Document:

Exhibit 4.10

 

THIRD AMENDMENT TO LOAN
AGREEMENT

(INTELLINETICS,
INC.)

 

THIS THIRD AMENDMENT
TO LOAN AGREEMENT (this “Amendment”) is entered into onSeptember 25, 2015, between the Director of the Ohio
Development Services Agency, formerly known as the Department of Development of the State of Ohio (the “Director”)
and Intellinetics, Inc., an Ohio corporation (the “Company”).

 

Background Information

 

		A.	On or about June 3, 2011, the Director and the Company executed a Loan Agreement
(the “Original Loan Agreement”) whereby the Director provided an Innovation Ohio Fund loan (the “Loan”)
in the amount of up to $750,000 to the Company to undertake the Project as set forth in the Loan Agreement. The Company executed
and delivered to the Director a Cognovit Promissory Note in the same amount that documented the Borrower’s repayment of the
Loan.

 

		B.	On or about August 13, 2012, the Director and the Company executed a First
Amendment to the Loan Agreement (the “First Amendment”), and on or about August 15, 2014, the Director and the Company
executed a Second Amendment to Loan Agreement (the “Second Amendment”). This Amendment, together with the Original
Loan Agreement, the First Amendment, and the Second Amendment shall collectively be referred to as the “Loan Agreement.”

 

		C.	The Company has requested the documents be amended to modify the number
of retained jobs and created jobs due under the Loan Agreement.

 

		D.	The Director has reviewed the Company’s request and has agreed to
the request upon the terms and conditions of this Amendment.

 

Agreement

 

In consideration of the representations
and mutual promises made herein, the benefits accruing to the parties herein, and the obligations continuing hereunder, the parties
agree that:

 

 

	 	1. 	Capitalized Terms. All capitalized terms not otherwise defined in this Amendment shall have the meaning set forth in the Loan Agreement.

 

		2.	Amendment to Section 4.1. The second paragraph of Section 4.1 of the Loan Agreement is
hereby deleted in its entirety and replaced with the following:

 

The
Company has represented that the Loan will permit the Company to create and/or retain nineteen (19) full-time jobs at the
Project Site by December 31, 2015 (the “Metric Evaluation Date”). The Company has also represented that the Loan
will permit the Company to maintain 19 full-time jobs at the Project Site for each month through October 1, 2016 (the
“Job Retention Date”). Beginning November 1, 2015, the Company shall furnish to the Director, no later than the
seventh day of each month, monthly reports which certify the number of employees retained at the Project Site at the end of
the previous month. If the Company fails, for reasons other than Market Conditions, to create and/or retain at least nineteen
(19) full-time jobs at the Project Site through the Metric Evaluation Date, or to maintain nineteen (19) full-time jobs at
the Project Site for each month through the Job Retention Date, the interest rate on the outstanding balance of this Loan
shall, at the option of the Director, increase to ten percent (10%) per annum.

 

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		3.	Representations and Warranties. The Borrower represents and warrants
the following to the Director:

 

		(a)	The execution, delivery and performance by the Borrower of this Amendment
and the transactions contemplated herein (i) are and will be within the powers of Borrower, (ii) have been authorized by all necessary
actions of Borrower, (iii) are not and will not be in contravention of any order of any court or other agency of government, or
of any law to which Borrower or any property of Borrower is bound, and (iv) are not and will not be in conflict with, or result
in a breach of or constitute (with due notice and/or lapse of time) a default under the articles of organization or other organizational
documents, or any indenture, agreement or undertaking to which Borrower is a party or by which Borrower or any property of Borrower
is bound;

 

		(b)	This Amendment and any other agreements executed and delivered in connection
herewith shall be valid, binding and enforceable against Borrower in accordance with their respective terms except to the extent
enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally;

 

		(c)	Each of the representations and warranties contained in, and each of the
exhibits and/or schedules attached to the Loan Agreement, as amended, and the Loan Documents are true, correct and complete in
all material respects as of the date hereof;

 

		(d)	No event or condition, which has or is likely to have a material adverse
effect as to Borrower has occurred from the Closing Date to the date hereof; and

 

		(e)	Upon the effectiveness of this Amendment, no default or Event of Default
is outstanding under the Loan Agreement or any of the Loan Documents.

