Document:

Exhibit 10.14

 

Financial Gravity Holdings,
Inc.

2015 STOCK OPTION PLAN

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	 	 

     

    

 

Financial Gravity Holdings, Inc.

 

2015 STOCK OPTION PLAN

 

 

SECTION 1

GENERAL

 

1.1.   
Purpose. This 2015 Stock Option Plan (the “Plan”) of Financial Gravity Holdings, Inc.
(the “Company”) has been established to (i) attract and retain employees, directors, and consultants of the highest
caliber; (ii) motivate Participants to achieve long-range goals; (iii) provide incentive compensation opportunities that are competitive
with those of companies similar to the Company; (iv) further identify Participants’ interests with those of the Company’s
shareholders through compensation based on the Company’s common stock; and (v) by means of all of the above, promote the
long-term financial interests of the Company, including growth in value of the Company’s equity and enhancement of long-term
shareholder return.

 

1.2.   
Participation. Subject to the terms and conditions of the Plan, the B oa r d of D i r e c t o r
’ s( t h e “ B o a r d ” ) shall determine and designate from time to time, from among the Eligible Employees,
those persons who will be granted one or more Awards under, and thereby become “Participants” in, the Plan. In the
discretion of the Board, a Participant may be granted more than one Award and may be granted Awards at different times. Awards
may be granted as alternatives to, or replacements of, Awards already outstanding under the Plan or any other plan or arrangement
of the Company (including a plan or arrangement of a business or entity all or a portion of which is acquired by the Company).

 

1.3.   
Defined Terms. Capitalized terms in the Plan shall have the meanings set forth in the Plan. In
addition, the following definitions shall apply:

 

		(a)	“Award” shall mean the grant of an Option.

 

		(b)	“Beneficiary” shall mean, in the event the Board implements
a beneficiary designation procedure, the person designated by the Participant, pursuant to such procedure, to succeed to the Participant’s
rights under any outstanding Awards held by him or her at the time of death. In the absence of such procedure or designation, or
if the person who would otherwise be the Beneficiary has predeceased the Participant, the Beneficiary shall be the personal representative
of the estate of the Participant or the person or persons to whom the Award is transferred by will or the laws of descent and distribution.

 

		(c)	“Board” shall mean the Board of Directors of the Company.

 

		(d)	“Code” shall mean the Internal Revenue Code of 1986, as amended.

 

		(e)	“Company” shall mean Financial Gravity Holdings, Inc.
and, except when the context implies otherwise, any Related Corporation.

 

 

 

 

 

    	 	2	 

     

    

 

		(f)	“Date of Termination” shall mean the first day on or after
the Grant Date on which the Participant ceases to be employed by the Company or ceases to provide services to the Company as a
director, consultant, or other provider of Services to the Company, regardless of the reason for such cessation; provided, that
a Date of Termination shall not be
deemed to occur by reason of a transfer of the Participant between the Company and a Related Corporation or between two Related
Corporations; and further provided, that the Participant’s employment shall not be considered terminated while the Participant
is on an approved leave of absence. If, as a result of a sale or other transaction, the Participant’s employer, or the organization
to which the Participant provides services, ceases to be a Related Corporation, the date of the occurrence of such transaction
shall be treated as the Participant’s Date of Termination, caused by the Participant’s being discharged by the Company
or Related Corporation.

 

		(g)	“Eligible Employee” shall mean any employee of the Company
and any director, consultant, or other person providing services to the Company. Options may be granted in connection with hiring
an employee before the individual has actually started working for the Company.

 

		(h)	“Exercise Date” shall mean the date as of which an Option is exercised.

 

		(i)	“Expiration Date” shall mean the day as of the end of
which an Option has permanently ceased to be exercisable.
	 	 	 

		(j)	“Fair Market Value” shall mean as of any date:

 

		(i)	If the principal market for the Stock is a national securities exchange
or the NASDAQ stock market, then “Fair Market Value” shall be the mean between the lowest and highest reported sale
prices of Stock on that date on the principal exchange on which the Stock is then listed or admitted to trading.

