Document:

BUSINESS
PURCHASE AGREEMENT 

by
and among

ARVANA
INC

and

DOWN
2 FISH CHARTERS, LLC

and

LCF
SALONS, LLC.

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	TABLE OF CONTENTS
	 	 
	ARTICLE I. DEFINITIONS	 
	Section 1.01	Definitions	3
	 	 	 
	ARTICLE II. SHARE EXCHANGE	5
	Section 2.01	The Exchange	5
	Section 2.02	Closing	5
	Section 2.03	Additional Actions at the Closing	5
	Section 2.04	Down2Fish and LCF Deliverables at the Closing	6
	Section 2.05	Arvana Deliverables at the Closing	6
	Section 2.06	Additional Documents	6
	Section 2.08	Conveyance Taxes	6
	 	 	 
	ARTICLE III. REPRESENTATIONS AND WARRANTIES OF THE DOWN2FISH PARTIES	 
	Section 3.01	Corporate Existence and Power	6
	Section 3.02	Due Authorization	6
	Section 3.03	Valid Obligation	6
	Section 3.04	No Conflict With Other Instruments	6
	Section 3.05	Governmental Authorization	6
	Section 3.06	Authorized Membership Interests and Capital	7
	Section 3.07	Validity of Membership Interests	7
	Section 3.08	Title to and Issuance of the Membership Interests	7
	Section 3.09	Liabilities	7
	Section 3.10	Financial Statements	7
	Section 3.11	Subsidiaries	7
	Section 3.12	Absence of Certain Changes or Events	7
	Section 3.13	Litigation and Proceedings	8
	Section 3.14	Compliance With Laws and Regulations	8
	Section 3.15	Regulatory Permits	8
	Section 3.16	Contracts	8
	Section 3.17	Bank Accounts; Power of Attorney	8
	Section 3.18	Controls	8
	Section 3.19	Intellectual Property	9
	Section 3.20	Environmental Laws	9
	Section 3.21	Title and Leases	9
	Section 3.22	Insurance	9
	Section 3.23	Tax Status	9
	Section 3.24	Transactions with Affiliates	9
	Section 3.25	Foreign Corrupt Practices	9
	Section 3.26	Money Laundering	9
	Section 3.27	Illegal or Unauthorized Payments; Political Contributions	10
	Section 3.28	Investment Company	10
	Section 3.29	No Disqualification Events	10
	Section 3.30	Approval of Agreement	10
	Section 3.31	Disclosure	10
	Section 3.32	No Brokers	10
	 	 	 
	ARTICLE IV. REPRESENTATIONS AND WARRANTIES OF ARVANA	 
	Section 4.01	Corporate Existence and Power	10
	Section 4.02	Due Authorization	10
	Section 4.03	Valid Obligation	10
	Section 4.04	No Conflict With Other Instruments	10
	Section 4.05	Governmental Authorization	11
	Section 4.06	Authorized Shares and Capital	11
	Section 4.07	Validity of Note	11
	Section 4.08	Litigation and Proceedings	11
	Section 4.09	Approval of Agreement	11
	Section 4.10	Compliance With Laws and Regulations	11
	Section 4.11	Regulatory Permits	11
	Section 4.12	Tax Status	11
	Section 4.13	Foreign Corrupt Practices	12
	Section 4.14	Money Laundering	12
	Section 4.15	Illegal or Unauthorized Payments; Political Contributions	12
	Section 4.16	Investment Company	12
	Section 4.17	No Disqualification Events 	12
	Section 4.18	Investment Representations	12
	Section 4.19	Disclosure	13
	Section 4.20	No Brokers	13
	ARTICLE V. CONDITIONS TO THE CLOSING	 
	Section 5.01	Conditions to the Obligations of all of the Parties	13
	Section 5.02	Conditions to the Obligations of Arvana for the Closing	13
	Section 5.03	Condition to the Obligations of the Down2Fish Parties For the Closing	14
	 	 	 
	ARTICLE VI. ADDITIONAL COVENANTS OF THE PARTIES	 
	Section 6.01	Access to Properties and Records	14
	Section 6.02	Delivery of Books and Records	14
	Section 6.03	Third Party Consents and Certificates	14
	Section 6.04	Actions Prior to the Closing	14
	Section 6.05	Notices of Certain Events	14
	Section 6.06	Due Diligence Review	15
	Section 6.07	Limitation on Business Activities	15
	Section 6.08	No-Shop	15
	Section 6.09	Delivery of Books and Records	15
	 	 	 
	ARTICLE VII. TERMINATION	 
	Section 7.01	Termination	16
	Section 7.02	Survival After Termination	16
	 	 	 
	ARTICLE VIII.  INDEMNIFICATION	 
	Section 8.01	Indemnification of Arvana	16
	Section 8.02	Indemnification of LCF and Down2Fish	17
	Section 8.03	Procedure	17
	Section 8.04	Periodic Payments	18
	Section 8.05	Insurance	18
	Section 8.06	Time Limit	18
	Section 8.07	Certain Limitations	18
	Section 8.08	Effect of Investigation	18
	Section 8.09	Exclusive Remedy	19
	 	 	 
	ARTICLE IX. MISCELLANEOUS	 
	Section 9.01	Arbitration	19
	Section 9.02	Governing Law	20
	Section 9.03	Waiver of Jury Trial	20
	Section 9.04	Limitation on Damages	20
	Section 9.05	Brokers	20
	Section 9.06	Notices	20
	Section 9.07	Attorneys’ Fees	21
	Section 9.08	Confidentiality	21
	Section 9.09	Public Announcements and Filings	21
	Section 9.10	Third Party Beneficiaries	21
	Section 9.11	Expenses	21
	Section 9.12	Entire Agreement	21
	Section 9.13	Survival	21
	Section 9.14	Amendment; Waiver; Remedies; Agent	21
	Section 9.15	Arm’s Length Bargaining; No Presumption Against Drafter	22
	Section 9.16	Headings	22
	Section 9.17	No Assignment or Delegation	22
	Section 9.18	Commercially Reasonable Efforts	22
	Section 9.19	Further Assurances	22
	Section 9.20	Counterparts	22
	Exhibit A 	 Arvana Secured Promissory Note	24
	Exhibit B	Do Down2Fish Assignment of Membership Interests	 
	Exhibit C	 Down2Fish Amended Operating Agreement	 
	Exhibit D	 Down2Fish Membership Interests	42
	Schedule 3.09	 Down2Fish Liabilities	43
	Schedule 3.10	 Down2Fish Financial Statements	44
	Schedule 3.16(a)	 Down2Fish Contracts	45
	Schedule 3.16(c)	 Down2Fish Intellectual Property	46
	Schedule 3.17	 Down2Fish Bank Accounts	47

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BUSINESS
PURCHASE AGREEMENT

Dated
as of November 16, 2022

This
Business Purchase Agreement (“Agreement”) is entered into as of the date first set forth above (“Effective
Date”) by and between (i) Arvana Inc. a Nevada corporation (“Arvana”), (ii) Down 2 Fish Charters LLC., a
Florida limited liability company (“Down2Fish”), and (iii) the owner of Down2Fish, LCF Salons, LLC, a Utah limited liability
company (“LCF”), as set forth on the signature page hereto. Down2Fish and the LCF may be referred to collectively herein
as the “Down2Fish Parties” and separately as a “Down2Fish Party”. Arvana, Down2Fish and LCF may
be referred to herein collectively as the “Parties” and separately as a “Party”.

WHEREAS
LCF agrees to sell, convey, transfer, and assign one hundred percent (100%) of its ownership interest in Down2Fish to Arvana, and Arvana
agrees to purchase Down2Fish, on the terms and conditions set forth herein.

NOW
THEREFORE, on the stated premises and for and in consideration of the mutual covenants and agreements hereinafter set forth and the mutual
benefits to the Parties to be derived here from, and intending to be legally bound hereby, it is hereby agreed as follows:

ARTICLE
I. DEFINITIONS

Section
1.01 Definitions. The following terms, as used herein, have the following meanings:

		(a)	“Acquisition
                                            Inquiry” means an inquiry, indication of interest, proposal or request for non-public
                                            information that could reasonably be expected to lead to an Acquisition Transaction.

		(b)	“Acquisition
                                            Transaction” means any transaction or series of related transactions with a Person
                                            or “group” (as defined in the Exchange Act) concerning any (i) merger, consolidation,
                                            business combination, share exchange, joint venture or similar transaction involving Down2Fish
                                            or LCF pursuant to which such Person or “group” would own any of the consolidated
                                            assets, revenues or net income of Down2Fish, (ii) sale, lease, license or other disposition
                                            directly or indirectly by merger, consolidation, business combination, share exchange, joint
                                            venture or otherwise of the assets of Down2Fish representing any of the consolidated assets,
                                            revenues or net income of Down2Fish, (iii) issuance or sale or other disposition (including
                                            by way of merger, consolidation, business combination, share exchange, joint venture or similar
                                            transaction) of any Equity Securities of Down2Fish, including the Down2Fish Membership Interests,
                                            (iv) transaction or series of transactions in which any Person or “group”
                                            would acquire beneficial ownership or the right to acquire beneficial ownership of any Equity
                                            Securities of Down2Fish, (v) action to make the provisions of any “fair price”,
                                            “moratorium”, “control share acquisition”, “business combination”
                                            or other similar anti-takeover statute or regulation inapplicable to any transaction, or
                                            (vi) any combination of any of the foregoing.

		(c)	“Action”
                                            means any legal action, suit, claim, investigation, hearing or proceeding, including any
                                            audit, claim or assessment for Taxes or otherwise.

		(d)	“Affiliate”
                                            means, with respect to any Person, any other Person directly or indirectly Controlling, Controlled
                                            by, or under common Control with such Person.

		(e)	“Authority”
                                            means any governmental, regulatory or administrative body, agency or authority, any court
                                            or judicial authority, any arbitrator, or any public, private or industry regulatory authority,
                                            whether international, national, Federal, state, or local.

		(f)	“Business
                                            Day” means any day that is not a Saturday, Sunday or other day on which banking institutions
                                            in Florida are authorized or required by law or executive order to close.

		(g)	“Control”
                                            of a Person means the possession, directly or indirectly, of the power to direct or cause
                                            the direction of the management and policies of such Person, whether through the ownership
                                            of voting securities, by contract, or otherwise.” Controlled”, “Controlling”
                                            and “under common Control with” have correlative meanings. Without limiting the
                                            foregoing a Person (“Controlled Person”) shall be deemed Controlled by
                                            (a) any other Person (“10% Owner”) (i) owning beneficially, as meant in
                                            Rule 13d-3 under the Exchange Act, securities entitling such Person to cast 10% or more of
                                            the votes for election of directors or equivalent governing authority of the Controlled Person
                                            or (ii) entitled to be allocated or receive 10% or more of the profits, losses, or distributions
                                            of the Controlled Person; (b) an officer, director, general partner, partner (other than
                                            a limited partner), manager, or member (other than a member having no management authority
                                            that is not a 10% Owner) of the Controlled Person; or (c) a spouse, parent, lineal descendant,
                                            sibling, aunt, uncle, niece, nephew, mother-in-law, father-in-law, sister-in-law, or brother-in-law
                                            of an Affiliate of the Controlled Person or a trust for the benefit of an Affiliate of the
                                            Controlled Person or of which an Affiliate of the Controlled Person is a trustee.

 

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		(h)	“Derivatives”
                                            means any options, warrants, convertible securities or other rights, agreements, arrangements,
                                            or commitments of any character relating to each of the Equity Securities of Down2Fish and
                                            Arvana.

		(i)	“Equity
                                            Security” means, in respect of any Person, (a) any capital stock, membership units,
                                            or similar security, (b) any security convertible into or exchangeable for any security described
                                            in clause (a), (c) any option, warrant, or other right to purchase or otherwise acquire any
                                            security described in clauses (a), (b), or (c), and, (d) any “equity security”
                                            within the meaning of the Exchange Act.

		(j)	“Exchange
                                            Act” means the Securities Exchange Act of 1934, as amended and the rules and regulations
                                            promulgated thereunder.

		(k)	“Intellectual
                                            Property” means trademarks, trade names, service marks, service mark registrations,
                                            service names, patents, patent rights, copyrights, inventions, licenses, approvals, government
                                            authorizations, trade secrets or other intellectual property rights.

		(l)	“Knowledge
                                            of Down2Fish” means the knowledge, after and assuming due inquiry, of any officer,
                                            director, general partner, partner (other than a limited partner), manager, member, or executive
                                            officer of Down2Fish.

		(m)	“Law”
                                            means any domestic or foreign, federal, state, municipality or local law, statute, ordinance,
                                            code, rule, or regulation.

		(n)	“Lien”
                                            means any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in
                                            respect of such asset, and any conditional sale, voting agreement or proxy, for any the foregoing.

		(o)	“Material
                                            Adverse Effect” means a material and adverse change or a material and adverse effect,
                                            individually or in the aggregate, on the condition (financial or otherwise), net worth, management,
                                            earnings, cash flows, business, operations, or properties of a Party taken as a whole, whether
                                            or not arising from transactions in the ordinary course of business.

		(p)	Order”
                                            means any decree, order, judgment, writ, award, injunction, rule, injunction, stay, decree,
                                            judgment or restraining order or consent of or by an Authority.

		(q)	Person”
                                            means an individual, corporation, partnership (including a general partnership, limited partnership,
                                            or limited liability partnership), limited liability company, association, trust or other
                                            entity or organization, including a government, domestic or foreign, or political subdivision
                                            thereof, or an agency or instrumentality.

		(r)	“Representative” means,
                                            with respect to any Person, any and all directors, officers, employees, consultants, financial
                                            advisors, counsel, accountants, and other agents of such Person.

		(s)	“Securities
                                            Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated
                                            thereunder.

		(t)	“Tax(es)”
                                            means any federal, state, local or foreign tax, charge, fee, levy, custom, duty, deficiency,
                                            or other assessment of any kind or nature imposed by any Taxing Authority (including any
                                            income (net or gross), gross receipts, profits, windfall profit, sales, use, goods and services,
                                            ad valorem, franchise, license, withholding, employment, social security, workers compensation,
                                            unemployment compensation, employment, payroll, transfer, excise, import, real property,
                                            personal property, intangible property, occupancy, recording, minimum, alternative minimum,
                                            environmental or estimated tax), including any liability therefor as a transferee (including
                                            under Section 6901 of the Code or similar provision of applicable Law) or successor, as a
                                            result of Treasury Regulation Section 1.1502-6 or similar provision of applicable Law or
                                            as a result of any Tax sharing, indemnification or similar agreement, together with any interest,
                                            penalty, or additional amount imposed with thereto.

		(u)	“Taxing
                                            Authority” means the Internal Revenue Service and any other Authority responsible for
                                            the collection, assessment or imposition of any Tax or the administration of any Law relating
                                            to Tax.

		(v)	“Termination
                                            Date” means February 24, 2023, or as determined by the mutual written agreement the
                                            Parties hereto.

		(w)	“Transaction
                                            Documents” means this Agreement and any other certificate, agreement or document entered
                                            into or delivered in connection with the transactions as contemplated herein or therein.

		(x)	“Transaction”
                                            means the transaction contemplated by the Transaction Documents.

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Section
1.02 Interpretive Provisions. Unless the express context otherwise requires (i) the words “hereof,” “herein,”
and “hereunder” and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not
to any particular provision of this Agreement; (ii) terms defined in the singular shall have a comparable meaning when used in the plural,
and vice versa; (iii) the terms “Dollars” and “$” mean United States Dollars; (iv) references herein to a specific
Section, Subsection, Recital, Exhibit or Schedule shall refer, respectively, to Sections, Subsections, Recitals, Exhibits or Schedules of
this Agreement; (v) wherever the word “include,” “includes,” or “including” is used in this Agreement,
it shall be deemed to be followed by the words “without limitation”; (vi) references herein to any gender shall include each
other gender; (vii) references herein to any Person shall include such Person’s heirs, executors, personal Representatives, administrators,
successors and assigns; provided, however, that nothing contained herein is intended to authorize any assignment or transfer not otherwise
permitted by this Agreement; (viii) references herein to a Person in a particular capacity or capacities shall exclude such Person in
any other capacity; (ix) references herein to any contract or agreement (including this Agreement) mean such contract or agreement as
amended, supplemented or modified from time to time in accordance with the terms thereof; (x) with respect to the determination of any
period of time, the word “from” means “from and including” and the words “to” and “until”
each means “to but excluding”; (xi) references herein to any Law or any license mean such Law or license as amended, modified,
codified, reenacted, supplemented or superseded in whole or in part, and in effect from time to time; and (xii) references herein to
any Law shall be deemed also to refer to all rules and regulations promulgated thereunder.

ARTICLE
II. MEMBERSHIP INTEREST EXCHANGE

Section
2.01 The Exchange. On the terms and subject to the conditions set forth in this Agreement, LCF shall sell, assign, transfer
and deliver to Arvana, free and clear of all Liens pledges, encumbrances, charges, restrictions or known claims of any kind, nature,
or description one hundred percent (100%) ownership of Down2Fish as evidenced by membership interests in the limited liability company
(“Membership Interests”) in exchange for seven hundred and fifty thousand dollars ($750,000) of which fifty thousand
dollars ($50,000) to be paid at the Closing to LCF and the remainder of seven hundred thousand dollars ($700,000) to be paid pursuant
to a secured promissory note that bears interest of seven and one quarter percent (7 1⁄4%) per annum, that matures on the second
(2nd anniversary) of the Closing Date of this Agreement (“Note”) attached hereto as Exhibit A.

The
Transaction as set forth in this Section 2.01, subject to the other terms and conditions herein, is referred to collectively herein as
the “Exchange.”

Section
2.02 Closing. The closing of the Transaction (“Closing”) shall occur on the second Business Day following
the satisfaction or waiver (by the Party for whose benefit the conditions to exist) of the conditions to closing set forth in Section
5.01, Section 5.02 and Section 5.03, or at such other date, time or place as the Parties may agree (the date and time at which the Closing
is actually held being the “Closing Date”, via the exchange of electronic documents and other items as required herein.

Section
2.03 Down2Fish and LCF Deliverables at the Closing. At the Closing, Down2Fish or LCF, as applicable, shall deliver to
Arvana:

		(a)	an
                                            assignment of interest, attached hereto as Exhibit B, or such other instruments of transfer
                                            duly executed in blank and with all required stock transfer stamps affixed, in form and substance
                                            satisfactory to the Arvana as required for the Membership Interests to be transferred to
                                            Arvana, free and clear of all liens, pledges, encumbrances, charges, restrictions or known
                                            claims of any kind, nature, or description, with all necessary transfer tax and other revenue
                                            stamps, acquired at LCF’s expense, affixed;

		(b)	a
                                            certificate prepared by a manager of Down2Fish, on behalf of Down2Fish and attested by LCF,
                                            dated as of the Closing Date:

		(i)	attaching
                                            and certifying copies of resolutions of LCF authorizing the execution, delivery and performance
                                            of this Agreement, and the other documents referenced herein; 

		(ii)	attaching
                                            the Down2Fish organizational documents;

		(iii)	certifying
                                            that the conditions set forth in Section 5.02(a), Section 5.02(b), Section 5.02(c), Section
                                            5.02(d), Section 5.02(e), Section 5.02(f), and Section 5.02(g) have been satisfied and that
                                            the statements therein are true and correct; and

		(iv)	attaching
                                            a certificate of status issued by the Florida Secretary of State for Down2Fish, dated as
                                            of a date within five (5) calendar days of the Closing Date.

