto may change their address for purposes of notice hereunder by giving notice in writing to such other party pursuant to this Section 9.
  
  	 
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 10. Binding Effect/Assignment. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, personal representatives, estates, successors (including, without limitation, by way of merger) and assigns. Notwithstanding the provisions of the immediately preceding sentence, neither the Director nor the Company shall assign all or any portion of this Agreement without the prior written consent of the other party.
  
 11. Entire Agreement. This Agreement (together with the other agreements referred to herein) sets forth the entire understanding of the parties hereto with respect to the subject matter hereof and supersedes all prior agreements, written or oral, between them as to such subject matter.
  
 12. Severability. If any provision of this Agreement, or any application thereof to any circumstances, is invalid, in whole or in part, such provision or application shall to that extent be severable and shall not affect other provisions or applications of this Agreement.
  
 13. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Minnesota, without reference to the principles of conflict of laws. All actions and proceedings arising out of or relating to this Agreement shall be heard and determined in any court in Hennepin County, Minnesota and the parties hereto hereby consent to the jurisdiction of such courts in any such action or proceeding; provided, however, that neither party shall commence any such action or proceeding unless prior thereto the parties have in good faith attempted to resolve the claim, dispute or cause of action which is the subject of such action or proceeding through mediation by an independent third party.
  
 14. Legal Fees. The parties hereto agree that the non-prevailing party in any dispute, claim, action or proceeding between the parties hereto arising out of or relating to the terms and conditions of this Agreement or any provision thereof (a "Dispute"), shall reimburse the prevailing party for reasonable attorney's fees and expenses incurred by the prevailing party in connection with such Dispute; provided, however, that the Director shall only be required to reimburse the Company for its fees and expenses incurred in connection with a Dispute if the Director's position in such Dispute was found by the court, arbitrator or other person or entity presiding over such Dispute to be frivolous or advanced not in good faith.
  
 15. Modifications. Neither this Agreement nor any provision hereof may be modified, altered, amended or waived except by an instrument in writing duly signed by the party to be charged.
  
 16. Tense and Headings. Whenever any words used herein are in the singular form, they shall be construed as though they were also used in the plural form in all cases where they would so apply. The headings contained herein are solely for the purposes of reference, are not part of this Agreement and shall not in any way affect the meaning or interpretation of this Agreement.
  
 17. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument.
  
 IN WITNESS WHEREOF, the Company has caused this Independent Director Agreement to be executed by authority of its Board of Directors, and the Director has hereunto set his hand, on the day and year first above written.
  
  	FISION CORPORATION	 	DIRECTOR	 
	  
	  
	  
	  

	/s/ Michael Brown	 	/s/ Greg Nagel	 
	Michael Brown	 	Greg Nagel	 

 
  
  	 
	Page 4 of 4EX-4.1

  Exhibit 4.1

  Execution Version

  	PROMISSORY NOTE

   

  New York, New York			December 29, 2022

   

  	FOR VALUE RECEIVED, each of the undersigned unconditionally, jointly and severally, promises to pay to FOREST INVESTMENTS, INC., a Delaware corporation (“Seller”), at Seller’s principal place of business as confirmed by Seller (or at such other office or affiliate as Seller may from time to time specify in writing) the principal amount of THIRTY EIGHT MILLION ONE HUNDRED FOUR THOUSAND DOLLARS ($38,104,000.00) (the “Loan”) on March 1, 2023 (or such later date as may be agreed to by Seller in its sole discretion, the “Maturity Date”), and to pay interest on the unpaid balance of the principal amount of such Loan from and including the date of such Loan to such Maturity Date at a fixed rate per annum of nine percent (9%) (the “Interest Rate”).  Any amount not paid when due shall bear interest at a rate per annum equal to eleven percent (11%) until paid in full. Interest shall be due and payable on the Maturity Date.  Interest shall be calculated on the then-outstanding principal amount of this Loan on the basis of a year of 360 days and for the actual days elapsed prior to any such payment.  All payments hereunder shall be made in lawful money of the United States and in immediately available funds.  Any extension of time for the payment of the principal of this Note resulting from the due date falling on a non‐Banking Day shall be included in the computation of interest.  The date, Maturity Date and the interest rates with respect to, the Loan and any payments of principal shall be recorded by Seller on its books, which such books shall be admissible in evidence in any action or proceeding with regard to this Note and shall constitute prima facie proof of the amount due hereunder.  This Loan may be prepaid at any time at the option of the undersigned in its sole discretion, without any penalty.

