Document:

Exhibit 10.36

 

	$4,000,000.00	 	Bethesda, Maryland

September 18, 2014

 

PROMISSORY
NOTE

 

FOR
VALUE RECEIVED, AXION INTERNATIONAL
HOLDINGS, INC., a Colorado corporation having
an address at c/o SGR Investments LLC, 5301 Wisconsin Avenue, N.W., Suite 510, Washington, DC 20015 (“Borrower”), promises
to pay to the order of EAGLEBANK, a
Maryland banking corporation (“Lender”) during regular business hours at Lender’s office at 7815 Woodmont Avenue,
Bethesda, Maryland 20814 or such other place as Lender may from time to time designate, the principal sum of Four Million Dollars
($4,000,000.00) (the “Loan”), or so much thereof as shall have been advanced to Borrower and be outstanding in accordance
with the terms hereof, with interest thereon at the rate or rates specified below until paid in full, and any and all other sums
which may be owing to Lender by Borrower hereunder. This Promissory Note (this “Note”) is the Promissory Note described
in that certain Loan Agreement dated of even date herewith between Borrower and Lender (the “Loan Agreement”).

 

		1.	PRIMARY
BUSINESS TERMS

 

		1.1.	Advances;
Maturity Date.

 

a.           Absent
the occurrence and continuation of an Event of Default (defined below) or until receipt of written notice from Lender of Lender’s
termination of the Loan in accordance with section 1.1b below, Borrower may request advances and re-advances of the Loan, in accordance
with the Loan Agreement.

 

b.           Unless
earlier accelerated, all principal, interest, costs and fees under this Note shall be due and payable in full on the date that
is thirty-six (36) months following the date hereof (such date being hereinafter referred to as the “Maturity Date”).

 

1.2.         Interest
Rate. Interest shall accrue on the principal balance outstanding from time to time on this Note at a fixed interest
rate at all times equal to five percent (5%) per annum. Interest shall be calculated on the basis of 360 days per year factor applied
to the actual days on which there exists a principal balance outstanding under this Note. Interest shall be charged on a per diem
basis.

 

		1.3.	Payment.
Borrower shall repay this Note as follows:

 

a.           Beginning
on the date that is one (1) month following disbursement of any amounts, and continuing on the same day of each consecutive month
thereafter until the Maturity Date, Borrower shall make monthly payments of accrued interest only, in arrears, on the then-outstanding
principal balance of this Note.

 

b.           On
the Maturity Date, Borrower shall pay in full all sums due under this Note, including principal, all accrued and unpaid interest,
and any applicable charges and fees.

 

All
payments hereon shall be payable in lawful money of the United States and in immediately available funds. All payments received
shall be applied to this Note as follows: (i) first, to payment of accrued and unpaid interest, if any; (ii) second, to payment
of any principal then due, if any; (iii) third to late charges, if any; (iv) fourth, to attorney’s fees and costs of collection;
and (v) fifth, to reduce the outstanding principal balance of this Note until such principal shall have been fully repaid. All
payments hereunder shall be made without offset, demand, counterclaim, deduction, abatement, defense, or recoupment, each of which
Borrower hereby waives.

 

    	 

    	 

    

  

1.4.         Late
Charge. If any payment due under this Note is not received by Lender within ten (10) calendar days of its due date, Borrower
shall pay a late charge equal to five percent (5%) of the amount of such payment.

 

1.5.         Prepayment.
This Note may be prepaid, in whole or in part, at any time without premium or penalty.

 

		2.	DEFAULT
AND REMEDIES

 

2.1.         Events
of Default. Each of the following shall constitute an event of default under this Note (each an “Event of Default”):

 

a.           A
default in the payment of any sum within ten (10) days of when due under this Note.

 

b.           A
default in the performance of any of the covenants, conditions or terms of this Note, the Loan Agreement or any other agreement
or document executed by Borrower for the benefit of Lender or any holder in connection with the Loan (collectively, the “Loan
Documents”) beyond any applicable notice and cure periods.

 

2.2.         Remedies.
Upon the occurrence and continuation of an Event of Default, in addition to all other rights and remedies available to Lender under
the Loan Documents and applicable law, Lender shall have the following rights and remedies:

 

a.           Acceleration.
Lender, in Lender’s sole discretion and without notice or demand, may declare the entire principal balance outstanding under
this Note, plus accrued interest and all other sums owed in connection therewith, immediately due and payable.

 

b.           Default
Interest Rate. Lender, in Lender’s
sole discretion and without notice or demand, may raise the rate of interest accruing on the principal balance outstanding hereunder
by five (5) percentage points above the rate of interest otherwise applicable, independent of whether Lender elects to accelerate
the principal balance outstanding under this Note.

 

2.3.         Expenses
of Collection and Attorneys’ Fees. If this Note is referred to an attorney for collection, whether or not judgment
has been confessed or suit has been filed, Borrower shall pay all of Lender’s costs, fees and expenses, including reasonable
attorneys’ fees, resulting from such referral.

 

		3.	MISCELLANEOUS

 

3.1.         Assignability.
This Note may be assigned by Lender or any holder at any time or from time to time. This Note shall inure to the benefit of and
be enforceable by Lender and Lender’s successors and assigns and any other person to whom Lender or any holder may grant
an interest in Borrower’s obligations under this Note, and shall be binding and enforceable against Borrower and Borrower’s
personal representatives, successors and assigns.

 

3.2.         Negotiable
Instrument. Borrower agrees that this Note shall be deemed negotiable instruments even if this Note would not qualify under
applicable law, absent this Section, as a negotiable instrument.

 

3.3.         Governing
Law. This Note shall be governed in all respects by the laws of the State of Maryland and shall be binding upon and shall
inure to the benefit of the parties hereto and their respective heirs, executors, administrators, personal representatives, successors
and assigns. Borrower hereby consents to be sued in an appropriate court in the State of Maryland in any action to enforce the
provisions of this Note.

 

    	2

    	 

    

  

3.4.         Unconditional
Obligations. Borrower’s obligations under this Note shall be the absolute and unconditional duty and obligation of
Borrower and shall be independent of any rights of set-off, recoupment or counterclaim which Borrower might otherwise have against
the holder of this Note, and Borrower shall pay absolutely the payments of principal, interest, fees and expenses required under
this Note, free of any deductions and without abatement, diminution or set-off.

 

3.5.         Tense;
Gender; Section Headings. In this Note, the singular includes the plural and vice versa; and each reference to any gender
also applies to any other gender. The section headings are for convenience only and are not part of this Note.

 

3.6.         Time.
Time is of the essence with respect to this Note.

 

3.7.         Lawful
Interest. Notwithstanding anything to the contrary contained herein or in any of the Loan Documents, the effective rate
of interest on the obligations evidenced by this Note shall not exceed the lawful maximum rate of interest permitted to be paid.
Without limiting the generality of the foregoing, in the event the interest charged hereunder results in an effective rate of interest
higher than that lawfully permitted to be paid, then such charges shall be reduced by the sum sufficient to result in an effective
rate of interest permitted by law and any amount which would exceed the highest lawful rate already received and held by the Lender
shall be applied to a reduction of principal and not to the payment of interest.

 

3.8.         Set-off.
In addition to all liens upon, and rights of set-off against the money, credit, stocks, bonds and/or securities or other property
of any nature whatsoever of Borrower given to the Lender by law, the Lender shall have a lien upon and a right of set-off against
all money, credit, stocks, bonds and/or securities and other property of any nature whatsoever of Borrower now or hereafter on
deposit with, or held by, or in the possession of or on account with the Lender (excluding accounts maintained by Borrower with
Lender for the benefit of Borrower’s customers, any joint accounts or other business accounts), whether held in a general
or special account or deposit, or for safe-keeping or otherwise; and every such lien and right of set-off may be exercised without
demand upon or notice to Borrower, upon an Event of Default under this Note or any of the Loan Documents. No lien or right of set-off
shall be deemed to have been waived by any act or conduct on the part of the Lender, or by any neglect to exercise such right of
set-off or to enforce such lien, or by any delay in so doing, and every right of set-off and lien shall continue in full force
and effect until such right of set-off or lien is specifically waived or released by an instrument in writing executed by the Lender.

 

3.9.         Partial
Invalidity. In the event any one or more of the provisions contained in this Note or in any other of the Loan Documents
shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability
shall not affect any other provision of this Note or of any other of the Loan Documents, but this Note and all other of the Loan
Documents shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein or therein.