		(c)	Down2Fish
                                            audited financial statements prepared for the annual periods ended December 31, 2020, and
                                            December 31, 2021, and unaudited financial statements for the three and nine-month interim
                                            periods ended September 30, 2022, and September 30, 2021(“Financial Statements”).
                                            

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Section
2.04 Arvana Deliverables at the Closing. At the Closing, Arvana shall deliver to Down2Fish or LCF, as applicable:

		(a)	the
                                            Note in the amount of seven hundred thousand dollars ($700,000), the appended security agreement,
                                            and acknowledgement of LCF’s entitlement to file a UCC-1 Financing Statement as attached
                                            thereto.

		(b)	a
                                            cashier’s cheque in the amount of fifty thousand dollars ($50,000).

(c)
a certificate prepared by the secretary of Arvana, dated as of the Closing Date:

		(i)	attaching
                                            and certifying copies of the resolutions of Arvana’s board of directors authorizing
                                            the execution, delivery and performance of this Agreement and the other documents referenced
                                            herein;

		(ii)	certifying
                                            that the conditions set forth in Section 5.03(a), Section 5.03(b), Section 5.03(c), Section
                                            5.03(d), and Section 5.03(e) have been satisfied and that the statements therein are true
                                            and correct; and

		(iii)	attaching
                                            a certificate of status issued by the Nevada Secretary of State for Arvana, dated as of a
                                            date within five (5) calendar days of the Closing Date.

(d) an
amended Operating Agreement, attached hereto as Exhibit C.

Section
2.05 Additional Documents. At the Closing or immediately thereafter, Arvana, Down2Fish, and LCF shall execute, acknowledge,
and deliver (or shall ensure to be executed, acknowledged, and delivered), any and all certificates, opinions, financial statements,
schedules, agreements, resolutions, rulings or other instruments required by this Agreement to be so delivered at, prior to, or following
the Closing, together with such other items as may be reasonably requested by the Parties and their respective legal counsel in order
to effectuate or evidence the Transactions. 

Section
2.06 Conveyance Taxes. The Parties shall pay their respective obligations regarding any sales, use, value added, transfer,
stamp, registration, documentary, excise, real property transfer or gains, or similar taxes incurred as a result of the Transactions.

ARTICLE
III. REPRESENTATIONS AND WARRANTIES OF THE
DOWN2FISH PARTIES

As
an inducement to, and to obtain the reliance of Arvana, the Down2Fish Parties, jointly and severally (other than with respect to the
representations and warranties as set forth in Section 3.08 and Section 3.30 which are given by LCF individually, severally and not jointly)
represent and warrant to Arvana, as of the Effective Date and as of the Closing Date, except as otherwise specifically set forth, which
speak solely with respect to a particular date, and as set forth in the schedules delivered to Arvana on the Effective Date (“Disclosure
Schedules”) as follows:

Section
3.01 Corporate Existence and Power. Down2Fish is a limited liability company duly organized, validly existing, and in
good standing under the Laws of the state of Florida, duly authorized under all applicable Laws, regulations, ordinances, and orders
of public authorities to carry on its business in all material respects as it is now being conducted. Down2Fish has delivered to Arvana
complete and correct copies of its articles of organization, bylaws, and all other organizational documents and company minute books
as in effect on the Effective Date (“Down2Fish Organizational Documents”). Down2Fish has full company power and authority
to carry on its business as it is now being conducted, and to own or lease its properties and assets.

Section
3.02 Due Authorization. The execution, delivery and performance of this Agreement does not, and the consummation of
the Transactions will not, violate any provision of the Down2Fish Organizational Documents. Down2Fish has taken all actions required
by Law, the Down2Fish Organizational Documents or otherwise to authorize the execution, delivery and performance of this Agreement and
to consummate the Transactions.

Section
3.03 Valid Obligation. This Agreement and all Transaction Documents executed by Down2Fish and LCF in connection herewith
constitute the valid and binding obligations of Down2Fish LCF, as applicable, enforceable in accordance with its or their terms, except
as may be limited by bankruptcy, insolvency, moratorium or other similar Laws affecting the enforcement of creditors’ rights generally
and subject to the qualification that the availability of equitable remedies is subject to the discretion of the court before which any
proceeding therefore may be brought.

Section
3.04 No Conflict with Other Instruments. The execution of this Agreement by Down2Fish and LCF and the consummation of
the Transactions by Down2Fish and LCF will not result in the breach of any term or provision of, constitute a default under, or terminate,
accelerate or modify the terms of, any indenture, mortgage, deed of trust, or other material agreement or instrument to which Down2Fish
or LCF is a party or to which any of their respective assets, properties or operations are subject.

Section
3.05 Governmental Authorization. Neither the execution, delivery nor performance of this Agreement by any Down2Fish
Party requires any consent, approval, license or other action by or in respect of, or registration, declaration or filing with any Authority. 

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Section
3.06 Authorized Membership Interests and Capital.

		(a)	As
                                            of the Effective Date, one hundred percent (100%) of the Membership Interests of Down2Fish
                                            are held by LCF. Down2Fish has no other Membership Interests in “treasury” or
                                            any additional separate classes of interests either authorized or outstanding

		(b)	Down2Fish
                                            has no Derivatives or commitments to issue any Equity Securities or Derivatives, and there
                                            are no outstanding securities convertible or exercisable into or exchangeable for Down2Fish
                                            Membership Interests or any other Equity Security of Down2Fish.

		(c)	The
                                            offer, issuance and sale of the Membership Interests is (a) exempt from the registration
                                            and prospectus delivery requirements of the Securities Act, (b) registered or qualified (or
                                            were exempt from registration or qualification) under the registration or qualification requirements
                                            of all applicable state securities Laws, and (c) accomplished in conformity with all other
                                            applicable securities Laws. None of the Membership Interests are subject to a right of withdrawal
                                            or a right of rescission under any federal or state securities Law.

Section
3.07 Validity of Membership Interests. The Membership Interests to be delivered at the Closing shall be duly and validly
issued, fully paid and non-assessable, free and clear of any Liens.

Section
3.08 Title to and Issuance of the Membership Interests. LCF is, and on the Closing Date will be, the record and beneficial
owner of the Membership Interests to be delivered at the Closing, as set forth on Exhibit D attached hereto, free and clear of all Liens.
None of the Membership Interests are subject to pre-emptive or similar rights, either pursuant to any Down2Fish Organizational Document,
requirement of Law or any contract, and no Person has any pre-emptive rights or similar rights to purchase or receive any Membership
Interest or other interests in Down2Fish from LCF.

Section
3.09 Liabilities. Section 3.09 of the Disclosure Schedules sets forth, as of the Effective Date, separately, (i) a true,
correct and complete list of all outstanding loans, lines of credit and other indebtedness incurred by Down2Fish, inclusive of any outstanding
loans, lines of credit and other indebtedness incurred by Down2Fish, the repayment obligations for which are secured by certain of Down2Fish’s
assets; (ii) with respect to each loan described in the foregoing clause, the remaining amounts due thereunder as of the Effective Date,
and (iii) any other Liabilities of Down2Fish. For purposes herein, “Liabilities” means any material liabilities, obligations,
or commitments of any nature whatsoever, asserted or unasserted, known or unknown, absolute, or contingent, accrued or unaccrued, matured
or unmatured or otherwise, including without limitation any penalties, interest and/or excise tax as may be applicable.

Section
3.10 Financial Statements. Section 3.10 of the Disclosure Schedules shall include the Financial Statements, and its
representation that such Financial Statements are true, correct, and complete.

Section
3.11 Subsidiaries. Down2Fish does not have any subsidiaries, and does not own, beneficially or of record, any equity
interests of any other Person.

Section
3.12 Absence of Certain Changes or Events. Since the Effective Date, without Arvana’s consent:

		(a)	There
                                            has not been any Material Adverse Change in the business, operations, properties, assets,
                                            or condition (financial or otherwise) of Down2Fish;

		(b)	Down2Fish
                                            has not (i) amended the Down2Fish Organizational Documents; (ii) declared or made, or agreed
                                            to declare or make, any payment of dividends or distributions of any assets of any kind whatsoever
                                            to stockholders or purchased or redeemed, or agreed to purchase or redeem, any of its shares;
                                            (iii) made any material change in its method of management, operation or accounting; (iv)
                                            entered into any other material transaction other than sales in the ordinary course of its
                                            business; or (v) made any increase in or adoption of any profit sharing, bonus, deferred
                                            compensation, insurance, pension, retirement, or other employee benefit plan, payment, or
                                            arrangement made to, for, or with its officers, managers, or employees; and

		(c)	Down2Fish
                                            has not (i) granted or agreed to grant any options, warrants or other rights for its stocks,
                                            bonds or other corporate securities calling for the issuance thereof, (ii) borrowed or agreed
                                            to borrow any funds or incurred, or become subject to, any material obligation or liability
                                            (absolute or contingent) except as disclosed herein and except liabilities incurred in the
                                            ordinary course of business; sold or transferred, or agreed to sell or transfer, any of its
                                            assets, properties, or rights or canceled, or agreed to cancel, any debts or claims; or (iv)
                                            issued, delivered, or agreed to issue or deliver any stock, bonds or other corporate securities
                                            including debentures (whether authorized and unissued or held as treasury stock) except in
                                            connection with this Agreement. 

    	 	7	 

     

    

Section
3.13 Litigation and Proceedings. There are no actions, suits, proceedings, or investigations pending or, to the Knowledge
of Down2Fish after reasonable investigation, threatened by or against Down2Fish or affecting Down2Fish or its properties, at Law or in
equity, before any court or other governmental agency or instrumentality, domestic or foreign, or before any arbitrator of any kind.
Down2Fish has no Knowledge of any default on its part with respect to any judgment, order, writ, injunction, decree, award, rule or regulation
of any court, arbitrator, or governmental agency or instrumentality or any circumstance which after reasonable investigation would result
in the discovery of such default. 

Section
3.14 Compliance with Laws and Regulations. Down2Fish has complied with all applicable statutes and regulations of any
provincial, federal, state, or other governmental entity or agency thereof, except to the extent that noncompliance would not materially
and adversely affect the business, operations, properties, assets, or condition of Down2Fish or except to the extent that noncompliance
would not result in the occurrence of any material liability for Down2Fish.

Section
3.15 Regulatory Permits. Down2Fish possesses all certificates, authorizations and permits issued by the appropriate
federal, state, local or foreign regulatory authorities necessary to conduct its businesses as presently conducted, except where the
failure to possess such permits could not reasonably be expected to result in a Material Adverse Effect, and Down2Fish has not received
any notice of proceedings relating to the revocation or modification of any such permit.

Section
3.16 Contracts.

		(a)	Section
                                            3.16(a) of the Disclosure Schedules contains a list of all contracts, agreements, franchises,
                                            license agreements, debt instruments or other commitments to which Down2Fish is a party or
                                            by which it or any of its assets, products, technology, or properties are bound other than
                                            those incurred in the ordinary course of business. In the case of oral agreements, Section
                                            3.16(a) of the Disclosure Schedules contains a description thereof;

		(b)	All
                                            contracts, agreements, franchises, license agreements, and other commitments to which Down2Fish
                                            is a party or by which its properties are bound, and which are material to the operations
                                            of Down2Fish taken as a whole are valid and enforceable by Down2Fish in all respects, except
                                            as limited by bankruptcy and insolvency Laws and by other Laws affecting the rights of creditors
                                            generally; and

		(c)	Section
                                            3.16(c) of the Disclosure Schedules contains a list of all Down2Fish’s trademarks,
                                            trademark applications, trade names, service marks, service mark registrations, service names,
                                            patents, patent rights, patent applications, copyrights, and other intellectual property
                                            rights. Down2Fish owns, licenses, or has rights to use any and all intellectual property
                                            and technology used in its business, and to the Knowledge of Down2Fish, its use of such intellectual
                                            property or technology does not infringe upon the intellectual property rights of any third
                                            party.

Section
3.17 Bank Accounts; Power of Attorney. Section 3.17 of the Disclosure Schedules sets forth a true and complete list
of (i) all accounts with banks, money market mutual funds or securities or other financial institutions maintained by Down2Fish within
the past twelve (12) months, the account numbers thereof, and all Persons authorized to sign or act on behalf of Down2Fish; (ii) all
safe deposit boxes and other similar custodial arrangements maintained by Down2Fish within the past twelve (12) months; (iii) the check
ledger for the last twelve (12) months, and (iv) the names of all Persons holding powers of attorney from Down2Fish or who are otherwise
authorized to act on behalf of Down2Fish with respect to any matter, other than its officers and directors, and a summary of the terms
of such powers or authorizations.

Section
3.18 Controls. Down2Fish maintains a system of internal accounting controls appropriate for its size. There is no transaction,
arrangement, or other relationship between Down2Fish and an unconsolidated or other off balance sheet entity that is not disclosed by
Down2Fish in its financial statements or otherwise that would be reasonably likely to have a Material Adverse Effect.

    	 	8	 

     

    

Section
3.19 Intellectual Property. Down2Fish owns or possess adequate rights or licenses to use all material trademarks, trade
names, service marks, service mark registrations, service names, patents, patent rights, copyrights, inventions, licenses, approvals,
governmental authorizations, trade secrets and rights necessary to conduct its businesses as now conducted. None of Down2Fish’s
material Intellectual Property has expired or terminated, or, by the terms and conditions thereof, could expire or terminate within two
years from the date of this Agreement. To the Knowledge of Down2Fish there is no infringement by it of any material Intellectual Property
of others, or of any such development of similar or identical trade secrets or technical information by others, and there is no claim,
action or proceeding being made or brought against, or to the Knowledge of Down2Fish, being threatened against, Down2Fish regarding the
infringement of any Intellectual Property, which could reasonably be expected to have a Material Adverse Effect.

Section
3.20 Environmental Laws. To the Knowledge of Down2Fish, a (i) is in compliance with any and all applicable foreign,
federal, state and local Laws and regulations relating to the protection of human health and safety, the environment or hazardous or
toxic substances or wastes, pollutants or contaminants, (ii) has received all permits, licenses or other approvals required of it under
such applicable Laws to conduct its business and (iii) is in compliance with all terms and conditions of any such permit, license or
approval, except where, in each of the three foregoing clauses, the failure to so comply could not reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect.

Section
3.21 Title and Leases. Down2Fish has good and marketable title to all personal property owned by it that is material
to its business, in each case free and clear of all Liens and, except for Liens as do not materially affect the value of such property
and do not materially interfere with the use made and proposed to be made of such property by Down2Fish. Any real property and facilities
held under lease by Down2Fish is held under valid, subsisting, and enforceable leases with which Down2Fish is in compliance with such
exceptions as are not material and do not interfere with the use made and proposed to be made of such property and buildings by Down2Fish.

Section
3.22 Insurance. Down2Fish is insured by insurers of recognized financial responsibility against such losses and risks
and in such amounts as management of Down2Fish believes to be prudent and customary in the businesses in which it is engaged. Down2Fish
has not been refused any insurance coverage sought or applied for, and it has no reason to believe that it will not be able to renew
its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary
to continue its business at a cost that would not materially and adversely affect the condition, financial or otherwise, or the earnings,
business or operations of Down2Fish, taken as a whole. 

Section
3.23 Tax Status. Down2Fish has made or filed all federal and state income and all other material tax returns, reports
and declarations required by any jurisdiction to which it is subject (unless and only to the extent that Down2Fish has set aside on its
books provisions reasonably adequate for the payment of all unpaid and unreported taxes) and has paid all taxes and other governmental
assessments and charges that are material in amount, shown or determined to be due on such returns, reports and declarations, except
those being contested in good faith and has set aside on its books provision reasonably adequate for the payment of all taxes for periods
subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes in any material amount claimed
to be due by the taxing authority of any jurisdiction, and the officers of Down2Fish know of no basis for any such claim.

Section
3.24 Transactions with Affiliates. The officers, directors, managers, and employees of Down2Fish are presently party
to transactions with it including contracts, agreements, the reimbursement of expenses or other arrangements that provide for the furnishing
of services to or by, providing for the lease of real or personal property to or from, or otherwise requiring payments to Down2Fish officers,
directors, managers, or entities in which an officer, director, manager, or employee has a substantial interest. Arvana has reviewed
the affiliate transactions of which it is aware and deemed same to be fair and reasonable.

Section
3.25 Foreign Corrupt Practices. Neither Down2Fish, nor, to the Knowledge of Down2Fish, any agent or other Person acting
on behalf of Down2Fish, has (i) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful
expenses related to foreign or domestic political activity, (ii) made any unlawful payment to foreign or domestic government officials
or employees or to any foreign or domestic political parties or campaigns from corporate funds, (iii) failed to disclose fully any contribution
made by Down2Fish (or made by any Person acting on its behalf of which Down2Fish is aware) which is in violation of Law, or (iv) violated
in any material respect any provision of the Foreign Corrupt Practices Act of 1977, as amended.

Section
3.26 Money Laundering. Down2Fish is in compliance with, and has not previously violated, the USA PATRIOT ACT of 2001
and all other applicable U.S. and non-U.S. anti-money laundering Laws and regulations, including, but not limited to, the Laws, regulations
and Executive Orders and sanctions programs administered by the U.S. Office of Foreign Assets Control, including, but not limited, to
(i) Executive Order 13224 of September 23, 2001 entitled, “Blocking Property and Prohibiting Transactions With Persons Who Commit,
Threaten to Commit, or Support Terrorism” (66 Fed. Reg. 49079 (2001)); (ii) any regulations contained in 31 CFR, Subtitle B, Chapter
V.

    	 	9	 

     

    

Section
3.27 Illegal or Unauthorized Payments; Political Contributions. Neither Down2Fish nor, to the Knowledge of Down2Fish,
any of the officers, directors, employees, agents or other representatives of Down2Fish or any other business entity or enterprise with
which it is or has been affiliated or associated, has, directly or indirectly, made or authorized any payment, contribution or gift of
money, property, or services, whether or not in contravention of applicable Law, (a) as a kickback or bribe to any Person or (b) to any
political organization, or the holder of or any aspirant to any elective or appointive public office except for personal political contributions
not involving the direct or indirect use of funds of Down2Fish.

Section
3.28 Investment Company.  Down2Fish is not an “investment company” within the meaning of Investment
Company Act of 1940, as amended.

Section
3.29 No Disqualification Events. None of Down2Fish, any affiliated issuer, any director, executive officer, other officer
of Down2Fish, any beneficial owner of 10% or more of its outstanding voting equity securities, calculated on the basis of voting power,
nor any promoter (as that term is defined in Rule 405 under the Securities Act) connected with Down2Fish in any capacity at the time
of sale is subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities
Act (“Disqualification Event”), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3) under the
Securities Act. Down2Fish has exercised reasonable care to determine whether any Person made party to this Agreement is subject to a
Disqualification Event.

Section
3.30 Approval of Agreement. LCF has authorized the execution and delivery of this Agreement and has approved this Agreement
and the Transactions.

Section
3.31 Disclosure. All disclosure provided to Arvana regarding Down2Fish, its business and the Transactions, including
the Disclosure Schedules, furnished by or on behalf of Down2Fish and LCF with respect to the representations and warranties made herein
is true and correct with respect to such representations and warranties and does not contain any untrue statement of a material fact
or omit to state any material fact necessary in order to make the statements made therein, in light of the circumstances under which
they were made, not misleading.  

