Document:

Exhibit
10.1

 

SERIES
A PREFERRED STOCK PURCHASE AGREEMENT

 

This SERIES
A PREFERRED STOCK PURCHASE AGREEMENT (the “Agreement”), dated

 

as
of , by and between Thumzup Media Corporation, a Nevada
corporation 

 

("Company"),
and  , (the “Buyer”).

 

WHEREAS:

 

		A.	The
                                            Company is an early-stage company with an unproven business plan to build an influencer community
                                            around a proprietary mobile app that will generate scalable word-of mouth posts and recommendations
                                            for advertisers on social media and in the pursuit of which the Company intends to connect
                                            advertisers with individuals who are willing to promote brands, products, and services online
                                            and offline. The Company is a reporting company under the 1934 Securities and Exchange Act,
                                            and files periodic and current reports with the Securities and Exchange Commission ("SEC")
                                            available for review on the SEC's web site (www.sec.gov). The Company's common stock is listed
                                            for trading on the OTC Markets under the trading symbol "TZUP".

 

		B.	The
                                            Company and the Buyer are executing and delivering this Agreement in reliance upon the exemption
                                            from securities registration afforded by the rules and regulations as promulgated by the
                                            United States Securities and Exchange Commission (the “SEC”) under the Securities
                                            Act of 1933, as amended (the “1933 Act”);

 

		C.	Buyer
                                            desires to purchase and the Company desires to issue and sell, upon the terms and conditions
                                            set forth in this Agreement,

                                            

                                            ____________________________________________________________ shares of Series A Preferred
                                            Convertible Voting Stock of the Company (“Series A Shares”) with the rights and
                                            preferences as set forth on the Certificate of Designation of the Series A Preferred Stock
                                            attached hereto as Exhibit “A” (the “Certificate of Designation”);
                                            and

 

		D.	The
                                            Company concurrently with this Agreement shall enter into a Registration Rights Agreement
                                            with the Buyer for the securities issuable on conversion of the Series A Shares.

 

NOW
THEREFORE, in consideration of the mutual covenants and agreements contained herein, the receipt and sufficiency of which are hereby
acknowledged, the Company and the Buyer severally (and not jointly) hereby agree as follows:

 

		1.	Purchase
                                            of Series A Shares. On the Closing Date (as defined below), the Company shall issue
                                            and sell to the Buyer and the Buyer agrees to purchase from the Company

                                            

                                            ______________________________________ Series A Shares with the rights and preferences as
                                            set forth in the Certificate of Designation.

 

		a.	Form
                                            of Payment. On the Closing Date (as defined below), (i) the Buyer shall pay

                                            

                                            

    	 

    	 

    

_________________________________for
the Series A Shares to be issued and sold to it at the Closing (as defined below) (the “Purchase Price”)
by wire transfer of immediately available funds to the Company, in accordance with the Company’s written wiring instructions, against
delivery of the Series A Shares, and (ii) the Company shall deliver such duly executed and authorized Series A Shares on behalf of the
Company, to the Buyer, against delivery of such Purchase Price.

 

		b.	Closing
                                            Date. Subject to the satisfaction (or written waiver) of the conditions set forth in
                                            Section 6 and Section 7 below, the date and time of the issuance and sale of the Series A
                                            Shares pursuant to this Agreement (the “Closing Date”) shall be 12:00 noon, Eastern
                                            Standard Time on or about September 23, 2022, or such other mutually agreed upon time. The
                                            closing of the transactions contemplated by this Agreement (the “Closing”) shall
                                            occur on the Closing Date at such location as may be agreed to by the parties.

 

		2.	Buyer’s
                                            Representations and Warranties. The Buyer represents and warrants to the Company
                                            that:

 

		a.	The
                                            Buyer has full power and authority to enter into this Agreement, the execution and delivery
                                            of which has been duly authorized and this Agreement constitutes a valid and legally binding
                                            obligation of the Buyer, except as may be limited by bankruptcy, reorganization, insolvency,
                                            moratorium and similar laws of general application relating to or affecting the enforcement
                                            of rights of creditors, and except as enforceability of the obligations hereunder are subject
                                            to general principles of equity (regardless of whether such enforceability is considered
                                            in a proceeding in equity or law).

 

		b.	The
                                            Buyer acknowledges its understanding that the offering and sale of the Series A Shares and
                                            the shares of common stock issuable upon conversion of the Series A Shares (such shares of
                                            common stock being collectively referred to herein as the “Conversion Shares”
                                            and, collectively with the Series A Shares, the “Securities”) is intended to
                                            be exempt from registration under the 1933 Act, by virtue of Rule 506(b) promulgated under
                                            the Securities Act of 1933, as amended, and the provisions of Regulation D promulgated thereunder.
                                            In furtherance thereof, the Buyer represents and warrants to the Company and its affiliates
                                            as follows:

 

i.      The
Buyer realizes that the basis for the exemption from registration may not be available if, notwithstanding the Buyer’s representations
contained herein, the Buyer is merely acquiring the Securities for a fixed or determinable period in the future, or for a market rise,
or for sale if the market does not rise. The Buyer does not have any such intention.

 

ii.     The
Buyer realizes that the basis for exemption would not be available if the offering is part of a plan or scheme to evade registration
provisions of the 1933 Act or any applicable state or federal securities laws, except sales pursuant to a registration statement or sales
that are exempted under the 1933 Act.

 

iii.   
The Buyer is acquiring the Securities solely for the
Buyer’s own beneficial account, for investment purposes, and not with a view towards, or resale in connection with, any distribution
of the Securities.

 

    	 

    	 

    

iv.    The
Buyer has the financial ability to bear the economic risk of the Buyer’s investment, has adequate means for providing for its current
needs and contingencies, and has no need for liquidity with respect to an investment in the Company.

 

v.     The
Buyer and the Buyer’s attorney, accountant, purchaser representative and/or tax advisor, if any (collectively, the “Advisors”)
has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of a prospective
investment in the Securities. The Buyer also represents it has not been organized solely for the purpose of acquiring the Securities.

  

vii.
The Buyer (together with its Advisors, if any) has received all documents requested by the Buyer, if any, and has carefully reviewed
them and understands the information contained therein, prior to the execution of this Agreement.

 

		c.	The
                                            Buyer is not relying on the Company or any of its employees, agents, sub-agents or advisors
                                            with respect to the legal, tax, economic and related considerations involved in this investment.
                                            The Buyer has relied on the advice of, or has consulted with, only its Advisors.

 

		d.	The
                                            Buyer has carefully considered the potential risks relating to the Company and a purchase
                                            of the Securities, and fully understands that the Securities are a speculative investment
                                            that involves a high degree of risk of loss of the Buyer’s entire investment. Among
                                            other things, the Buyer has carefully considered each of the risks described under the heading
                                            “Risk Factors” in the Company’s SEC filings.

 

		e.	The
                                            Buyer will not sell or otherwise transfer any Securities without registration under the 1933
                                            Act or an exemption therefrom, and fully understands and agrees that the Buyer must bear
                                            the economic risk of its purchase because, among other reasons, the Securities have not been
                                            registered under the 1933 Act or under the securities laws of any state and, therefore, cannot
                                            be resold, pledged, assigned or otherwise disposed of unless they are subsequently registered
                                            under the 1933 Act and under the applicable securities laws of such states, or an exemption
                                            from such registration is available. In particular, the Buyer is aware that the Securities
                                            are “restricted securities,” as such term is defined in Rule 144, and they may
                                            not be sold pursuant to Rule 144 unless all conditions of Rule 144 are met or until the Securities
                                            are registered. The Buyer understands that any sales or transfers of the Securities are further
                                            restricted by state securities laws and the provisions of this Agreement.

 

		f.	The
                                            Buyer and its Advisors, if any, have had a reasonable opportunity to ask questions of and
                                            receive answers from a person or persons acting on behalf of the Company concerning the offering
                                            and the business, financial condition, results of operations and prospects of the Company,
                                            and all such questions have been answered to the full satisfaction of the Buyer and its Advisors,
                                            if any.

 

		g.	The
                                            Buyer represents and warrants that: (i) the Buyer was contacted regarding the sale of the
                                            Securities by the Company (or an authorized agent or representative thereof) with whom the
                                            Buyer had a prior substantial pre-existing relationship; and (ii) no Securities were offered
                                            or sold to it by means of any form of general solicitation or general advertising, and in
                                            connection therewith, the Buyer did not: (A) receive or review any advertisement, article,
                                            notice or other communication published in a newspaper or magazine or similar media or broadcast
                                            over television or radio, whether closed circuit, or generally available; or (B) attend any
                                            seminar meeting
or industry investor conference whose attendees were invited by any general solicitation or general advertising; or (C) observe any website
or filing of the Company with the SEC in which any offering of securities by the Company was described and as a result learned of any
offering of securities by the Company.

    	 

    	 

    

 

		h.	The
                                            Buyer has taken no action that would give rise to any claim by any person for brokerage commissions,
                                            finders’ fees or the like relating to this Agreement or the transactions contemplated
                                            hereby.

 

		i.	The
                                            Buyer is an “accredited investor” as that term is defined in Rule 501(a) of Regulation
                                            D.

 

		j.	Legends.
                                            The Buyer understands that until such time as the Securities have been registered under the
                                            1933 Act or may be sold pursuant to an applicable exemption from registration, the Securities
                                            shall bear a restrictive legend in substantially the following form:

 

"THE
SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
ACT"), OR UNDER ANY STATE SECURITIES LAWS, AND MAY NOT BE PLEDGED, SOLD, ASSIGNED, HYPOTHECATED OR OTHERWISE TRANSFERRED UNLESS
(1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE SECURITIES
ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR (2) THE ISSUER OF SUCH SECURITIES RECEIVES AN OPINION OF COUNSEL TO THE HOLDER OF SUCH
SECURITIES, WHICH COUNSEL AND OPINION ARE REASONABLY ACCEPTABLE TO THE ISSUER’S TRANSFER AGENT, THAT SUCH SECURITIES MAY BE PLEDGED,
SOLD, ASSIGNED, HYPOTHECATED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND APPLICABLE
STATE SECURITIES LAWS."