 

3.10.       Entire
Agreement. This Note may not be changed orally, but only by an agreement in writing signed by the parties against whom
enforcement of any waiver, change, modification or discharge is sought.

 

3.11       Business Purpose. Borrower warrants and represents that the loan evidenced hereby is being made for business or investment
purposes.

 

3.12.       Notice. Any notice, demand or request shall be provided in writing, shall be delivered to the address noted below
and shall be deemed fulfilled (i) upon personal service, hand delivery or receipt of facsimile confirmation, or (ii) on the date
receipt is acknowledged if deposited in any post office or letter box, postage prepaid, by certified mail, return receipt requested,
or (iii) on the next business day after deposited with a recognized overnight courier. All notices shall be sent to the following
address (or such other address as the parties hereto may provide in writing from time to time):

 

    	3

    	 

    

  

	If to Maker to:	c/o SGR Investments LLC
	 	5301 Wisconsin Avenue, N.W.
	 	Suite 510
	 	Washington, DC 20015 

Attn: Mr. Samuel Rose 

Fax No: 202-686-3617
	 	 
	If to Lender to:	EAGLEBANK
	 	7815 Woodmont Avenue
	 	Bethesda, Maryland 20814
	 	Attn:   Kenneth Scales, Senior Vice President
	 	Fax No.: 301-718-8973

 

		4.	CONSENTS
AND WAIVERS

 

4.1.          Waiver
of Presentment, Etc. Borrower waives presentment, notice of dishonor and protest.

 

4.2.          Consent
to Extensions, Etc.
From time to time, without affecting any of the obligations of Borrower under this Note, without giving notice to or obtaining
the consent of Borrower, and without liability on the part of Lender, Lender may, at Lender’s option, extend the Maturity
Date, or any payment due under this Note, reduce the amount of any payments under this Note, release anyone liable on any amount
due under this Note, accept a renewal of this Note, modify the terms of payment of any amounts due under this Note, join in any
extension or subordination agreement, release any security for this Note, or take or release any other or additional security.

 

4.3.          Jury
Trial Waiver. Borrower and Lender (by acceptance of this Note) each hereby waive trial by jury in any action or proceeding
to which Borrower and any holder of this Note may be parties, arising out of or in any way pertaining to this Note or any of the
other Loan Documents. It is agreed and understood that this waiver constitutes a waiver of trial by jury of all claims against
all parties to such actions or proceedings, including claims against parties who are not parties to this Note. This waiver is knowingly,
willingly and voluntarily made by Borrower, and Borrower hereby represents that no representations of fact or opinion have been
made by any individual to induce this waiver of trial by jury or to in any way modify or nullify its effect. Borrower further represents
that it has been represented in the signing of this Note and in the making of this waiver by independent legal counsel, selected
of its own free will, and that it has had the opportunity to discuss this waiver with counsel.

 

4.4.          Venue,
Etc.
Borrower waives any objection to the venue of any action filed by the holder of this Note against Borrower in any state or federal
court in the State of Maryland and waives any claim of forum non conveniens
or for transfer of any such action to any other court.

 

[Remainder
of page intentionally left blank]

 

    	4

    	 

    

  

IN
WITNESS WHEREOF, Borrower has duly executed this Note under seal as of the date first written above.

 

		BORROWER:
	 	 
	 	AXION INTERNATIONAL HOLDINGS, INC.
	 	a Colorado limited liability company
	 	 
	 	BY:	/s/ Thomas Bowersox	[SEAL]
	 	Name:	Thomas Bowersox
	 	Title:	Secretary

 

Acknowledgment

 

STATE OF
MARYLAND, CITY/COUNTY OF MONTGOMERY, TO WIT:

 

I
HEREBY CERTIFY that on this 18th day of September 2014, before me, the subscriber, a Notary Public of the
jurisdiction aforesaid, personally appeared Thomas Bowersox, and acknowledged that he executed the foregoing document as the
duly authorized Secretary of AXION
INTERNATIONAL HOLDINGS, INC., a Colorado corporation, for the purposes therein contained.

 

IN
WITNESS MY Hand and Notarial Seal.

 

	 	/s/ Karen V. Gunther	(SEAL)
	 	NOTARY PUBLIC

 

	My Commission Expires:	 
	9-28-16	 

 

		
		 

 

    	5Exhibit 10.11

 

 

 

SHare
Purchase Agreement

 

between

 

MHI
INVESTMENTS AB

 

and

 

ENGHOUSE
INTERACTIVE AB

 

 

regarding the purchase and sale of BASSET
AB

    	 

    	 

    

 

 

Index

 

	1.   	Background information	3
	2.   	Definitions and interpretation	3
	3.   	Sale and purchase of the Shares	7
	4.   	Purchase Price and Payment	7
	5.  	Purchase Price Adjustments	9
	6.   	Closing	12
	7.   	Post-Closing Obligations	13
	8.   	Warranties of the Seller	13
	9.   	Warranties of the Buyer	18
	10.   	SELLER’s Liability	19
	11.   	Limitation of liability	19
	12.   	Confidentiality	21
	13.   	Other provisions	22
	14.   	GOVERNING LAW and dispute resolution	23

 

Schedules

 

Schedule 8.4.2Net Accounts Receivable

 

Schedule 8.5.1Material Contracts

 

Schedule 8.5.4 Open Customer Contracts

 

Schedule 8.5.5Software
Maintenance Contracts

 

Schedule 8.6.4Employees

 

Schedule 8.7Tax

 

Schedule 8.8Fixed Assets

 

Schedule 8.9Insurance

 

Schedule 8.10.1IP used

 

Schedule 8.11.2Leases

 

Schedule 8.15Affiliate Transactions

 

    	2

    	 

    

 

 

This
SHare Purchase Agreement (this Agreement) is dated July 1, 2014 and made between:

 

		(1)	MHI Investments AB, a company incorporated under the laws of Sweden with corporate identity number
556639-2204, Box 1156, 172 23 Sundbyberg (the Seller);

 

		(2)	ENGHOUSE INTERACTIVE AB, a company incorporated under the laws of Sweden with corporate identity
number 556542-8132, S:t Eriksgatan 117, Box 6795 SE 113 85 Stockholm (Buyer).

 

		1.	Background information

 

		1.1	Basset AB, registration number 556548-8243, (the Company) is a limited liability company
incorporated under the laws of Sweden, and engaged in the Business.

 

		1.2	The Seller owns one thousand (1000) shares of the Company,
representing 100% of the outstanding shares (collectively, the “Shares”) of the Company. Modern Holdings Inc.,
a company incorporated under the laws of the state of Delaware, USA (“Modern Holdings”), owns the Seller.

 

		2.	Definitions and interpretation

 

In this Agreement, the following
capitalised words and expressions shall have the following meanings:

 

		Agreement	means this share purchase agreement and all the schedules attached hereto, each of which is part
of this Agreement.

 

		Business	is the business carried on by the Company developing, manufacturing and selling software including
providing implementation, integration, training, support and maintenance services.

 

	 	Business Day	means
a day during which banks in Sweden are open for business.

 

		Claim	means a claim under this Agreement.

 

		Closing	means the consummation of the Transaction.

 

	 	Closing Balance Sheet 	has
the meaning given to it in Clause 4.1.3.

 

	 	Closing
Date	means
the date of this Agreement.

 

	 	Company
IP	means
all Intellectual Property owned by the Company and used in the Business.

 

	 	Computer
Program	means
(i) any and all computer programs (consisting of sets of statements or instructions to be used directly or indirectly in a computer
in order to bring about a certain result), including, without limitation, all source code and object code.

    	3

    	 

    

  

		Encumbrance	means any claim, charge, mortgage, security, lien, option, right of pre-emption or security interest
of any kind.

 

	 	Escrow
Account	means
an interest bearing escrow account to be established with Nord & Co Advokatbyrå KB (the Escrow Agent), for the
purpose of holding and disbursing the Indemnification Holdback and the Tele2 Holdback in accordance with this Agreement and an
escrow agreement entered into at Closing between the Seller, the Buyer and the Escrow Agent.

 

	 	Financial Statements	means (i) the audited balance sheets of the Company as of December 31, 2013 and December 31, 2012 and the related
statements of income and cash flows of the Company for the years then ended and the reports of the auditors thereon and (ii) the
unaudited Pre-Closing Balance Sheet (as defined in Clause 4.1.3 (a)) of the Company and the related statements of income and cash
flows of the Company for the period then ended.