Section
3.32 No Brokers. No Down2Fish Party has retained any broker or finder in connection with any of the Transactions, and
no Down2Fish Party incurred or agreed to pay, or has taken any other action that would entitle any Person to receive, any brokerage fee,
finder’s fee or other similar fee or commission with respect to any of the Transactions.  

ARTICLE
IV. REPRESENTATIONS AND WARRANTIES OF ARVANA

As
an inducement to, and to obtain the reliance of Down2Fish and LCF, Arvana represents and warrants to Down2Fish and LCF, as of the Effective
Date and as of the Closing Date except as otherwise specifically set forth below as to representations and warranties which speak solely
with respect to a particular date, as follows:

Section
4.01 Corporate Existence and Power. Arvana is a corporation duly organized, validly existing, and in good standing under
the Laws of the State of Nevada and has the corporate power and is duly authorized under all applicable Laws, regulations, ordinances,
and orders of public authorities to carry on its business in all material respects as it is now being conducted. Arvana has full power,
authority, and legal right and has taken all action required by Law, its articles of incorporation and bylaws (“Arvana Organizational
Documents”), or otherwise to consummate the Transactions.

Section
4.02 Due Authorization. The execution, delivery and performance of this Agreement does not, and the consummation of
the Transactions will not, violate any provision of the Arvana Organizational Documents. Arvana has taken all actions required by Law,
the Arvana Organizational Documents or otherwise to authorize the execution, delivery and performance of this Agreement and to consummate
the Transactions.

Section
4.03 Valid Obligation. This Agreement and all agreements and other documents executed by Arvana in connection herewith constitute
the valid and binding obligations of Arvana, enforceable in accordance with its or their terms, except as may be limited by bankruptcy,
insolvency, moratorium or other similar Laws affecting the enforcement of creditors’ rights generally and subject to the qualification
that the availability of equitable remedies is subject to the discretion of the court before which any proceeding therefore may be brought.

Section
4.04 No Conflict with Other Instruments. The execution of this Agreement by Arvana and the consummation of the Transactions
by Arvana will not result in the breach of any term or provision of, constitute a default under, or terminate, accelerate, or modify
the terms of, any indenture, mortgage, deed of trust, or other material agreement or instrument to which Arvana is a party or to which
any of its assets, properties or operations are subject.

    	 	10	 

     

    

Section
4.05 Governmental Authorization. Neither the execution, delivery nor performance of this Agreement by Arvana requires
any consent, approval, license or other action by or in respect of, or registration, declaration or filing with any Authority.

Section
4.06 Authorized Shares and Capital.

		(a)	As
                                            of the Effective Date, the authorized capital stock of Arvana consists of (i) 500,000,000
                                            shares of common stock, par value $0.001 per share, of which 35,948,518 shares are issued
                                            and outstanding, and (ii) 2,600,000 stock options outstanding.

		(b)	Except
                                            as disclosed in Section 4.06(a), Arvana has no other Derivatives or commitments to issue
                                            any additional Equity Securities or Derivatives, and there are no other outstanding securities
                                            convertible or exercisable into or exchangeable for Equity Securities or Derivatives or any
                                            other Equity Security of Arvana.

		(c)	There
                                            is no voting trust, agreement, or arrangement among any of the beneficial holders of Arvana
                                            Equity Securities affecting the nomination or election of directors or the exercise of the
                                            voting rights of Arvana Equity Securities.

		(d)	The
                                            offer, issuance and sale of outstanding Arvana Equity Securities were (a) exempt from the
                                            registration and prospectus delivery requirements of the Securities Act, (b) registered or
                                            qualified (or were exempt from registration or qualification) under the registration or qualification
                                            requirements of all applicable state securities Laws, and (c) accomplished in conformity
                                            with all other applicable securities Laws. None of the Arvana Equity Securities are subject
                                            to a right of withdrawal or a right of rescission under any federal or state securities or
                                            “Blue Sky” Law.

Section
4.07 Validity of Note. The Note to be delivered to LCF at the Closing shall be duly and validly issued, fully paid and
non-assessable, free, and clear of any Liens.

Section
4.08 Litigation and Proceedings. Except as disclosed in the reports, schedules, forms, statements, periodic filings,
and other documents (“SEC Documents”) filed by Arvana with the Securities and Exchange Commission (“Commission”),
there are no actions, suits, proceedings or investigations pending or, to the knowledge of the Arvana after reasonable investigation,
threatened by or against Arvana or affecting Arvana or its properties, at Law or in equity, before any court or other governmental agency
or instrumentality, domestic or foreign, or before any arbitrator of any kind. Except as disclosed in the SEC Documents, Arvana has no
knowledge of any default on its part with respect to any judgment, order, writ, injunction, decree, award, rule or regulation of any
court, arbitrator, or governmental agency or instrumentality or any circumstance which after reasonable investigation would result in
the discovery of such default. As of the Effective Date, Arvana’s board of directors has not approved or acquiesced to any bankruptcy
proceeding, receivership, or similar proceeding with respect to Arvana.

Section
4.09 Approval of Agreement. The board of directors of Arvana has authorized the execution and delivery of this Agreement.

Section
4.10 Compliance with Laws and Regulations. Arvana has complied with all applicable statutes and regulations of any federal,
state, or other governmental entity or agency thereof, except to the extent that noncompliance would not materially and adversely affect
its business, operations, properties, assets, or condition or except to the extent that non-compliance would not result in the occurrence
of any material liability for Arvana.

Section
4.11 Regulatory Permits. Arvana possess all certificates, authorizations and permits issued by the appropriate federal, state,
local or foreign regulatory authorities necessary to conduct its businesses as presently conducted, except where the failure to possess
such permits could not reasonably be expected to result in a Material Adverse Effect, and Arvana has not received any notice of proceedings
relating to the revocation or modification of any such permit.

Section
4.12 Tax Status. Arvana has made or filed all federal and state income and all other material tax returns, reports and
declarations required by any jurisdiction to which it is subject (unless and only to the extent that Arvana has set aside on its books
provisions reasonably adequate for the payment of all unpaid and unreported taxes), and has paid all taxes and other governmental assessments
and charges that are material in amount, shown or determined to be due on such returns, reports and declarations, except those being
contested in good faith and has set aside on its books provision reasonably adequate for the payment of all taxes for periods subsequent
to the periods to which such returns, reports or declarations apply. There are no unpaid taxes in any material amount claimed to be due
by the taxing authority of any jurisdiction, and the officers of Arvana know of no basis for any such claim.

    	 	11	 

     

    

Section
4.13 Foreign Corrupt Practices. Neither Arvana, nor, to the Knowledge of Arvana, any agent or other Person acting on
behalf of Arvana, has (i) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses
related to foreign or domestic political activity, (ii) made any unlawful payment to foreign or domestic government officials or employees
or to any foreign or domestic political parties or campaigns from corporate funds, (iii) failed to disclose fully any contribution made
by Arvana (or made by any Person acting on its behalf of which Arvana is aware) which is in violation of Law, or (iv) violated in any
material respect any provision of the Foreign Corrupt Practices Act of 1977, as amended.

Section
4.14 Money Laundering. Arvana is in compliance with, and has not previously violated, the USA PATRIOT ACT of 2001 and all
other applicable U.S. and non-U.S. anti-money laundering Laws and regulations, including, but not limited to, the Laws, regulations and
Executive Orders and sanctions programs administered by the U.S. Office of Foreign Assets Control, including, but not limited, to (i)
Executive Order 13224 of September 23, 2001 entitled, “Blocking Property and Prohibiting Transactions With Persons Who Commit,
Threaten to Commit, or Support Terrorism” (66 Fed. Reg. 49079 (2001)); and (ii) any regulations contained in 31 CFR, Subtitle B,
Chapter V.

Section
4.15 Illegal or Unauthorized Payments; Political Contributions. Neither Arvana nor, to the Knowledge of the Arvana,
any of the officers, directors, employees, agents or other representatives of the Arvana or any other business entity or enterprise with
which Arvana is or has been affiliated or associated, has, directly or indirectly, made or authorized any payment, contribution or gift
of money, property, or services, whether or not in contravention of applicable Law, (a) as a kickback or bribe to any Person or (b) to
any political organization, or the holder of or any aspirant to any elective or appointive public office except for personal political
contributions not involving the direct or indirect use of funds of Arvana.

Section
4.16 Investment Company. Arvana is not an “investment company” within the meaning of the Investment Company
Act of 1940, as amended.

Section
4.17 No Disqualification Events. None of Arvana, any of its predecessors, any affiliated issuer, any director, executive
officer, other officer of Arvana, any beneficial owner of 10% or more of Arvana’s outstanding voting equity securities, calculated
on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under the Securities Act) connected with Arvana in
any capacity at the time of sale is subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to
(viii) under the Securities Act, except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3) under the Securities Act. Arvana
has exercised reasonable care to determine whether any Person made party to this Agreement is subject to a Disqualification Event.

Section
4.18 Investment Representations. For purposes of this Section 3.30, any reference to the “Membership Interests”
shall be deemed solely to be a reference to those Equity Securities being delivered to Arvana.

		(a)	Investment
                                            Purpose. Arvana understands that the consummation of the Transactions including the delivery
                                            of the Membership Interests to Arvana, constitutes the offer and sale of securities under
                                            the Securities Act and applicable state statutes and that the Membership Interests that are
                                            being acquired by Arvana are being acquired for its own account and not with a present view
                                            towards the public sale or distribution thereof, except pursuant to sales registered or exempted
                                            from registration under Securities Act.

		(b)	Reliance
                                            on Exemptions. Arvana understands that the Membership Interests are being purchased and
                                            sold in reliance upon specific exemptions from the registration requirements of United States
                                            federal and state securities Laws and that Arvana has been furnished with all documents and
                                            materials relating to the business, finances, and operations of Down2Fish in making an informed
                                            decision regarding this Agreement and the underlying transactions. Down2Fish is relying upon
                                            the truth and accuracy of Arvana’s compliance with, the representations, warranties,
                                            agreements, acknowledgments, and understandings set forth herein in order to determine the
                                            availability of such exemptions and the eligibility of Arvana to acquire the Membership Interests.

		(c)	Information.
                                            Arvana and its advisors, if any, have been furnished with all materials relating to the business,
                                            finances, and operations of Down2Fish and materials relating to the offer and sale of the
                                            Membership Interests requested Arvana or its advisors. Arvana and its advisors, if any, have
                                            been afforded the opportunity to ask questions of Down2Fish. Arvana understands that his
                                            investment in the Membership Interests involves a significant degree of risk. Arvana is not
                                            aware of any facts that may constitute a breach of any of Down2Fish’s representations
                                            and warranties made herein.

		(d)	Governmental
                                            Review. Arvana understands that no United States federal or state agency or any other
                                            government or governmental agency has passed upon or made any recommendation or endorsement
                                            of the Membership Interests.

 

    	 	12	 

     

    

 

		(e)	Transfer
                                            or Resale. Arvana understands that the sale or re-sale of the Membership Interests has
                                            not been and is not being registered under the Securities Act or any applicable state securities
                                            Laws, and that the Membership Interests may not be transferred unless sold or transferred
                                            pursuant to (i) an effective registration statement under the Securities Act; or (ii) sold
                                            or transferred pursuant to an exemption from such registration; or (iii) sold or transferred
                                            to an “affiliate” (as defined in Rule 144 promulgated under the Securities Act).

		(f)	Neither
                                            Down2Fish nor any other Person is under any obligation to register the Membership Interests
                                            under the Securities Act or any state securities Laws or to comply with the terms and conditions
                                            of any exemption thereunder (in each case). 

Section
4.19 Disclosure. All disclosure provided to Down2Fish regarding Arvana and its business and the Transactions furnished
by or on behalf of Arvana with respect to the representations and warranties made herein is true and correct with respect to such representations
and warranties and does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to
make the statements made therein, in light of the circumstances under which they were made, not misleading.  

Section
4.20 No Brokers. Arvana has not retained any broker or finder in connection with any of the Transactions, and has not
incurred or agreed to pay, or has taken any other action that would entitle any Person to receive, any brokerage fee, finder’s
fee or other similar fee or commission with respect to any of the Transactions.  

ARTICLE
V. CONDITIONS TO THE CLOSING

Section
5.01 Conditions to the Obligations of all of the Parties. The obligations of all of the Parties to consummate the Closing
are subject to the satisfaction, or waiver by each of the Parties, at or before the Closing Date of all the following conditions: 

		(a)	No
                                            provisions of any applicable Law, and no Order shall prohibit or impose any condition or
                                            prohibition on the consummation of the Closing.

		(b)	There
                                            shall not be any Action brought by a third-party non-Affiliate to enjoin or otherwise restrict
                                            the consummation of the Closing.

		(c)	The
                                            Parties shall have received all necessary approvals from all required Authorities to consummate
                                            the Transactions.

Section
5.02 Conditions to the Obligations of Arvana for the Closing. The obligations of Arvana to consummate the Closing are
subject to the satisfaction (or waiver by Arvana), at or before the Closing Date, of the following conditions:

		(a)	Arvana
                                            shall have completed its due diligence investigation of Down2Fish to its satisfaction in
                                            Arvana’s sole discretion;

		(b)	The
                                            representations and warranties made by the Down2Fish Parties in this Agreement shall have
                                            been true and correct when made and shall be true and correct in all material respects at
                                            the Closing Date with the same force and effect as if such representations and warranties
                                            were made at and as of the Closing Date, except for changes therein permitted by this Agreement;

		(c)	No
                                            Material Adverse Change shall have occurred in the business, assets, liabilities, results,
                                            financial condition, affairs, or prospects of Down2Fish from the Effective Date to the Closing;

		(d)	Each
                                            of the Down2Fish Parties shall have performed or complied with all covenants and conditions
                                            required by this Agreement to be performed or complied with by such Down2Fish Parties prior
                                            to or at the Closing;

		(e)	LCF
                                            shall have approved this Agreement and the Transactions and shall not have withdrawn such
                                            approval;

		(f)	Down2Fish
                                            shall have provided the Financial Statements to Arvana; and

		(g)	All
                                            consents, approvals, waivers, or amendments pursuant to all contracts, licenses, permits,
                                            trademarks, and other intangibles in connection with the Transactions, or for the continued
                                            operation of Down2Fish after the Closing Date on the basis as presently operated shall have
                                            been obtained.

    	 	13	 

     

    

Section 5.03
Condition to the Obligations of the Down2Fish Parties for the Closing. The obligations of the Down2Fish Parties to consummate the
Closing are subject to the satisfaction (or waiver by Down2Fish and LCF), at or before the Closing Date, of the following conditions:

		(a)	The
                                            Down2Fish Parties shall have completed their due diligence investigation of Arvana to their
                                            satisfaction in the Down2Fish Parties’ sole discretion;

		(b)	The
                                            representations and warranties made by Arvana in this Agreement shall have been true and
                                            correct when made and shall be true and correct in all material respects at the Closing Date
                                            with the same force and effect as if such representations and warranties were made at and
                                            as of the Closing Date, except for changes therein permitted by this Agreement;

		(c)	Arvana
                                            shall have performed or complied with all covenants and conditions required by this Agreement
                                            to be performed or complied with by Arvana prior to or at the Closing;

		(d)	Arvana’s
                                            board of directors shall have approved this Agreement. Arvana shall provide an attested or
                                            certified copy of such resolution, and the Transactions and shall not have withdrawn such
                                            approval; 

		(e)	Arvana’s
                                            shareholders shall have approved this Agreement and the Transactions and shall not have withdrawn
                                            such approval.

ARTICLE
VI. ADDITIONAL COVENANTS OF THE PARTIES

Section
6.01 Access to Properties and Records. From the Effective Date until the completion of the Closing or the earlier termination
of this Agreement in accordance with its terms, Arvana and Down2Fish will each afford to the officers and authorized Representatives
of the other full access to the properties, books and records of Arvana or Down2Fish, as the case may be, in order that each may have
a full opportunity to make such reasonable investigation as it shall desire to make of the affairs of the other, and each will furnish
the other with such additional financial and operating data and other information as to the business and properties of Arvana or Down2Fish,
as the case may be, as the other shall from time to time reasonably request.

Section
6.02 Delivery of Books and Records. At the Closing, Down2Fish shall deliver to Arvana, the company minute books, books of
account, contracts, records, and all other books or documents of Down2Fish in the possession of Down2Fish or its Representatives.

Section
6.03 Third Party Consents and Certificates. Arvana and the Down2Fish Parties agree to cooperate with each other in order
to obtain any required third-party consents to this Agreement and the Transactions.

Section
6.04 Actions Prior to the Closing. From and after the Effective Date until the Closing or the earlier termination of
this Agreement in accordance with its terms and except as permitted or contemplated by this Agreement, each of Arvana and Down2Fish will:

		(a)	carry
                                            on their respective businesses in substantially the same manner as it has heretofore;

		(b)	maintain
                                            and keep their properties in states of good repair and condition as at present, except for
                                            depreciation due to ordinary wear and tear and damage due to casualty;

		(c)	maintain
                                            in full force and effect insurance comparable in amount and in scope of coverage to that
                                            now maintained by it;

		(d)	perform
                                            in all material respects all of its obligations under material contracts, leases, and instruments
                                            relating to or affecting its assets, properties, and business;

		(e)	use
                                            its best efforts to maintain and preserve its business organization intact, to retain its
                                            key employees, and to maintain its relationship with its material suppliers and customers;
                                            and

		(f)	fully
                                            comply with and perform in all material respects all obligations and duties imposed on it
                                            by all federal and state Laws (including without limitation, the federal securities Laws)
                                            and all rules, regulations, and orders imposed by federal or state governmental authorities.

Section
6.05 Notices of Certain Events. In addition to any other notice required to be given by the terms of this Agreement, each
of the Parties shall promptly notify each of the other Parties of:

		(a)	any
                                            notice or other communication from any Person alleging that the consent of such Person is
                                            or may be required in connection with any of the Transactions;

		(b)	any
                                            notice or other communication from any governmental or regulatory agency or authority in
                                            connection with the Transactions; and

		(c)	any
                                            actions, suits, claims, investigations, or proceedings commenced or, to its knowledge threatened
                                            against, relating to or involving or otherwise affecting such Party that, if pending on the
                                            date of this Agreement, would have been required to have been disclosed pursuant hereto or
                                            that relates to the consummation of the Transactions.

    	 	14	 

     

    

Section
6.06 Arvana Due Diligence Review. Following the Effective Date, Down2Fish shall give to Arvana and its authorized Representatives
full and complete access to the books and records, contracts, facilities, and personnel of Down2Fish as Arvana and its authorized Representatives
may request so that Arvana may complete its due diligence investigation of Down2Fish and shall provide to Arvana monthly operational
reports with respect to the business of Down2Fish. Down2Fish also agrees to provide Arvana and its authorized Representatives with
access to any information in Down2Fish’s possession or within Down2Fish’s control that contains information generated by
Down2Fish regarding its financial, operational, and/or regulatory condition (present, past, or prospective).