 

		k.	The
                                            legend set forth above shall be removed and the Company shall issue a certificate without
                                            such legend to the holder of any Security upon which it is stamped, if, unless otherwise
                                            required by applicable state securities laws, (a) such Security is registered for sale under
                                            an effective registration statement filed under the 1933 Act or otherwise may be sold pursuant
                                            to an exemption from registration without any restriction as to the number of securities
                                            as of a particular date that can then be immediately sold, or (b) such holder provides the
                                            Company with an opinion of counsel, in form, substance and scope customary for opinions of
                                            counsel in comparable transactions, to the effect that a public sale or transfer of such
                                            Security may be made without registration under the 1933 Act, which opinion shall be accepted
                                            by the Company so that the sale or transfer is effected. The Buyer agrees to sell all Securities,
                                            including those represented by a certificate(s) from which the legend has been removed, in
                                            compliance with applicable prospectus delivery requirements, if any. In the event that the
                                            Company does not accept the opinion of counsel provided by the Buyer with respect to the
                                            transfer of Securities pursuant to an exemption from registration, such as Rule 144, at the
                                            Deadline (as defined in the Certificate of Designation), it will be considered an Event of
                                            Default (as defined in the Certificate of Designation).

 

		3.	Company’s
                                            Representations and Warranties. The Company represents and warrants to the Buyer
                                            that:

 

		a.	Organization
                                            and Qualification. The Company and each of its Subsidiaries (as defined below), if any,
                                            is a corporation duly organized, validly existing and in good standing under the laws of
                                            the jurisdiction in which it is incorporated, with full power and authority (corporate and
                                            other) to own, lease, use and operate its properties and to carry on its business as and
                                            where now owned, leased, used, operated and conducted. “Subsidiaries” means any
                                            corporation or other organization, whether incorporated or unincorporated, in which the Company
                                            owns, directly or indirectly, any equity or other ownership interest.

    	 

    	 

    

 

		b.	Authorization;
                                            Enforcement. (i) The Company has all requisite corporate power and authority to enter
                                            into and perform this Agreement and to consummate the transactions contemplated hereby and
                                            thereby and to issue the Securities, in accordance with the terms hereof and thereof, (ii)
                                            the execution and delivery of this Agreement by the Company and the consummation by it of
                                            the transactions contemplated hereby and thereby (including without limitation, the issuance
                                            of the Series A Shares and the issuance and reservation for issuance of the Conversion Shares
                                            issuable upon conversion or exercise thereof) have been duly authorized by the Company’s
                                            Board of Directors and no further consent or authorization of the Company, its Board of Directors,
                                            or its shareholders is required, (iii) this Agreement has been duly executed and delivered
                                            by the Company by its authorized representative, and such authorized representative is the
                                            true and official representative with authority to sign this Agreement and the other documents
                                            executed in connection herewith and bind the Company accordingly, and (iv) this Agreement
                                            constitutes, and upon execution and delivery by the Company of the Series A Shares, each
                                            of such instruments will constitute, a legal, valid and binding obligation of the Company
                                            enforceable against the Company in accordance with its terms except as may be limited by
                                            bankruptcy, reorganization, insolvency, moratorium and similar laws of general application
                                            relating to or affecting the enforcement of rights of creditors, and except as enforceability
                                            of the obligations hereunder are subject to general principles of equity (regardless of whether
                                            such enforceability is considered in a proceeding in equity or law).

 

		c.	Capitalization.
                                            As of September 21, 2022, the authorized capital stock of the Company consists of 90,000,000
                                            authorized shares of Common Stock, $0.001 par value, of which there were 6,315,673 shares
                                            issued and 10,000,000 shares of authorized preferred stock with none issued and outstanding.
                                            All of such outstanding shares of capital stock of the Company, are, or upon issuance will
                                            be, duly authorized, validly issued, fully paid and non-assessable. No shares of capital
                                            stock of the Company are subject to preemptive rights or any other similar rights of the
                                            shareholders of the Company or any liens or encumbrances imposed through the actions or failure
                                            to act of the Company. Except for senior convertible notes in the aggregate principal amount
                                            of $215,000 placed by the Company during November 2020, with a due date in November 2022,
                                            that bear interest at eight percent per year and are convertible into shares of common stock
                                            at $0.11 per share (the "Senior Notes"), as of the effective date of this Agreement,
                                            (i) there are no outstanding options, warrants, scrip, rights to subscribe for, puts, calls,
                                            rights of first refusal, agreements, understandings, claims or other commitments or rights
                                            of any character whatsoever relating to, or securities or rights convertible into or exchangeable
                                            for any shares of capital stock of the Company or any of its subsidiaries, or arrangements
                                            by which the Company or any of its Subsidiaries is or may become bound to issue additional
                                            shares of capital stock of the Company or any of its subsidiaries, (ii) Except for the Company
                                            giving registration rights to 365,671 shares of Common sold at $1.50 in Q4 2021 and Q1 2022
                                            and 193,502 shares Common sold at $3.00 in Q2 2022, there are no agreements or arrangements
                                            under which the Company or any of its subsidiaries is obligated to register the sale of any
                                            of its or their securities under the 1933 Act and there are no anti-dilution or price adjustment
                                            provisions contained in any security issued by the Company (or in any agreement providing
                                            rights to security holders) that will be triggered by transactions contemplated in this Agreement.
                                            The Company has furnished to the Purchasers true and correct copies of the Company's Articles
                                            of Incorporation as in effect on the date hereof ("Articles of Incorporation"),
                                            the Company's By-laws, as in effect on the date hereof (the "By-laws"), and the
                                            terms of all securities convertible into or exercisable for Common Stock of the Company,
                                            including the Senior Notes, and the material rights of the holders thereof in respect thereto.

    	 

    	 

    

 

		d.	Issuance
                                            of Securities. The Securities upon issuance will be validly issued, fully paid and non-assessable,
                                            and free from all taxes, liens, claims and encumbrances with respect to the issue thereof
                                            and shall not be subject to preemptive rights or other similar rights of shareholders of
                                            the Company and will not impose personal liability upon the holder thereof.

 

		e.	No
                                            Conflicts. The execution, delivery and performance of this Agreement by the Company and
                                            the consummation by the Company of the transactions contemplated hereby and thereby (including,
                                            without limitation, the issuance of the Securities and reservation for issuance of the Conversion
                                            Shares) will not (i) conflict with or result in a violation of any provision of the Articles
                                            of Incorporation, as amended or By-laws, or (ii) violate or conflict with, or result in a
                                            breach of any provision of, or constitute a default (or an event which with notice or lapse
                                            of time or both could become a default) under, or give to others any rights of termination,
                                            amendment, acceleration or cancellation of, any agreement, indenture, patent, patent license
                                            or instrument to which the Company or any of its Subsidiaries is a party, or (iii) result
                                            in a violation of any law, rule, regulation, order, judgment or decree (including federal
                                            and state securities laws and regulations and regulations of any self-regulatory organizations
                                            to which the Company or its securities are subject) applicable to the Company or any of its
                                            Subsidiaries or by which any property or asset of the Company or any of its Subsidiaries
                                            is bound or affected (except for such conflicts, defaults, terminations, amendments, accelerations,
                                            cancellations and violations as would not, individually or in the aggregate, have a Material
                                            Adverse Effect (as defined herein)). The businesses of the Company and its Subsidiaries,
                                            if any, are not being conducted, and shall not be conducted so long as the Buyer owns any
                                            of the Securities, in violation of any law, ordinance or regulation of any governmental entity.
                                            “Material Adverse Effect” means any material adverse effect on the business,
                                            operations, assets or financial condition of the Company or its Subsidiaries, if any, taken
                                            as a whole, or on the transactions contemplated hereby or by the agreements or instruments
                                            to be entered into in connection herewith.

 

		f.	SEC
                                            Documents; Financial Statements. The Company has filed all reports, schedules, forms,
                                            statements and other documents required to be filed by it with the SEC pursuant to the reporting
                                            requirements of the Securities Exchange Act of 1934, as amended (the “1934 Act”)
                                            (all of the foregoing filed prior to the date hereof and all exhibits included therein and
                                            financial statements and schedules thereto and documents (other than exhibits to such documents)
                                            incorporated by reference therein, being hereinafter referred to herein as the “SEC
                                            Documents”). Upon written request the Company will deliver to the Buyer true and complete
                                            copies of the SEC Documents, except for such exhibits and incorporated documents. As of their
                                            respective dates or if amended, as of the dates of the amendments, the SEC Documents complied
                                            in all material respects with the requirements of the 1934 Act and the rules and regulations
                                            of the SEC promulgated thereunder applicable to the SEC Documents, and none of the SEC Documents,
                                            at the time they were filed with the SEC, contained any untrue statement of a material fact
                                            or omitted to state a material fact required to be stated therein or necessary in order to
                                            make the statements therein, in light of the circumstances under which they were made, not
                                            misleading. None of the statements made in any such SEC Documents is, or has been, required
                                            to be amended or updated under applicable law (except for such statements as have been amended
                                            or updated in subsequent filings prior the date hereof). As of their respective dates or
                                            if amended, as of the dates of the amendments, the financial statements of the Company included
                                            in the SEC Documents complied as to form in all material respects with applicable accounting
                                            requirements and the published rules and regulations of the SEC with respect thereto. Such
                                            financial statements have been prepared in accordance with United States generally accepted
                                            accounting principles, consistently applied, during the periods involved and fairly present
                                            in all material respects the consolidated financial position of the Company and its consolidated
                                            Subsidiaries as of the dates thereof and the consolidated results of their operations and
                                            cash flows for the periods then ended (subject, in the case of unaudited statements, to normal
                                            year-end audit adjustments). The Company is subject to the reporting requirements of the
                                            1934 Act.

    	 

    	 

    

 

		g.	Absence
                                            of Certain Changes. Since the filing of our quarterly report on form 10-Q on August 3,
                                            2022, there have been no material adverse change and no material adverse development in the
                                            assets, liabilities, business, properties, operations, financial condition, results
                                            of operations, prospects or 1934 Act reporting status of the Company or any of its Subsidiaries.

 

		h.	Absence
                                            of Litigation. Except as set forth in the SEC Documents, there is no action, suit, claim,
                                            proceeding, inquiry or investigation before or by any court, public board, government agency,
                                            self-regulatory organization or body pending or, to the knowledge of the Company or any of
                                            its Subsidiaries, threatened against or affecting the Company or any of its Subsidiaries,
                                            or their officers or directors in their capacity as such, that could have a Material Adverse
                                            Effect. The Company and its Subsidiaries are unaware of any facts or circumstances which
                                            might give rise to any of the foregoing.