 

	 	Fixed
Assets	means
all significant equipment, computer hardware, printers, telephone switches, photocopiers, servers, third-party software
(including all desktop software, development tools and software and such other software used in the operation of the Business),
supplies, furniture, furnishings, vehicles, brochures, tradeshow booths and other promotional material, and other tangible personal
property, wherever located, that is owned by the Company, a complete listing of which is set forth in Schedule 8.8.

 

	 	Group
Company	means
the Company or any of its Subsidiaries.

 

	 	Intellectual
Property	means
all intellectual and industrial property rights including, without limitation: (a) patents and registered designs; (b) unregistered
rights in designs, copyright (including, without limitation, copyright in source code, object code and other computer software
and databases) and neighbouring rights, database rights, semiconductor topography rights and rights subsisting in or in relation
to confidential information or inventions; (c) registered trademarks and service marks, and all other rights in, or goodwill attaching
to, trade, business or corporate names, logos, or other trading insignia; and including (insofar as any of the foregoing rights
are obtained by registration), applications for registration and the right to apply for registration; Computer Programs and all
rights and forms or protection of a similar nature to any of the foregoing recognised in any country of the world.

 

    	4

    	 

    

		Loss(es)	means any and all out-of-pocket liabilities, damages and losses (not to include indirect or consequential
losses or damages or punitive damages), and all costs or expenses (excluding costs and expenses that are indirect or consequential
losses or damages), including, without limitation, lawyers’ and consultants’, tax advisors’ and preparers’
fees and expenses incurred or suffered as a result of or arising out of (i) the failure of any warranty set out in the Agreement
to be true and correct as of the Closing Date, (ii) the breach of any covenant or agreement made or to be performed by Seller pursuant
to this Agreement, (iii) any liability of Seller for unpaid Taxes with respect to any Tax year or portion thereof ending on or
before the Closing Date (or for any Tax year beginning before and ending after the Closing Date to the extent allocable to the
portion of such period beginning before and ending on the Closing Date), (iv) any liability of Buyer resulting from all actions,
causes of action, suits, claims, demands, grievances, arbitration awards and any costs whatsoever which may be asserted by any
of the employees of the Company against Buyer which arise by reason of the employment of such employee by the Company prior to
the Closing Date, and (v) any liability of Buyer arising out of the Company’s failure to comply with the bulk sales, transfer
or similar law of any jurisdiction.

 

	 	Material
Contracts	means
any written agreement or commitment with respect to the Company’s Business to which the Company is bound and which involve
(i) an annual cost in excess of SEK 150,000 or annual revenues in excess of SEK 300,000, or (ii) the fifteen largest customers
as per the Closing Date, or (iii) the five largest suppliers as per the Closing Date. The Material Contracts are listed in Schedule
8.5.1.

 

	 	Netherlands
Tele2 Contract	means
the terms and conditions of the support services agreement that are currently applicable in respect of Tele2 Netherlands B.V.

 

	 	Net
Accounts Receivable	means
the amount equal to (i) all accounts receivable, including notes and trade, Unbilled Revenue of the Company as of the Closing
Date, and all claims, rights, interests and proceeds related thereto, billed or unbilled, minus (ii) a reasonable allowance for
doubtful accounts. The Net Accounts Receivable, including an aged summary, is disclosed on Schedule 8.4.2.

 

	 	Open
Customer Contracts 	means
all written contracts or other agreements between the Company and a customer of the Business which contain significant deliverables
that have not been satisfied in full prior to the Closing Date and that are listed in Schedule 8.5.4.

    	5

    	 

    

	 	Net
Inter-company Balance	means
the net inter-company balance of amounts due as of the Closing Date between the Seller or an affiliate of the Seller (other than
Millicom and Tele2) on one side and the Company on the other side.

 

	 	Pre-Closing
Balance Sheet 	has
the meaning given to it in Clause 4.1.3.

 

		SCC	has the meaning given in Clause 14.2.

 

		Schedules	means the schedules listed after the index at the beginning of this Agreement.

 

		SEK	means the currency Swedish Kronor.

 

	 	Seller
Software	means
the Computer Programs owned, designed, developed, licensed or otherwise used by the Company in connection with the operation of
the Business as currently conducted or proposed to be conducted.

 

	 	Seller’s
Knowledge	or
any similar expression means the actual knowledge as per the Closing Date of the responsible employees of the Company for the
matter in question.

  

		Shares	means 100 per cent of the shares in the Company as set out in the introductory paragraph, and Share
means one individual share in the Company.

 

	 	Software Maintenance
Contracts	mean
all contracts, commitments, and purchase orders between the Company and a customer pursuant to which the Company provides software maintenance
and support services, including without limitation, those contracts set forth in Schedule 8.5.5. 

  

		Subsidiaries	means the wholly-owned subsidiaries of the Company: Basset Asia Limited, Hong Kong.

  

	 	Swedish
GAAP	means
Swedish generally acceptable accounting principles, as consistently applied for the past three (3) financial years (including
2014).

 

		Tax	means all income taxes, corporation tax, capital gain tax, transfer tax, social security tax, employer’s
tax, duties, sales tax, value added tax, withholding tax and any other taxes and public fees which may be payable to or imposed
by any governmental entity together with any interest, penalties, surcharges, interest or additions to tax.

 

	 	Third
Party Claim	means
any claim by a third party (including any governmental entity) against the Company.

  

		Transaction	means the purchase and sale of the Shares pursuant to this Agreement.

 

    	6

    	 

    

	 	Unbilled
Revenue	means
all revenue, including accrued revenue, which has been recognized or otherwise reflected on the Financial Statements (including
Pre-Closing Balance Sheet) by the Company, in accordance with Swedish GAAP, and which has not been billed.

  

		3.	Sale and purchase of the Shares

 

		3.1	On the Closing Date, the Seller shall sell the Shares to the Buyer, and the Buyer shall purchase
the Shares from the Seller.

 

		3.2	The Shares shall be conveyed free and clear of any Encumbrances except as disclosed in the Schedules
hereto. The purchase and sale of the Shares shall be consummated upon the terms and subject to the conditions hereof.

 

		3.3	Subject to the terms of this Agreement and effective at Closing, the Seller hereby waives any rights
of pre-emption and right of first refusal (Sw. hembudsrätt) which the Seller may have under the articles of association
of the Company or any other agreement relating to the Company or otherwise.

 

		4.	Purchase Price and Payment

 

		4.1	Purchase Price

 

		4.1.1	Subject to adjustments in accordance with Clause 5,
the purchase price for the Shares shall be SEK 61,500,000 (the Purchase Price). 

 

		4.1.2	The payment of the Purchase Price shall be made by the Buyer as follows;

 

		a)	SEK 46,800,000 (the Closing Payment) shall be paid by the Buyer to the Seller at Closing;
provided, however, that the Closing Payment shall be reduced prior to payment by (i) amounts contemplated in Clause 5.1(a), and
(ii) the amount needed to fund the repayment to the Company of the Net Inter-company Balance;

 

		b)	The Net Inter-company Balance shall be paid by the Buyer to the Company at Closing so that the
Seller and its affiliates are discharged;

 

		c)	SEK 7,500,000 (the Indemnification Holdback) shall be deposited by the Buyer at Closing
to the Escrow Account;

 

		d)	SEK 7,200,000 (the Tele2 Holdback) shall be deposited by the Buyer at the Closing in the
Escrow Account;

 

		e)	Subject to adjustment pursuant to Clause 5, the Indemnification Holdback and the Tele2 Holdback
will be paid from the Escrow Account to Seller on the date which is twelve (12) months after the Closing Date in accordance with
Clause 5.7. Interest on the Escrow Account will be pro-rated based on amounts paid out of the Escrow Account to the parties receiving
such amounts. Seller shall pay all fees and expenses relating to establishing and administering the Escrow Account.

    	7

    	 

    

 

		f)	For the avoidance of doubt, the parties are in agreement that the settlement of the Net Inter-company
Balance will not cause termination of (i) the Company’s obligation (which Buyer hereby agrees to ensure) to reimburse Seller
for payments to Nancy Kuronen for services she provides to the Company and to reimburse Modern Billing Solutions Inc., an affiliate
of Modern Holdings, for its operating costs, including payments to Maximillian Goldberg for services he provides to the Company;
provided in each case that the Company still wishes to retain the services of those individuals under this arrangement or (ii)
the Company’s obligation to make payments to affiliates in the ordinary course of the Business (e.g. to Xpeedio and other
suppliers). No such payments shall cause a reduction of the Purchase Price.