 

Section
6.07 Limitation on Business Activities. Following the Effective Date and until the earlier to occur of the termination
of this Agreement or the Closing, and except as permitted or contemplated by this Agreement, Down2Fish shall not, without the prior written
consent of Arvana:

		(a)	make
                                            any material change in the type or nature of the Down2Fish’s business, or in the nature
                                            of the Down2Fish’s operations;

		(b)	enter
                                            into, create, assume, or suffer to exist any debt, contract, or other obligation in excess
                                            of $10,000, other than that currently in existence;

		(c)	amend,
                                            modify, withdraw, or terminate any of Down2Fish’s Organizational Documents;

		(d)	issue
                                            any additional Equity Securities or Derivatives;

		(e)	engage
                                            or other hire, or terminate, any employee, contractor or consultant or enter into any contract
                                            with any of the forgoing;

		(f)	declare
                                            or make, or agree to declare or make, any payment of dividends or distributions of any assets
                                            of any kind whatsoever to any Membership Interest holder of Down2Fish, purchase or redeem,
                                            or agree to purchase or redeem;

		(g)	make
                                            any material change in the method of management, operation or accounting of Down2Fish;

		(h)	enter
                                            into any other material transaction other than sales in the ordinary course of Down2Fish’s
                                            business;

		(i)	make
                                            any increase in or adoption of any profit sharing, bonus, deferred compensation, insurance,
                                            pension, retirement, or other employee benefit plan, payment, or arrangement made to, for,
                                            or with Down2Fish’s officers, directors, or employees; or (vi) undertake any transaction
                                            which could reasonably be expected to adversely affect the rights of Down2Fish hereunder
                                            or the ability of the Parties to consummate the Transactions;

		(j)	enter
                                            into any new agreements of any kind or undertake any new obligations or liabilities likely
                                            to have a material impact on Down2Fish’s business; or

		(k)	enter
                                            into any agreements to undertake any of the foregoing. 

Section
6.08 No-Shop.

		(a)	From
                                            the Effective Date until the first to occur of the Closing or the termination of this Agreement
                                            in accordance with its terms, none of Parties shall, and each of the Parties shall cause
                                            the Representatives of any of the Parties not to, directly or indirectly:

		(i)	solicit,
                                            initiate, knowingly encourage, or knowingly facilitate the making, submission, or announcement
                                            of any Acquisition Inquiry;

		(ii)	furnish
                                            any non-public information regarding Down2Fish to any Person who has made an Acquisition
                                            Inquiry;

		(iii)	engage
                                            in discussions or negotiations with any Person who has made any Acquisition Inquiry;

		(iv)	approve,
                                            endorse, or recommend any Acquisition Inquiry or Acquisition Transaction;

		(v)	withdraw or
                                            propose to withdraw its approval and recommendation in favor of this Agreement and the Transactions;
                                            or

		(vi)	enter
                                            into any letter of intent, agreement in principle, merger, acquisition, purchase or joint
                                            venture agreement or other similar agreement for any Acquisition Inquiry or Acquisition Transaction.

    	 	15	 

     

    

 

ARTICLE
VII. TERMINATION

Section
7.01 Termination. This Agreement may be terminated on or prior to the Closing Date:

		(a)	By
                                            the mutual written consent of Arvana and the Down2Fish Parties;

		(b)	By
                                            Arvana (i) if the conditions to the Closing as set forth in Section 5.01 and Section 5.02
                                            have not been satisfied or waived by Arvana, which waiver Arvana may give or withhold in
                                            its sole discretion, by the Termination Date, provided, however, that Arvana may not terminate
                                            this Agreement pursuant to this clause (i) of this Section 7.01(b) if the reason for the
                                            failure of any such condition to occur was the breach of the terms of this Agreement by Arvana;
                                            or (ii) if there has been a material violation, breach or inaccuracy of any representation,
                                            warranty, covenant or agreement of any Down2Fish Party contained in this Agreement, which
                                            violation, breach or inaccuracy would cause any of the conditions set forth in Section 5.02
                                            not to be satisfied, and such violation, breach or inaccuracy has not been waived by Arvana
                                            or cured by the Down2Fish Parties, applicable, within five (5) Business Days after receipt
                                            by Down2Fish of written notice thereof from Arvana or is not reasonably capable of being
                                            cured prior to the Termination Date; or (iii) pursuant to the provisions of Section 6.06.

		(c)	By
                                            Down2Fish and LCF acting together (i) if the conditions to Closing as set forth in Section
                                            5.01 and Section 5.03 have not been satisfied or waived by Down2Fish and LCF, which waiver
                                            Down2Fish and LCF may give or withhold in their sole discretion, by the Termination Date,
                                            provided, however, that Down2Fish and LCF may not terminate this Agreement pursuant to this
                                            clause (i) of this Section 7.01(c) if the reason for the failure of any such condition to
                                            occur was the breach of the terms of this Agreement by any of the Down2Fish Parties; or (ii)
                                            if there has been a material violation, breach or inaccuracy of any representation, warranty,
                                            covenant or agreement of Arvana contained in this Agreement, which violation, breach or inaccuracy
                                            would cause any of the conditions set forth in Section 5.03 not to be satisfied, and such
                                            violation, breach or inaccuracy has not been waived by Down2Fish and LCF or cured by Arvana,
                                            applicable, within five (5) Business Days after receipt by Arvana of written notice thereof
                                            from Down2Fish or is not reasonably capable of being cured prior to the Termination Date.

		(d)	By
                                            any Party, if a court of competent jurisdiction or other Authority shall have issued an order
                                            or taken any other action permanently restraining, enjoining, or otherwise prohibiting the
                                            Transactions and such order or action shall have become final and non-appealable.

Section
7.02 Survival After Termination. If this Agreement is terminated in accordance with Section 7.01, this Agreement shall
become void and of no further force and effect with no liability to any Person on the part of any Party hereto (or any officer, agent,
employee, direct or indirect holder of any equity interest or securities, or Affiliates of any Party); provided, however, that this Section
7.02 and Article IX shall survive the termination of this Agreement and nothing herein shall relieve any Party from any liability for
fraud or any willful and material breach of the provisions of this Agreement prior to the termination of this Agreement.

ARTICLE
VIII. INDEMNIFICATION

Section
8.01 Indemnification of Arvana. Provided that the Closing occurs, Down2Fish hereby agrees to indemnify and hold harmless
to the fullest extent permitted by applicable law Arvana, each of its Affiliates and each of its and their respective members, managers,
partners, directors, officers, employees, stockholders, attorneys and agents and permitted assignees (each an “Arvana
Indemnified Party”), against and in respect of any and all out-of-pocket loss, cost, payments, demand, penalty, forfeiture,
expense, liability, judgment, deficiency or damage, and diminution in value or claim (including actual costs of investigation and attorneys’
fees and other costs and expenses) (all of the foregoing collectively, “Losses” and each individually a “Loss”)
incurred or sustained by any Arvana Indemnified Party as a result of or in connection with (a) any breach, inaccuracy or nonfulfillment
or the alleged breach, inaccuracy or nonfulfillment of any of the representations, warranties, covenants and agreements of Down2Fish
contained herein or in any of the additional agreements or any certificate or other writing delivered pursuant hereto, and (b) any Actions
by any third parties with respect to the business or operations of Down2Fish for any period on or prior to the Closing Date. Notwithstanding
the forgoing, with respect to any indemnification obligations of Down2Fish arising from any Losses as a result of or in connection with
any breach, inaccuracy or nonfulfillment or the alleged breach, inaccuracy or nonfulfillment of any of the representations, warranties,
covenants and agreements of the LCF as set forth in Section 3.08 or Section 3.30, such indemnification obligations shall be solely the
obligations of LCF giving such representations, warranties, covenants and agreements from which such claim arose, severally and not jointly
and severally.

    	 	16	 

     

    

Section
8.02 Indemnification of LCF and Down2Fish. Provided that the Closing occurs, Arvana hereby agrees to indemnify and hold harmless
to the fullest extent permitted by applicable law LCF, Down2Fish and each of its officers, directors, employees, stockholders, attorneys
and agents and permitted assignees (each a “Down2Fish Indemnified Party”), against and in respect of
any and all Losses incurred or sustained by any Down2Fish Indemnified Party as a result of or in connection with (a) any breach, inaccuracy
or nonfulfillment or the alleged breach, inaccuracy or nonfulfillment of any of the representations, warranties, covenants and agreements
of Arvana contained herein or in any of the additional agreements or any certificate or other writing delivered pursuant hereto, and
(b) any Actions by any third parties with respect to the business or operations of Arvana for any period on or prior to the Closing Date.

Section
8.03 Procedure. The following shall apply with respect to all claims by any Down2Fish Indemnified Party or Arvana Indemnified
Party for indemnification with respect to actions by third parties (with any references herein to an “Indemnified Party”
being a reference to a Down2Fish Indemnified Party or a Arvana Indemnified Party, as applicable, and any references herein to an “Indemnifying
Party” being a reference to Arvana or Down2Fish, as applicable):

		(a)	Third-Party
                                            Claims. If any Indemnified Party receives notice of the assertion or commencement of
                                            any Action made or brought by any Person who is not a party to this Agreement or an Affiliate
                                            of a party to this Agreement or a Representative of the foregoing (“Third-Party
                                            Claim”) against such Indemnified Party with respect to which the Indemnifying Party
                                            is obligated to provide indemnification under this Agreement, the Indemnified Party shall
                                            give the Indemnifying Party reasonably prompt written notice thereof, but in any event not
                                            later than thirty (30) calendar days after receipt of such notice of such Third-Party Claim.
                                            The failure to give such prompt written notice shall not, however, relieve the Indemnifying
                                            Party of its indemnification obligations, except and only to the extent that the Indemnifying
                                            Party forfeits rights or defenses by reason of such failure. Such notice by the Indemnified
                                            Party shall describe the Third-Party Claim in reasonable detail, shall include copies of
                                            all material written evidence thereof and shall indicate the estimated amount, if reasonably
                                            practicable, of the Loss that has been or may be sustained by the Indemnified Party. The
                                            Indemnifying Party shall have the right to participate in, or by giving written notice to
                                            the Indemnified Party, to assume the defense of any Third-Party Claim at the Indemnifying
                                            Party’s expense and by the Indemnifying Party’s own counsel, and the Indemnified
                                            Party shall cooperate in good faith in such defense. In the event that the Indemnifying Party
                                            assumes the defense of any Third-Party Claim, subject to Section 8.03(b), it shall have the
                                            right to take such action as it deems necessary to avoid, dispute, defend, appeal or make
                                            counterclaims pertaining to any such Third-Party Claim in the name and on behalf of the Indemnified
                                            Party. The Indemnified Party shall have the right to participate in the defense of any Third-Party
                                            Claim with counsel selected by it subject to the Indemnifying Party’s right to control
                                            the defense thereof, provided that the fees and disbursements of such counsel shall be at
                                            the expense of the Indemnified Party.

		(b)	Settlement
                                            of Third-Party Claims. Notwithstanding any other provision of this Agreement, the Indemnifying
                                            Party shall not enter into settlement of any Third-Party Claim without the prior written
                                            consent of the Indemnified Party, except as provided in this Section 8.03(b). If a firm offer
                                            is made to settle a Third-Party Claim without leading to liability or the creation of a financial
                                            or other obligation on the part of the Indemnified Party and provides, in customary form,
                                            for the unconditional release of each Indemnified Party from all liabilities and obligations
                                            in connection with such Third-Party Claim and the Indemnifying Party desires to accept and
                                            agree to such offer, the Indemnifying Party shall give written notice to that effect to the
                                            Indemnified Party. If the Indemnified Party fails to consent to such firm offer within ten
                                            (10) calendar days after its receipt of such notice, the Indemnified Party may continue to
                                            contest or defend such Third-Party Claim and, in such event, the maximum liability of the
                                            Indemnifying Party as to such Third-Party Claim shall not exceed the amount of such settlement
                                            offer. If the Indemnified Party fails to consent to such firm offer and fails to assume defense
                                            of such Third-Party Claim, the Indemnifying Party may settle the Third-Party Claim upon the
                                            terms set forth in such firm offer to settle such Third-Party Claim. If the Indemnified Party
                                            has assumed the defense pursuant to Section 8.03(a), it shall not agree to any settlement
                                            without the written consent of the Indemnifying Party (which consent shall not be unreasonably
                                            withheld or delayed).

 

    	 	17	 

     

    

 

		(c)	Direct
                                            Claims. Any Action by an Indemnified Party on account of a Loss which does not result
                                            from a Third-Party Claim (“Direct Claim”) shall be asserted by the Indemnified
                                            Party giving the Indemnifying Party reasonably prompt written notice thereof, but in any
                                            event not later than thirty (30) calendar days after the Indemnified Party becomes aware
                                            of such Direct Claim. The failure to give such prompt written notice shall not, however,
                                            relieve the Indemnifying Party of its indemnification obligations, except and only to the
                                            extent that the Indemnifying Party forfeits rights or defenses by reason of such failure.
                                            Such notice by the Indemnified Party shall describe the Direct Claim in reasonable detail,
                                            shall include copies of all material written evidence thereof and shall indicate the estimated
                                            amount, if reasonably practicable, of the Loss that has been or may be sustained by the Indemnified
                                            Party. The Indemnifying Party shall have thirty (30) calendar days after its receipt of such
                                            notice to respond in writing to such Direct Claim. The Indemnified Party shall allow the
                                            Indemnifying Party and its professional advisors to investigate the matter or circumstance
                                            alleged to give rise to the Direct Claim, and whether and to what extent any amount is payable
                                            in respect of the Direct Claim and the Indemnified Party shall assist the Indemnifying Party’s
                                            investigation by giving such information and assistance as the Indemnifying Party or any
                                            of its professional advisors may reasonably request. If the Indemnifying Party does not so
                                            respond within such thirty (30) calendar day period, the Indemnifying Party shall be deemed
                                            to have rejected such claim, in which case the Indemnified Party shall be free to pursue
                                            such remedies as may be available to the Indemnified Party on the terms and subject to the
                                            provisions of this Agreement.

		(d)	Cooperation.
                                            Upon a reasonable request made by the Indemnifying Party, each Indemnified Party seeking
                                            indemnification hereunder in respect of any Direct Claim, hereby agrees to consult with the
                                            Indemnifying Party and act reasonably to take actions reasonably requested by the Indemnifying
                                            Party in order to attempt to reduce the amount of Losses in respect of such Direct Claim.
                                            Any costs or expenses associated with taking such actions shall be included as Losses hereunder.

Section
8.04 Periodic Payments. Any indemnification required by this Article VIII for costs, disbursements, or expenses of any
Indemnified Party in connection with investigating, preparing to defend or defending any Action shall be made by periodic payments by
the Indemnifying Party to each Indemnified Party during the course of the investigation or defense, as and when bills are received or
costs, disbursements or expenses are incurred.

Section
8.05 Insurance. Any indemnification payments hereunder shall take into account any insurance proceeds or other third-party
reimbursement actually received.

Section
8.06 Time Limit. The obligations of Down2Fish and Arvana under Section 8.01 and Section 8.02 shall expire on the later
of two (2) years from the Closing Date or on the satisfaction of the Note, except with respect to (i) an indemnification claim asserted
in accordance with the provisions of this Article VIII which remains unresolved, for which the obligation to indemnify shall continue
until such claim is resolved; and (ii) resolved claims for which payment has not yet been paid to the Indemnified Party.

Section
8.07 Certain Limitations. The indemnification provided for in Section 8.01 and Section 8.02 shall be subject to the
following limitations:

		(a)	Arvana
                                            shall not be liable to the Down2Fish Indemnified Parties for indemnification under Section
                                            8.01 until the aggregate amount of all Losses in respect of indemnification under Section
                                            8.01 exceeds $10,000 (“Basket”), in which event Arvana shall be required
                                            to pay or be liable for all such Losses in excess of the Basket up to a maximum amount equal
                                            to the Note.

		(b)	Down2Fish
                                            shall not be liable to the Arvana Indemnified Parties for indemnification under Section 8.01
                                            until the aggregate amount of all Losses in respect of indemnification under Section 8.01
                                            exceeds the Basket, in which event Down2Fish shall be required to pay or be liable for all
                                            such Losses in excess of the Basket up to a maximum amount equal to the Note.

Section
8.08 Effect of Investigation. The representations, warranties and covenants of the Indemnifying Party, and any indemnified
party’s right to indemnification with respect thereto, shall not be affected or deemed waived by reason of any investigation made
by or on behalf of the any indemnified party’s or by reason of the fact that such indemnified party knew or should have known that
any such representation or warranty is, was or might be inaccurate.

    	 	18	 

     

    

Section
8.09 Exclusive Remedy. In the event that the Closing occurs, the indemnification provisions contained in this Article
VIII shall be the sole and exclusive remedy of the Parties with respect to the Transactions for any and all breaches or alleged breaches
of any representations, warranties, covenants or agreements of the Parties hereto or any other provision of this Agreement or arising
out of the Transactions, except (i) with respect to any equitable remedy to which such Party may be entitled to with respect to
any claims or causes of action arising from the breach of any covenants or agreement of a Party that is to be performed subsequent to
the Closing Date, or (ii) with respect to a Party, an actual and intentional fraud with respect to this Agreement and the Transactions.
In furtherance of the foregoing, each Party hereto, for itself and on behalf of its Affiliates, hereby waives, from and after the Closing,
to the fullest extent permitted under applicable law and except as otherwise specified in this Article VIII, any and all rights, claims
and causes of action it may have against any other Party hereto relating to the subject matter of this Agreement or any other agreement,
certificate or other document or instrument delivered pursuant to this Agreement, arising under or based upon any applicable law.

ARTICLE
IX. MISCELLANEOUS

Section
9.01 Arbitration.

		(a)	The
                                            Parties shall promptly submit any dispute, claim, or controversy arising out of or relating
                                            to this Agreement (including with respect to the meaning, effect, validity, termination,
                                            interpretation, performance, or enforcement of this Agreement) or any alleged breach thereof
                                            (including any action in tort, contract, equity, or otherwise), to binding arbitration before
                                            one arbitrator (“Arbitrator”). Binding arbitration shall be the sole means
                                            of resolving any dispute, claim, or controversy arising out of or relating to this Agreement
                                            (including with respect to the meaning, effect, validity, termination, interpretation, performance,
                                            or enforcement of this Agreement) or any alleged breach thereof (including any claim in tort,
                                            contract, equity, or otherwise).

		(b)	If
                                            the Parties cannot agree upon the Arbitrator within ten (10) Business Days of the commencement
                                            of the efforts to so agree on an Arbitrator, each of the Parties shall select one arbitrator
                                            and the two arbitrators so selected shall select a single Arbitrator to conduct the arbitration.

		(c)	The
                                            laws of the State of Florida shall apply to any arbitration hereunder. In any arbitration
                                            hereunder, this Agreement and any agreement contemplated hereby shall be governed by the
                                            laws of the State of Florida applicable to a contract negotiated, signed, and wholly to be
                                            performed in the State of Florida, which laws the Arbitrator shall apply in rendering his
                                            decision. The Arbitrator shall issue a written decision, setting forth findings of fact and
                                            conclusions of law within sixty (60) calendar days after the Arbitrator shall have been selected.
                                            The Arbitrator shall have no authority to award punitive or other exemplary damages.

		(d)	The
                                            arbitration shall be held in Manatee County, Florida in accordance with and under the then-current
                                            provisions of the rules of the American Arbitration Association, except as otherwise provided
                                            herein. 

		(e)	On
                                            application to the Arbitrator, any Party shall have rights to discovery to the same extent
                                            as would be provided under the Federal Rules of Civil Procedure, and the Federal Rules of
                                            Evidence shall apply to any arbitration under this Agreement; provided, however, that the
                                            Arbitrator shall limit any discovery or evidence such that his decision shall be rendered
                                            within the period referred to in Section 9.01(c).