 

		i.	No
                                            Integrated Offering. Neither the Company, nor any of its affiliates, nor any person acting
                                            on its or their behalf, has directly or indirectly made any offers or sales in any security
                                            or solicited any offers to buy any security under circumstances that would require registration
                                            under the 1933 Act of the issuance of the Securities to the Buyer. The issuance of the Securities
                                            to the Buyer will not be integrated with any other issuance of the Company’s securities
                                            (past, current, or future) for purposes of any shareholder approval provisions applicable
                                            to the Company or its securities.

 

		j.	No
                                            Investment Company. The Company is not, and upon the issuance and sale of the Securities
                                            as contemplated by this Agreement will not be an “investment company” required
                                            to be registered under the Investment Company Act of 1940 (an “Investment Company”).
                                            The Company is not controlled by an Investment Company.

 

		4.	Covenants
                                            of the Company.

 

		a.	Best
                                            Efforts. The Company shall use its commercially reasonable efforts to satisfy timely
                                            each of the conditions described in Section 7 of this Agreement.

 

		b.	Registration
                                            Rights Agreement. The Company concurrently with this Agreement
                                            shall enter into the Registration Rights Agreement with the Buyer in the form attached
                                            hereto as Exhibit “B” (the "Registration Rights Agreement”).

 

    	 

    	 

    

		c.	Form
                                            D; Blue Sky Laws. The Company agrees to timely make any filings required by federal and
                                            state laws as a result of the closing of the transactions contemplated by this Agreement.

 

		d.	Use
                                            of Proceeds. All Proceeds, net of legal and other transactional expenses received from
                                            the sale of the Shares, shall be used for general corporate and working capital purposes
                                            and acquisitions of assets, software development, businesses or operations, or for other
                                            purposes that our board of directors, in its good faith, deems to be in the Company's best
                                            interest.

 

		e.	Corporate
                                            Existence. So long as the Buyer beneficially owns any Series A Shares, the Company shall
                                            maintain its corporate existence and shall not sell all or substantially all of the Company’s
                                            assets, except with the prior written consent of the Buyer.

 

		f.	Participation.
                                            During the period from the Closing until the date that is 18 months thereafter, Buyer
                                            shall have the right to participate with respect to (i) future equity or equity-linked securities,
                                            (ii) debt which is convertible into equity or (iii) debt which includes any equity component
                                            (the “Additional Securities”) on the same terms and conditions as offered by
                                            the Company to the other purchasers of such Additional Securities. Each time the Company
                                            proposes to offer any Additional Securities, the Company shall make an offering of such Additional
                                            Securities to Buyer in accordance with the above.

 

		g.	Investor
                                            Rights. During the period from the Closing until the date that is 18 months thereafter,
                                            neither the Company nor its Subsidiaries shall enter into any additional, or modify any existing,
                                            agreements with any existing or future investors in the Company or any of its Subsidiaries
                                            that have the effect of establishing rights or otherwise benefiting such investor in a manner
                                            more favorable in any material respect to such investor than the rights and benefits established
                                            in favor of the Buyer by this Agreement, unless, in any such case, the Buyer has been provided
                                            with such rights and benefits by the Company.

 

i.    Breach
of Covenants. If the Company breaches any of the covenants set forth in this Section 4, and in addition to any other remedies available
to the Buyer pursuant to this Agreement, it will be considered a breach of the Company’s obligations under the Certificate of Designation.

 

j.    Failure
to Comply with the 1934 Act/Negative Designation Removal. So long as the Buyer beneficially owns any Series A Shares, the Company
shall comply with the reporting requirements of the 1934 Act; the Company shall continue to be subject to the reporting requirements
of the 1934 Act; and, if OTCMarkets.com designates the Company as “Caveat Emptor” or “Shell Risk” (collectively,
“Negative Designation”), the Company shall immediately cause OTCMarkets.com to remove such designation (any Negative Designation
shall in any case be removed from OTC Markets within five (5) days or such failure shall be considered an event of default under the
Certificate of Designation and a breach of this Agreement.

 

k.   Trading
Activities. Neither the Buyer nor its affiliates has an open short position in the common stock of the Company and the Buyer agrees
that it shall not, and that it will cause its affiliates not to, engage in any short sales of or hedging transactions with respect to
the common stock of the Company.

 

    	 

    	 

    

l.    The
Buyer is Not a “Dealer”. The Buyer and the Company hereby acknowledge and agree that solely with respect to the transactions
contemplated by this agreement and services, if any, provided by the Buyer to the Company, the Buyer has not: (i) acted as an underwriter;
(ii) acted as a market maker or specialist; (iii) acted as “de facto” market maker; (iv) conducted any other professional
market activities such as providing investment advice, extending credit and lending securities in connection; or (v) engaged in the business
of buying and selling securities of the Company; and thus that the Buyer is not a “Dealer” as such term is defined in the
1934 Act.

 

		5.	Transfer
                                            Agent Instructions. The Company shall issue irrevocable instructions to its transfer
                                            agent to issue certificates, registered in the name of the Buyer or its nominee, for the
                                            Conversion Shares in such amounts as specified from time to time by the Buyer to the Company
                                            upon conversion of the Series A Shares in accordance with the terms of the Certificate of
                                            Designation (the “Irrevocable Transfer Agent Instructions”). In the event that
                                            the Company proposes to replace its transfer agent, the Company shall provide, prior to the
                                            effective date of such replacement, a fully executed Irrevocable Transfer Agent Instructions
                                            in a form as initially delivered pursuant to this Agreement (including but not limited to
                                            the provision to irrevocably reserve shares of common stock in the Reserved Amount (as defined
                                            in the Certificate of Designation) signed by the successor transfer agent to Company and
                                            the Company. Prior to registration of the Conversion Shares under the 1933 Act or the date
                                            on which the Conversion Shares may be sold pursuant to an exemption from registration, all
                                            such certificates shall bear the restrictive legend specified in Section 2(j) of this Agreement.
                                            The Company warrants that: (i) no instruction other than the Irrevocable Transfer Agent Instructions
                                            referred to in this Section 5, will be given by the Company to its transfer agent and that
                                            the Securities shall otherwise be freely transferable on the books and records of the Company
                                            as and to the extent provided in this Agreement and the Certificate of Designation; (ii)
                                            it will not direct its transfer agent not to transfer or delay, impair, and/or hinder its
                                            transfer agent in transferring (or issuing)(electronically or in certificated form) any certificate
                                            for Conversion Shares to be issued to the Buyer upon conversion of or otherwise pursuant
                                            to the Certificate of Designation or this Agreement as and when required by thereby; and
                                            (iii) it will not fail to remove (or direct its transfer agent not to remove or impair, delay,
                                            and/or hinder its transfer agent from removing) any restrictive legend (or to withdraw any
                                            stop transfer instructions in respect thereof) on any certificate for any Conversion Shares
                                            issued to the Buyer upon conversion of the Series A Shares of or otherwise pursuant to the
                                            Certificate of Designation or this Agreement as and when required thereby. If the Buyer provides
                                            the Company and the Company’s transfer, at the cost of the Buyer, with an opinion of
                                            counsel in form, substance and scope customary for opinions in comparable transactions, to
                                            the effect that a public sale or transfer of such Securities may be made without registration
                                            under the 1933 Act, the Company shall permit the transfer, and, in the case of the Conversion
                                            Shares, promptly instruct its transfer agent to issue one or more certificates, free from
                                            restrictive legend, in such name and in such denominations
                                            as specified by the Buyer. The Company acknowledges that a breach by it of its
                                            obligations hereunder will cause irreparable
                                            harm to the Buyer, by vitiating the intent and purpose of the transactions contemplated hereby.
                                            Accordingly, the Company acknowledges that the remedy at law for a breach of its obligations
                                            under this Section 5 may be inadequate and agrees, in the event of a breach or threatened
                                            breach by the Company of the provisions of this Section 5, that the Buyer shall be entitled,
                                            in addition to all other available remedies, to an injunction restraining any breach and
                                            requiring immediate transfer, without the necessity of showing economic loss and without
                                            any bond or other security being required.

 

		6.	Conditions
                                            to the Company’s Obligation to Sell. The obligation of the Company hereunder
                                            to issue and sell the Series A Shares to the Buyer at the Closing is subject to the satisfaction,
                                            at or before the Closing Date of each of the following conditions thereto, provided that
                                            these conditions are for the Company’s sole benefit and may be waived by the Company
                                            at any time in its sole discretion:

    	 

    	 

    

 

		a.	The
                                            Buyer shall have executed this Agreement and delivered the same to the Company.

 

		b.	Buyer
                                            shall have delivered the Purchase Price in accordance with Section 1 of this Agreement.

 

		c.	The
                                            representations and
                                            warranties of the Buyer shall be true and correct in all material respects as of the date
                                            when made and as of the Closing Date as though made at that time (except for representations
                                            and warranties that speak as of a specific date), and the Buyer shall have performed, satisfied
                                            and complied in all material respects with the covenants, agreements and conditions required
                                            by this Agreement to be performed, satisfied or complied with by the Buyer at or prior to
                                            the Closing Date.

 

		d.	No
                                            litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall
                                            have been enacted, entered, promulgated or endorsed by or in any court or governmental authority
                                            of competent jurisdiction or any self-regulatory organization having authority over the matters
                                            contemplated hereby which prohibits the consummation of any of the transactions contemplated
                                            by this Agreement.

 

		7.	Conditions
                                            to The Buyer’s Obligation to Purchase. The obligation of the Buyer hereunder
                                            to purchase the Series A Shares at the Closing is subject to the satisfaction, at or before
                                            the Closing Date of each of the following conditions, provided that these conditions are
                                            for the Buyer’s sole benefit and may be waived by the Buyer at any time in its sole
                                            discretion:

 

		a.	The
                                            Buyer shall have executed this Agreement and delivered the same to the Company.

 

		b.	The
                                            Company shall have delivered to the Buyer the Series A Shares by way of book entry as confirmed
                                            by the Company’s transfer agent in accordance with Section 1(b) above.