 

		4.1.3	Calculation of Net Cash Assets

 

		a)	Prior to the expected Closing Date, the Seller and the Buyer will estimate the amount equal to
the total current assets at Closing, excluding tax assets in the form of (a) future tax benefits relating to operating losses and/or
(b) retained foreign withheld tax, less the total liabilities - excluding liabilities relating to restructuring costs caused after
the Closing Date - of the Company at Closing (Net Cash Assets), as set out in the closing balance sheet to be delivered
by Seller to Buyer prior to the Closing Date (the Pre-Closing Balance Sheet).

 

		b)	Based on a closing balance sheet (the Closing Balance Sheet) to be delivered by Buyer to
Seller within 90 days following the Closing Date, Buyer will propose the actual Net Cash Assets as of the Closing Date.

 

		c)	The Pre-Closing Balance Sheet and the Closing Balance Sheet shall present the financial position
of the Company as at the close of business on the day of the Closing and be prepared in accordance with Swedish GAAP (as though
it were a financial year end), without any adjustments applicable solely as a result of the acquisition of the Shares at Closing.

 

		d)	Buyer will have the right to review the work papers of Seller and the Company utilized in preparing
the Pre-Closing Balance Sheet and will have full access to the books, records, properties and personnel of the Company for purposes
of verifying the accuracy and fairness of the presentation of the Pre-Closing Balance Sheet.

 

		e)	The values or amounts for each item reflected on the Closing Balance Sheet will be binding upon
Seller, unless Seller gives written notice, within thirty (30) days after receipt of the Closing Balance Sheet, to Buyer of Seller’s
disagreement with any of the items, values or amounts shown on the Closing Balance Sheet, specifying as to each such item in reasonable
detail, the nature and extent of such disagreement (the Dispute Notice). If Buyer and Seller are unable to resolve any such
disagreement within fifteen (15) days after the date of the Dispute Notice, the disagreement will be submitted for resolution to
PricewaterhouseCoopers LLP by Seller, who shall engage that firm, or such other firm of similar standing as is mutually acceptable
(the Independent Accountant). The Independent Accountant will resolve the matters still in dispute and adjust the Closing
Balance Sheet to reflect such resolution. The Independent Accountant will make a determination in writing as soon as practicable
and in any event within forty-five (45) days after its engagement, and such determination will be final and binding on the parties.
The costs of the review will be borne by the party whose items, values and amounts relating to the Dispute Notice departs furthest
from the values and amounts determined by the Independent Accountant pursuant to this Clause. The decision of the Independent Accountant
shall be final and binding on the parties.

    	8

    	 

    

 

		5.	Purchase Price Adjustments

 

		5.1	Net Cash Assets

 

		a)	The Closing Payment shall be decreased by the amount by which the estimated Net Cash Assets is
less than negative SEK 6,500,000.

 

		b)	Immediately upon the determination of the actual Net Cash Assets pursuant to Clause 4.1.3 (e),
the Indemnification Holdback shall be reduced by the amount by which the actual Net Cash Assets is less than the estimated Net
Cash Assets, provided that the actual Net Cash Assets is less than negative SEK 6,500,000. No reduction hereunder shall be made
by an amount that is greater than the amount by which the actual Net Cash Assets are less than negative SEK 6,500,000.

 

		5.2	Net Accounts Receivable

 

Any Net Accounts
Receivable set out in the Closing Balance Sheet, as determined pursuant to Clause 4.1.3 (e), but excluding the Net Inter-company
Balance (and tax assets compensable under Clause 5.6 below), not fully collected within one hundred and eighty (180) days following
the Closing (270 days following the Closing if Nancy Kuronen has not assisted in the collection process for the entire 180 days
following Closing), will be deducted from the Indemnification Holdback on a SEK for SEK basis by the amount of Net Accounts Receivable
not so collected when the Net Accounts Receivable has been finalized, provided, however, (a) that the Buyer and the Company has
used best efforts to collect the Net Accounts Receivable by, inter alia, procuring the assistance of Nancy Kuronen - Buyer agrees
that collection efforts will be made based on the collection practices of the Company prior to Closing - and (b) that Buyer has
provided the Seller with written reports 90 and 150 days after Closing describing in reasonable detail the collection status and
progress.

 

Net Accounts
Receivable will be finalized as follows. The Buyer shall within 210 days after Closing deliver to the Seller a written statement
that sets out in reasonable detail the collected and uncollected Net Accounts Receivable set out in the Closing Balance
Sheet (the NAR Report). The collection status will be binding upon Seller, unless Seller gives written notice, within thirty
(30) days after receipt of the NAR Report, to Buyer of Seller’s disagreement with any item, values or amounts shown in the
NAR Report, specifying as to each such item in reasonable detail, the nature and extent of such disagreement (the NAR Dispute
Notice). If Buyer and Seller are unable to resolve any such disagreement within fifteen (15) days after the date of the NAR
Dispute Notice, the disagreement will be submitted for resolution to the auditors of the Company (the NAR Accountant). The
NAR Accountant will resolve the matters still in dispute and adjust the NAR Report to reflect such resolution. The NAR Accountant
will make a determination in writing as soon as practicable and in any event within forty-five (45) days after its engagement,
and such determination will be final and binding on the parties. The costs of the review will be borne by the party whose items,
values and amounts relating to the NAR Dispute Notice departs furthest from the values and amounts determined by the NAR Accountant
pursuant to this Clause. The decision of the NAR Accountant shall be final and binding on the parties.

 

No Net Accounts
Receivable will be assigned to the Seller even if they become subject to a SEK for SEK reduction of the Indemnification Holdback.

    	9

    	 

    

 

		5.3	Losses

 

The Indemnification
Holdback shall be reduced by the amount for which Buyer makes valid Claims for Losses under the Agreement. If the Indemnification
Holdback would not be sufficient to cover any liability of the Seller for valid Claims for Losses hereunder, Seller will, for the
avoidance of doubt, pay any remaining amount to the Buyer in cash.

 

		5.4	Employees and Management

 

On or before
the Closing, any management employees and contractors of the Company whose existing employment or similar agreements’ terms
and conditions are unacceptable to the Buyer (collectively, the Key Employees) may be offered new agreement(s) with the
Company, in a form satisfactory to the Buyer, to be effective upon the Closing Date (the New Key Employees’ Contracts).
The Seller or the Company, at their cost, shall cause on or before the Closing any employment contracts or other employment or
similar arrangements between the Company and its employees and contractors which contain obligations that arise from a change of
control including, without limitations, bonuses, special or extraordinary severance payments, or any required retention or transaction
related payments (collectively, Potential Payments) to be for the account of the Seller such that neither the Company nor
the Buyer nor any of their respective post-closing affiliates are responsible for, nor obligated to make, the Potential Payments
except if accrued in the Closing Balance Sheet. Under no circumstances will the Company, the Buyer, or any of their respective
post-closing affiliates be liable towards the employees of the Company for any obligation arising from a change of control of the
Company. All such obligations must be resolved by the Seller with employees prior to Closing. It is also agreed that the employment
agreements of Jens Bjorkman and Nancy Kuronen will remain with the Seller, which shall be responsible for all payments to Mr. Bjorkman
and Ms. Kuronen under the employment agreement and other existing compensation arrangements, including statutory withholding and
other similar payments. For greater certainty, they will not be entitled to any further payments from the Company or Buyer after
Closing, other than amounts accrued in the Closing Balance Sheet.

 

It is also
agreed that the Buyer at its option, may contract with the Seller to use the services of Jens Bjorkman and Nancy Kuronen, or, if
they are no longer employed or hired by the Seller, contract with them directly, for a period and monthly rate to be determined
to assist with transition activities.

 

Notwithstanding
anything to the contrary set out above in this Clause 5.4 or in Clause 4.1.2 (f) above, the Seller will not be obliged towards
the Buyer to keep Jens Bjorkman and Nancy Kuronen employed or otherwise hired for any period of time following Closing, or to ensure
that Maximillian Goldberg is employed by Modern Billing Solutions Inc., unless to the extent the Buyer has contracted with the
Seller to use their services (se ancillary agreement).