		(f)	The
                                            Arbitrator may, at his or her discretion, and at the expense of the Party who will bear the
                                            cost of the arbitration, employ experts to assist him in his determination.

		(g)	The
                                            costs of the arbitration proceeding and any proceeding in court to confirm any arbitration
                                            award or to obtain relief, as applicable (including actual attorneys’ fees and costs),
                                            shall be borne by the unsuccessful Party and shall be awarded as part of the Arbitrator’s
                                            decision, unless the Arbitrator shall otherwise allocate such costs in such decision. The
                                            determination of the Arbitrator shall be final and binding upon the Parties and not subject
                                            to appeal. 

		(h)	Any
                                            judgment upon any award rendered by the Arbitrator may be entered in and enforced by any
                                            court of competent jurisdiction. The Parties expressly consent to the non-exclusive jurisdiction
                                            of the courts (Federal and state) in Manatee County, Florida to enforce any award of the
                                            Arbitrator or to render any provisional, temporary, or injunctive relief in connection with
                                            or in aid of the Arbitration. The Parties expressly consent to the personal and subject matter
                                            jurisdiction of the Arbitrator to arbitrate any and all matters to be submitted to arbitration
                                            hereunder. None of the Parties hereto shall challenge any arbitration hereunder on the grounds
                                            that any party necessary to such arbitration (including the Parties) shall have been absent
                                            from such arbitration for any reason, including that such Party shall have been the subject
                                            of any bankruptcy, reorganization, or insolvency proceeding.

    	 	19	 

     

    

Section
9.02 Governing Law. This Agreement shall be governed by, enforced, and construed under and in accordance with the Laws
of the State of Florida, without giving effect to the principles of conflicts of law thereunder. Each of the Parties (a) irrevocably
consents and agrees that any legal or equitable action or proceedings arising under or in connection with this Agreement shall be brought
exclusively in the state or federal courts of the United States with jurisdiction in Manatee County, Florida. By execution and delivery
of this Agreement, each Party hereto irrevocably submits to and accepts, with respect to any such action or proceeding, generally and
unconditionally, the jurisdiction of the aforesaid courts, and irrevocably waives any and all rights such Party may now or hereafter
have to object to such jurisdiction.

Section
9.03 Waiver of Jury Trial.

(a) 
EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREIN (WHETHER BASED ON CONTRACT, TORT, OR ANY OTHER THEORY). EACH PARTY
HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT, OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT
SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT
AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS Section 9.03(a).

(b) 
EACH of the Parties acknowledge that each has been represented in connection with the signing of this waiver by independent legal counsel
selected by the respective Party and that such Party has discussed the legal consequences and import of this waiver with legal counsel.
Each of the Parties further acknowledge that each has read and understands the meaning of this waiver and grants this waiver knowingly,
voluntarily, without duress and only after consideration of the consequences of this waiver with legal counsel.

Section
9.04 Limitation on Damages. Except as provided in Article VIII as pertaining to Indemnification of the Parties, in
no event will any Party be liable to any other Party under or in connection with this Agreement or in connection with the Transactions
for special, general, indirect, or consequential damages, including damages for lost profits or lost opportunity, even if the Party sought
to be held liable has been advised of the possibility of such damage.

Section
9.05 Brokers. Arvana and the Down2Fish Parties agree that there were no finders or brokers involved in bringing the
Parties together or who were instrumental in the negotiation, execution, or consummation of this Agreement. Arvana and the Down2Fish
Parties each agree to indemnify the other against any claim by any third person for any commission, brokerage, or finder’s fee
arising from the Transactions based on any alleged agreement or understanding between the Indemnifying Party and such third person, whether
express or implied from the actions of the Indemnifying Party.

Section
9.06 Notices.

		(a)	Any
                                            notice or other communications required or permitted hereunder shall be in writing and shall
                                            be sufficiently given if personally delivered to it or sent by email, overnight courier or
                                            registered mail or certified mail, postage prepaid, addressed as follows:

If
to Arvana, to:

Arvana
Inc.

Attn:
Ruairidh Campbell

299 Main
Street, 13th Floor

Salt Lake
City, Utah 84111

Email:
ruairidhcampbell@msn.com

 

If
to Down2Fish, to:

Down2Fish
Charters, LLC

Attn:
Richard Surber

901
25th Avenue

Palmetto,
Florida 34221

Email:
hudconsult@aol.com

 

If
to LCF Salons, to:

LCF
Salons LLC

Attn:
Logan Fast

1298
South 900 East

Salt
Lake City, Utah 84105

Email:
logan@landissalon.com

 

    	 	20	 

     

    

 

		(b)	Any
                                            Party may change its address for notices hereunder upon notice to each other Party in the
                                            manner for giving notices hereunder.

		(c)	Any
                                            notice hereunder shall be deemed to have been given (i) upon receipt, if personally delivered,
                                            (ii) on the day after dispatch, if sent by overnight courier, (iii) upon dispatch, if transmitted
                                            by email with return receipt requested and received and (iv) three (3) calendar days after
                                            mailing, if sent by registered or certified mail.

Section
9.07 Attorneys’ Fees. In the event that any Party institutes any action or suit to enforce this Agreement or to secure
relief from any default hereunder or breach hereof, the prevailing Party shall be reimbursed by the losing Party for all costs, including
reasonable attorney’s fees, incurred in connection therewith and in enforcing or collecting any judgment rendered therein.

Section
9.08 Confidentiality. Each Party agrees that, unless and until the Transactions have been consummated, it and its Representatives
will hold in strict confidence all data and information obtained with respect to another Party or any subsidiary thereof from any Representative,
officer, director or employee, or from any books or records or from personal inspection, of such other Party, and shall not use such
data or information or disclose the same to others, except (i) to the extent such data or information is published, is a matter of public
knowledge, or is required by Law to be published; or (ii) to the extent that such data or information must be used or disclosed in order
to consummate the Transactions. In the event of the termination of this Agreement, each Party shall return to the applicable other Party
all documents and other materials obtained by it or on its behalf and shall destroy all copies, digests, work papers, abstracts or other
materials relating thereto, and each Party will continue to comply with the confidentiality provisions set forth herein.

Section
9.09 Public Announcements and Filings. Unless required by applicable Law or regulatory authority, none of the Parties
will issue any report, statement, or press release to the general public, to the trade, or to any third party (other than its advisors
and Representatives in connection with the Transactions) or file any document, relating to this Agreement and the Transactions, except
as may be mutually agreed by the Parties. The Parties acknowledge and agree that Arvana is obligated to file certain disclosure with
the Commission connected to any material event, including a change in control, in reference to this Agreement and the Transactions (“Material
Event”). Other than a Material Event or the disclosures referenced in the immediately preceding sentence, copies of any such
filings, public announcements, or disclosures, including any announcements or disclosures mandated by Law or regulatory authorities,
shall be delivered to each Party at least one (1) business day prior to the release thereof.

Section
9.10 Third Party Beneficiaries. This contract is strictly between the Arvana, Down2Fish, and the LCF, except as specifically
provided herein, no other Person, director, officer, stockholder (other than LCF), employee, agent, or independent contractor shall be
deemed to be a third-party beneficiary of this Agreement.

Section
9.11 Expenses. Subject to Article VIII and Section 9.07, whether or not the Exchange is consummated, each of Arvana and the
Down2Fish Parties will bear their own respective expenses incurred in connection with the Exchange or any of the Transactions, except
Arvana shall be responsible for the accounting fees and audit fees associated with the preparation of the Financial Statements.

Section
9.12 Entire Agreement. This Agreement and the other agreements, documents and references herein represent the entire agreement
between the Parties relating to the subject matter thereof and supersede all prior agreements, understandings and negotiations, written
or oral, with respect to such subject matter.

Section
9.13 Survival. The representations, warranties, and covenants of the respective Parties shall survive the Closing Date and
the consummation of the Transactions for a period of two years. 

Section
9.14 Amendment; Waiver; Remedies; Agent.

		(a)	This
                                            Agreement may be amended, modified, superseded, terminated, or cancelled, and any of the
                                            terms, covenants, representations, warranties, or conditions hereof may be waived by a written
                                            instrument executed by Arvana, and the Down2Fish Parties.

		(b)	Every
                                            right and remedy provided herein shall be cumulative with every other right and remedy, whether
                                            conferred herein, at law, or in equity, and may be enforced concurrently herewith, and no
                                            waiver by any Party of the performance of any obligation by the other shall be construed
                                            as a waiver of the same or any other default then, theretofore, or thereafter occurring or
                                            existing.

		(c)	Neither
                                            any failure or delay in exercising any right or remedy hereunder or in requiring satisfaction
                                            of any condition herein nor any course of dealing shall constitute a waiver of or prevent
                                            any Party from enforcing any right or remedy or from requiring satisfaction of any condition.
                                            No notice to or demand on a Party waives or otherwise affects any obligation of that Party
                                            or impairs any right of the Party giving such notice or making such demand, including any
                                            right to take any action without notice or demand not otherwise required by this Agreement.
                                            No exercise of any right or remedy with respect to a breach of this Agreement shall preclude
                                            exercise of any other right or remedy, as appropriate to make the aggrieved Party whole with
                                            respect to such breach, or subsequent exercise of any right or remedy with respect to any
                                            other breach.

		(d)	Notwithstanding
                                            anything else contained herein, no Party shall seek, nor shall any Party be liable for, consequential,
                                            punitive, or exemplary damages, under any tort, contract, equity, or other legal theory,
                                            with respect to any breach (or alleged breach) of this Agreement or any provision hereof
                                            or any matter otherwise relating hereto or arising in connection herewith.

    	 	21	 

     

    

Section
9.15 Arm’s Length Bargaining; No Presumption Against Drafter. This Agreement has been negotiated at arm’s-length
by parties of equal bargaining strength, each represented by counsel or having declined the opportunity to be represented by counsel
and having participated in the drafting of this Agreement. This Agreement creates no fiduciary or other special relationship between
the Parties, and no such relationship otherwise exists. No presumption in favor of or against any Party in the construction or interpretation
of this Agreement or any provision hereof shall be made based upon which Person might have drafted this Agreement or any provision thereof.

Section
9.16 Headings. The headings contained in this Agreement are intended solely for convenience and shall not affect the
rights of the Parties.

Section
9.17 No Assignment or Delegation. No Party may assign any right or delegate any obligation hereunder, including by merger,
consolidation, operation of law, or otherwise, without the written consent of all of the other Parties and any purported assignment or
delegation without such consent shall be void, in addition to constituting a material breach of this Agreement. This Agreement shall
be binding on permitted successors and assigns of the Parties.

Section
9.18 Commercially Reasonable Efforts. Subject to the terms and conditions herein provided, each of the Down2Fish Parties
and Arvana shall use their respective commercially reasonable efforts to perform or fulfill all conditions and obligations to be performed
or fulfilled by them under this Agreement so that the Transactions shall be consummated as soon as practicable, and to take, or cause
to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable under applicable Laws and regulations
to consummate and make effective this Agreement.

Section
9.19 Further Assurances. From and after the Effective Date, each Party shall execute and deliver such documents and
take such action, as may reasonably be considered within the scope of such Party’s obligations hereunder, necessary to effectuate
the Transactions. 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. 

Section
9.20 Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original
and all of which taken together shall be but a single instrument. The execution and delivery of a facsimile or other electronic
transmission of a signature to this Agreement shall constitute delivery of an executed original and shall be binding upon the person
whose signature appears on the transmitted copy.

[Signatures
on the following page]

    	 	22	 

     

    

IN
WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective Date.

	 	Arvana
    Inc.
	 	 	 
	 	 	 
	 	By:	/s/
    Ruairidh Campbell
	 	Name:	Ruairidh
    Campbell
	 	Title: 	Chief
    Executive Officer
	 	 	 
	 	 	 
	 	Down
    2 Fish Charters, LLC
	 	 	 
	 	 	 
	 	By:	/s/
    Richard Surber
	 	Name:	Richard
    Surber
	 	Title: 	Manager
	 	 	 
	 	 	 
	 	Down
    2 Fish Charters, LLC
	 	 	 
	 	 	 
	 	By:	/s/
    Logan Fast
	 	Name:	LCF
    Salons, LLC
	 	Title:	Member
	 	 	 
	 	 	 
	 	LCF
    Salons, LLC.
	 	 	 
	 	 	 
	 	By:	/s/
    Logan Fast
	 	Name:	Logan
    Fast
	 	Title:	Manager

    	 	23	 

     

    

Exhibit
A

Secured
Promissory Note

THE
ISSUANCE AND SALE OF THE SECURITY REPRESENTED BY THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(“SECURITIES ACT”), OR APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE PLEDGED, SOLD, ASSIGNED OR TRANSFERRED UNLESS
(A) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE SECURITIES ACT, AND ANY APPLICABLE STATE SECURITIES LAW REQUIREMENTS
HAVE BEEN MET OR (B) AN OPINION OF COUNSEL, IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II)
UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THIS SECURITY MAY BE PLEDGED IN CONNECTION
WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THIS SECURITY.

Principal
AmountIssue Date 

$700,000
January __, 2023

FOR
VALUE RECEIVED, Arvana, Inc., a Nevada corporation (hereinafter called the “Maker”), hereby promises to pay to the order
of LCF Salons, LLC. (hereinafter called the “Holder”) the total sum of SEVEN HUNDRED THOUSAND DOLLARS ($700,000) (“Principal
Amount”), on or before January __, 2025 (the “Maturity Date”), when same becomes due and payable, whether
at maturity or upon acceleration, prepayment or otherwise (the “Note”).

This
Note is appended to the Business Purchase Agreement dated as of November 15, 2022 (the “Business Purchase Agreement”)
as Exhibit A thereto, between Maker and the Holder. The Maker’s obligations under this Note, including without limitation its obligation
to make payments of interest thereon, are secured by certain assets of the Maker defined by the terms of the Security Agreement dated
as of even date appended hereto as Schedule I.

All
payments due hereunder in accordance with the terms hereof shall be made in lawful money of the United States of America and made at
such address as the Holder does hereby and shall hereafter provide to the Maker by written notice in accordance with the provisions of
this Note. When any amount expressed to be due by the terms of this Note is due on any day which is not a business day, the same shall
instead be due on the next succeeding day which is a business day. As used in this Note, the term “business day” shall mean
any day other than a Saturday, Sunday, or a day on which commercial banks in Palmetto, Florida is authorized, or required by law or executive
order to remain closed.

Each
capitalized term used herein, and not otherwise defined, shall have the meaning ascribed thereto in that certain Business Purchase Agreement.
This Note is free from all taxes, liens, claims and encumbrances with respect to the issue thereof. The following terms shall apply to
this Note:

 1. TERMS

 

1.01
Interest. Interest shall be paid on the annual anniversary of the Issue Date for the following twelve months to the Maturity Date.
The Note shall bear interest from the Issue Date until this Note shall have been paid in full at the lower of (i) seven and one quarter
percent (7 1⁄4 %) per annum, or (ii) the maximum non-usurious rate of interest permissible under applicable law; provided, however,
that any amount not paid when due in accordance with the terms of this Note shall bear interest from the date such payment was due until
paid at the lower of (i) fifteen percent (15%) per annum or (ii) the maximum non-usurious rate of interest permissible under applicable
law. Unless otherwise agreed or required by applicable law, payments towards interest and principal will be applied first to any unpaid
collection costs, then to unpaid interest and fees and any remaining amount to principal. 

1.02.
Prepayment. The Maker may pre-pay all or any part of this Note at any time, without cost or penalty. 

1.03 No
Impairment. The Maker shall not take any action, directly or indirectly, which would impair the rights of the Holder hereunder.

1.04 Waivers
of Demand. The Maker and any other person who guarantees or endorses this Note, to the extent allowed by law, hereby expressly waives
demand and presentment for payment, notice of nonpayment, protest, notice of protest, notice of dishonor, notice of acceleration or intent
to accelerate, all other notices whatsoever and bringing of suit and diligence in taking any action to collect amounts called for hereunder,
and will be directly and primarily liable for the payment of all sums owing and to be owing hereon, regardless of and without any notice,
diligence, act or omission as or with respect to the collection of any amount called for hereunder.

    	 	24	 

     

    

1.05 Replacement
Note. In the event that the Holder notifies the Maker that this Note has been lost, stolen or destroyed, a replacement Note identical
in all respects to the original Note (except for the outstanding principal amount, if different than that shown on the original Note),
shall be delivered to the Holder, provided that the Holder executes and delivers to the Maker an agreement reasonably satisfactory to
the Maker to indemnify the Maker from any loss incurred by it in connection with this Note.

1.06 Savings
Clause. In case any provision of this Note is held by a court of competent jurisdiction to be excessive in scope or otherwise invalid
or unenforceable, such provision shall be adjusted rather than voided, if possible, so that it is enforceable to the maximum extent possible,
and the validity and enforceability of the remaining provisions of this Note will not in any way be affected or impaired thereby.

1.07 No
Waiver. No failure on the part of the Holder to exercise, and no delay in exercising any right, remedy or power hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise by the Holder of any right, remedy or power hereunder preclude any other
or future exercise of any other right, remedy or power. Each and every right, remedy or power hereby granted to the Holder or allowed
it by law or other agreement shall be cumulative and not exclusive of any other, and may be exercised by the Holder from time to time.

2. Representations
and Warranties

2.01 Organization;
Existence; Good Standing; Compliance with Laws. Maker is a corporation formed in Nevada, validly existing and in good standing under
the laws of its jurisdiction, and in compliance with laws applicable to Maker.

2.02 Authorization;
Enforceability. Maker has the authority and has taken all necessary action to execute, deliver and perform this Note to consummate
the transactions contemplated hereby. This Note has been duly executed and constitutes Maker’s legal, valid, and binding obligation,
enforceable in accordance with its terms.

2.03 No
Conflicts. The execution and delivery of this Note, and the performance of Maker of its obligations hereunder, do not and will not
violate, breach, or conflict with or require consent pursuant to any existing law or regulation or any writ or decree of any court or
governmental authority, any of Maker’s constituent documents, or any agreement to which Maker or its assets are bound.

2.04 No
Default. No Event of Default exists as of the Issue Date hereto.

2.05 Title
to Assets; No Liens. Maker has good and, in the case of real property, marketable, title to, or a valid leasehold interest in or
license to, all of its properties and assets, real and personal, tangible, and intangible, of any nature whatsoever, free and clear of
all liens, charges and claims.

2.06 No
Litigation. Maker knows of no claim, action, suit, proceeding, or investigation pending, threatened against, or affecting Maker with
respect to this Note or that has had, or would reasonably be expected to have a material adverse effect on Maker’s ability to perform
its obligations under this Note.

3. COVENANTS

3.01 Access
to Records; Reporting. Maker, on notice, shall allow Holder or its designees reasonable access during normal business hours, or without
notice if an Event of Default exists or is continuing, for the purpose of inspecting, verifying, and auditing the books and records of
Maker, and shall furnish to Holder copies of books, records or extracts as Holder may reasonably request.

3.02 
Limitation on Transactions with Affiliates. Maker shall not directly or indirectly enter into any transaction for the purchase,
lease, sale or exchange of property, the rendering of any service, or the payment of management, advisory or similar fees to any affiliate,
except in the ordinary course of business upon fair and reasonable terms no more favorable than those extended in a comparable arm’s
length transaction with an unaffiliated person or business.

3.03 
Limitation on Transfer of Assets. Maker shall not transfer its assets other than in the ordinary course of business.