 

		4.	Confirmation of Security Interests. The Borrower confirms and agrees
that all prior security interests and liens granted to the Director in all existing and future assets of the Borrower remain unimpaired
and in full force and effect and shall continue to cover and secure all the Borrower’s obligations to the Director. Borrower
further confirms and represents that any and all of the Collateral remains free and clear of all liens other than those in favor
of the Director and as otherwise permitted in the Loan Documents. Nothing contained herein is intended to in any way impair or
limit the validity, priority or extent of the Director’s security interest in and liens upon the collateral of Borrower.

 

		5.	Obligations Absolute. Borrower covenants and agrees (a) to pay the
balance of any principal, together with all accrued interest, as specified above in connection with any promissory
note executed and evidencing any indebtedness incurred in connection with the Loan Agreement, as modified by this Amendment,
pursuant to the terms set forth therein and (b) to perform and observe covenants, agreements, stipulations and conditions on
its part to be performed hereunder or under the Loan Agreement and all other documents executed in connection herewith or
thereof.

 

    Page 2 

     

    

 

		6.	No Set-Offs. Borrower hereby declares that Borrower has no set-offs,
counterclaims, defenses or other causes of action against the Director arising out of the Loan Agreement or any of the Loan Documents,
and to the extent any such set-offs, counterclaims, defenses or other causes of action may exist, whether known or unknown, such
items are hereby waived by the Borrower.

 

		7.	Release. BORROWER HEREBY RELEASES, WAIVES AND FOREVER RELINQUISHES
ALL CLAIMS, DEMANDS, OBLIGATIONS, LIABILITIES AND CAUSES OF ACTION OF WHATEVER KIND OR NATURE, WHETHER KNOWN OR UNKNOWN, INCLUDING
ANY SO-CALLED “DIRECTOR LIABILITY” CLAIMS OR DEFENSES WHICH IT HAS, MAY HAVE, OR MIGHT ASSERT NOW OR IN THE FUTURE
AGAINST THE DIRECTOR AND/OR ITS RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, ATTORNEYS, ACCOUNTANTS, CONSULTANTS, SUCCESSORS,
AND ASSIGNS (INDIVIDUALLY, A “RELEASEE” AND COLLECTIVELY, THE “RELEASEES”), DIRECTLY OR INDIRECTLY,
ARISING OUT OF, BASED UPON, OR IN ANY MANNER CONNECTED WITH (A) ANY TRANSACTION, EVENT, CIRCUMSTANCE, ACTION, FAILURE TO ACT, OR
OCCURRENCE OF ANY SORT OR TYPE, WHETHER KNOWN OR UNKNOWN, WHICH OCCURRED, EXISTED, OR WAS TAKEN OR PERMITTED PRIOR TO THE EXECUTION
OF THIS AMENDMENT WITH RESPECT TO BORROWER’S OBLIGATIONS TO THE DIRECTOR, THE LOAN AGREEMENT, THE OTHER LOAN DOCUMENTS, BORROWER’S
INDEBTEDNESS TO THE DIRECTOR, OR THE ADMINISTRATION THEREOF, (B) ANY DISCUSSIONS, COMMITMENTS, NEGOTIATIONS, CONVERSATIONS, OR
COMMUNICATIONS WITH RESPECT TO BORROWER’S OBLIGATIONS TO THE DIRECTOR OR (C) ANY THING OR MATTER RELATED TO ANY OF THE FOREGOING
PRIOR TO THE EXECUTION OF THIS AMENDMENT. THE INCLUSION OF THIS PARAGRAPH IN THIS AMENDMENT AND THE EXECUTION OF THIS AMENDMENT
BY THE DIRECTOR DOES NOT CONSTITUTE AN ACKNOWLEDGMENT OR ADMISSION BY THE DIRECTOR OF LIABILITY FOR ANY MATTER, OR A PRECEDENT
UPON WHICH ANY LIABILITY MAY BE ASSERTED.