 

		5.5	Brokerage Fees

 

Seller shall
pay any and all brokerage commissions, finders’ fees or similar compensation due in connection with the transactions contemplated
by this Agreement based on any arrangement or agreement made by or on behalf of Seller or the Company. Any obligation of the Company
to pay any such fees, commissions or compensations shall reduce the Indemnity Holdback by the same amount on an SEK by SEK basis.

 

    	10

    	 

    

		5.6	Closing Balance Sheet Tax Assets

 

All current
tax assets on the Closing Balance Sheet, will, within twelve (12) months of the Closing Date, be converted into cash received by
the Company or possible to set-off against Taxes; provided however that the amount of any such Closing Balance Sheet tax assets
that, within 12 months of the Closing Date, is not converted into cash or possible to set-off or proves not to constitute valid
assets, will be deducted from the Indemnification Holdback on a SEK for SEK basis.

 

		5.7	Tele2 Holdback

 

		5.7.1	If, during the 12 months following Closing the Company receives notice of cancellation of the Netherlands
Tele2 contract, the Tele2 Holdback shall not be paid to the Seller but shall instead be paid in full to the Buyer.

 

		5.7.2	If, during the 12 months following Closing, Tele2 Netherlands contacts the Company or Buyer requesting
a renegotiation of the price of the Netherlands Tele2 contract, and the Company, in its discretion, agrees to a pricing reduction,
then Buyer will be entitled to receive from the Tele2 Holdback (i) 75% of the reduction in annual prices, for a 12 month period,
if the renegotiated contract is a single year contract, or (ii) 75% of the reduction in annual prices, for a 24 month period, if
the renegotiated contract is a contract for two years or longer.

 

		5.8	Maximum and Escrow

 

Subject to Section 11.1.2, no
adjustments of the Purchase Price can be made under this Agreement by an amount exceeding the Indemnification Holdback, or, as
regards Clause 5.7, the Tele2 Holdback. Price adjustments to be made under this Agreement by reduction of the Indemnification Holdback,
or the Tele2 Holdback, as the case may be, shall be paid to the Buyer from the Escrow Account.

 

If the Buyer has asserted a
Claim for reduction of the Purchase Price and the Seller does not dispute the Claim, the parties shall, within five (5) Business
Days jointly instruct the Escrow Agent in accordance with the escrow agreement to pay the amount of such Claim to the Buyer, if
and to the extent such amount is available on the Escrow Account.

 

If the Seller disputes a Claim
for reduction of the Purchase Price made by the Buyer, such dispute shall be resolved and finally settled by the Independent Accountant
as regards Net Cash Assets, the NAR Arbitrator as regards Net Accounts Receivable and otherwise by arbitration pursuant to Clause
14.2. Upon final resolution and settlement of such dispute, the Buyer is entitled to instruct the Escrow Agent in accordance with
the escrow agreement to pay the Buyer from the Escrow Account the amount which the Buyer is entitled to pursuant to such settlement,
if and to the extent such amount is available on the Escrow Account.

 

On the date falling 12 months
after the Closing Date, the remaining amounts on the Escrow Account shall be released to the Seller in accordance with the escrow
agreement, provided that no Claims having been made by the Buyer at such time remain unsettled (in which case the amounts shall
be released upon final settlement, unless to the extent the settlement is made in favor of the Buyer). Should such date not be
a Business Day, such release shall take place on the first Business Day following such date.

    	11

    	 

    

 

		6.	Closing

 

		6.1	Closing shall take place, unless otherwise agreed in writing between the parties, at the, on the
Closing Date or on such other date as the parties mutually agree.

 

		6.2	At Closing the Seller shall:

 

		a)	in exchange for payment of the Purchase Price in accordance with Clause 4.1.2, deliver to the Buyer
(i) the share certificates representing the Shares duly endorsed to the Buyer, free and clear of all Encumbrances; and (ii) evidence
that the Buyer has been entered as owner of the Shares in the share register of the Company (Sw. aktiebok);

 

		b)	deliver to the Buyer a power of attorney issued by the Company authorising the persons specified
by the Buyer to act on behalf of the Company;

 

		c)	deliver to the Buyer written resignation and confirmation letters from each retiring director of
the Company stating that none of them has any claim against the Company;

 

		d)	deliver a copy of certificates, issued by the appropriate registering authorities, certifying the
due incorporation and good standing of the Company;

 

		e)	deliver documentation establishing Escrow Account;

 

		f)	deliver such other documents and instruments as may be reasonably required to consummate the transactions
contemplated by this Agreement;

 

		6.3	At Closing, the Buyer shall

 

		a)	make payments of the Purchase Price in accordance with Clause 4.1.2, and procure a statement issued
by the Company that the Seller and its affiliates are discharged from the Net Inter-company Balance.

 

		b)	cause to be held an extraordinary general meeting of shareholders of the Company resolving upon
the appointment of new members of the board of directors and a new auditor;

 

		c)	procure that the Company notifies the Companies Registration Office (Sw. Bolagsverket) regarding
the resignations and the appointments set out above and deliver documentary evidence of such notifications;

 

		d)	assist Seller to procure its release from its guarantee issued as security over the line of credit
granted by Handelsbanken to the Company (it is a condition to Closing that the Seller is released).

 

		6.4	At Closing, the parties shall enter into the following ancillary agreements

 

		a)	an escrow agreement between the Seller, the Buyer and the Escrow Agent;

 

		b)	an agreement between the Seller and the Company regarding the services of Kuronen and Goldberg.

 

		6.5	All of the above actions shall be deemed to occur simultaneously and Closing shall not be deemed
to have occurred until and unless all of the actions to occur at Closing pursuant to this Clause 6 have been performed or the performance
thereof is waived by the appropriate party.

    	12

    	 

    

 

		6.6	Each party will use its best efforts to do all things necessary or desirable under applicable law
and regulation to ensure that the Transaction is consummated in accordance with the terms of this Agreement, including the Seller
and the Buyer causing the Company to execute and deliver such documents, certificates, and agreements and to take any such other
actions as may be desirable or necessary for the consummation of the Transaction.

 

		7.	Post-Closing Obligations

 

		7.1	Contracts, Leases and Permits

 

In the case
of any Open Customer Contract, Software Maintenance Contract or permit that by its terms requires the consent of a third party
in connection with the transactions contemplated hereby, the Company will obtain or cause to be obtained in writing prior to or
after the Closing Date any consents necessary to convey the benefits thereof. During such period in which the required consent
relating to the applicable Open Customer Contract, Software Maintenance Contract or permit has not been obtained, Seller will make
such arrangements as may be reasonably necessary to enable Buyer to receive all the economic benefits under such Open Customer
Contract, Software Maintenance Contract or permit accruing on and after the Closing Date.

 

		7.2	Further Assurances

 

From time to time, as and when
requested by either Seller or Buyer, the other party will execute and deliver, or cause to be executed and delivered, all such
documents and instruments and will take, or cause to be taken, all such further actions, as the requesting party may reasonably
deem necessary or desirable to consummate the transactions contemplated by or fulfil the obligations under this Agreement.

 

		7.3	Discharge from liability

 

The Buyer
shall procure that, at the next annual shareholders’ meetings of the Company, the current directors shall be discharged from
liability for the period up until Closing, provided that the auditors recommends such discharge.

 

		7.4	Audit

 

The Buyer
shall ensure that Seller (or its agent), at its expense, is granted full access to to the books, records, properties and personnel
of the Company, until the audit is finalized, for purposes of facilitating the audit that is to be made of the Company as of 30
June 2014.

 

		7.5	Basset name

 

If Buyer,
at its sole discretion, ceases to use the Basset name entirely, and changes the name of the Company to a name that does not use
the word Basset, then Seller may request Buyer to transfer free of charge full right and title to the Basset name, and Buyer will
effect the transfer if the above conditions are both met.

 

		8.	Warranties of the Seller

 

		8.1	Seller hereby represents and warrants to the Buyer as at the Closing Date:

    	13

    	 

    

 

		a)	The Seller has all requisite powers to enter into and to perform its obligations under this Agreement
which, when executed, will constitute binding obligations of the Seller in accordance with its terms.

 

		b)	The Seller owns and has good and marketable title to the Shares, which are fully paid, free from
all Encumbrances and no claims have been made by third parties regarding the title to the Shares.

 

		8.2	The Shares

 

		8.2.1	There is no agreement or commitment outstanding which calls for the allotment, issue or transfers
of or affords to any person the right to call for the allotment or issue of, any shares (including the Shares) or securities of
the Company.