 

		(ii)	If sale prices are not available, or if the principal market for the Stock
is not a national securities exchange and the Stock is not quoted on the NASDAQ stock market, the average between the highest bid
and lowest asked prices for the Stock on such day as reported on the OTC Bulletin Board, or a comparable service.

 

		(iii)	If subparagraphs (i) and (ii) next above would be applicable, except that
no Sale of Stock occurred on the day, Fair Market Value shall be determined as of the last preceding day when a Sale of Stock occurred.

 

		(iv)	If subparagraphs (i), (ii) and (iii) next above are inapplicable, then the
Fair Market Value of the Stock shall be its fair market value determined by the Board in good faith and through the exercise of
reasonable diligence.

 

		(k)	“Grant Date” shall mean the date as of which the Award is made to the Participant.

 

		(l)	“Non-qualified Stock Option,” or “NQSO”
shall mean an option not intended to satisfy the requirements of Code section 422.

 

		(m)	“Option” shall mean an option to purchase shares of Stock granted under the Plan.

 

 

 

 

    	 	3	 

     

    

 

		(n)	“Related Corporation” shall mean any company that is
a “parent corporation” (as that term is defined in Code section 424(e)) or a “subsidiary corporation” (as
that term is defined in Code section 424(f)) with respect to the Company; provided, however, that except in the case of an Incentive
Stock Option, the term “Related Corporation” shall also mean a company that would
be a “parent corporation” or a “subsidiary corporation” under the foregoing definition, except that the
company is not a corporation.

 

		(o)	“Stock” shall mean shares of common stock, $0.0001 par value
per share, of the Company.

 

		(p)	“Stock Option Agreement” shall mean the document evidencing
the grant of the Award.

 

 

SECTION 2

STOCK OPTIONS

 

2.1.            
Types of Options. Options granted under this Plan shall be Non-qualified Stock Options (“NQSOs”).

 

2.2.            
Stock Option Agreements. Options and shares of Stock delivered pursuant to the exercise of an Option
shall be subject to such conditions, restrictions, and contingencies as the Board may establish in the applicable Stock Option
Agreement. The Board in its discretion may impose such conditions, restrictions, and contingencies with respect to shares of Stock
acquired pursuant to the exercise of an Option as it determines are desirable.

 

2.3.            
Term of Options. The Expiration Date of an Option shall be as set forth in the Stock Option Agreement.

 

2.4.            
Exercise Price. The “Exercise Price” of each Option shall be established by the Committee,
but shall not be less than 100% of Fair Market Value on the Grant Date.

 

2.5       Payment
of Option Exercise Price. The Exercise Price of an Option shall be payable in full in cash at the time of exercise; provided,
however, that the Board may, in its sole discretion, before or after the Grant Date, permit a Participant to pay the Exercise Price
with shares of Stock already owned by the Participant, or by irrevocably authorizing a third party to sell a portion of the shares
acquired upon exercise of the Option and remit to the Company a sufficient portion of the sales proceeds to pay the entire Exercise
Price. The Board’s permission to a Participant to pay the Exercise Price with shares of Stock or by authorizing a third party
to sell a portion of the shares subject to the exercise and remit the proceeds to the Company shall not be effective to bind the
Company or the Bo a r d unless set forth expressly in a writing adopted by the Board and delivered by the Board to the Participant.

 

 

SECTION 3

OPERATION AND ADMINISTRATION

 

3.1. Effective Date. The Plan shall be effective as of February 27, 2015 (the “Effective Date”).

 

3.2. Term of the Plan. No Option may be issued under the Plan after February 27, 2017.

 

 

 

 

    	 	4	 

     

    

 

3.3.
Stock Subject to Plan.

 

		(a)	The maximum number of shares of Stock that may be issued under the Plan is
3 ,000, 000 shares. Shares of Stock to be issued upon the exercise of Options may be either authorized but unissued shares or shares
held by the Company in its treasury. If an Option expires or terminates for any reason without having been exercised in full, the
shares of Stock not purchased shall again be available for Options.