 

		c.	The
                                            Irrevocable Transfer Agent Instructions, in form and substance satisfactory to the Buyer,
                                            shall have been delivered to and acknowledged in writing by the Company’s Transfer
                                            Agent.

 

		d.	The
                                            representations and warranties of the Company shall be true and correct in all material respects
                                            as of the date when made and as of the Closing Date as though made at such time (except for
                                            representations and warranties that speak as of a specific date) and the Company shall have
                                            performed, satisfied and complied in all material respects with the covenants, agreements
                                            and conditions required by this Agreement to be performed, satisfied or complied with by
                                            the Company at or prior to the Closing Date. The Buyer shall have received a certificate
                                            or certificates, executed by the chief executive officer of the Company, dated as of the
                                            Closing Date, to the foregoing effect and as to such other matters as may be reasonably requested
                                            by the Buyer including, but not limited to certificates with respect to the Board of Directors’
                                            resolutions relating to the transactions contemplated hereby.

 

		e.	No
                                            litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall
                                            have been enacted, entered, promulgated or endorsed by or in any court or governmental authority
                                            of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated
hereby which prohibits the consummation of any of the transactions contemplated by this Agreement.

    	 

    	 

    

 

		f.	No
                                            event shall have occurred which could reasonably be expected to have a Material Adverse Effect
                                            on the Company including, but not limited, to a change in the 1934 Act reporting status of
                                            the Company or the failure of the Company to be timely in its 1934 Act reporting obligations.

 

		g.	The
                                            Company’s transfer agent shall be engaged to act as the transfer agent for the Series
                                            A Preferred Shares.

 

		h.	The
                                            Certificate of Designation shall be properly authorized and filed with the Secretary of State
                                            of the State of Nevada and declared effective.

 

		8.	Governing
                                            Law; Jurisdiction. This Agreement shall be construed in accordance with, and governed
                                            in all respects by, the laws of the State of California, without regard to its conflicts
                                            of laws rules. The Company hereby irrevocably and unconditionally submits, for itself and
                                            its property, to the exclusive jurisdiction of the Superior Court of the State of California,
                                            sitting in Los Angeles, California and of the United States District Court of the Central
                                            District of California, and any California appellate court from any thereof, in any action
                                            or proceeding arising out of or relating to this Agreement, or for recognition or enforcement
                                            of any judgment relating thereto or arising therefrom, and each of the parties hereto hereby
                                            irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding
                                            shall be exclusively heard and determined in such California State court or, to the extent
                                            permitted by applicable law, in such California federal court. Each of the parties hereto
                                            agrees 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 applicable law. Nothing in this Agreement or otherwise shall affect any right that Purchasers
                                            may otherwise have to bring any action or proceeding relating to this Agreement against Company
                                            or its properties in the courts of any jurisdiction. Company hereby irrevocably and unconditionally
                                            waives, to the fullest extent permitted by applicable law, any objection which it may now
                                            or hereafter have to the laying of venue of any suit, action or proceeding arising out of
                                            or relating to this Agreement or Registration Rights Agreement in any court referred to in
                                            this Section 7. Each of the parties hereto hereby irrevocably waives, to the fullest extent
                                            permitted by applicable law, the defense of any purported inconvenient forum to the maintenance
                                            of such action or proceeding in any such court. Each party to this Agreement irrevocably
                                            consents to service of process in any action or proceeding arising out of or relating to
                                            this Agreement, in the manner provided for notices (other than telecopy or email) herein.
                                            Nothing in this Agreement will affect the right of any party to this Agreement to serve process
                                            in any other manner permitted by applicable law.

 

		9.	Miscellaneous.

 

		a.	Entire
                                            Agreement. This Agreement and the Registration Rights Agreement and
                                            the instruments referenced herein constitute the entire agreement
                                            between the parties hereto with respect to the subject matter contained herein and therein
                                            and supersede all prior or contemporaneous agreements, representations and understandings
                                            of the parties, express or implied, oral or written. This Agreement may not be amended or
                                            modified in any way except in a writing signed by each of the parties hereto. Company may
                                            not assign its obligations under this Agreement without the prior written consent of Purchasers,
                                            which may
be granted, conditioned, or withheld in Purchasers' sole discretion. All provisions herein shall be construed in all cases as a whole
according to their fair meaning, neither strictly for nor against either Company or Purchasers and without regard for the identity of
the party preparing the same. Company agrees to cooperate in good faith with Purchasers and its agents and representatives in all aspects
of accomplishing the intent of this Agreement, including but not limited to signing additional documents and taking other actions as
may be reasonably necessary or proper for such purpose. No agency, partnership, joint venture or other relationship is intended hereby,
and no Party shall be deemed the agent, servant, employee, partner or joint venturer of any other Party. Company and Purchasers shall
not, in any way or for any reason be deemed to have become a partner of the other in the conduct of its business or otherwise, or a joint
venturer. Any date that falls on a legal holiday or weekend shall not be extended until the next business day. Without limiting Purchasers'
rights or remedies provided herein or available at law or in equity, the term of this Agreement shall extend until all Company performs
all obligations that are required under this Agreement.

    	 

    	 

    

 

		b.	This
                                            Agreement shall be deemed to be jointly drafted by the Company and the Purchasers and shall
                                            not be construed against any person as the drafter hereof. The headings of this Agreement
                                            are for convenience of reference only and shall not form part of, or affect the interpretation
                                            of, this Agreement.

 

		c.	If
                                            any provision of this Agreement, or any other agreement or instrument delivered in connection
                                            herewith, is invalid or unenforceable under any applicable statute or rule of law, then such
                                            provision shall be deemed inoperative to the extent that it may conflict therewith and shall
                                            be deemed modified to conform with such statute or rule of law. Any such provision which
                                            may prove invalid or unenforceable under any law shall not affect the validity or enforceability
                                            of any other provision of this Agreement, or any other agreement, certificate, instrument,
                                            or document contemplated hereby or thereby.

 

		d.	This
                                            Agreement, the Registration Rights Agreement and the instruments referenced herein contain
                                            the entire understanding of the parties with respect to the matters covered herein and therein
                                            and, except as specifically set forth herein or therein, neither the Company nor to any Purchaser
                                            makes any representation, warranty, covenant or undertaking with respect to such matters.
                                            No provision of this Agreement or any agreement or instrument contemplated hereby may be
                                            waived or amended other than by an instrument in writing signed by a Purchaser.

 

		e.	This
                                            Agreement shall be binding upon the Company and its successors and assigns and shall inure
                                            to the benefit of the Purchasers and their successors and assigns. Each transferee of the
                                            Purchasers must be an "Accredited Investor" under the federal securities laws.

 

		f.	This
                                            Agreement is intended for the benefit of the parties hereto and their respective permitted
                                            successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced
                                            by, any other person.

 

		g.	The
                                            representations and warranties of the Company and the agreements and covenants set forth
                                            in this Agreement shall survive the closing hereunder notwithstanding any due diligence investigation
                                            conducted by or on behalf of any of the Purchasers. The Company agrees
to indemnify and hold harmless the Purchasers and all their officers, directors, employees and agents for loss or damage arising from
or related to any breach or alleged breach by the Company of any of its representations, warranties and covenants set forth in this Agreement
or any of its covenants and obligations under this Agreement, including advancement of expenses as they are incurred.

    	 

    	 

    

 

		h.	The
                                            language used in this Agreement will be deemed to be the language chosen by the parties to
                                            express their mutual intent, and no rules of strict construction will be applied against
                                            any party.

 

		i.	The
                                            headings of this Agreement are for convenience of reference only and shall not form part
                                            of, or affect the interpretation of, this Agreement.

 

		j.	In
                                            consideration of the Purchasers' execution and delivery of this Agreement and acquiring the
                                            Shares hereunder, and in addition to all of the Company's other obligations under this Agreement
                                            or the Senior Notes, the Company shall defend, protect, indemnify and hold harmless the Purchasers
                                            and their respective stockholders, partners, members, officers, directors, employees and
                                            direct or indirect investors and any of the foregoing persons' agents or other representatives
                                            (including, without limitation, those retained in connection with the transactions. contemplated
                                            by this Agreement) (collectively, the "Indemnitees") from and against any and all
                                            actions, causes of action, suits, claims, losses, costs, penalties, fees, liabilities and
                                            damages, and expenses in connection therewith (irrespective of whether any such Indemnitee
                                            is a party to the action for which indemnification hereunder is sought), and including reasonable
                                            attorneys' fees and disbursements (the "Indemnified Liabilities"), incurred by
                                            any Indemnitee as a result of, or arising out of, or relating to (a) any misrepresentation
                                            or breach of any representation or warranty made by the Company in this Agreement, , (b)
                                            any breach of any covenant, agreement or obligation of the Company contained in this Agreement,
                                            or (c) any cause of action, suit or claim brought or made against such Indemnitee by a third
                                            party (including for these purposes a derivative action brought on behalf of the Company)
                                            and arising out of or resulting from (i) the execution, delivery, performance or enforcement
                                            of this Agreement, , or (ii) the status of the Purchaser or holder of the Shares as an investor
                                            in the Company pursuant to the transactions contemplated by this Agreement.

 

		k.	No
                                            failure or delay on the part of the Purchaser in the exercise of any power, right or privilege
                                            hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of
                                            any such power, right or privilege preclude other or further exercise thereof or of any other
                                            right, power or privileges. All rights and remedies of the Purchaser existing hereunder are
                                            cumulative to, and not exclusive of, any rights or remedies otherwise available.

 

		l.	This
                                            Agreement may be executed in one or more counterparts, each of which shall be deemed an original
                                            but all of which shall constitute one and the same agreement and shall become effective when
                                            counterparts have been signed by each party and delivered to the other party.