 

		8.2.2	The Shares comprise the entire issued share capital of the Company and are fully paid and registered
in the name of the Seller. There are no warrants, convertibles or other securities issued by the Company other than the
Shares.

 

		8.3	Corporate

 

		8.3.1	The Company is a company duly organised and validly existing under the laws of Sweden.

 

		8.3.2	All filings (including annual accounts and tax returns) and other formalities required under applicable
law in respect of the Company have been made in a timely and accurate manner.

 

		8.3.3	The Company is not insolvent or unable to pay its debts as the fall due, or are in default under
any financial facility agreement.

 

		8.3.4	No order has been made, petition presented, resolution passed or meeting convened for the winding-up
or re-organisation (Sw. Företagsrekonstruktion) (or other process whereby the Business is terminated and the assets
of the Company are distributed amongst the creditors and/or shareholders or other persons) of the Company and no steps have been
taken to enforce any security of any of the assets of the Company.

 

		8.3.5	The Company has an issued share capital of SEK 100 000 divided into 1000 shares. The Shares
have been duly authorised and validly issued and are fully paid.

 

		8.3.6	The books and records of the Company is up-to-date and contain, in all material respects, complete
and accurate records of the matters which are required by law to be included in such books and records.

 

		8.4	Financial

 

		8.4.1	Financial Statements

 

The Financial Statements are
true, complete and accurate and have been prepared in accordance with applicable law, and in accordance with Swedish GAAP; the
Buyer acknowledges that, EBITDA information separate and apart from the Financial Statements was provided to Buyer and that such
EBITDA information was subject to adjustments not in accordance with Swedish GAAP.

 

		8.4.2	Net Accounts Receivable 

 

The list, provided in Schedule
8.4.2, which is complete and accurate, contains information, including an aging schedule for all receivables, regarding all the
Company’s Net Accounts Receivable. These have not been factored, assigned or collected. Provisions for bad debts and allowances
have been made in accordance with Swedish GAAP.

    	14

    	 

    

 

		8.5	Contracts

 

		8.5.1	All Material Contracts are listed in Schedule 8.5.1.

 

8.5.2        
Except as is specifically noted otherwise in Schedule 8.5.1, to the Seller’s Knowledge, (i) all Material Contracts
are valid and binding agreements of the Company; (ii) all Material Contracts are in full force and effect and no material default
or breach exists in respect thereof on the part of any of the parties thereto; (iii) no Material Contract contains any penalty
provisions, minimum purchase commitments, refund rights or similar provisions; and (iv) the Company has not received notice of
termination of any Material Contract or is aware of any customer who is party to a Material Contract intending to terminate its
relationship with the Company.

 

		8.5.3	The Company is not aware of any actual, potential or alleged breach, invalidity, grounds for termination,
grounds for rescission, grounds for avoidance or grounds for repudiation of, any material contract to which it is a party.

 

8.5.4        
Set forth in Schedule 8.5.4 is a true and complete listing of all Open Customer Contracts, a description of the outstanding
work to be completed, and the amount of time in hours required to complete such outstanding work. For greater certainty, each of
the representations set forth in Clause 8.5.2 shall apply in the same manner, mutatis mutandis, to the Open Customer Contracts.

 

8.5.5        
A true and complete list of all significant Software Maintenance Contracts (including the dates that amounts are due and
any renewal dates thereof) for which the Company have an obligation to provide services and has received payment in respect thereof
is set forth in Schedule 8.5.5. Except as specifically noted otherwise in Schedule 8.5.5, each of the Software Maintenance Contracts:

 

		a)	is in good standing and in full force and effect, and no material default or breach exists in respect
thereof on the part of any of the parties thereto, and no event has occurred which, after the giving of notice or the lapse of
time or both, would constitute such a default or breach;

 

		b)	to the Seller’s Knowledge has not been cancelled, terminated or otherwise materially altered,
nor has any customer notified the Company of any intention to cancel, terminate or materially alter its relationship with the Company,
and the Company has no reason to believe that there will be any such change as a result of the transactions contemplated by this
Agreement.

 

		8.6	Employees

 

8.6.1        
The pension arrangements set out in Schedule 8.6.4 are the only arrangements under which the Company may become liable to
make any payments for pensions or other retirement benefits for current or former employees.

 

8.6.2        
The Company is not party to any collective bargaining agreements.

 

8.6.3        
All employee benefit plans, including bonus, option, retirement, pension, insurance, medical and dental plans are listed
in Schedule 8.6.4

    	15

    	 

    

 

8.6.4        
Schedule 8.6.4 contains a complete and accurate list of the following information for each employee, officer or independent
contractor of the Company, including each employee on leave of absence: name; job title; current compensation paid or payable (annual
rate or hourly rates of pay, as applicable) and any proposed changes or discussion relating to the level of compensation; bonus
and/or commission arrangements; vacation accrued as of the Closing Date; service credited as of a recent date for purposes of vesting
and eligibility to participate under any benefit plan or severance pay; applicable notice period; insurance, medical, and other
payments; and, other than amounts accrued on the Pre Closing Balance Sheet, all bonuses and any other amounts to be paid by the
Company at or in connection with the Closing.

 

		8.7	Tax

 

		8.7.1	Except as set forth on Schedule 8.7, all tax returns required (including applicable extensions)
to be filed on or before the date hereof by or on behalf of the Company with any taxing authority with respect to any Tax relating
to any period prior to the Closing have been filed when due in accordance with all applicable laws, and all Tax owed by any Group
Company (whether or not shown as due and payable on the tax returns that have been filed) have been timely paid or withheld (including
withholding for independent contractors, consultants and other employees) and remitted to the appropriate taxing authority, except
where (i) the failure to file any such tax return or to pay or withhold any such Tax could not, individually or in the aggregate,
reasonably be expected to have a material adverse effect, or (ii) such taxes are not yet due and payable.

 

		8.7.2	Except as set forth on Schedule 8.7, all such tax returns were true, complete and correct. The
Company has made adequate provision for Taxes in the Financial Statements and in its accounting records in accordance with Swedish
GAAP. No current liability for Taxes has been incurred by any of the Company other than in the ordinary course of business. The
Company have not received notice of any pending or threatened action that could result in a liability for Taxes in excess of those
shown in the Financial Statements.

 

		8.7.3	Except as set forth on Schedule 8.7, no Group Company has been granted any extension or waiver
of the statute of limitations period applicable to any tax return, which period (after giving effect to such extension or waiver)
has not yet expired.

 

		8.7.4	Except as set forth on Schedule 8.7, there is no action, suit, proceeding, audit or investigation
pending or, to the Seller’s Knowledge, threatened against or with respect to the Company in respect of any tax, nor has the
Company received notice from any other Tax authority that it has commenced or intends to commence an audit with respect to any
Tax. No claim has been made in writing by any Tax authority, in any jurisdiction in which the Company do not file a tax return,
that the Company is or may be subject to taxation by that jurisdiction and no such claim exists which has not been resolved by
a determination by such Tax authority that the Company is not so subject to taxation.

 

		8.7.5	Except as set forth on Schedule 8.7, there are no Encumbrances for taxes upon the assets of the
Company or its Shares.

 

		8.8	Assets

 

		8.8.1	Schedule 8.8 sets forth a list of all significant Fixed Assets and the location thereof. Except
as set forth in Schedule 8.8, to the Seller’s Knowledge, the Fixed Assets have been maintained by the Company in good repair
and operating condition (normal wear and tear excepted).

 

    	16

    	 

    

		8.8.2	The Company owns or leases all assets required to conduct the Company’s business as currently
conducted.

 

		8.9	Insurance

 

Schedule 8.9 summarises the
policies maintained by the Company all of which are duly paid and in full force. There are no pending or outstanding insurance
claims involving the Company.

 

		8.10	Intellectual Property

 

		8.10.1	Schedule 8.10.1 is a list of all Computer Programs, patents, trademarks
and copyrights which is currently used in the Business by the Company. All such Intellectual Property is owned by or licensed,
and with the exceptions set out in Schedule 8.10.1, to the Seller’s Knowledge, none of the products currently used by the
Company is subject to any open source licenses. The registrations of all registered Intellectual Property owned by the Company
are in force.  

 

		8.10.2	The Company has taken all reasonable steps required to establish and preserve the ownership of
all Company IP in accordance with best industry practice. All owned Company IP are valid, enforceable and subsisting.