 

		8.	Non-Waiver. This Amendment does not obligate the Director to agree
to any other extension or modification of the Loan Agreement or other Loan Documents nor does it constitute a course of conduct
or dealing on behalf of the Director or a waiver of any other rights or remedies of the Director. No omission or delay by the Director
in exercising any right or power under the Loan Agreement, this Amendment or any related instruments, agreements or documents will
impair such right or power or be construed to be a waiver of any default or Event of Default or an acquiescence therein, and any
single or partial exercise of any such right or power will not preclude
other or further exercise thereof or the exercise of any other right, and no waiver will be valid unless in writing and then only
to the extent specified.

  

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		9.	Incorporation. This Amendment is incorporated by reference into,
and made part of, the Loan Agreement which, except as expressly modified herein, remains in full force and effect in accordance
with its terms.

 

		10.	No Modification. No modification of this Amendment or of any agreement
referred to herein shall be binding or enforceable unless in writing and signed on behalf of the party against whom enforcement
is sought.

 

		11.	Headings. The headings of any section or paragraph of this Amendment
are for convenience only and shall not be used to interpret any provision of this Amendment.

 

		12.	Successors and Assigns. This Amendment will be binding upon and inure
to the benefit of the parties hereto and their respective successors and assigns.

 

		13.	Governing Law. This Amendment shall be governed by, and construed
and enforced in accordance with the laws of the State of Ohio, excluding the provisions related to conflicts of laws.

 

		14.	Severability. The provisions of this Amendment are to be deemed severable,
and the invalidity or unenforceability of any provision shall not affect or impair the remaining provisions which shall continue
in full force and effect.

 

		15.	Counterparts; Electronic Signatures. This Amendment may be executed
in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which taken together
shall constitute one and the same agreement. Copies of signatures sent by facsimile transmission or provided electronically in
portable document format (“PDF”) shall be deemed to be originals for purposes of execution and proof of this Amendment.

 

IN WITNESS
WHEREOF, the Director and the Borrower have caused this Amendment to be duly executed by their duly authorized representatives,
all effective as of the date first set forth above.

 

	BORROWER:	DIRECTOR:
	 	 
	Intellinetics, Inc.,	Ohio Development Services Agency,
	an Ohio corporation	State of Ohio
	 	David Goodman, Director

 

	By: 	/s/ Matthew L. Chretien	 	By: 	/s/ Ryan D. Burgess
	 	 	 	 	 
	Name: 	Matthew L Chretien	 	Name: 	Ryan D. Burgess
	 	 	 	 	 
	Title: 	President & CEO	 	Title: 	Assistant Director

 

    Page 4Exhibit 10.9

 

Non-qualified Stock Option Agreement

 

This Stock Option Agreement (this "Agreement")
is made and entered into as of [DATE] by and between Intellinetics, Inc., a Nevada corporation (the "Company")
and [DIRECTOR NAME] (the "Director").

 

Grant Date: ____________________________________

 

Exercise Price per Share: __________________________

 

Number of Option Shares: _________________________

 

Expiration Date: _________________________________

 

1.Grant
of Option.

 

1.1Grant; Type of Option. The
Company hereby grants to the Director an option (the "Option") to purchase the total number of shares of Common
Stock of the Company equal to the number of Option Shares set forth above, at the Exercise Price set forth above. The Option is
being granted pursuant to the terms of the Intellinetics, Inc. 2015 Equity Incentive Plan (the "Plan"). The Option
is intended to be a Non-qualified Stock Option and not an Incentive Stock Option within the meaning of Section 422 of the
Internal Revenue Code.

 

1.2Consideration; Subject to Plan.
The grant of the Option is made in consideration of the services to be rendered by the Director to the Company and is subject to
the terms and conditions of the Plan. Capitalized terms used but not defined herein will have the meaning ascribed to them in the
Plan.