 4. EVENTS OF DEFAULT

Should
any of the following Events of Default (each, an “Event of Default”) occur:

4.01 
Failure to Pay Principal. The Maker fails to pay accrued interest or the Principal Amount of the Note hereof when due, whether
at maturity, upon acceleration or otherwise.

    	 	25	 

     

    

4.02 
Breach of Covenants. The Maker breaches any material covenant, material term, or condition contained in this Note and any collateral
documents including but not limited to the Business Purchase Agreement, and such breach continues for a period of ten (10) days after
written notice thereof is delivered to Maker by the Holder.

4.03 
Breach of Representations and Warranties. Any representation or warranty of the Maker made herein or in any agreement, statement
or certificate given in writing pursuant hereto or in connection herewith (including, without limitation, the Business Purchase Agreement),
shall be false or misleading in any material respect when made and the breach of which has (or with the passage of time will have) a
material adverse effect on the rights of the Holder with respect to this Note or the Business Purchase Agreement.

4.04 
Receiver or Trustee. The Maker or any subsidiary of the Maker shall make an assignment for the benefit of creditors or apply for
or consent to the appointment of a receiver or trustee for it or for a substantial part of its property or business, or such a receiver
or trustee shall otherwise be appointed.

4.05 
Judgments. Any money judgment, writ or similar process shall be entered or filed against the Maker or any subsidiary of the Maker
or any of its property or other assets for more than $1,000,000 that remains unvacated, unbonded or unstayed for a period of twenty (20)
days, unless otherwise waived by the Holder, which waiver will not be unreasonably withheld.

4.06 
Bankruptcy. Bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings, voluntary or involuntary,
for relief under any bankruptcy law or any other law for the relief of debtors shall be instituted by or against the Maker or any subsidiary
of the Maker.

4.07 
Liquidation. Any dissolution, liquidation, or winding up of Maker or any substantial portion of its business.

4.08 
Cessation of Operations. Any cessation of operations by Maker or Maker admits it is otherwise generally unable to pay its debts
as such debts become due, though any disclosure of the Maker’s ability to continue as a “going concern” shall not be
an admission that Maker cannot pay its debts as they become due.

4.09 
Maintenance of Assets. The failure by Maker to maintain any material intellectual property rights, personal, real property or
other assets which are necessary to conduct its business (whether now or in the future).

4.10 
Effect of Merger, Consolidation, Etc. At the option of the Holder, the sale, conveyance or disposition of all or substantially
all of the assets of the Maker, the effectuation by the Maker of a transaction or series of related transactions in which more than 50%
of the voting power of the Maker is disposed of, or the consolidation, merger or other business combination of the Maker with or into
any other Person (as defined below), or Persons when the Maker is not the survivor shall be deemed to be an Event of Default pursuant
to which the Maker shall be required to pay to the Holder, on the consummation of and as a condition to any such transaction, the Principal
Amount and any interest payment due in satisfaction of this Note. “Person” shall mean any individual, corporation, limited
liability company, partnership, association, trust or other entity or organization.

4.11 
Change in Management. At the option of the Holder, the chief executive officer, and a director, Ruairidh Campbell, resigns, dies
or is otherwise relieved of the management positions he currently holds with Arvana; or the Manager of Down2Fish, Richard Surber resigns,
dies or is otherwise relieved of the management position he currently holds with Down2Fish.

4.12 Distributions.
In the event that Maker declares or make, or agree to declare or make, any payment of dividends or distributions of any assets of Down2Fish.

4.13 Assignment.
At the option of the Holder, any attempt by Maker to assign the Note to a non-affiliated third-party Person.

 5 MISCELLANEOUS

 

5.01 
Failure or Indulgence Not Waiver. No failure or delay on the part of the Holder 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 existing hereunder are cumulative
to, and not exclusive of, any rights or remedies otherwise available.

    	 	26	 

     

    

5.02 
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 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
at the address designated below (if delivered on a business day during normal business hours where such notice is to be received), or
the first business day following such delivery (if delivered other than on a business day during normal business hours where such notice
is to be received) or (b) on the second 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) on the third business day if deposited in
the mail, registered or certified, return receipt requested, postage prepaid. The addresses for such communications shall be: 

If
to the Maker, to:

Arvana
Inc.

Attn:
Ruairidh Campbell

299
Main Street, 13th Floor

Salt
Lake City, Utah 84105

Email:
ruairidhcampbell@msn.com

 

If
to the Holder:

LCF
Salons LLC.

Attn:
Logan Fast

3415
South Eastwood Dr

Salt Lake
City, Utah 84109

Email:
logan@landissalon.com

 

5.03 
Amendments. This Note and any provision hereof may only be amended by an instrument in writing signed by the Maker and the Holder.
The term “Note” and all reference thereto, as used throughout this instrument, shall mean this instrument as originally executed,
or if later amended or supplemented, then as so amended, or supplemented.

5.04 Assignability.
Maker may not assign or transfer any of the obligations evidenced by this Note without the prior written consent of Holder. Notwithstanding
anything in this Note to the contrary, this Note may be pledged as collateral in connection with a bona fide margin account or
other lending arrangement.

5.05 Cost
of Collection. Should Maker default on payment of this Note, Maker shall pay the Holder hereof costs of collection, including reasonable
attorneys’ fees.

5.06 Governing
Law. This Note shall be governed by and construed in accordance with the laws of the State of Florida without regard to principles
of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated by this Note shall
be brought only in the state courts of Florida or in the federal courts located in Manatee County. The parties to this Note hereby irrevocably
waive any objection to the jurisdiction and venue for any action instituted hereunder and shall not assert any defense based on lack
of jurisdiction or venue or based upon forum non conveniens. The Maker and Holder waive trial by jury. The prevailing Party or
Parties shall be entitled to recover from the other Party or Parties their reasonable attorney's fees and costs. Should any provision
of this Note or the Business Purchase Agreement delivered in connection herewith be declared 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 Note or the Business Purchase Agreement. All Parties hereby
irrevocably waive personal service of process and consent to process being served in any suit, action or proceeding in connection with
this Note by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party
at the address in effect for notices pursuant to this Note and agree that such service shall constitute good and sufficient service of
process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner
permitted by law.

5.07 Certain
Amounts. Whenever pursuant to this Note the Maker is required to pay an amount in excess of the outstanding Principal Amount, the
Maker and the Holder agree that the actual damages to the Holder from the receipt of a cash payment on this Note may be difficult to
determine and the amount to be so paid by the Maker represents stipulated damages and not a penalty and is intended to compensate the
Holder in part for loss of opportunity. The Maker and the Holder hereby agree that such amount of stipulated damages is not plainly disproportionate
to the possible loss to the Holder.

    	 	27	 

     

    

5.08 Purchase
Agreement. By its acceptance of this Note, each Party hereto agrees to be bound by the applicable terms of the Business Purchase
Agreement.

5.09 Remedies.
The Maker acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder, by vitiating the intent
and purpose of the transaction contemplated hereby. Accordingly, the Maker acknowledges that the remedy at law for a breach of its obligations
under this Note will be inadequate and agrees, in the event of a breach or threatened breach by the Maker of the provisions of this Note,
that the Holder 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 Note and to enforce specifically
the terms and provisions thereof, without the necessity of showing economic loss and without any bond or other security being required.

IN
WITNESS WHEREOF, Maker has caused this Note to be signed in its name by its duly authorized officer this January __, 2023.

Arvana
Inc.

__________________________

By: Ruairidh
Campbell

Its: Chief
Executive Officer

 

State of
Utah

County
of Salt Lake)

On
this ______day of ____________, in the year 2023, before me, ___________________ a notary date month year notary public name

public,
personally appeared ________________________________, proved on the basis of satisfactory name of document signer evidence to be the
person(s) whose name(s) (is/are) subscribed to this instrument, and acknowledged (he/she/they) executed the same.

Witness
my hand and official seal.

_______________________________

(Notary
signature)

(seal)

 

    	 	28	 

     

    

Schedule
I

SECURITY
AGREEMENT

This
SECURITY AGREEMENT, dated as of January __, 2022 (this “Agreement”), is by and between Arvana, Inc. a Nevada corporation
(the “Company”), and LCF Salons, LLC (the “Secured Party”).

W
I T N E S E T H:

WHEREAS,
pursuant to that certain Business Purchase Agreement dated as of November __, 2022, by and between the Company and the Secured Party
(the “Business Purchase Agreement”), the Company has agreed to issue a Secured Promissory Note (the “Note”)
to the Secured Party in the amount of seven hundred thousand dollars ($700,000) that bears interest of seven and one quarter percent
(7 1⁄4 %) per annum as part payment, in exchange for one hundred percent (100%) of the Membership Interests of Down2Fish Charters
LLC. (“Down2Fish”)

WHEREAS,
it is a condition to the obligation of the Secured Party to enter into the transactions contemplated by Business Purchase Agreement that
the Company execute and deliver to the Secured Party this Agreement and that the Company grant the Secured Party a perfected security
interest exclusively in all of the assets and properties of Down2Fish including the Membership Interests of Down2Fish to secure the prompt
payment, performance and discharge in full of all of the Company’s obligations under the Note;

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

1. CERTAIN
DEFINITIONS.

Capitalized
terms used herein and not otherwise defined shall have the meanings given to them in the Business Purchase Agreement. Terms used herein
that are defined in Article 9 of the UCC but not otherwise defined in this Agreement (such as “account”, “chattel
paper”, “commercial tort claim”, “deposit account”, “document”,
“equipment”, “fixtures”, “general intangibles”, “goods”,
“instruments”, “inventory”, “investment property”, “letter-of-credit
rights”, “proceeds” and “supporting obligations”) shall have the respective
meanings given such terms in Article 9 of the UCC. As used in this Agreement, the following terms shall have the meanings set forth in
this Section 1.

“Collateral”
means the collateral in which the Secured Party is granted a perfected security interest by this Agreement which shall exclusively consist
of one hundred percent of the Membership Interests of Down2Fish to include all of the assets and properties of Down2Fish, including personal
property presently owned or hereafter acquired by Down2Fish, wherever situated, and all additions and accessions thereto and all substitutions
and replacements thereof, and all proceeds, products and accounts thereof, including, without limitation, all proceeds from the sale
or transfer of the Collateral, and of insurance covering the same, and of any tort claims in connection therewith, and all dividends,
interest, cash, notes, securities, equity interest or other property at any time and from time to time acquired, receivable or otherwise
distributed in respect of, or in exchange for, any or all of the Down2Fish Membership Interests:

(i) All
goods, including, without limitation, (A) all machinery, equipment, computers, motor vehicles, trucks, tanks, boats, ships, appliances,
furniture, special and general tools, fixtures, test and quality control devices and other equipment of every kind and nature and wherever
situated, together with all documents of title and documents representing the same, all additions and accessions thereto, replacements
therefor, all parts therefor, and all substitutes for any of the foregoing and all other items used and useful in connection with Down2Fish’s
businesses and all improvements thereto; and (B) all inventory;

(ii) All
contract rights and other general intangibles, including, without limitation, all partnership interests, membership interests, stock
or other securities, or rights under any of the Organizational Documents, agreements related to licenses, distribution and other agreements,
computer software, computer software development rights, leases, franchises, customer lists, quality control procedures, grants and rights,
goodwill, trademarks, service marks, trade styles, trade names, patents, patent applications, copyrights, Intellectual Property, and
income tax refunds;

(iii) All
accounts, together with all instruments, all documents of title representing any of the foregoing, all rights in any merchandising, goods,
equipment, motor vehicles and trucks which any of the same may represent, and all right, title, security, and guaranties with respect
to each account, including any right of stoppage in transit;

(iv) All
documents, letter-of-credit rights, instruments, and chattel paper;

    	 	29	 

     

    

(v) All
commercial tort claims;

(vi) All
deposit accounts and all cash (whether or not deposited in such deposit accounts);

(vii) All
investment property;

(viii) All
supporting obligations;

(ix) All
files, records, books of account, business papers, and computer programs; and

(x) The
products and proceeds of all of the foregoing Collateral set forth in clauses (i)-(x) above.

Notwithstanding
the foregoing definition, nothing herein shall be deemed to constitute an assignment of any asset which, in the event of an assignment,
becomes void by operation of applicable law or the assignment of which is otherwise prohibited by applicable law (in each case to the
extent that such applicable law is not overridden by Sections 9-406, 9-407 and/or 9-408 of the UCC or other similar applicable law);
provided, however, that to the extent permitted by applicable law, this Agreement shall create a valid security interest in such
asset and, to the extent permitted by applicable law, this Agreement shall create a valid security interest in the proceeds of such asset.

“Event
of Default” means the occurrence of either of the following: (i) the Company’s failure to repay the full outstanding
principal balance and interest due under the Note when due, whether at maturity, upon acceleration or otherwise; (ii) any action or circumstance
defined as an Event of Default in the Business Purchase Agreement; or (ii) any provision of this Agreement that shall at any time for
any reason be declared to be null and void, or the validity or enforceability thereof shall be contested by the Company, or a proceeding
shall be commenced by the Company, or by any governmental authority having jurisdiction over the Company, seeking to establish the invalidity
or unenforceability thereof, or the Company shall deny that the Company has any liability or obligation purported to be created under
this Agreement.

“Intellectual
Property” means the collective reference to all existing rights, priorities and privileges relating to intellectual property,
whether arising under United States, multinational or foreign laws or otherwise, including, without limitation, (i) all copyrights arising
under the laws of the United States, any other country or any political subdivision thereof, whether registered or unregistered and whether
published or unpublished, all registrations and recordings thereof, and all applications in connection therewith, including, without
limitation, all registrations, recordings and applications in the United States Copyright Office, (ii) all letters patent of the United
States, any other country or any political subdivision thereof, all reissues and extensions thereof, and all applications for letters
patent of the United States or any other country and all divisions, continuations and continuations-in-part thereof, (iii) all trademarks,
trade names, corporate names, company names, business names, fictitious business names, trade dress, service marks, logos, domain names
and other source or business identifiers, and all goodwill associated therewith, now existing or hereafter adopted or acquired, all registrations
and recordings thereof, and all applications in connection therewith, whether in the United States Patent and Trademark Office or in
any similar office or agency of the United States, any State thereof or any other country or any political subdivision thereof, or otherwise,
and all common law rights related thereto, (iv) all trade secrets arising under the laws of the United States, any other country or any
political subdivision thereof, (v) all rights to obtain any reissues, renewals or extensions of the foregoing, (vi) all licenses for
any of the foregoing, and (vii) all causes of action for infringement of the foregoing.

“Obligations”
means all of the Company’s obligations under this Agreement and all of the Company’s obligations under the Note, in each
case, whether now or hereafter existing, voluntary or involuntary, direct or indirect, absolute or contingent, liquidated or unliquidated,
whether or not jointly owed with others, and whether or not from time to time decreased or extinguished and later increased, created
or incurred, and all or any portion of such obligations or liabilities that are paid, to the extent all or any part of such payment is
avoided or recovered directly or indirectly from the Secured Party as a preference, fraudulent transfer or otherwise as such obligations
may be amended, supplemented, converted, extended or modified from time to time. Without limiting the generality of the foregoing, the
term

“Obligations”
shall include, without limitation: (i) principal of, and interest on the Note and the loans extended pursuant thereto; (ii) any and all
other fees, indemnities, costs, obligations and liabilities of the Company from time to time under or in connection with this Agreement,
the Note or the Business Purchase Agreement; and (iii) all amounts (including but not limited to post-petition interest) in respect of
the foregoing that would be payable but for the fact that the obligations to pay such amounts are unenforceable or not allowable due
to the existence of a bankruptcy, reorganization or similar proceeding involving the Company.

    	 	30	 

     

    

“Organizational
Documents” means with respect to an entity, the documents by which such entity was organized (such as a certificate of
incorporation, certificate of limited partnership or articles of organization, and including, without limitation, any certificates of
designation for preferred stock or other forms of preferred equity) and which relate to the internal governance of such entity (such
as bylaws, a partnership agreement or an operating, limited liability or members agreement).

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

“UCC”
means the Uniform Commercial Code of the State of Florida and or any other applicable law of any state or states which has jurisdiction
with respect to all, or any portion of, the Collateral or this Agreement, from time to time. It is the intent of the parties that defined
terms in the UCC should be construed in their broadest sense so that the term

“Collateral”
will be construed in its broadest sense. Accordingly, if there are, from time to time, changes to defined terms in the UCC that broaden
the definitions, they are incorporated herein and if existing definitions in the UCC are broader than the amended definitions, the existing
ones shall be controlling.

2.
 GRANT OF SECURITY INTEREST.

As
an inducement for the Secured Party to sell Down2Fish and to secure the complete and timely payment, performance and discharge in full,
as the case may be, of all of the Obligations, the Company hereby unconditionally and irrevocably pledges, grants and hypothecates to
the Secured Party a continuing perfected security interest in and to, a lien upon and a right of set-off against all of its right, title
and interest of whatsoever kind and nature in and to, the Collateral (the “Security Interest”).

 3. REPRESENTATIONS, WARRANTIES, COVENANTS AND AGREEMENTS OF THE COMPANY

.

The
Company represents and warrants to, and covenants and agrees with, the Secured Party, as follows:

3.1 Good
Standing; Due Authorization; Enforceability.

(a) The
Company is duly organized and in good standing in the jurisdiction of its formation. The Company shall at all times preserve and keep
in full force and effect its valid existence and good standing and any rights and franchises material to its business.

(b) The
Company has the requisite corporate, partnership, limited liability company or other power and authority to enter into this Agreement
and otherwise to carry out its obligations hereunder. The execution, delivery and performance by the Company of this Agreement and the
filings contemplated therein have been duly authorized by all necessary action on the part of the Company and no further action is required
by the Company. This Agreement has been duly executed and delivered by the Company.

(c) This
Agreement constitutes the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its
terms except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization and similar laws of general application
relating to or affecting the rights and remedies of creditors and by general principles of equity.

3.2 No
Conflicts. The execution, delivery and performance of this Agreement by the Company does not (i) violate any of the provisions of
any Organizational Documents of the Company or any judgment, decree, order or award of any court, governmental body or arbitrator or
any applicable law, rule or regulation applicable to the Company or (ii) conflict with, or constitute a default (or an event that with
notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or
cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing
the Company’s debt or otherwise) or other understanding to which the Company is a party or by which any property or asset of the
Company is bound or affected. No consent (including, without limitation, from stockholders or creditors of the Company) is required for
the Company to enter into and perform its obligations hereunder.

    	 	31	 

     

    

3.3 Information;
Validity, Subordination, Perfection and Maintenance of Security Interests.

(a) All
of the information set forth on Schedule I, including, without limitation, the Company’s name, jurisdiction of organization
and location of Collateral, is true, correct and complete in all respects. The Company shall not change its name, type of organization,
jurisdiction of organization, organizational identification number (if it has one), legal or corporate structure, or identity, or add
any new fictitious name unless it provides at least 30 days’ prior written notice to the Secured Party of such change and, at the
time of such written notification, the Company provides any financing statements or fixture filings necessary to perfect and continue
the Security Interest granted and evidenced by this Agreement.