   

  1.Certain Definitions.  As used herein, the following terms shall have the corresponding meanings:

   

  	“Banking Day” means any day on which commercial banks are not authorized or required to close in New York City.

   

  	“Change of Control” means: (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any person, entity or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof), of equity interests representing at least a majority of the aggregate ordinary voting power represented by the issued and outstanding equity interests of the undersigned; (b) occupation of a majority of the seats (other than vacant seats) on the board of directors of the undersigned by persons who were not (i) directors of the undersigned on the date of this Note, (ii) nominated or appointed by the board of directors of the undersigned or (iii) approved as director candidates prior to their election by the board of directors of the undersigned; (c) the acquisition of direct or indirect control of the undersigned by any Person or group; or (d) Great Elm FM Acquisition, Inc. (“FM Acquisition”) ceases to be, directly or indirectly, a wholly owned subsidiary of Great Elm Group, Inc. (“GEG”).  

   

  	“Note”  means this Promissory Note. 

   

  2.Mandatory Prepayments.   The undersigned shall pay to Seller certain payments as set forth below, which such payments will be applied to the outstanding obligations hereunder; provided, however, to the extent any such payment made hereunder exceeds the outstanding obligations owed, such excess amount shall be returned to the undersigned:

   

  (a)On the date on which the sale by FM Acquisition of sixty percent (60%) and GEG of one percent (1%) of the common stock of Seller to J.P. Morgan Broker-Dealer Holdings Inc. or its affiliate is consummated (such transaction, the “Sale Transaction”), a payment in the amount equal to the proceeds otherwise payable to FM Acquisition and GEG in connection with the Sale Transaction;

   

   

  

   

   

  (b)On the date on which the undersigned or any affiliate of the undersigned receives proceeds from a transaction contemplated by Section 1.05(b) of the Purchase Agreement, a payment in the aggregate amount of any proceeds received by the undersigned or such affiliate of the undersigned in connection with such transaction; and

   

  (c)(i) If a Put Right is exercised pursuant to Section 5.01 of that certain Amended and Restated Stockholders Agreement to be entered into among Seller and the stockholders named therein in connection with the closing of the Sale Transaction (the “A&R Stockholders Agreement”), then on the Put Right Closing Date the then outstanding principal amount of the Loan shall be reduced by the Put Purchase Price and (ii) if a Call Right is exercised pursuant to Section 5.02 of the A&R Stockholders Agreement, then on the Call Right Closing Date, the then outstanding principal amount of the Loan shall be reduced by the Call Purchase Price.  All capitalized terms used but not defined in this clause (c) shall have the meanings set forth in the A&R Stockholders Agreement.

   

  3.Representations and Warranties.  Each of the undersigned represents and warrants that: (a) this Note (i) has been authorized by all necessary corporate action; (ii) does not violate any agreement, instrument, law, regulation or order applicable to the undersigned; (iii) does not require the consent or approval of any person or entity, including but not limited to any governmental authority, or any filing or registration of any kind; and (iv) is the legal, valid and binding obligation of the undersigned enforceable against the undersigned in accordance with its terms, except to the extent that enforcement may be limited by applicable bankruptcy, insolvency and other similar laws affecting creditors’ rights generally; and (b) the undersigned is in compliance with all laws applicable to the undersigned except where any such non-compliance would not affect any of the undersigned’s obligations hereunder.