 

		m.	Further Assurances.
                                            Each party shall do and perform, or cause to be done and performed, all such further acts
                                            and things, and shall execute and deliver all such other agreements, certificates, instruments
                                            and documents, as the other party may reasonably request in order to
carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

    	 

    	 

    

 

		n.	Remedies.
                                            Each party acknowledges that a breach by it of its obligations hereunder will cause irreparable
                                            harm to the other party by vitiating the intent and purpose of the transaction contemplated
                                            hereby. Accordingly, each party acknowledges that the remedy at law for a breach of its obligations
                                            under this Agreement will be inadequate and agrees, in the event of a breach or threatened
                                            breach by the other party of the provisions of this Agreement, that the non-breaching party
                                            shall be entitled, in addition to all other available remedies at law or in equity, and in
                                            addition to the penalties assessable herein, to an injunction or injunctions restraining,
                                            preventing or curing any breach of this Agreement and to enforce specifically the terms and
                                            provisions hereof, without the necessity of showing economic loss and without any bond or
                                            other security being required

 

		o.	Notices.
                                            All notices, demands, requests, consents, approvals, and other communications required
                                            or permitted hereunder shall be in writing and, unless otherwise specified herein, shall
                                            be (i) personally served, (ii) deposited in the mail, registered or certified, return receipt
                                            requested, postage prepaid, (iii) delivered by reputable air courier service with charges
                                            prepaid, or (iv) transmitted by hand delivery, telegram, email, or facsimile, addressed as
                                            set forth below or to such other address as such party shall have specified most recently
                                            by written notice. Any notice or other communication required or permitted to be given hereunder
                                            shall be deemed effective (a) upon hand delivery or delivery by facsimile, with accurate
                                            confirmation generated by the transmitting facsimile machine, at the address or number designated
                                            below (if delivered on a business day during normal business hours where such notice is to
                                            be received), or the first (1st) business day following such delivery (if delivered
                                            other than on a business day during normal business hours where such notice is to be received);
                                            (b) on the second (2nd) business day following the date of mailing by express
                                            courier service, fully prepaid, addressed to such address, or upon actual receipt of such
                                            mailing, whichever shall first occur; or (c) if delivered by e-mail, upon acknowledgment
                                            of receipt by recipient. The addresses for such communications shall be 

 

	If
                                            to Company:

     

    Thumzup
    Media Corporation

    Attn:
    Robert Steele, CEO

    [ADDRESS]

    [EMAIL]

    [PHONE]

    [FAX]
	If
                                            to Buyer:

     

    See
    address below

     

	With
                                            a copy to:

     
	With
                                            a copy to:

     

     

 

Each
party shall provide notice to the other party of any change in address.

 

 

(SIGNATURE
PAGES FOLLOW)

    	 

    	 

    

IN
WITNESS WHEREOF, the undersigned Buyer and the Company have caused this Agreement to be duly executed as of the date first above written.

 

 

 

	For
                                            Company:

     

    Thumzup
    Media Corporation,

    A
    Nevada corporation

     

     

     

     

    _____________________________

    By:
    Robert Steele

    Its:
    CEO
	For
                                            Buyer:

     

     

    By:
    _______________________________

     

     

    Name:
    _______________________________

     

    Address:Exhibit 10.1

 

Loan Agreement

 

THIS LOAN AGREEMENT (the “Agreement”),
is entered into as of September 15, 2022, between PERISHIP GLOBAL LLC, a Delaware limited liability company (the “Borrower”),
with an address at 265 EAST MAIN ST, BRANFORD, CONNECTICUT 06405-3125, and PNC BANK, NATIONAL ASSOCIATION (the “Bank”), with
an address at 200 Lake Drive East, 3rd Floor, Cherry Hill, New Jersey 08002.

 

The Borrower and the Bank, with the intent
to be legally bound, agree as follows:

 

1.       Loan.
The Bank has made or may make one or more loans (“Loan”) to the Borrower subject to the terms and conditions and in reliance
upon the representations and warranties of the Borrower set forth in this Agreement. Each Loan shall be used for business purposes (and
not for personal, family or household use) and is or will be evidenced by a promissory note or notes of the Borrower and all renewals,
extensions, amendments and restatements thereof (whether one or more, collectively, the “Note”) acceptable to the Bank, which
shall set forth the interest rate, repayment and other provisions of the respective Loan, the terms of which are incorporated into this
Agreement by reference.

 

The Loans governed by this Agreement shall
include the Loans specifically described below, if any, and any additional lines of credit or term loans that the Bank has made or may,
in its sole discretion, make to the Borrower in the future.

 

2.       Security.
The security for repayment of the Loan shall include but not be limited to the collateral, guaranties and other documents heretofore,
contemporaneously or hereafter executed and delivered to the Bank (the “Security Documents”), which shall secure repayment
of the Loan and all other loans, advances, debts, liabilities, obligations, covenants and duties owing by the Borrower to the Bank described
therein (hereinafter referred to collectively as the “Obligations”).

 

This Agreement, the Note, the Security Documents
and all other agreements and documents executed and/or delivered pursuant or subject hereto, as each may be amended, modified, extended
or renewed from time to time, are collectively referred to as the “Loan Documents.” Capitalized terms not defined herein shall
have the meanings ascribed to them in the Loan Documents.

 

3.       Representations
and Warranties. The Borrower hereby makes the following representations and warranties, which shall be continuing in nature and remain
in full force and effect until the Obligations are paid in full, and which shall be true and correct except as otherwise set forth on
the Addendum attached hereto and incorporated herein by reference (the “Addendum”):

 

3.1       Existence,
Power and Authority. If not a natural person, the Borrower is duly organized, validly existing and in good standing under the laws
of the State of its incorporation or organization and has the power and authority to own and operate its assets and to conduct its business
as now or proposed to be carried on, and is duly qualified, licensed and in good standing to do business in all jurisdictions where its
ownership of property or the nature of its business requires such qualification or licensing. The Borrower is duly authorized to execute
and deliver the Loan Documents, all necessary action to authorize the execution and delivery of the Loan Documents has been properly taken,
and the Borrower is and will continue to be duly authorized to borrow under this Agreement and to perform all of the other terms and provisions
of the Loan Documents.

 

    	 	 	 

    	 

    

 

3.2       Financial
Statements. The Borrower has delivered or caused to be delivered to the Bank its most recent Financial Statements (as defined herein).
The Financial Statements are true, complete and accurate in all material respects and fairly present the Borrower’s financial condition,
assets and liabilities, whether accrued, absolute, contingent or otherwise and the results of the Borrower’s operations for the
period specified therein. The Financial Statements have been prepared in accordance with generally accepted accounting principles in effect
from time to time (“GAAP”) consistently applied from period to period, subject in the case of interim statements to normal
year-end adjustments and to any comments and notes acceptable to the Bank in its sole discretion. As used herein, “Financial Statements”
shall mean (i) with respect to an entity that is not a natural person, consolidated and, if required by the Bank in its sole discretion,
consolidating balance sheets statements of income and cash flows for the year, month or quarter together with year-to-date figures and
comparative figures for the corresponding periods of the prior year, prepared in accordance with GAAP, consistently applied from period
to period; and (ii) with respect to natural persons, means personal financial statements and federal income tax returns.

 

3.3       No
Material Adverse Change. Since the date of the most recent Financial Statements, the Borrower has not suffered any damage, destruction
or loss, and no event or condition has occurred or exists, which has resulted or could result in a material adverse change in its business,
assets, operations, condition (financial or otherwise) or results of operation.

 

3.4       Binding
Obligations. The Borrower has full power and authority to enter into the transactions provided for in this Agreement and has been
duly authorized to do so by appropriate action of its Board of Directors if the Borrower is a corporation, its members and/or managers,
as applicable, if the Borrower is a limited liability company, all its general partners if the Borrower is a partnership or otherwise
as may be required by law, charter, other organizational documents or agreements; and the Loan Documents, when executed and delivered
by the Borrower, will constitute the legal, valid and binding obligations of the Borrower enforceable in accordance with their terms.

 

3.5       No
Defaults or Violations. There does not exist any Default or Event of Default, as hereinafter defined, under this Agreement, or any
default or violation by the Borrower of or under any of the terms, conditions or obligations of: (i) its partnership agreement if the
Borrower is a partnership, its articles or certificate of incorporation, regulations and bylaws if the Borrower is a corporation, its
articles or certificate of organization and operating agreement if the Borrower is a limited liability company, or its other organizational
documents as applicable; (ii) any indenture, mortgage, deed of trust, franchise, permit, contract, agreement, or other instrument to which
it is a party or by which it is bound; or (iii) any law, ordinance, regulation, ruling, order, injunction, decree, condition or other
requirement applicable to or imposed upon it by any law, the action of any court or any governmental authority or agency; and the consummation
of this Agreement and the transactions set forth herein will not result in any such Default, Event of Default or violation.

 

3.6       Title
to Assets. The Borrower has good and marketable title to the assets reflected on the most recent Financial Statements, free and clear
of all liens and encumbrances, except for (i) liens in favor of the Bank; (ii) current taxes and assessments not yet due and payable;
(iii) assets disposed of by the Borrower in the ordinary course of business since the date of the most recent Financial Statements; and
(iv) those liens or encumbrances, if any, specified on the Addendum.

 

3.7       Litigation.
There are no actions, suits, proceedings or governmental investigations pending or, to the knowledge of the Borrower, threatened against
the Borrower, which could result in a material adverse change in its business, assets, operations, condition (financial or otherwise)
or results of operations and there is no basis known to the Borrower for any action, suit, proceeding or investigation which could result
in such a material adverse change. All pending and threatened litigation against the Borrower is listed on the Addendum attached hereto.

 

    	 	- 2 -	 

    	 

    

 

3.8       Tax
Returns. The Borrower has filed all returns and reports that are required to be filed by it in connection with any federal, state
or local tax, duty or charge levied, assessed or imposed upon it or its property or withheld by it, including income, unemployment, social
security and similar taxes, and all of such taxes have been either paid or adequate reserves or other provision has been made therefor.

 

3.9       Employee
Benefit Plans. Each employee benefit plan as to which the Borrower may have any liability complies in all material respects with all
applicable provisions of the Employee Retirement Income Security Act of 1974 (as amended from time to time, “ERISA”), including
minimum funding requirements, and (i) no Prohibited Transaction (as defined under ERISA) has occurred with respect to any such plan; (ii)
no Reportable Event (as defined under Section 4043 of ERISA) has occurred with respect to any such plan which would cause the Pension
Benefit Guaranty Corporation to institute proceedings under Section 4042 of ERISA; (iii) the Borrower has not withdrawn from any such
plan or initiated steps to do so; and (iv) no steps have been taken to terminate any such plan.