(b) This
Agreement creates in favor of the Secured Party a valid, security interest in the Collateral, securing the payment and performance of
the Obligations. Upon filing of a UCC-1 financing statement, in the form attached hereto as Exhibit A, with the secretary
of state’s office of the state in which the Company is organized (the “Financing Statement”), and payment
of the applicable filing fees, all security interests created hereunder in any Collateral which may be perfected by filing UCC financing
statements shall have been duly perfected. No consent of any third parties and no authorization, approval, or other action by, and no
notice to or filing with, any governmental authority or regulatory body is required for (i) the execution, delivery and performance of
this Agreement, (ii) the creation or perfection of the Security Interests created hereunder in the Collateral, or (iii) the enforcement
of the rights of the Secured Party hereunder.

(c) 
The Company hereby authorizes the Secured Party to file the Financing Statement and any other financing statements under the UCC with
respect to the Security Interest with the proper filing and recording agencies in any jurisdiction deemed proper by them. The Company
shall, at the Company’s sole cost and expense, promptly execute and/or deliver to the Secured Party, such further deeds, mortgages,
assignments, security agreements, financing statements or other instruments, documents, certificates and assurances and take such further
action as the Secured Party may from time to time request and may in their reasonable discretion deem necessary to perfect, protect or
enforce its security interest in the Collateral including, without limitation, if applicable, the execution and delivery of a separate
security agreement with respect to the Company’s Intellectual Property in which the Secured Party have been granted a security
interest hereunder, substantially in a form reasonably acceptable to the Secured Party.

(d) The
Company shall at all times maintain the liens and Security Interest provided for hereunder as valid liens and security interests in the
Collateral in favor of the Secured Party until this Agreement and the Security Interest hereunder shall be terminated pursuant to Section
9.

3.4 Collateral.

(a) The
Company is the sole owner of the Collateral, free and clear of any Liens (other than is set forth in Schedule II), security
interests, encumbrances, rights, or claims, and is fully authorized to grant the Security Interest. There has been no adverse decision
that would materially affect the Company’s claim of ownership rights in or exclusive rights to use the Collateral in any jurisdiction
or to the Company’s right to keep and maintain such Collateral in full force and effect, and there is no proceeding involving said
rights pending or, to the best knowledge of the Company, threatened before any court, judicial body, administrative or regulatory agency,
arbitrator or other governmental authority that could reasonably be expected to have such material adverse effect.

(b) The
Company shall keep and preserve their equipment, inventory and other tangible Collateral in good condition, repair and order, ordinary
wear and tear excepted. The Company shall take all steps reasonably necessary to diligently pursue and seek to preserve, enforce, and
collect any rights, claims, causes of action and accounts receivable in respect of the Collateral.

(c) The
Company shall at all times maintain its tangible Collateral at the locations set forth under its name on Schedule I and
may not relocate such Collateral unless it delivers to the Secured Party at least 30 days prior to such relocation (i) written notice
of such relocation and the new location thereof (which must be within the United States) and (ii) evidence that appropriate financing
statements under the UCC and other necessary documents have been filed and recorded and other steps have been taken to perfect the Security
Interest to create in favor of the Secured Party a valid, perfected and continuing perfected lien in the Collateral. The Company shall
not transfer, pledge, hypothecate, encumber, license, sell or otherwise dispose of any of the Collateral (except for non-exclusive licenses
granted by the Company in its ordinary course of business and sales of inventory by the Company in its ordinary course of business) without
the prior written consent of the Secured Party. The Company shall not operate or locate any such Collateral (or cause to be operated
or located) in any area excluded from insurance coverage.

    	 	32	 

     

    

(d) The
Company’s has no knowledge of any record filed with a governmental or regulatory authority, agency or recording office of an effective
financing statement, security agreement, license or transfer or any notice of any of the foregoing (other than those that will be filed
in favor of the Secured Party pursuant to this Agreement) covering or affecting any of the Collateral. So long as this Agreement shall
be in effect, the Company shall not execute and shall not knowingly permit to be on file in any such office or agency any such financing
statement or other document or instrument as it pertains to the Collateral.

(e) The
Company shall, within ten (10) days of obtaining knowledge thereof, advise the Secured Party, promptly, in sufficient detail, of any
substantial change in the Collateral, and of the occurrence of any event which would have a material adverse effect on the value of the
Collateral or on the Secured Party’ security interest therein. The Company shall permit the Secured Party and their representatives
and agents to inspect the Collateral at any time during normal business hours, and to make copies of records pertaining to the Collateral
as may be requested by a Secured Party from time to time.

(f) All
information heretofore, herein or hereafter supplied to the Secured Party by or on behalf of the Company with respect to the Collateral
is accurate and complete in all material respects as of the date furnished.

3.5 Insurance.
The Company shall maintain with financially sound and reputable insurers, insurance with respect to the Collateral against loss or damage
of the kinds and in the amounts sufficient to cover the full replacement cost thereof. Upon the written request of the Secured Party,
the Company shall cause each insurance policy issued in connection herewith to provide, and the insurer issuing such policy to certify
to the Secured Party, that (a) if such insurance be proposed to be cancelled or materially changed for any reason whatsoever, such insurer
will promptly notify the Secured Party, and such cancellation or change shall not be effective for at least thirty (30) days after receipt
by the Secured Party, of such notice, unless the effect of such change is to extend or increase coverage under the policy; and (b) the
Secured Party will have the right (but no obligation) at its election to remedy any default in the payment of premiums within thirty
(30) days of notice from the insurer of such default.

4. RIGHTS
AND REMEDIES UPON DEFAULT.

4.1 Scope
of Rights and Remedies. Upon the occurrence of any Event of Default and the Secured Party’s demand for payment of the Note,
and at any time thereafter, the Secured Party, acting through any agent appointed by it for such purpose, shall have the right to exercise
all of the remedies conferred hereunder and under the Note, and the Secured Party, shall have all the rights and remedies of a secured
party under the UCC. The Secured Party shall have the following rights and powers:

(a) The
Secured Party shall have the right to take possession of the Collateral and, for that purpose, enter, with the aid and assistance of
any person, any premises where the Collateral, or any part thereof, is or may be placed and remove the same, and the Company shall assemble
the Collateral and make it available to the Secured Party at places which the Secured Party shall reasonably select, whether at the Company’s
premises or elsewhere, and make available to the Secured Party, without rent, all of the Company’s premises and facilities for
the purpose of the Secured Party taking possession of, removing or putting the Collateral in saleable or disposable form.

(b) Upon
notice to the Company by the Secured Party, all rights of the Company to exercise the voting and other consensual rights which it would
otherwise be entitled to exercise and all rights of the Company to receive the dividends and interest which it would otherwise be authorized
to receive and retain, shall cease. Upon such notice, the Secured Party shall have the right to receive any interest, cash dividends
or other payments on the Collateral and, at the option of the Secured Party, to exercise in the Secured Party’s discretion all
voting rights pertaining thereto. Without limiting the generality of the foregoing, the Secured Party shall have the right (but not the
obligation) to exercise all rights with respect to the Collateral as if it were the sole and absolute owner thereof, including, without
limitation, to vote and/or to exchange, at its sole discretion, any or all of the Collateral in connection with a merger, reorganization,
consolidation, recapitalization or other readjustment concerning or involving the Collateral or the Company or any of its direct or indirect
subsidiaries.

    	 	33	 

     

    

(c) The
Secured Party shall have the right to operate the business of the Company using the Collateral and shall have the right to assign, sell,
lease or otherwise dispose of and deliver all or any part of the Collateral, at public or private sale or otherwise, either with or without
special conditions or stipulations, for cash or on credit or for future delivery, in such parcel or parcels and at such time or times
and at such place or places, and upon such terms and conditions as the Secured Party may deem commercially reasonable, all without (except
as shall be required by applicable statute and cannot be waived) advertisement or demand upon or notice to the Company or right of redemption
of the Company, which are hereby expressly waived. Upon each such sale, lease, assignment or other transfer of Collateral, the Secured
Party may, unless prohibited by applicable law which cannot be waived, purchase all or any part of the Collateral being sold, free from
and discharged of all trusts, claims, right of redemption and equities of the Company, which are hereby waived and released.

(d) The
Secured Party shall have the right (but not the obligation) to notify any account debtors and any obligors under instruments or accounts
to make payments directly to the Secured Party and to enforce the Company’s rights against such account debtors and obligors.

(e) The
Secured Party may (but are not obligated to) direct any financial intermediary or any other person or entity holding any investment property
to transfer the same to the Secured Party or its designee.

(e) The
Secured Party may (but is not obligated to) transfer any or all Intellectual Property registered in the name of the Company at the United
States Patent and Trademark Office and/or Copyright Office into the name of the Secured Party or any designee or any purchaser of any
Collateral.

4.2 Disposition
of Collateral. The Secured Party may comply with any applicable law in connection with a disposition of Collateral and such compliance
will not be considered to adversely affect the commercial reasonableness of any sale of the Collateral. The Secured Party may sell the
Collateral without giving any warranties and may specifically disclaim such warranties. If the Secured Party sells any of the Collateral
on credit, the Company will only be credited with payments actually made by the purchaser. In addition, the Company waives any and all
rights that it may have to a judicial hearing in advance of the enforcement of any of the Secured Party’s rights and remedies hereunder,
including, following an Event of Default to take immediate possession of the Collateral and to exercise its rights and remedies with
respect thereto.

4.3 License
to Use Intellectual Property. For the purpose of enabling the Secured Party to further exercise rights and remedies under this Section
4 or elsewhere provided by agreement or applicable law, the Company hereby grants to the Secured Party an irrevocable, nonexclusive
license (exercisable without payment of royalty or other compensation to the Company) to use, license or sublicense following an Event
of Default and the Secured Party’s demand for payment of the Note, any Intellectual Property now owned or hereafter acquired by
the Company, and wherever the same may be located, and including in such license access to all media in which any of the licensed items
may be recorded or stored and to all computer software and programs used for the compilation or printout thereof.

5. APPLICATIONS
OF PROCEEDS.

The
proceeds of any sale, lease or other disposition of the Collateral hereunder shall be applied first, to the expenses of retaking, holding,
storing, processing and preparing for sale, selling, and the like (including, without limitation, any taxes, fees and other costs incurred
in connection therewith) of the Collateral, to the reasonable attorneys’ fees and expenses incurred by the Secured Party in enforcing
their rights hereunder and in connection with collecting, storing and disposing of the Collateral, and then to satisfaction of the Obligations,
and to the payment of any other amounts required by applicable law, after which the Secured Party shall pay to the Company any surplus
proceeds. If, upon the sale, license or other disposition of the Collateral, the proceeds thereof are insufficient to pay all amounts
to which the Secured Party is legally entitled, the Company will be liable for the deficiency, together with interest thereon, at an
interest rate equal to the lower of eighteen percent (18%) and the maximum rate permitted by applicable law (the “Default Rate”),
and the reasonable fees of any attorneys employed by the Secured Party to collect such deficiency. To the extent permitted by applicable
law, the Company waives all claims, damages, and demands against the Secured Party arising out of the repossession, removal, retention,
or sale of the Collateral, unless due solely to the gross negligence or willful misconduct of the Secured Party as determined by a final
judgment (not subject to further appeal) of a court of competent jurisdiction.

    	 	34	 

     

    

6. COSTS
AND EXPENSES.

The
Company agrees to pay all reasonable out-of-pocket fees, costs and expenses incurred in connection with any filing required hereunder,
including, without limitation, any financing statements pursuant to the UCC, continuation statements, partial releases and/or termination
statements related thereto, or any expenses of any searches reasonably required by the Secured Party. The Company shall also pay all
other claims and charges which in the reasonable opinion of the Secured Party might prejudice, imperil, or otherwise affect the Collateral
or the Security Interest therein. The Company will also, upon demand, pay to the Secured Party the amount of any and all reasonable expenses,
including the reasonable fees and expenses of its counsel and of any experts and agents, which the Secured Party may incur in connection
with (i) the enforcement of this Agreement, (ii) the custody or preservation of, or the sale of, collection from, or other realization
upon, any of the Collateral, or (iii) the exercise or enforcement of any of the rights of the Secured Party under the Note or this Agreement.
Until so paid, any fees payable hereunder shall be added to the principal amount of the Note and shall bear interest at the Default Rate.

7. RESPONSIBILITY
FOR COLLATERAL.

The
Company assumes all liabilities and responsibility in connection with all Collateral, and the Obligations shall in no way be affected
or diminished by reason of the loss, destruction, damage, or theft of any of the Collateral or its unavailability for any reason. Without
limiting the generality of the foregoing, (a) the Secured Party (i) has no duty (either before or after an Event of Default) to collect
any amounts in respect of the Collateral or to preserve any rights relating to the Collateral, or (ii) has any obligation to clean-up
or otherwise prepare the Collateral for sale, and (b) the Company shall remain obligated and liable under each contract or agreement
included in the Collateral to be observed or performed by the Company thereunder. The Secured Party shall not have any obligation or
liability under any such contract or agreement by reason of or arising out of this Agreement or the receipt by the Secured Party of any
payment relating to any of the Collateral, nor shall the Secured Party be obligated in any manner to perform any of the obligations of
the Company under or pursuant to any such contract or agreement, to make inquiry as to the nature or sufficiency of any payment received
by the Secured Party in respect of the Collateral or as to the sufficiency of any performance by any party under any such contract or
agreement, to present or file any claim, to take any action to enforce any performance or to collect the payment of any amounts which
may have been assigned to the Secured Party or to which it may be entitled at any time or times.

8. SECURITY
INTEREST ABSOLUTE.

All
rights of the Secured Party shall be absolute and unconditional, irrespective of: (a) any lack of validity or enforceability of this
Agreement, the Note or any agreement entered into in connection with the foregoing, or any portion hereof or thereof; (b) any change
in the time, manner or place of payment or performance of, or in any other term of, all or any of the Obligations, or any other amendment
or waiver of or any consent to any departure from the Note or any other agreement entered into in connection with the foregoing; (c)
any exchange, release or non-perfection of any of the Collateral, or any release or amendment or waiver of or consent to departure from
any other collateral for, or any guaranty, or any other security, for all or any of the Obligations; (d) any action by the Secured Party
to obtain, adjust, settle and cancel in its sole discretion any insurance claims or matters made or arising in connection with the Collateral;
or (e) any other circumstance which might otherwise constitute any legal or equitable defense available to the Company, or a discharge
of all or any part of the Security Interest granted hereby. Until the Obligations shall have been paid and performed in full, the rights
of the Secured Party shall continue even if the Obligations are barred for any reason, including, without limitation, the running of
the statute of limitations or bankruptcy. The Company expressly waives presentment, protest, notice of protest, demand, notice of nonpayment
and demand for performance. In the event that at any time any transfer of any Collateral or any payment received by the Secured Party
hereunder shall be deemed by final order of a court of competent jurisdiction to have been a voidable preference or fraudulent conveyance
under the bankruptcy or insolvency laws of the United States, or shall be deemed to be otherwise due to any party other than the Secured
Party, then, in any such event, the Company’s obligations hereunder shall survive cancellation of this Agreement, and shall not
be discharged or satisfied by any prior payment thereof and/or cancellation of this Agreement, but shall remain a valid and binding obligation
enforceable in accordance with the terms and provisions hereof. The Company waives all right to require the Secured Party to proceed
against any other person or entity or to apply any Collateral which the Secured Party may hold at any time, or to marshal assets, or
to pursue any other remedy. The Company waives any defense arising by reason of the application of the statute of limitations to any
obligation secured hereby.

9. TERM
OF AGREEMENT.

This
Agreement and the Security Interest shall terminate on the date on which all payments under the Note have been indefeasibly paid in full
and all other Obligations have been paid or discharged; provided, however, that all indemnities of the Company contained in this
Agreement shall survive and remain operative and in full force and effect regardless of the termination of this Agreement.

    	 	35	 

     

    

10.
 POWER OF ATTORNEY.

The
Company authorizes the Secured Party, and does hereby make, constitute and appoint the Secured Party and its officers, agents, successors
or assigns with full power of substitution, as the Company’s true and lawful attorney-in-fact, with power, in the name of the Secured
Party or the Company, to, after the occurrence and during the continuance of an Event of Default, (i) endorse any note, checks, drafts,
money orders or other instruments of payment (including payments payable under or in respect of any policy of insurance) in respect of
the Collateral that may come into possession of the Secured Party; (ii) to sign and endorse any financing statement pursuant to the UCC
or any invoice, freight or express bill, bill of lading, storage or warehouse receipts, drafts against debtors, assignments, verifications
and notices in connection with accounts, and other documents relating to the Collateral; (iii) to pay or discharge taxes, liens, security
interests or other encumbrances at any time levied or placed on or threatened against the Collateral; (iv) to demand, collect, receipt
for, compromise, settle and sue for monies due in respect of the Collateral; (v) to transfer any Intellectual Property or provide licenses
respecting any Intellectual Property; and (vi) generally, at the option of the Secured Party, and at the expense of the Company, at any
time, or from time to time, to execute and deliver any and all documents and instruments and to do all acts and things which the Secured
Party deems necessary to protect, preserve and realize upon the Collateral and the Security Interest granted therein in order to effect
the intent of this Agreement and the Note all as fully and effectually as the Company might or could do; and the Company hereby ratifies
all that said attorney shall lawfully do or cause to be done by virtue hereof. This power of attorney is coupled with an interest and
shall be irrevocable for the term of this Agreement and thereafter as long as any of the Obligations shall be outstanding. The designation
set forth herein shall be deemed to amend and supersede any inconsistent provision in the Organizational Documents or other documents
or agreements to which the Company is a party. Without limiting the generality of the foregoing, after the occurrence and during the
continuance of an Event of Default, the Secured Party is specifically authorized to execute and file any applications for or instruments
of transfer and assignment of any patents, trademarks, copyrights or other Intellectual Property with the United States Patent and Trademark
Office and the United States Copyright Office. This power of attorney is coupled with an interest and shall be irrevocable for the term
of this Agreement and thereafter as long as any of the Obligations shall be outstanding.

11. OTHER
SECURITY.

To
the extent that the Obligations are now or hereafter secured by property other than the Collateral or by the guarantee, endorsement or
property of any other person, firm, corporation or other entity, then the Secured Party shall have the right, in its sole discretion,
to pursue, relinquish, subordinate, modify or take any other action with respect thereto, without in any way modifying or affecting the
Secured Party’s rights and remedies hereunder.

12. INDEMNIFICATION.

The
Company shall indemnify, reimburse and hold harmless the Secured Party and its partners, members, shareholders, officers, directors,
employees and agents (each, an “Indemnitee”) from and against any and all losses, claims, liabilities, damages, penalties,
suits, costs and expenses, of any kind or nature, (including fees relating to the cost of investigating and defending any of the foregoing)
imposed on, incurred by or asserted against such Indemnitee in any way related to or arising from or alleged to arise from this Agreement
or the Collateral, except any such losses, claims, liabilities, damages, penalties, suits, costs and expenses which result from the gross
negligence or willful misconduct of the Indemnitee as determined by a final, non-appealable decision of a court of competent jurisdiction.
This indemnification provision is in addition to, and not in limitation of, any other indemnification provision in the Note or the Business
Purchase Agreement.

13. MISCELLANEOUS.

13.1 Severability.
In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable
or void, this Agreement shall continue in full force and effect without said provision; provided that in such case the parties
shall negotiate in good faith to replace such provision with a new provision which is not illegal, unenforceable or void, as long as
such new provision does not materially change the economic benefits of this Agreement to the parties.