 

		8.10.3	All use and licensing by the Company of open source materials has, to the Seller’s Knowledge,
been done in accordance with the terms of the applicable license(s) for such open source materials.

 

		8.10.4	No Group Company has granted to any person or entity the exclusive right to use any of its Company
IP.

 

		8.10.5	The development, operation, marketing and sale of any and all products and services sold or used
in connection with the Company’s business do not, to the Seller’s Knowledge, infringe on any intellectual property
or other rights of any third party.

 

		8.10.6	The Company has not received any notice of any infringement by any third party of any Company IP.

 

		8.10.7	The Intellectual Property listed in Schedule 8.10.1 is valid and enforceable and legally owned
by, or validly granted, to the Company, free and clear of Encumbrances.

 

		8.10.8	Set forth on Schedule 8.10.1 is a list specifying the location of all copies of any source code
for the Seller Software owned by the Company and detailing all source code escrow arrangements or agreements entered into by the
Company and all beneficiaries of any such arrangements or agreements. Except as set forth in Schedule 8.10.1, the Company has not
made available to any person any source code for the Seller Software.

 

		8.10.9	The Company owns or licenses all Intellectual Property required to conduct the Company’s
business as currently conducted.

 

		8.11	Real property and leases

 

		8.11.1	The Company does not own any real property.

 

		8.11.2	No premises lease agreement has been terminated for vacating or renegotiation and no rent reviews
are currently under negotiation or court review. A list of all leased real property is attached as Schedule 8.11.2. To the Seller’s
Knowledge, the Company is not in default or breach under the terms of any such lease.

    	17

    	 

    

 

		8.12	Legal compliance

 

		8.12.1	To the Seller’s Knowledge, the Company has all necessary permits, governmental licences and
permits to carry on the Business as presently conducted.

 

		8.12.2	To the Seller’s Knowledge, the Company has conducted the Business in compliance with all
applicable laws and regulations of Sweden. There is no order, decree or judgement of any court or governmental entity of Sweden
nor of any other country which is outstanding against the Company or which may have an adverse effect upon the assets of the Company
or of the Business.

 

		8.12.3	To the Seller’s Knowledge, the Company is not party to any agreement or any activity which
is in contravention of any applicable competition law.

 

		8.13	Litigation

 

The Company is not a party to
any litigation, arbitration, administrative proceedings or similar anywhere in the world, and, to the Seller’s Knowledge,
there is no pending or threatened claim based on circumstances before the Closing Date that might result in any litigation, arbitration
or administrative or similar proceedings.

 

		8.14	Changes since the Accounts Date

 

Since December 31, 2013, there
has not been: (i) any change in the financial condition, results of operations, assets, business of the Business that has had or
could reasonably be expected to have a material adverse effect; (ii) any sale, license or transfer of any of the assets of Seller
that relate to the Business or the Company, except sales in the ordinary course of business; (iii) any increase in, or commitment
to increase, the compensation payable or to become payable to the Company’s employees or any bonus payment or benefit or
similar arrangement made to or with any of such employees except as described in Schedule 8.6.4; or (iv) any material alteration
in the manner of keeping the Company’s books, accounts or financial records that relate to the Business or the Company; books,
accounts or financial records.

 

		8.15	Affiliate Transactions

 

(a)Except for as set forth
on Schedule 8.15 and for the Net Inter-company Balance, there are no outstanding payables, receivables, loans, advances and other
similar accounts between the Company, on the one hand, and any of their affiliates, on the other hand, relating to the Business.

 

(b)Except for as set forth
on Schedule 8.15, no director, officer or employee of the Company possesses, directly or indirectly, any ownership interest in,
or is a director, officer or employee of, any person that is a supplier, customer, lessor, lessee, licensor, developer or competitor
of the Business.

 

		9.	Warranties of the Buyer

 

The Buyer makes the following
warranties to the Seller as of the Signing Date and as of the Closing Date:

 

		9.1	The Buyer is duly organised and validly existing under the laws of Sweden, having all licenses,
authorisations and corporate powers to carry on its business as now conducted and to enter into this Agreement, which, when executed,
will constitute binding obligations on the Buyer in accordance with its terms.

    	18

    	 

    

 

		9.2	The Buyer is neither prohibited nor restrained by its constituting documents, or by any agreements
to which it is a party, from entering into this Agreement and consummating the Transactions, and this Agreement and the transactions
related hereto have been duly authorised by all necessary corporate actions.

 

		9.3	The Buyer has all right, power and authority, and has taken all action necessary, to execute, deliver
and perform its obligations under this Agreement.

 

		10.	SELLER’s Liability

 

		10.1	The Seller does not render any other warranties or representations, whether expressed or implied,
other than the warranties in this Agreement. The Seller’s liability for warranty breaches or other quality issues under this
Agreement shall thus be exclusively limited to liability for breach of the warranties set out herein, and Seller shall have no
other liability, expressed or implied, based on any covenant, undertaking or other warranty or any other agreement, contract, statute,
including under the Swedish Sale of Goods Act (Sw. Köplagen (1990:931)).

 

		11.	Limitation of liability

 

Seller’s liability for
any breach of warranties or any other obligations under this Agreement shall be subject to the following limitations.

 

The Seller shall in no event
be liable to compensate any other form of liabilities, damages, losses, costs or expenses than Losses as defined.

 

Modern Holdings shall be jointly
liable towards the Buyer for any breach by the Seller of the warranties set out in this Agreement and fully guarantees the performance
of all Seller’s obligations hereunder.

 

		11.1	Minimum Claims

 

		11.1.1	No Claim shall be brought by the Buyer against the Seller, and the Seller shall not be liable for
a Loss, unless the amount of any single Claim exceeds SEK 250,000 (provided that multiple instances of the same individual Item
aggregating more than SEK 250,000 shall be permitted (for example, three (3) instances of SEK 83,000)), but then from the first
SEK of the Loss, and the aggregate amount of all Claims exceeds SEK 250,000 or more in the aggregate, in which case the Seller
shall be liable from the first SEK of such Losses including, for greater certainty, the first SEK 250,000 of such Losses.

 

		11.1.2	The maximum liability of Seller for Losses for breach of the representations and warranties in
Clauses 8.1 and 8.10.7 (Ownership of Shares and Company IP), Clause 8.7 (Taxes) and fraud will be limited to the Purchase Price.
The maximum liability for breach of other representations and warranties will be limited to the amount of the Indemnification Holdback.

 

		11.2	Insurance

 

The Seller shall not be liable
under this Agreement in respect of any Claim to the extent that the Losses in respect of which such Claim is made either are covered
by a policy of insurance or would have been covered if such policy of insurance can be procured and the insurer accepts and pays
the Claim.

    	19

    	 

    

 

		11.3	Time limitations

 

		11.3.1	The Seller shall have no liability in respect of any Claim unless the Buyer gives notice in writing
to the respective Seller of such Claim no later than by the date being (12) months from the Closing Date.

 

		11.3.2	The limitation in time set forth in Clause 11.3.1 above shall not apply to (i) representations
and warranties of the parties relating to title to the ownership of Shares or Company IP (i.e. Clauses 8.1 and 8.10.7) which shall
survive indefinitely; (ii) fraud or wilful misconduct on the part of the Company, Seller, or its directors, officers, employees
and advisors in connection with the Agreement which shall survive indefinitely; and (iii) representations and warranties in respect
of Tax matters and in respect of which any taxation authority of competent jurisdiction, administering any taxation legislation
pursuant to which the Company is subject, has the right to assess, reassess or make additional assessments pursuant to the taxation
legislation of such jurisdiction, shall survive until thirty (30) days following the last day that the rights of assessment or
reassessment referred to in this sentence cease. Notwithstanding the immediately preceding sentence, any representation or warranty
in respect of which indemnification may be sought under this Agreement will survive the time at which it would otherwise terminate
if written notice of the inaccuracy or breach thereof giving rise to such right of indemnity shall have been given to the party
against whom such indemnity may be sought prior to such time.

 

		11.3.3	Whenever the Buyer or the Company becomes aware (the Relevant Date), of a Claim for which
the Seller may be liable, the Buyer shall as soon as reasonably practicable, but in no event not later than sixty (60) days after
the Relevant Date, give notice thereof to the Seller. The notice shall be accompanied by reasonable particulars of the Claim specifying
the nature of the breach if possible, together with any such other information available to the Buyer as is reasonably necessary
to enable the Seller to assess the merits of the Claim, to act to preserve evidence and to make such provision as the Seller may
consider necessary.