 

3.10       Environmental
Matters. The Borrower is in compliance, in all material respects, with all Environmental Laws (as hereinafter defined), including,
without limitation, all Environmental Laws in jurisdictions in which the Borrower owns or operates, or has owned or operated, a facility
or site, stores Collateral, arranges or has arranged for disposal or treatment of hazardous substances, solid waste or other waste, accepts
or has accepted for transport any hazardous substances, solid waste or other wastes or holds or has held any interest in real property
or otherwise. Except as otherwise disclosed on the Addendum, no litigation or proceeding arising under, relating to or in connection with
any Environmental Law is pending or, to the best of the Borrower’s knowledge, threatened against the Borrower, any real property
in which the Borrower holds or has held an interest or any past or present operation of the Borrower. No release, threatened release or
disposal of hazardous waste, solid waste or other wastes is occurring, or to the best of the Borrower’s knowledge has occurred,
on, under or to any real property in which the Borrower holds or has held any interest or performs or has performed any of its operations,
in violation of any Environmental Law. As used in this Section, “litigation or proceeding” means any demand, claim notice,
suit, suit in equity, action, administrative action, investigation or inquiry whether brought by a governmental authority or other person,
and “Environmental Laws” means all provisions of laws, statutes, ordinances, rules, regulations, permits, licenses, judgments,
writs, injunctions, decrees, orders, awards and standards promulgated by any governmental authority concerning health, safety and protection
of, or regulation of the discharge of substances into, the environment.

 

3.11       Intellectual
Property. The Borrower owns or is licensed to use all patents, patent rights, trademarks, trade names, service marks, copyrights,
intellectual property, technology, know-how and processes necessary for the conduct of its business as currently conducted that are material
to the condition (financial or otherwise), business or operations of the Borrower.

 

3.12       Regulatory
Matters. No part of the proceeds of any Loan will be used for “purchasing” or “carrying” any “margin
stock” within the respective meanings of each of the quoted terms under Regulation U of the Board of Governors of the Federal Reserve
System as now and from time to time in effect or for any purpose which violates the provisions of the Regulations of such Board of Governors.

 

3.13       Solvency.
As of the date hereof and after giving effect to the transactions contemplated by the Loan Documents, (i) the aggregate value of the Borrower’s
assets will exceed its liabilities (including contingent, subordinated, unmatured and unliquidated liabilities); (ii) the Borrower will
have sufficient cash flow to enable it to pay its debts as they become due; and (iii) the Borrower will not have unreasonably small capital
for the business in which it is engaged.

 

3.14       Disclosure.
The Loan Documents, taken as a whole, do not and will not contain any untrue statement of material fact or omits or will omit to state
a material fact necessary in order to make the statements contained in this Agreement or the Loan Documents not misleading. There is no
fact known to the Borrower which materially adversely affects or, so far as the Borrower can now foresee, might materially adversely affect
the business, assets, operations, condition (financial or otherwise) or results of operation of the Borrower and which has not otherwise
been fully set forth in this Agreement or in the Loan Documents.

 

    	 	- 3 -	 

    	 

    

 

3.15       Beneficial
Owners. If the Borrower is or was required to execute and deliver to the Bank a Certification of Beneficial Owner(s) (individually
and collectively, as updated from time to time, the “Certification of Beneficial Owners”), the information in the Certification
of Beneficial Owners, as updated from time to time in accordance with this Agreement, is true, complete and correct as of the date thereof,
as of the date hereof and as of the date any such update is delivered to the Bank. The Borrower acknowledges and agrees that the Certification
of Beneficial Owners is a Loan Document.

 

4.       Affirmative
Covenants. The Borrower agrees that from the date of execution of this Agreement until all Obligations have been paid in full and
any commitments of the Bank to the Borrower have been terminated, the Borrower will:

 

4.1       Books
and Records. Maintain books and records in accordance with GAAP and give representatives of the Bank access thereto at all reasonable
times, including permission to examine, copy and make abstracts from any of such books and records and such other information as the Bank
may from time to time reasonably request, and the Borrower will make available to the Bank for examination copies of any reports, statements
and returns which the Borrower may make to or file with any federal, state or local governmental department, bureau or agency.

 

4.2       Financial
Reporting. Deliver or cause to be delivered to the Bank (i) the Financial Statements, reports and certifications, if any, set forth
on the Addendum and (ii) such other information about Borrower’s or Guarantor’s financial condition, properties and operations
as and when requested by the Bank, from time to time. As used herein, “Guarantor” shall collectively refer to each Entity
Guarantor and Individual Guarantor of the Obligations, jointly and severally; “Entity Guarantor” shall mean each Guarantor
who is not a natural person; and “Individual Guarantor” shall mean each Guarantor who is a natural person.

 

4.3       Payment
of Taxes and Other Charges. Pay and discharge when due all indebtedness and all taxes, assessments, charges, levies and other liabilities
imposed upon the Borrower, its income, profits, property or business, except those which currently are being contested in good faith by
appropriate proceedings and for which the Borrower shall have set aside adequate reserves or made other adequate provision with respect
thereto acceptable to the Bank in its sole discretion.

 

4.4       Maintenance
of Existence, Operation and Assets. Do all things necessary to (i) maintain, renew and keep in full force and effect its organizational
existence and all rights, permits and franchises necessary to enable it to continue its business as currently conducted; (ii) continue
in operation in substantially the same manner as at present; (iii) keep its properties in good operating condition and repair; and (iv)
make all necessary and proper repairs, renewals, replacements, additions and improvements thereto.

 

4.5       Insurance.
Maintain, with financially sound and reputable insurers, insurance with respect to its property and business against such casualties and
contingencies, of such types and in such amounts, as is customary for established companies engaged in the same or similar business and
similarly situated. In the event of a conflict between the provisions of this Section and the terms of any Security Documents relating
to insurance, the provisions in the Security Documents will control.

 

4.6       Compliance
with Laws. Comply with all laws applicable to the Borrower and to the operation of its business (including without limitation any
statute, ordinance, rule or regulation relating to employment practices, pension benefits, marijuana or any other controlled substance,
or environmental, occupational and health standards and controls).

 

4.7       Bank
Accounts. Establish and maintain at the Bank the Borrower’s primary depository accounts.

 

    	 	- 4 -	 

    	 

    

 

4.8       Financial
Covenants. Comply with all of the financial and other covenants, if any, set forth on the Addendum.

 

4.9       Additional
Reports. Provide prompt written notice to the Bank of the occurrence of any of the following (together with a description of the action
which the Borrower proposes to take with respect thereto): (i) any Event of Default or any event, act or condition which, with the passage
of time or the giving of notice, or both, would constitute an Event of Default (a “Default”); (ii) any litigation filed by
or against the Borrower involving a claim in excess of $50,000; (iii) any Reportable Event or Prohibited Transaction with respect to any
Employee Benefit Plan(s) (as defined in ERISA) or (iv) any event which would be reasonably likely to result in a material adverse change
in the business, assets, operations, condition (financial or otherwise) or results of operation of the Borrower.

 

4.10       Certification
of Beneficial Owners and Other Additional Information. Provide: (i) such information and documentation as may reasonably be requested
by the Bank from time to time for purposes of compliance by the Bank with applicable laws (including without limitation the USA PATRIOT
Act and other “know your customer” and anti-money laundering rules and regulations), and any policy or procedure implemented
by the Bank to comply therewith; and (ii) if the Borrower is or was required to deliver a Certification of Beneficial Owners to the Bank,
(a) confirmation of the accuracy of the information set forth in the most recent Certification of Beneficial Owners provided to the Bank,
as and when requested by the Bank; and (b) a new Certification of Beneficial Owners in form and substance acceptable to the Bank when
the individual(s) identified as a controlling party and/or a direct or indirect individual owner on the most recent Certification of Beneficial
Owners provided to the Bank have changed.

 

5.       Negative
Covenants. The Borrower covenants and agrees that from the date of this Agreement until all Obligations have been paid in full and
any commitments of the Bank to the Borrower have been terminated, except as set forth in the Addendum, the Borrower will not, without
the Bank’s prior written consent:

 

5.1       Indebtedness.
Create, incur, assume or suffer to exist any indebtedness for borrowed money other than:

 

		(i)	the Loan and any subsequent indebtedness to the Bank;

 

		(ii)	open account trade debt incurred in the ordinary course of business and not past due;

 

		(iii)	other existing or future indebtedness in an aggregate principal amount not to exceed $100,000.00, and any refinancings thereof; provided
that the amount of the refinancing indebtedness is not more than the outstanding principal amount of the refinanced indebtedness, and
the terms of the refinancing indebtedness are no more favorable to the lender than the terms of the refinanced indebtedness; and

 

		(iv)	indebtedness in respect of purchase money financings of personal property.

 

5.2       Liens
and Encumbrances. Except as provided in Section 3.6, create, assume, incur or permit to exist any mortgage, pledge, encumbrance, security
interest, lien or charge of any kind upon any of its property, now owned or hereafter acquired, or acquire or agree to acquire any kind
of property subject to any conditional sales or other title retention agreement except liens on the assets purchased with purchase money
indebtedness permitted pursuant to Section 5.1(iv) above.

 

5.3       Guarantees.
Guarantee, endorse or become contingently liable for the obligations of any person, firm, corporation or other entity, except in connection
with the endorsement and deposit of checks for collection in the ordinary course of business.

 

    	 	- 5 -	 

    	 

    

 

5.4       Loans
or Advances/Use of Proceeds. Purchase or hold beneficially any stock, other securities or evidence of indebtedness of, or make or
have outstanding, any loans or advances to, or otherwise extend credit to, or make any investment or acquire any interest whatsoever in,
any other person, firm, corporation or other entity, except investments disclosed on the Borrower’s Financial Statements that have
been provided to the Bank on or before the date hereof, or that are otherwise acceptable to the Bank in its sole discretion and except
for advances to employees for business expenses. Use the proceeds of any Loan with regard to any business involving marijuana nor use
the proceeds of any marijuana business with regard to repayment of any Loan nor place any proceeds of any marijuana business in any accounts
with the Bank.

 

5.5       Merger
or Transfer of Assets. Liquidate or dissolve, or merge or consolidate with or into any person, firm, corporation or other entity,
or sell, lease, transfer or otherwise dispose of all or a substantial part of its property, assets, operations or business, whether now
owned or hereafter acquired.