 

2.Exercise
Period; Vesting.

 

2.1Vesting Schedule. The Option
will become vested and exercisable with respect to [NUMBER] shares on [VESTING SCHEDULE] until the Option is 100% vested. The unvested
portion of the Option will not be exercisable on or after the Director's termination of Continuous Service.

 

     

     

    

 

2.2Expiration. The Option will
expire on the Expiration Date set forth above, or earlier as provided in this Agreement or the Plan.

 

3.Termination
of Continuous Service.

 

3.1Termination of Continuous Service
for a Reason Other Than Retirement, Disability, Death or Removal From the Board for Cause. If the Director's Continuous Service
is terminated for any reason other than Retirement (as defined below), Disability, death or removal from the Board for Cause, the
Director may exercise the vested portion of the Option, but only within such period of time ending on the earlier of (a) the date
three months following the termination of the Director's Continuous Service or (b) the Expiration Date.

 

3.2Termination Due to Retirement.
If the Director's Continuous Service terminates as a result of the Director's Retirement, the Director may exercise the vested
portion of the Option, but only within such period of time ending on the earlier of (a) the date one year following the Director's
termination of Continuous Service or (b) the Expiration Date. For purposes of this Agreement, the term "Retirement" means
voluntary termination of membership on the Board after reaching age 65 or after reaching age 55 if the Director's age plus years
of service as a non-employee Director of the Company is 65 or more.

 

3.3Termination Due to Disability.
If the Director's Continuous Service terminates as a result of the Director's Disability, the Director may exercise the vested
portion of the Option, but only within such period of time ending on the earlier of (a) the date one year following the Director's
termination of Continuous Service or (b) the Expiration Date.

 

3.4Termination Due to Death.
If the Director's Continuous Service terminates as a result of the Director's death, or the Director dies within the period following
termination of the Director's Continuous Service during which the vested portion of the Option remains exercisable, the vested
portion of the Option may be exercised by the Director's estate, by a person who acquired the right to exercise the Option by bequest
or inheritance or by the person designated to exercise the Option upon the Director's death, but only within the time period ending
on the earlier of (a) the date one year following the Director's death or (b) the Expiration Date.

 

3.5Removal From the Board for Cause.
If the Director is removed from the Board for Cause, the Option (whether vested or unvested) shall immediately terminate and cease
to be exercisable.

 

3.6Extension of Termination Date.
If following the Director's termination of Continuous Service for any reason the exercise of the Option is prohibited because the
exercise of the Option would violate the registration requirements under the Securities Act or any other state or federal securities
law or the rules of any securities exchange or interdealer quotation system, then the expiration of the Option shall be tolled
until the date that is thirty (30) days after the end of the period during which the exercise of the Option would be in violation
of such registration or other securities requirements.

 

    	 	2	 

     

    

 

4.Manner
of Exercise.

 

4.1Election to Exercise. To
exercise the Option, the Director (or in the case of exercise after the Director's death or incapacity, the Director's executor,
administrator, heir or legatee, as the case may be) must deliver to the Company an executed stock option exercise agreement in
such form as is approved by the Committee from time to time (the "Exercise Agreement"), which shall set forth,
inter alia:

 

(a)the Director's election to exercise
the Option;

 

(b)the number of shares of Common Stock
being purchased;

 

(c)any restrictions imposed on the shares;
and

 

(d)any representations, warranties and
agreements regarding the Director's investment intent and access to information as may be required by the Company to comply with
applicable securities laws.

 

If someone other than the Director exercises
the Option, then such person must submit documentation reasonably acceptable to the Company verifying that such person has the
legal right to exercise the Option.