 

		11.4	Double Claims and other limitations

 

The Buyer shall not be entitled
to recover from the Seller under this Agreement more than once in respect of the same Losses suffered including recoveries made
as adjustment of the Purchase Price under this Agreement.

 

A liability caused by a breach
of this Agreement which is contingent shall not constitute a Loss recoverable under this Agreement, unless and until such contingent
liability becomes an actual liability and is due and payable. However, this shall not operate to exclude a Claim made in respect
of a contingent liability within the time limits and setting out reasonable particulars thereof.

 

If any Loss caused by a breach
of this Agreement is a Tax deductible item, which can be accounted for to the benefit of the Company or the Buyer, the Claim that
the Buyer may make in respect thereof shall be reduced by an amount corresponding to such benefit.

    	20

    	 

    

 

		11.5	Third Party Claim

 

		11.6	If the Buyer or the Company becomes aware of Third Party Claims,
the Buyer shall procure that written notice thereof is given to the Seller in a timely
fashion, however, in no event later than thirty (30) days after the Buyer or the Company (as the case may be) became aware of the
relevant fact or circumstance.

 

		11.7	In connection with any Third Party Claim, the Buyer shall:

 

		a)	take such action and give such information and access to documents and records to the Seller and
the Seller’s professional advisers as the Seller may reasonably request in order to avoid, dispute, mitigate, settle, defend
or appeal any claim;

 

		b)	not make any admission of liability, agreement or compromise with any person, body or authority
without the prior written approval of the Seller’s representative, not to be unreasonably withheld;

 

		c)	not take any action which may have an adverse effect on any policy of insurance under which any
such Third Party Claim would be covered if such action had not been taken;

 

		d)	at the request of the Seller, allow the Seller to take active part in such actions. In connection
with the handling of such Third Party Claim, each Party shall provide the other Party with such information and assistance as it
reasonably requests; and

 

		e)	take all reasonable action to mitigate any loss suffered by it or the Company.

 

		12.	Confidentiality

 

		12.1	Each of the Parties shall treat as strictly confidential, and not disclose or use, any information
received or obtained as a result of entering into this Agreement (or any agreement entered into pursuant to this Agreement), which
relates to:

 

		a)	the provisions of this Agreement and any agreement entered into pursuant to this Agreement;

 

		b)	the negotiations relating to this Agreement (and any such other agreements); or

 

		c)	the other Parties’ business, financial or other affairs.

 

		12.2	Clause 12.1 shall not prohibit disclosure or use of any information if and to the extent:

 

		a)	the disclosure or use is required by law, any regulatory body or any recognised stock exchange
on which the shares of any Party (or any other company belonging to the same group as a Party) are listed;

 

		b)	the disclosure or use is required to vest the full benefit of this Agreement in the Seller or the
Buyer;

 

		c)	the disclosure or use is required for the purpose of any judicial proceedings arising out of this
Agreement or any other agreement entered into under or pursuant to this Agreement or the disclosure is made to a tax authority
in connection with the tax affairs of the disclosing Party;

 

		d)	the disclosure is made to professional advisers of any Party on terms that such professional advisers
undertake to comply with confidentiality corresponding to the provisions of Clause 12.1;

 

		e)	the information is or becomes publicly available (other than by breach of any confidentiality agreement
or of this Agreement);

    	21

    	 

    

 

		f)	the other party have given prior written approval to the disclosure or use; or

 

		g)	the information is independently developed after Closing,

 

provided
that prior to disclosure or use of any information pursuant to this Clause12.2 a) or b), the
Party concerned shall promptly notify the other Parties of such requirement with a view to providing the other Parties with the
opportunity to contest such disclosure or use or otherwise to agree the timing and content of such disclosure or use.

 

		13.	Other provisions

 

		13.1	Announcements

 

The Parties shall mutually determine
the date and the form of any announcement of the Transaction except as may be required by law or stock exchange recommendations
or regulations in which case such Party undertakes to inform the other Parties in advance in writing.

 

		13.2	Costs

 

Except as expressly otherwise
provided herein, the Seller, the Buyer and the Company, respectively, shall bear their own costs and expenses incurred in connection
with this Agreement and the Transaction, whether or not such Transaction shall be completed, including, without limitation, all
fees of its legal advisers, accountants and other advisers.

 

		13.3	Entire agreement

 

This Agreement contains the
entire agreement between the Parties in connection with the Transaction and supersedes any previous written or oral agreement between
the Parties in relation to the subject matters dealt with in this Agreement.

 

		13.4	Amendments

 

Any amendment to or modification
of this Agreement shall be valid only if made in writing and signed by all Parties.

 

		13.5	No waiver

 

Any omission by any Party to
exercise its rights and remedies under this Agreement on any occasion shall not constitute a waiver of such rights and remedies
on other occasions.

 

		13.6	Assignments

 

This Agreement shall be binding
upon and inure to the benefit of the successors and assigns of the Parties but shall not be assignable by any of the Parties without
the prior written consent of the other Parties.

 

		13.7	Invalidity

 

If any term or provision in
this Agreement shall be held to be illegal or unenforceable, in whole or in part, under any enactment or rule of law, such term
or provision or part shall to that extent be deemed not to form a part of this Agreement but the enforceability of the remainder
of this Agreement shall not be affected, provided that the remaining terms of the Agreement shall be reasonably adjusted to redress
any imbalance caused by such unenforceability.

    	22

    	 

    

 

		13.8	Headings

 

Headings of sections and clauses
in this Agreement are for convenience only and shall not affect the interpretation of the Agreement.

 

		13.9	Notices

 

		13.9.1	All notices, consents and other communications (Notices) required or permitted under this
Agreement shall be made in writing and be deemed to have been duly given by the Parties if addressed and delivered by hand or sent
by email, telefax or registered mail to the addresses set forth below or to such other addresses as may be given by written notice
in accordance with this Clause.

 

		13.9.2	Notices shall be deemed given:

 

		a)	upon delivery in case of delivery by hand;

 

		b)	three calendar days after dispatch in the case of registered mail; and

 

		c)	the first working day after the day of transmission in the case of notices by telefax or email.

 

		13.9.3	Notices shall be addressed as follows:

 

if to the Seller:

 

MHI Investments AB

 

c/o Modern Holdings Inc./Henry
Guy

 

89 Summit Avenue, 2nd
Floor

 

Summit, New Jersey, 07901

 

USA

 

and

 

if to the Buyer:

 

Enghouse Systems Limited

 

80 Tiverton Court, Suite 800

 

Markham ON L3R 0G4

 

ATTN: Steve Sadler

 

		14.	GOVERNING LAW and dispute resolution

 

		14.1	This Agreement shall be governed by and construed in accordance with the substantive law of Sweden,
excluding however, the Swedish International Sale of Goods Act (Sw. lagen (1987:822) om internationella köp).

 

		14.2	Any dispute, controversy or claim arising out of or in connection with this contract, or the breach,
termination or invalidity thereof, shall be finally settled by arbitration administered by the Arbitration Institute of the Stockholm
Chamber of Commerce (the SCC).

    	23

    	 

    

 

		14.3	The Rules for Expedited Arbitrations shall apply, unless the SCC in its discretion determines,
taking into account the complexity of the case, the amount in dispute and other circumstances, that the Arbitration Rules shall
apply. In the latter case, the SCC shall also decide whether the Arbitral Tribunal shall be composed of one or three arbitrators.
The seat of arbitration shall be Stockholm. The language to be used in the arbitral proceedings shall be English.

 

		14.4	Arbitration proceedings conducted in accordance with this Agreement, including any decision or
award shall be kept confidential.

 

_________________________

 

[Signature page follows]

    	24

    	 

    

 

This Agreement may be executed
and delivered in counterparts, including by electronic PDF delivery method, all of which together shall constitute one and the
same Agreement.

 

MODERN HOLDINGS INC. for 

purposes of section 11.  

 

/s/ Henry L. Guy 

Name:
Henry L. Guy

 

 

MHI INVESTMENTS AB  

 

/s/ Henry L. Guy  

Name: Henry L. Guy

 

ENGHOUSE INTERACTIVE AB  

 

/s/ Steve Sadler

Name:
Steve Sadler

 

    	25

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00242-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00242-of-00352.parquet"}]]