 

5.6       Change
in Business, Management or Ownership. Make or permit, nor shall any Guarantor or grantor under the Security Documents make or permit,
any change in (i) its form of organization, including a division into two or more entities; (ii) the nature of its business as carried
on as of the date hereof; (iii) the composition of its current executive management; or (iv) its equity ownership.

 

5.7       Dividends.
On and after the occurrence of an Event of Default or if an Event of Default would occur as a result thereof, declare or pay any dividends
on or make any distribution with respect to any class of its equity or ownership interest, or purchase, redeem, retire or otherwise acquire
any of its equity..

 

5.8       Acquisitions.
Make acquisitions of all or substantially all of the property or assets of any per on, firm, corporation or other entity.

 

6.       Events
of Default. The occurrence of any of the following will be deemed to be an “Event of Default”:

 

6.1       Covenant
Default. The Borrower shall default in the performance of any of the covenants or agreements contained in this Agreement.

 

6.2       Breach
of Warranty. Any Financial Statement, representation, warranty or certificate made or furnished by the Borrower to the Bank in connection
with this Agreement shall be false, incorrect or incomplete when made.

 

6.3       Other
Default. The occurrence of (i) an Event of Default as defined in the Note or any of the Loan Documents and (ii) a default or event
of default under or as defined in any other agreement, instrument or document between the Borrower and PNC Bank, National Association
or any of its subsidiaries or affiliates.

 

Upon the occurrence of an Event of Default,
the Bank will have all rights and remedies specified in the Note and the Loan Documents and all rights and remedies (which are cumulative
and not exclusive) available under applicable law or in equity.

 

Notwithstanding anything contained herein,
if there is any conflict or discrepancy between the provisions of the section of this Agreement entitled “Events of Default”
with the provisions of the section of the Note entitled “Events of Default”, the provisions of the section of the Note entitled
“Events of Default” shall control and prevail.

 

7.       Conditions.
The Bank’s obligation to make any advance under any Loan, or to issue any letter of credit, is subject to the conditions that as
of the date of the advance:

 

    	 	- 6 -	 

    	 

    

 

7.1       No
Event of Default. No Event of Default or Default shall have occurred and be continuing.

 

7.2       Authorization
Documents. The Bank shall have received certified copies of resolutions of the board of directors, the general partners or the members
or managers of any partnership, corporation or limited liability company that executes this Agreement, the Note or any of the other Loan
Documents; or other proof of authorization satisfactory to the Bank.

 

7.3       Receipt
of Loan Documents. The Bank shall have received the Loan Documents and such other instruments and documents which the Bank may reasonably
request in connection with the transactions provided for in this Agreement, which may include an opinion of counsel in form and substance
satisfactory to the Bank for any party executing any of the Loan Documents.

 

7.4       Fees.
The Bank shall have received all fees owing in respect of the Loan.

 

8.       Fees;
Expenses. The Borrower agrees to reimburse the Bank, upon the execution of this Agreement, and otherwise on demand, all fees due and
payable to the Bank hereunder and under the other Loan Documents and all costs and expenses incurred by the Bank in connection with the
preparation, negotiation and delivery of this Agreement and the other Loan Documents, and any modifications or amendments thereto or renewals
thereof, and the collection of all of the Obligations, including but not limited to enforcement actions, relating to the Loan, whether
through judicial proceedings or otherwise, or in defending or prosecuting any actions or proceedings arising out of or relating to this
Agreement, including (i) reasonable fees and expenses of counsel (which may include costs of in-house counsel); (ii) all costs related
to conducting UCC, title and other public record searches; (iii) fees for filing and recording documents in the public records to perfect
the Bank’s liens and security interests; (iv) expenses for auditors, appraisers and environmental consultants; and (v) taxes. The
Borrower hereby authorizes and directs the Bank to charge Borrower's deposit account(s) with the Bank for any and all of the foregoing
fees, costs and expenses.

 

9.       Increased
Costs. On written demand, together with written evidence of the justification therefor, the Borrower agrees to pay the Bank all direct
costs incurred, any losses suffered or payments made by the Bank as a result of any Change in Law (hereinafter defined), imposing any
reserve, deposit, allocation of capital or similar requirement (including without limitation, Regulation D of the Board of Governors of
the Federal Reserve System) on the Bank, its holding company or any of their respective assets relative to the Loan. “Change in
Law” means the occurrence, after the date hereof, of any of the following: (i) the adoption or taking effect of any law, rule, regulation
or treaty; (ii) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application
thereof by any governmental authority or (iii) the making or issuance of any request, rule, guideline or directive (whether or not having
the force of law) by any governmental authority; provided that notwithstanding anything herein to the contrary, (a) the Dodd-Frank Wall
Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith
and (b) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking
Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel
III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued.

 

10.       Miscellaneous.

 

10.1       Notices.
All notices, demands, requests, consents, approvals and other communications required or permitted hereunder (“Notices”) must
be in writing (except as may be agreed otherwise above with respect to borrowing requests or as otherwise provided in this Agreement)
and will be effective upon receipt. Notices may be given in any manner to which the parties may agree. Without limiting the foregoing,
first-class mail, postage prepaid, facsimile transmission and commercial courier service are hereby agreed to as acceptable methods for
giving Notices. In addition, the parties agree that Notices may be sent electronically to any electronic address provided by a party from
time to time. Notices may be sent to a party’s address as set forth above or to such other address as any party may give to the
other for such purpose in accordance with this section.

 

    	 	- 7 -	 

    	 

    

 

10.2       Preservation
of Rights. No delay or omission on the Bank’s part to exercise any right or power arising hereunder will impair any such right
or power or be considered a waiver of any such right or power, nor will the Bank’s action or inaction impair any such right or power.
The Bank’s rights and remedies hereunder are cumulative and not exclusive of any other rights or remedies which the Bank may have
under other agreements, at law or in equity.

 

10.3       Illegality.
If any provision contained in this Agreement should be invalid, illegal or unenforceable in any respect, it shall not affect or impair
the validity, legality and enforceability of the remaining provisions of this Agreement.

 

10.4       Changes
in Writing. No modification, amendment or waiver of, or consent to any departure by the Borrower from, any provision of this Agreement
will be effective unless made in a writing signed by the party to be charged, and then such waiver or consent shall be effective only
in the specific instance and for the purpose for which given. Notwithstanding the foregoing, the Bank may modify this Agreement or any
of the other Loan Documents for the purposes of completing missing content or correcting erroneous content, without the need for a written
amendment, provided that the Bank shall send a copy of any such modification to the Borrower (which notice may be given by electronic
mail). No notice to or demand on the Borrower will entitle the Borrower to any other or further notice or demand in the same, similar
or other circumstance.

 

10.5       Entire
Agreement. This Agreement (including the documents and instruments referred to herein) constitutes the entire agreement and supersedes
all other prior agreements and understandings, both written and oral, between the parties with respect to the subject matter hereof.

 

10.6       Counterparts.
This Agreement and any other Loan Document may be signed in any number of counterpart copies and by the parties hereto on separate counterparts,
but all such copies shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Agreement
or any other Loan Document by facsimile transmission shall be effective as delivery of a manually executed counterpart. Any party so executing
this Agreement or any other Loan Document by facsimile transmission shall promptly deliver a manually executed counterpart, provided that
any failure to do so shall not affect the validity of the counterpart executed by facsimile transmission.

 

10.7       Successors
and Assigns. This Agreement will be binding upon and inure to the benefit of the Borrower and the Bank and their respective heirs,
executors, administrators, successors and assigns; provided, however, that the Borrower may not assign this Agreement in whole or in part
without the Bank’s prior written consent and the Bank at any time may assign this Agreement in whole or in part.

 

10.8       Interpretation.
In this Agreement, unless the Bank and the Borrower otherwise agree in writing, the singular includes the plural and the plural the singular;
words importing any gender include the other genders; references to statutes are to be construed as including all statutory provisions
consolidating, amending or replacing the statute referred to; the word “or” shall be deemed to include “and/or”,
the words “including”, “includes” and “include” shall be deemed to be followed by the words “without
limitation”; references to articles, sections (or subdivisions of sections) or exhibits are to those of this Agreement; and references
to agreements and other contractual instruments shall be deemed to include all subsequent amendments and other modifications to such instruments,
but only to the extent such amendments and other modifications are not prohibited by the terms of this Agreement. Section headings in
this Agreement are included for convenience of reference only and shall not constitute a part of this Agreement for any other purpose.
Unless otherwise specified in this Agreement, all accounting terms shall be interpreted and all accounting determinations shall be made
in accordance with GAAP. If this Agreement is executed by more than one party as Borrower, the obligations of such persons or entities
will be joint and several.

 

    	 	- 8 -	 

    	 

    

 

10.9       No
Consequential Damages, Etc.. The Bank will not be responsible for any damages, consequential, incidental, special, punitive or otherwise,
that may be incurred or alleged by any person or entity, including the Borrower and any Guarantor, as a result of this Agreement, the
other Loan Documents, the transactions contemplated hereby or thereby, or the use of the proceeds of the Loan.

 

10.10       Assignments
and Participations. At any time, without any notice to the Borrower, the Bank may sell, assign, transfer, negotiate, grant participations
in, or otherwise dispose of all or any part of the Bank’s interest in the Loan. The Borrower hereby authorizes the Bank to provide,
without any notice to the Borrower, any information concerning the Borrower, including information pertaining to the Borrower’s
financial condition, business operations or general creditworthiness, to any assignee of or participant in or any prospective assignee
of or participant in all or any part of the Bank’s interest in the Loan.

 

10.11       USA
PATRIOT Act Notice. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all
financial institutions to obtain, verify and record information that identifies each Borrower that opens an account. What this means:
when the Borrower opens an account, the Bank will ask for the business name, business address, taxpayer identifying number and other information
or documentation that will allow the Bank to identify the Borrower, such as organizational documents. For some businesses and organizations,
the Bank may also need to ask for identifying information and documentation relating to certain individuals associated with the business
or organization.

 

10.12       Important
Information about Phone Calls. By providing telephone number(s) to the Bank, now or at any later time, the Borrower hereby authorizes
the Bank and its affiliates and designees to contact the Borrower regarding the Borrower’s account(s) with the Bank or its affiliates,
whether such accounts are Borrower’s individual accounts or business accounts for which Borrower is a contact, at such numbers using
any means, including but not limited to placing calls using an automated dialing system to cell, VoIP or other wireless phone number,
or by leaving prerecorded messages or sending text messages, even if charges may be incurred for the calls or text messages. Borrower
hereby consents that any phone call with the Bank may be monitored or recorded by the Bank.