   

  4.Events of Default.  If any of the following events shall occur and be continuing (each an “Event of Default”): (a) the undersigned shall fail to pay the principal of, or interest on, this Note, or any other amount payable under this Note, as and when due and payable; (b) the undersigned shall breach any representation or warranty made in this Note or that certain Preferred Unit Purchase Agreement entered into on the date hereof between Seller and FM Acquisition (the “Purchase Agreement” and together with this Note, the “Transaction Documents”) shall prove to have been incorrect in any material respect on or as of the date made, and such breach shall have failed to have been cured within fifteen (15) days after receiving notice of such breach; (c) the undersigned, or if the Units (as defined in the Purchase Agreement) are transferred to Great Elm DME Holdings, Inc. (“DME Holdings”) prior to the Maturity Date (such documents of purchase and transfer, the “Transfer Documents”), DME Holdings, shall fail to perform or observe in any material respect any term, covenant or agreement contained in any Transaction Document or Transfer Document on its part to be performed or observed, and such undersigned shall have failed to perform or observe such term, covenant or agreement within fifteen (15) days after receiving notice of such failure; (d) the undersigned, or if the Units are transferred to DME Holdings prior to the Maturity Date, DME Holdings, shall fail to pay when due any indebtedness for borrowed money; (e) Great Elm Healthcare, LLC, a Delaware limited liability company (“Great Elm Healthcare”), shall have failed to pay to the holder of Units, when due, the payments payable to the holders of Series A Preferred Units (as defined in that certain Amended and Restated Limited Liability Company Agreement dated as of December 29, 2020 of Great Elm Healthcare (as the same may be further amended as the case may be, “Healthcare LLCA”)), pursuant to and in accordance with the terms of the Healthcare LLCA; (f) the undersigned, or if the Units are transferred to DME Holdings prior to the Maturity Date, DME Holdings: (i) shall generally not, or be unable to, or shall admit in writing its inability to, pay its debts as its debts become due, (ii) shall make an assignment for the benefit of creditors, (iii) shall file a petition in bankruptcy or for any relief under any law of any jurisdiction relating to reorganization, arrangement, readjustment of debt, dissolution or liquidation, (iv) shall have any such petition filed against it in which an adjudication is made or order for relief is entered or which shall remain undismissed for a period of thirty (30) days or shall consent or acquiesce thereto or (v) shall have had a receiver, custodian or trustee appointed for all or a substantial part of its property; (g) any Transaction 

  2

  

   

   

  Document shall at any time cease to be in full force and effect or its validity or enforceability shall be disputed or contested by the undersigned; (h) the Sale Transaction shall not have closed on or before January 17, 2023 or (i) a Change of Control shall have occurred; THEN, in any such case, upon Seller’s notice to each of the undersigned, the unpaid principal amount of this Note, together with accrued interest, shall become forthwith due and payable; provided that in the case of an Event of Default under clause (f) or (h) above, the unpaid principal amount of this Note, together with accrued interest, shall immediately become due and payable without any notice or other action by Seller.  Promptly (but in no event later than the next Banking Day after either of the undersigned obtains knowledge itself), the undersigned shall notify Seller and J.P. Morgan Broker-Dealer Holdings Inc. in writing of the occurrence of any Event of Default or any event that with the passage of time, the giving of notice or any other condition, would be reasonably likely to constitute an Event of Default. 

   

  5.Setoff.  Each of the undersigned agrees that, in addition to (and without limitation of) any right of setoff, banker’s lien or counterclaim Seller may otherwise have, Seller shall be entitled, at its option, to offset balances (general or special, time or demand, provisional or final) held by it for the account of the undersigned at any of Seller’s offices, in U.S. dollars or in any other currency, against any amount payable by the undersigned under this Note which is not paid when due (regardless of whether such balances are then due to Seller), in which case it shall promptly notify the undersigned thereof; provided that Seller’s failure to give such notice shall not affect the validity thereof.

   

  6.Miscellaneous.  

   

  (a)Each of the undersigned waives presentment, notice of dishonor, protest and any other formality with respect to this Note.