 

4.2Payment of Exercise Price.
The entire Exercise Price of the Option shall be payable in full at the time of exercise to the extent permitted by applicable
statutes and regulations, either:

 

(a)in cash or by certified or bank check
at the time the Option is exercised;

 

(b)by delivery to the Company of other
shares of Common Stock, duly endorsed for transfer to the Company, with a Fair Market Value on the date of delivery equal to the
Exercise Price (or portion thereof) due for the number of shares being acquired, or by means of attestation whereby the Director
identifies for delivery specific shares that have a Fair Market Value on the date of attestation equal to the Exercise Price (or
portion thereof) and receives a number of shares equal to the difference between the number of shares thereby purchased and the
number of identified attestation shares (a "Stock for Stock Exchange");

 

(c)through a "cashless exercise
program" established with a broker;

 

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(d)by reducing the number of shares otherwise
deliverable upon exercise of such Option by a number of shares with an aggregate Fair Market Value equal to the aggregate Exercise
Price at the time of exercise;

 

(e)by any combination of the foregoing
methods; or

 

(f)in any other form of legal consideration
that may be acceptable to the Committee.

 

4.3Withholding. As a condition
to the issuance of any shares of Common Stock subject to the Option, the Company may withhold, or require the Director to pay or
reimburse the Company for, any taxes which the Company determines are required to be withheld under federal, state or local law
in connection with the exercise of the Option.

 

4.4Issuance of Shares. Provided
that the Exercise Agreement and payment are in form and substance satisfactory to the Company, the Company shall issue the shares
of Common Stock registered in the name of the Director, the Director's authorized assignee, or the Director's legal representative,
and shall deliver certificates representing the shares with the appropriate legends affixed thereto.

 

5.No
Right to Continued Service on the Board; No Rights as Shareholder. Neither the Plan nor this Agreement shall confer upon the
Director any right to be retained as a Director of the Company. Further, nothing in the Plan or this Agreement shall be construed
to limit the discretion of the Company to terminate the Director's Continuous Service at any time. The Director shall not have
any rights as a shareholder with respect to any shares of Common Stock subject to the Option prior to the date of exercise of the
Option.

 

6.Transferability.
The Option is not transferable by the Director other than to a designated beneficiary upon the Director's death or by will or the
laws of descent and distribution, and is exercisable during the Director's lifetime only by him or her. No assignment or transfer
of the Option, or the rights represented thereby, whether voluntary or involuntary, by operation of law or otherwise (except to
a designated beneficiary upon death or by will or the laws of descent or distribution) will vest in the assignee or transferee
any interest or right herein whatsoever, but immediately upon such assignment or transfer the Option will terminate and become
of no further effect.

 

7.Change
in Control.

 

7.1Acceleration of Vesting.
In the event of a Change in Control, notwithstanding any provision of the Plan or this Agreement to the contrary, the Option shall
become immediately vested and exercisable with respect to 100% of the shares subject to the Option. To the extent practicable,
such acceleration of vesting and exercisability shall occur in a manner and at a time which allows the Director the ability to
participate in the Change in Control with respect to the shares of Common Stock subject to the Option.

 

    	 	4	 

     

    

 

7.2Cash-out. In the event of
a Change in Control, the Committee may, in its discretion and upon at least ten (10) days' advance notice to the Director, cancel
the Option and pay to the Director the value of the Option based upon the price per share of Common Stock received or to be received
by other shareholders of the Company in the event. Notwithstanding the foregoing, if at the time of a Change in Control the Exercise
Price of the Option equals or exceeds the price paid for a share of Common Stock in connection with the Change in Control, the
Committee may cancel the Option without the payment of consideration therefor.

 

8.Adjustments.
The shares of Common Stock subject to the Option may be adjusted or terminated in any manner as contemplated by [Section 11] of
the Plan.

 

9.Tax
Liability and Withholding. Notwithstanding any action the Company takes with respect to any or all income tax, social insurance,
payroll tax, or other tax-related withholding ("Tax-Related Items"), the ultimate liability for all Tax-Related
Items is and remains the Director's responsibility and the Company: (a) makes no representations or undertakings regarding the
treatment of any Tax-Related Items in connection with the grant, vesting, or exercise of the Option or the subsequent sale of any
shares acquired on exercise; and (b) does not commit to structure the Option to reduce or eliminate the Director's liability for
Tax-Related Items.