 

10.13       Confidentiality.
In connection with the Obligations, this Agreement and the other Loan Documents, the Bank and the Borrower will be providing to each other,
whether orally, in writing or in electronic format, nonpublic, confidential or proprietary information (collectively, “Confidential
Information”). Each of the Borrower and the Bank agrees (i) to hold the Confidential Information of the other in confidence; and
(ii) not to disclose or permit any other person or entity access to the Confidential Information of the other party, except for disclosure
or access (a) to a party’s affiliates and its or their employees, officers, directors, agents, representatives, (b) to other third
parties that provide or may provide ancillary support relating to the Obligations, this Agreement and/or the other Loan Documents, (c)
in connection with the exercise of any remedies or enforcement of rights under this Agreement or any action or proceeding relating to
the Obligations, this Agreement and/or the other Loan Documents, (d) to its external or internal auditors or regulatory authorities, or
(e) upon the order of a court or other governmental agency having jurisdiction over a party. It is understood and agreed that the obligation
to protect such Confidential Information shall be satisfied if the party receiving such Confidential Information utilizes the same control
(but no less than reasonable) as it does to avoid disclosure of its own confidential and valuable information. It is also understood and
agreed that no information shall be within the protection of this Agreement where such information: (w) is or becomes publicly available
through no fault of the party to whom such Confidential Information has been disclosed, (x) is released by the originating party to anyone
without restriction, (y) is rightly obtained from third parties who are not, to such receiving party's knowledge, under an obligation
of confidentiality, or (z) is required to be disclosed by subpoena or similar process of applicable law or regulations.

 

    	 	- 9 -	 

    	 

    

 

For the purposes of this Agreement, Confidential
Information of a party shall include, without limitation, any financial information, scientific or technical information, design, process,
procedure or improvement and all concepts, documentation, reports, data, data formats, specifications, computer software, source code,
object code, user manuals, financial models, screen displays and formats, software, databases, inventions, knowhow, showhow and trade
secrets, whether or not patentable or copyrightable, whether owned by a party or any third party, together with all memoranda, analyses,
compilations, studies, notes, records, drawings, manuals or other documents or materials which contain or otherwise reflect any of the
foregoing information.

 

Each of the Borrower and the Bank agrees
to return to the other or destroy all Confidential Information of the other upon the termination of this Agreement; provided, however,
each party may retain such limited information for customary archival and audit purposes only for reference with respect to prior dealings
between the parties subject at all times to the continuing terms of this Section 10.13.

 

Each of the Borrower and the Bank agrees
not to use the other's name or logo in any marketing, advertising or related materials, without the prior written consent of the other
party.

 

10.14       Sharing
Information with Affiliates of the Bank. The Borrower acknowledges that from time to time other financial and banking services may be
offered or provided to the Borrower or one or more of its subsidiaries and/or affiliates (in connection with this Agreement or otherwise)
by the Bank or by one or more subsidiaries or affiliates of the Bank or of The PNC Financial Services Group, Inc., and the Borrower hereby
authorizes the Bank to share any information delivered to the Bank by the Borrower and/or its subsidiaries and/or affiliates pursuant
to this Agreement or any of the Loan Documents to any subsidiary or affiliate of the Bank and/or The PNC Financial Services Group, Inc.,
subject to any provisions of confidentiality in this Agreement or any other Loan Documents.

 

10.15       Electronic
Signatures and Records. Notwithstanding any other provision herein, the Borrower agrees that this Agreement, the Loan Documents, any
amendments thereto, and any other information, notice, signature card, agreement or authorization related thereto (each, a “Communication”)
may, at the Bank’s option, be in the form of an electronic record. Any Communication may, at the Bank’s option, be signed
or executed using electronic signatures. For the avoidance of doubt, the authorization under this paragraph may include, without limitation,
use or acceptance by the Bank of a manually signed paper Communication which has been converted into electronic form (such as scanned
into PDF format) for transmission, delivery and/or retention.

 

10.16       Governing
Law and Jurisdiction. This Agreement has been delivered to and accepted by the Bank and will be deemed to be made in the State where
the Bank’s office indicated above is located. THIS AGREEMENT WILL BE INTERPRETED AND THE RIGHTS AND LIABILITIES OF THE BANK AND
THE BORROWER DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE WHERE THE BANK’S OFFICE INDICATED ABOVE IS LOCATED, EXCLUDING ITS
CONFLICT OF LAWS RULES, INCLUDING WITHOUT LIMITATION THE ELECTRONIC TRANSACTIONS ACT (OR EQUIVALENT) IN EFFECT IN THE STATE WHERE THE
BANK’S OFFICE INDICATED ABOVE IS LOCATED (OR, TO THE EXTENT CONTROLLING, THE LAWS OF THE UNITED STATES OF AMERICA, INCLUDING WITHOUT
LIMITATION THE ELECTRONIC SIGNATURES IN GLOBAL AND NATIONAL COMMERCE ACT). The Borrower hereby irrevocably consents to the exclusive jurisdiction
of any state or federal court in the county or judicial district where the Bank’s office indicated above is located; provided that
nothing contained in this Agreement will prevent the Bank from bringing any action, enforcing any award or judgment or exercising any
rights against the Borrower individually, against any security or against any property of the Borrower within any other county, state
or other foreign or domestic jurisdiction. The Bank and the Borrower agree that the venue provided above is the most convenient forum
for both the Bank and the Borrower. The Borrower waives any objection to venue and any objection based on a more convenient forum in any
action instituted under this Agreement.

 

REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

 

    	 	- 10 -	 

    	 

    

 

10.17       WAIVER
OF JURY TRIAL. EACH OF THE BORROWER AND THE BANK IRREVOCABLY WAIVES ANY AND ALL RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR CLAIM OF ANY NATURE RELATING TO THIS AGREEMENT, ANY DOCUMENTS EXECUTED IN CONNECTION WITH THIS AGREEMENT OR ANY TRANSACTION
CONTEMPLATED IN ANY OF SUCH DOCUMENTS. THE BORROWER AND THE BANK ACKNOWLEDGE THAT THE FOREGOING WAIVER IS KNOWING AND VOLUNTARY.

 

The Borrower acknowledges that it has read
and understands all the provisions of this Agreement, including the waiver of jury trial, and has been advised by counsel as necessary
or appropriate.

 

WITNESS the due execution hereof as a document
under seal, as of the date first written above.

 

	 	PERISHIP GLOBAL LLC
	 	 
	 	By:	VERIFYME, INC.
	 	Its:	Sole Member
	 	 	 
	 	By:	/s/ Patrick White
	 	 	(SEAL)
	 	 	Patrick White, Chief Executive Officer
	 	 	 
	 	PNC BANK, NATIONAL ASSOCIATION
	 	 
	 	By:	/s/ Zachory Bullock
	 	 	(SEAL)
	 	 	Zachory Bullock, Senior Vice President
	 	 	 

 

    	 	- 11 -	 

    	 

    

 

Addendum

 

 

ADDENDUM to that certain Loan Agreement
dated September 15, 2022 between PERISHIP GLOBAL LLC as the Borrower and PNC Bank, National Association, as the Bank. Capitalized terms
used in this Addendum and not otherwise defined shall have the meanings given them in the Agreement. Section numbers below refer to the
sections of the Agreement. This Addendum is incorporated into and made a part of the Agreement. All references in the Agreement and this
Addendum to the “Agreement” shall include both the Agreement and this Addendum.

 

 

 3.6       Title to Assets. Describe additional liens and encumbrances below:

 

None.

 

 3.7       Litigation. Describe pending and threatened litigation, investigations, proceedings, etc. involving a claim in excess of $50,000 below:

 

None.

 

 3.10     Environmental Matters. Describe pending or threatened litigation or proceeding arising under, relating to or in connection with any Environmental Law below:

 

None.

 

    	 	- 12 -	 

    	 

    

 

CONTINUATION OF ADDENDUM

 

 4.2     Financial Reporting Requirements. 

 

		1.	Borrower’s Financial Reporting. 

 

(a)       Accounts Receivable
and Accounts Payable Agings. Within one hundred twenty (120) days following the end of each year, the Borrower’s detailed schedule
of accounts receivable and accounts payable aging analysis.

 

		2.	Guarantor’s Financial Reporting - Entity Guarantor. 

 

(a)       Annual Financial
Statements. Within one hundred twenty (120) days after the end of each fiscal year, Entity Guarantor’s Financial Statements.
The Financial Statements will be prepared on an audited basis in accordance with GAAP by an independent certified public accountant selected
by the Borrower and satisfactory to the Bank. Audited Financial Statements shall contain the unqualified opinion of an independent certified
public accountant and all accountant examinations shall have been made in accordance with GAAP consistently applied from period to period.

 

(b)       Accounts Receivable
and Accounts Payable Agings. Within one hundred twenty (120) days following the end of each year, the Guarantor’s detailed schedule
of accounts receivable and accounts payable aging analysis

 

    	 	- 13 -	 

    	 

    

 

CONTINUATION OF ADDENDUM

 

 4.8     Financial Covenants.

 

		1.	The Borrower will maintain as of the end of each fiscal year,
a Fixed Charge Coverage Ratio of at least 1.10 to 1.00.

 

As used herein:

 

“Current Maturities” means the
scheduled payments of principal on all indebtedness for borrowed money having an original term of more than one year (including but not
limited to amortization of capital or finance lease obligations), as shown on the Borrower’s Financial Statements as of one year
prior to the date of determination.

 

“EBITDA” means net income plus
interest expense plus income tax expense plus depreciation plus amortization.

 

“Fixed Charge Coverage Ratio”
means (i) EBITDA, divided by (ii) the sum of Current Maturities plus interest expense plus cash taxes paid plus dividends plus Unfunded
Capital Expenditures.

 

“Unfunded Capital Expenditures”
means capital expenditures made from the Borrower’s funds other than funds borrowed as term debt to finance such capital expenditures.

 

All of the above financial covenants shall
be computed and determined in accordance with GAAP applied on a consistent basis (subject to normal year-end adjustments)

 

 

- 14 -

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