   

  (b)Each of the undersigned agrees to reimburse Seller on demand for all costs, expenses and charges (including without limitation, fees and charges of external legal counsel for Seller) in connection with the preparation, interpretation, performance or enforcement of this Note.

   

  (c)This Note shall be binding on each of the undersigned and its respective successors and assigns and shall inure to the benefit of Seller and its successors and assigns, except that none of the undersigned may delegate any obligations hereunder without the prior written consent of Seller.  

   

  (d) No amendment or supplement to this Note shall be valid and binding unless set forth in a written agreement executed and delivered by each of the undersigned and Seller and consented to in writing by J.P. Morgan Broker-Dealer Holdings Inc.  

   

  (e)No waiver by any party hereto of any provision of this Note shall be effective unless set forth in a written agreement executed and delivered by each of the undersigned and Seller and consented to in writing by J.P. Morgan Broker-Dealer Holdings Inc.  Except as provided in the preceding sentence, no action taken pursuant to this Note shall be deemed to constitute a waiver by the party taking such action of compliance with any provisions set forth in this Note or in the Purchase Agreement.  The waiver by any party of a breach of any provision of this Note shall not operate or be construed as a waiver of any prior or subsequent breach.

   

  (f)Any notices to J.P. Morgan Broker-Dealer Holdings Inc. under this Note shall be sent to J.P. Morgan Broker-Dealer Holdings Inc., c/o JPMorgan Chase, JPM-Delaware Loan Operations, 500 Stanton Christiana Road, Ops 2/ Floor 3, Newark DE 19713, Email: nicholas.t.rapak@jpmorgan.com and de_custom_business@jpmorgan.com with a copy to J.P. Morgan Chase, N.A., 383 Madison Avenue, New York, NY 10179, Attention: Gillian L. Warmflash, Email: gillian.l.warmflash@jpmchase.com.

   

  3

  

   

   

  (g)Each of the undersigned consents to the exclusive jurisdiction and venue of the federal courts located in the City of New York, Borough of Manhattan (or New York state court sitting in the Borough of Manhattan in the event that the federal court lacks subject matter jurisdiction) and any appellate court from any thereof in any action or proceeding arising out of or relating to this Note or any loan evidenced hereby; provided that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.  Service of process by Seller in connection with any dispute shall be binding on the undersigned if sent to the undersigned by registered mail at the address specified below.  Nothing herein will affect the right of Seller to serve process in any other manner permitted by law.  EACH OF SELLER AND THE UNDERSIGNED HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT IT MAY HAVE TO JURY TRIAL IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS NOTE OR TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). 

   

  (h)This Note shall be governed by and interpreted and construed in accordance with the laws of the State of New York; provided that the foregoing is not intended to limit the maximum rate of interest which may be charged or collected by Seller hereon if, under the law applicable to it, Seller may charge or collect such interest at a higher rate than is permissible under the law of said State.  In no case shall the interest hereon exceed the maximum amount which Seller may charge or collect under such law applicable to it.

   

  (i)Delivery of an executed counterpart of a signature page of this Note by emailed pdf. or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Note.

   

   

  [Signature Page Follows]

  4

  

  Exhibit 4.1

  Execution Version

  				GREAT ELM FM ACQUISITION, INC.

   

   

  				By_/s/ Adam Kleinman________________________

  				     Name: Adam Kleinman

  				     Title: Secretary

   

  Address:

   

  				Great Elm Group, Inc.

  800 South Street, Suite 230

  Waltham, MA 02453

  Attention: Adam Kleinman

  Email: akleinman@greatelmcap.com

   

   

   

  Signature Page to Promissory Note

  

   

   

  				GREAT ELM GROUP, INC.

   

   

  				By_/s/ Adam Kleinman________________________

  				     Name: Adam Kleinman

  				     Title: President				

   

  				Address:

   

  				Great Elm Group, Inc.

  800 South Street, Suite 230

  Waltham, MA 02453

  Attention: Adam Kleinman

  Email: akleinman@greatelmcap.com

   

   

  Signature Page to Promissory Note

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