 

10.Compliance
with Law. The exercise of the Option and the issuance and transfer of shares of Common Stock shall be subject to compliance
by the Company and the Director with all applicable requirements of federal and state securities laws and with all applicable requirements
of any stock exchange on which the Company's shares of Common Stock may be listed. No shares of Common Stock shall be issued pursuant
to this Option unless and until any then applicable requirements of state or federal laws and regulatory agencies have been fully
complied with to the satisfaction of the Company and its counsel. The Director understands that the Company is under no obligation
to register the shares of Common Stock with the Securities and Exchange Commission, any state securities commission or any stock
exchange to effect such compliance.

 

11.Notices.
Any notice required to be delivered to the Company under this Agreement shall be in writing and addressed to the Chief Financial
Officer of the Company at the Company's principal corporate offices. Any notice required to be delivered to the Director under
this Agreement shall be in writing and addressed to the Director at the Director's address as shown in the records of the Company.
Either party may designate another address in writing (or by such other method approved by the Company) from time to time.

 

    	 	5	 

     

    

 

12.Governing
Law. This Agreement will be construed and interpreted in accordance with the laws of the State of Ohio without regard to conflict
of law principles.

 

13.Interpretation.
Any dispute regarding the interpretation of this Agreement shall be submitted by the Director or the Company to the Committee (excluding
the Director if he serves on the Committee) for review. The resolution of such dispute by the Committee shall be final and binding
on the Director and the Company.

 

14.Options
Subject to Plan. This Agreement is subject to the Plan as approved by the Company's shareholders. The terms and provisions
of the Plan as it may be amended from time to time are hereby incorporated herein by reference. In the event of a conflict between
any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will
govern and prevail.

 

15.Successors
and Assigns. The Company may assign any of its rights under this Agreement. This Agreement will be binding upon and inure to
the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Agreement
will be binding upon the Director and the Director's beneficiaries, executors, administrators and the person(s) to whom the Option
may be transferred by will or the laws of descent or distribution.

 

16.Severability.
The invalidity or unenforceability of any provision of the Plan or this Agreement shall not affect the validity or enforceability
of any other provision of the Plan or this Agreement, and each provision of the Plan and this Agreement shall be severable and
enforceable to the extent permitted by law.

 

17.Discretionary
Nature of Plan. The Plan is discretionary and may be amended, cancelled or terminated by the Company at any time, in its discretion.
The grant of the Option in this Agreement does not create any contractual right or other right to receive any Options or other
Awards in the future. Future Awards, if any, will be at the sole discretion of the Company. Any amendment, modification, or termination
of the Plan shall not constitute a change or impairment of the terms and conditions of the Director's membership on the Board.

 

18.Amendment.
The Committee has the right to amend, alter, suspend, discontinue or cancel the Option, prospectively or retroactively; provided,
that, no such amendment shall adversely affect the Director's material rights under this Agreement without the Director's consent.

 

19.Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute
one and the same instrument. Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic
mail in portable document format (.pdf), or by any other electronic means intended to preserve the original graphic and pictorial
appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature.

 

    	 	6	 

     

    

 

20.Acceptance.
The Director hereby acknowledges receipt of a copy of the Plan and this Agreement. The Director has read and understands the terms
and provisions thereof, and accepts the Option subject to all of the terms and conditions of the Plan and this Agreement. The Director
acknowledges that there may be adverse tax consequences upon exercise of the Option or disposition of the underlying shares and
that the Director should consult a tax advisor prior to such exercise or disposition.

 

[SIGNATURE PAGE FOLLOWS]

 

    	 	7	 

     

    

 

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

 

	 	Intellinetics, Inc.
	 	 	 
	 	By:   	 
	 	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	[DIRECTOR NAME]
	 	 	 
	 	By: 	 
	 	 	 
	 	Name:	 

 

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