13.2 Successors
and Assigns. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors
and permitted assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than
the parties hereto or their respective successors and permitted assigns any rights, remedies, obligations, or liabilities under or by
reason of this Agreement, except as expressly provided in this Agreement. A Secured Party may assign its rights hereunder in connection
with any private sale or transfer of its Note, in which case the term “Secured Party” shall be deemed to refer to such transferee
as though such transferee were an original signatory hereto. The Company may not assign its rights or obligations under this Agreement.

    	 	36	 

     

    

13.3 Governing
Law; Jurisdiction. This Agreement shall be governed by and construed under the laws of the State of Florida applicable to contracts
made and to be performed entirely within the State of Florida. Each party hereby irrevocably submits to the exclusive jurisdiction of
the state and federal courts sitting in Manatee County, Florida for the adjudication of any dispute hereunder or in connection herewith
or with any transaction contemplated hereby and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding,
any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in
an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal
service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party
at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service
of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner
permitted by law.

13.4 Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, and all of which together shall
constitute one and the same instrument. This Agreement may be executed and delivered by facsimile transmission.

13.5 Headings.
The headings used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

13.6 Notices.
Any notice, demand or request required or permitted to be given by the Company or the Secured Party pursuant to the terms of this Agreement
shall be in writing and shall be deemed delivered (i) when delivered personally, against written receipt therefor, or by verifiable email
transmission, unless such delivery is made on a day that is not a Business Day, in which case such delivery will be deemed to be made
on the next succeeding Business Day, (ii) on the next Business Day after timely delivery to a nationally recognized overnight courier
and (iii) on the Business Day actually received if deposited in the U.S. mail (certified or registered mail, return receipt requested,
postage prepaid), addressed as follows:

If to
the Company:

Arvana
Inc. 

299 Main
Street, 13th Floor

Salt Lake
City, Utah 84111

Attn: Ruairidh
Campbell, Chief Executive Officer

Telephone:
(801) 232-7395

E-mail:
ruairidhcampbell@msn.com

 

If to
the Secured Party:

LCF
Salons, LLC

1298
South 900 East

Salt
Lake City, Utah 8410

Attn:
Logan Fast, President

Telephone:
(801) 414-6844

E-mail:
logan@landissalon.com

 

(or,
in the case of a successor to a Secured Party in connection with a valid transfer of a Note, the address of such successor designated
in a notice given to the Company and signed by the original secured party and such successor), or as shall be designated by such party
(or successor) in writing to the other parties hereto in accordance with this Section 13.6.

13.7 Entire
Agreement; Amendments. This Agreement, the Note and the Business Purchase Agreement constitute the entire agreement between the parties
with regard to the subject matter hereof and thereof, superseding all prior agreements or understandings, whether written or oral, between
or among the parties. No (i) amendment to this Agreement or (ii) waiver of any agreement or other obligation of the Company under this
Agreement may be made or given except pursuant to a written instrument executed by the Company and the Secured Party. Any waiver given
pursuant hereto shall be effective only in the specific instance and for the specific purpose for which given.

[Signatures
on the following page]

    	 	37	 

     

    

IN
WITNESS WHEREOF, the parties hereto have caused this Security Agreement to be duly executed on the day and year first above written.

Arvana
Inc.

_________________________

By:
Ruairidh Campbell

Its:
Chief Executive Officer

 

LCF
Salons, LLC

_________________________

By:
Logan Fast

Its:
Manager

    	 	38	 

     

    

 

Exhibit
A to the

Security
Agreement

UCC-1
Financing Statements

Attached

    	 	39	 

     

    

 

Schedule
I to the 

Security
Agreement

COMPANY
INFORMATION

	Name of the Company:	Arvana Inc.
	Jurisdiction of Organization:	Nevada
	Organizational Identification Number:	EIN – 87-0618509
	Trade names and other names used by the Company during the past five years:	None
	Each location where Collateral or the Company’s books of account and records are located:	901 25th Avenue W Palmetto, Florida 34221
	Name and location of each consignee, bailee, warehouseman, agent or processor in possession of any Collateral owned by the Company:	None

    	 	40	 

     

    

 

Schedule
II to the

Security
Agreement

EXISTING
LIENS AND ENCUMBRANCES

	Lienholder	 	Type of Lien	 	Amount of Debt
	1. LFC Salons, LLC	 	 	Secured Promissory Note	 	$	700,000	 

    	 	41	 

     

    

 

Exhibit
B

Down2Fish
Membership Interests

	Membership
    Interest Holder	Interests	%
	LCF
    Salons, LLC a Utah limited liability company	 	100
	Totals:	 	100

 

    	 	42	 

     

    

 

Disclosure
Schedule

Section
3.09

Down2Fish
Liabilities

    	 	43	 

     

    

Disclosure
Schedule

Section
3.10

Down2Fish
Financial Statements

    	 	44	 

     

    

Disclosure
Schedule

Section
3.16(a)

Down2Fish
Contracts

    	 	45	 

     

    

Disclosure
Schedule

Section
3.16(c)

Down2Fish
Intellectual Property

    	 	46	 

     

    

Disclosure
Schedule

Section
3.17

Down2Fish
Bank Accounts

    	 	47Exhibit 10.1

 

Phio Pharmaceuticals Corp.

Series D Preferred Stock

 

SUBSCRIPTION AND INVESTMENT REPRESENTATION AGREEMENT

 

THIS AGREEMENT, dated as
of November 16, 2022, is by and between Phio Pharmaceuticals Corp., a Delaware corporation (the “Company”), and the
undersigned subscriber (the “Subscriber”). In consideration of the mutual promises contained herein, and other good,
valuable and adequate consideration, the parties hereto agree as follows:

 

1. Agreement of Sale;
Closing. The Company agrees to sell to Subscriber, and Subscriber agrees to purchase from the Company, one (1) share of the Company’s
Series D Preferred Stock, par value $0.0001 per share (the “Securities”), which Securities shall have the rights, preferences,
privileges and restrictions set forth in the Certificate of Designation attached hereto as Exhibit A (the “Certificate
of Designation”) in reliance upon the exemption from securities registration afforded by Rule 506 of Regulation D as promulgated
by the U.S. Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Securities Act”).
Subscriber hereby acknowledges and agrees to the entire terms of the Certificate of Designation, including, without limitation, the voting
rights in Section 3, the restrictions on transfer of the Securities in Section 5 and the redemption of the Securities pursuant to Section
6 of the Certificate of Designation. The purchase price will be paid by the Subscriber to the Company in cash at the price of $1,750.00
per share.

 

2. Representations and
Warranties of the Company. In consideration of the Subscriber’s offer to purchase the Securities, the Company hereby represents
and warrants to the Subscriber as follows:

 

a. Authority. The Company
has been duly incorporated and is validly existing under the laws of Delaware, with full power and authority to conduct its business as
it is currently being conducted and to own its assets; and has secured any authorizations, approvals, permits and orders required by law
for the conduct by the Company of its business as it is currently being conducted.

 

b. Due Authorization.
The Securities have been duly authorized and, when issued, delivered and paid for in the manner set forth in this Subscription Agreement,
will be validly issued, fully paid and nonassessable, and will conform in all material respects to the description thereof set forth in
Certificate of Designation.

 

3. Representations and
Warranties of Subscriber. In consideration of the Company’s offer to sell the Securities, and in addition to the purchase price
to be paid, Subscriber hereby covenants, represents and warrants to the Company as follows:

 

a. Information About the Company.

 

i. Subscriber is aware that
the Company has limited revenue, is not profitable and that its financial projections and future are purely speculative.

 

ii. Subscriber has had an
opportunity to ask questions of, and receive answers from, the Company concerning the business, management, and financial and compliance
affairs of the Company and the terms and conditions of the purchase of the Securities contemplated hereby. Subscriber has had an opportunity
to obtain, and has received, any additional information deemed necessary by the Subscriber to verify such information in order to form
a decision concerning an investment in the Company.

 

iii. Subscriber has been
advised to seek legal counsel and financial and tax advice concerning Subscriber’s investment in the Company hereunder.

 

 

 

    	 	1	 

     

    

 

b. Restrictions on Transfer.
Subscriber covenants, represents and warrants that the Securities are being purchased for Subscriber’s own personal account and
for Subscriber’s individual investment and without the intention of reselling or redistributing the same, that Subscriber has made
no agreement with others regarding any of such Securities, and that Subscriber’s financial condition is such that it is not likely
that it will be necessary to dispose of any of the Securities in the foreseeable future. Moreover, Subscriber acknowledges that any of
the aforementioned actions will require the prior written consent of the Company’s board of directors pursuant to the Certificate
of Designation. Subscriber is aware that, in the view of the Securities and Exchange Commission, a purchase of the Securities with an
intent to resell by reason of any foreseeable specific contingency or anticipated change in market values, or any change in the condition
of the Company, or in connection with a contemplated liquidation or settlement of any loan obtained by Subscriber for the acquisition
of the Securities and for which the Securities were pledged as security, would represent an intent inconsistent with the covenants, warranties
and representations set forth above. Subscriber understands that the Securities have not been registered under the Securities Act, or
any state or foreign securities laws in reliance on exemptions from registration under these laws, and that, accordingly, the Securities
may not be resold by the undersigned (i) unless they are registered under both the Securities Act and applicable state or foreign securities
laws or are sold in transactions which are exempt from such registration, and (ii) except in compliance with Section 5 of the Certificate
of Designation, which requires the prior written consent of the Company’s board of directors. Subscriber therefore agrees not to
sell, assign, transfer or otherwise dispose of the Securities (i) unless a registration statement relating thereto has been duly filed
and become effective under the Securities Act and applicable state or foreign securities laws, or unless in the opinion of counsel satisfactory
to the Company no such registration is required under the circumstances, and (ii) except in compliance with Section 5 of the Certificate
of Designation. There is not currently, and it is unlikely that in the future there will exist, a public market for the Securities; and
accordingly, for the above and other reasons, Subscriber may not be able to liquidate an investment in the Securities for an indefinite
period.

 

c. High Degree of Economic
Risk. Subscriber realizes that an investment in the Securities involves a high degree of economic risk to the Subscriber, including
the risks of receiving no return on the investment and/or of losing Subscriber’s entire investment in the Company. Subscriber is
able to bear the economic risk of investment in the Securities, including the total loss of such investment. The Company can make no assurance
regarding its future financial performance or as to the future profitability of the Company.

 

d. General Solicitations.
Subscriber is not purchasing the Securities as a result of any advertisement, article, notice or other communication regarding the Securities
published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar or, to the knowledge
of Subscriber, any other general solicitation or general advertisement.

 

e. No Rule 506 Disqualifying
Activities. Subscriber has not taken any of the actions set forth in, and is not subject to, the disqualification provisions of Rule
506(d)(1) of Regulation D promulgated under the Securities Act.

 

f. Suitability. Subscriber
has such knowledge and experience in financial, legal and business matters that Subscriber is capable of evaluating the merits and risks
of an investment in the Securities. Subscriber has obtained, to the extent deemed necessary, Subscriber’s own personal professional
advice with respect to the risks inherent in, and the suitability of, an investment in the Securities in light of Subscriber’s financial
condition and investment needs. Subscriber believes that the investment in the Securities is suitable for Subscriber based upon Subscriber’s
investment objectives and financial needs, and Subscriber has adequate means for providing for Subscriber’s current financial needs
and personal contingencies and has no need for liquidity of investment with respect to the Securities. Subscriber understands that no
federal or state agency has made any finding or determination as to the fairness for investment, nor any recommendation or endorsement,
of the Securities.

 

g. Tax Liability.
Subscriber has reviewed with Subscriber’s own tax advisors the federal, state, local and foreign tax consequences of this investment
and the transactions contemplated by this Agreement, and has and will rely solely on such advisors and not on any statements or representations
of the Company or any of its agents, representatives, employees or affiliates or subsidiaries. Subscriber understands that Subscriber
(and not the Company) shall be responsible for Subscriber’s own tax liability that may arise as a result of this investment or the
transactions contemplated by this Agreement. Under penalties of perjury, Subscriber certifies that Subscriber is not subject to back-up
withholding either because Subscriber has not been notified that Subscriber is subject to back-up withholding as a result of a failure
to report all interest and dividends, or because the Internal Revenue Service has notified Subscriber that Subscriber is no longer subject
to back-up withholding.

 

 

 

    	 	2	 

     

    

 

h. Residence. Subscriber’s
present principal residence or business address, and the location where the securities are being purchased, is located in the Commonwealth
of Pennsylvania.

 

i. Limitation Regarding
Representations.

 

i. Except as set forth in
this Agreement, no covenants, representations or warranties have been made to Subscriber by the Company or any agent, representative,
employee, director or affiliate or subsidiary of the Company and in entering into this transaction, Subscriber is not relying on any information,
other than that contained herein and the results of independent investigation by Subscriber without any influence by Company or those
acting on Company’s behalf. Subscriber agrees it is not relying on any oral or written information not expressly included in this
Agreement, including but not limited to the information which has been provided by the Company, its directors, its officers or any affiliate
or subsidiary of any of the foregoing, as investment advice or a recommendation to purchase the Securities.

 

ii. Subscriber confirms that
the Company has not (A) given any guarantee or representation as to the potential success, return, effect or benefit (either legal, regulatory,
tax, financial, accounting or otherwise) of an investment in the Securities or (B) made any representation to Subscriber regarding the
legality of an investment in the Securities under applicable legal investment or similar laws or regulations. In deciding to purchase
the Securities, Subscriber is not relying on the advice or recommendations of the Company and the undersigned has made its own independent
decision that the investment in the Securities is suitable and appropriate for the undersigned.

 

j. Authority.

 

i. Entity.
If the undersigned is not an individual but an entity, the individual signing on behalf of such entity and the entity jointly and severally
agree and certify that (a) the undersigned was not organized for the specific purpose of acquiring the Securities and (b) this Agreement
has been duly authorized by all necessary action(s) on the part of the undersigned, has been duly executed by an authorized officer, agent
or representative of the undersigned, and is a legal, valid and binding obligation of the undersigned enforceable in accordance with its
terms.

 

ii. Individual. If the undersigned
is an individual, the undersigned is of legal age.

 

4. Legend. Subscriber
consents to the notation of the Securities with the following legend reciting restrictions on the transferability of the Securities:

 

The
Securities represented hereby have not been registered under the Securities Act of 1933, as amended (the “Securities Act”),
and have not been registered under any state securities laws. These Securities may not be sold, offered for sale or transferred, without
first obtaining (i) an opinion of counsel satisfactory to the Company that such sale or transfer lawfully is exempt from registration
under the Securities Act and under the applicable state securities laws or (ii) such registration. Moreover, these Securities may be transferred
only in accordance with the terms of the Company’s Certificate of Designation of Series D Preferred Stock, a copy of which is on
file with the Secretary of the Company.

 

5. Accredited Status.
Subscriber covenants, represents and warrants that it qualifies as an “accredited investor” as that term is defined in Regulation
D under the Securities Act. The information provided under this section of the Agreement is required in connection with the exemptions
from the Securities Act and state securities laws being relied on by the Company with respect to the offer and sale of the Securities.
The undersigned agrees to furnish any additional information which the Company or its legal counsel deem necessary in order to verify
the responses set forth above.

 

6. Holding Status.
Subscriber desires that the Securities be held as set forth on the signature page hereto.

 

 

 

 

    	 	3	 

     

    

 

7. Confidentiality.
Subscriber will make no written or other public disclosures regarding the Company and its business, the terms or existence of the proposed
or actual sale of Securities or regarding the parties to the proposed or actual sale of Securities to any individual or organization without
the prior written consent of the Company, except as may be required by law.

 

8. Notice. Correspondence
regarding the Securities should be directed to Subscriber at the address provided by Subscriber to the Company in writing. Subscriber
is a bona fide resident of the Commonwealth of Pennsylvania.

 

9. No Assignment or Revocation;
Binding Effect. Neither this Agreement, nor any interest herein, shall be assignable or otherwise transferable, restricted or limited
by Subscriber without prior written consent of the Company. Subscriber hereby acknowledges and agrees that Subscriber is not entitled
to cancel, terminate, modify or revoke this Agreement in any way and that the Agreement shall survive the death, incapacity or bankruptcy
of Subscriber. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto, and their respective
heirs, legal representatives, successors and assigns.

 

10. Indemnification.
The Company agrees to indemnify and hold harmless the Subscriber and each current and future officer, director, employee, agent, representative
and shareholder, if any, of the Subscriber from and against any and all costs, loss, damage or liability associated with this Agreement
and the issuance and voting of the Securities.

 

11. Modifications.
This Agreement may not be changed, modified, released, discharged, abandoned or otherwise amended, in whole or in part, except by an instrument
in writing, signed by the Subscriber and the Company. No delay or failure of the Company in exercising any right under this Agreement
will be deemed to constitute a waiver of such right or of any other rights.

 

12. Entire Agreement.
This Agreement and the exhibits hereto are the entire agreement between the parties with respect to the subject matter hereto and thereto.
This Agreement, including the exhibits, supersede any previous oral or written communications, representations, understandings or agreements
with the Company or with any officers, directors, agents or representatives of the Company.

 

13. Severability.
In the event that any paragraph or provision of this Agreement shall be held to be illegal or unenforceable in any jurisdiction, such
paragraph or provision shall, as to that jurisdiction, be adjusted and reformed, if possible, in order to achieve the intent of the parties
hereunder, and if such paragraph or provision cannot be adjusted and reformed, such paragraph or provision shall, for the purposes of
that jurisdiction, be voided and severed from this Agreement, and the entire Agreement shall not fail on account thereof but shall otherwise
remain in full force and effect.

 

14. Governing Law.
This Agreement shall be governed by, subject to, and construed in accordance with the laws of the State of Delaware without regard to
conflict of law principles.

 

15. Survival of Covenants,
Representations and Warranties. Subscriber understands the meaning and legal consequences of the agreements, covenants, representations
and warranties contained herein, and agrees that such agreements, covenants, representations and warranties shall survive and remain in
full force and effect after the execution hereof and payment by Subscriber for the Securities.

 

[Remainder of page left blank intentionally
- signature page follows]

 

 

 

 

    	 	4	 

     

    

 

For good, valuable and adequate
consideration, the receipt and sufficiency of which is hereby acknowledged, Subscriber hereby agrees that by signing this Subscription
and Investment Representation Agreement, and upon acceptance hereof by the Company, that the terms, provisions, obligations and
agreements of this Agreement shall be binding upon Subscriber, and such terms, provisions, obligations and agreements shall inure to the
benefit of and be binding upon Subscriber and its successors and assigns.

 

	INDIVIDUAL(S):	 
	 	 
	
    

    /s/Robert Bitterman
	 
	Name:	Robert Bitterman	 
	 	 	 

 

Number of Shares Purchased: 1 

Purchase Price Per Share: $1,750.00

Aggregate Purchase Price: $1,750.00

 

The Subscriber desires that the Securities be held as follows
(check one):

	x	 Individual Ownership	 ̈	 Corporation
	 ̈	 Community Property	 ̈	 Trust
	 ̈	 Jt. Tenant with Right of Survivorship 	 ̈	 Limited Liability Company
	 	 (both parties must sign)	 ̈	 Partnership
	 ̈	 Tenants in Common	 ̈	 Other (please describe): 

 

The Company hereby accepts
the subscription evidenced by this Subscription and Investment Representation Agreement:

 

	 	PHIO PHARMACEUTICALS CORP.
	 	 
	 	
     

    By:
	
     

    /s/Caitlin Kontulis

	 	Name:	 Caitlin Kontulis
	 	Title:	VP, Finance & Administration

 

 

 

 

 

    	 	5

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