 

		(b)	In the event of a business reorganization (including, without limitation,
a stock dividend, or split, an extraordinary cash dividend, a recapitalization, reorganization, merger, consolidation, split-up,
spin-off, combination or exchange of shares), the Board may adjust Awards to preserve the equivalent economic benefits or potential
benefits of the Awards. Action by the Board may include: (i) adjustment of the total number and kind of shares of Stock that may
be delivered under the Plan; (ii) adjustment of the number and kind of shares of Stock subject to outstanding Awards; (iii) adjustment
of the Exercise Price of outstanding Options; and (iv) any other adjustments that the Board determines to be equitable.

 

 3.4. General Restrictions. Delivery of shares of Stock or other amounts under the Plan shall be subject to the following:

 

		(a)	Notwithstanding any other provision of the Plan, the Company shall have
no liability to deliver any shares of Stock under the Plan unless such delivery would comply with all legal requirements (including,
without limitation, the requirements of the Securities Act of 1933) and any applicable requirements of any securities exchange
or similar entity.

 

		(b)	To the extent that the Plan provides for issuance of stock certificates to
reflect the issuance of shares of Stock, the issuance may be effected on a non-certificated basis, to the extent not prohibited
by law or the rules of any stock exchange.

 

3.5.            
Tax Withholding. All exercises of Options under the Plan are subject to withholding of all applicable
taxes, including all federal, state, and local income and employment tax withholding. The delivery of any shares of Stock under
the Plan is conditioned upon satisfaction of any applicable withholding requirements. The Board may, in its sole discretion, exercised
at or after the time of a grant, permit a Participant to satisfy such tax withholding requirements by withholding from the shares
of Stock otherwise deliverable to the Participant as a result of the exercise of the Option shares having a value equal to the
minimum amount required to be withheld. The Board’s permission to a Participant to effect tax withholding by withholding
shares shall not be effective to bind the Company or the Board unless set forth expressly in a writing adopted by the Board and
delivered by the Board to the Participant. In the absence of the Board’s specific written permission to satisfy tax withholding
requirements in shares of Stock, such requirements must be satisfied by the Participant in cash, including by the Participant’s
irrevocably authorizing a third party to sell a sufficient number of shares of Stock acquired upon exercise of the Option.

 

3.6.            
Transferability. Except as otherwise provided by the Board, Awards under the Plan are not transferable
except as designated by the Participant by will or by the laws of descent and distribution and may be exercised during the life
of the Participant only by the Participant.

 

 

 

 

    	 	5	 

     

    

 

3.7.            
Form and Time of Elections. Unless otherwise specified herein, each election required or permitted
to be made by any Participant or other person entitled to benefits under the Plan, and any permitted modification, or revocation
thereof, shall be in a writing filed with the Board at such times, in such form, and subject to such restrictions and limitations,
not inconsistent with the terms of the Plan, as the Board shall require.

 

3.8.            
Agreement with Company. An Award under the Plan shall be subject to such terms and conditions
as the Board shall prescribe. The terms and conditions of any Award to any Participant shall be reflected in such form of written
document as is determined by the Board. A copy of such document shall be provided to the Participant, and the Board may, but need
not, require that the Participant sign a copy of such document. Such document is referred to in the Plan as a “Stock Option
Agreement” regardless of whether any Participant signature is required.

 

3.9.            
Action by Company. Any action required or permitted to be taken by the Company shall be by resolution
of its Board or by action of one or more members of the Board (including a committee of the Board) who are duly authorized to
act for the Board, or, except to the extent prohibited by law or the rules of any stock exchange, by a duly authorized officer.

 

3.10.        
Gender and Number. Where the context admits, words in any gender shall include any other gender,
words in the singular shall include the plural, and the plural shall include the singular.

 

3.11.        
Limitation of Implied Rights. The Plan does not constitute a contract of employment. Selection
as a Participant will not give any employee the right to be retained in the employ of the Company, nor any right or claim to any
benefit under the Plan, unless such right or claim has specifically accrued under the terms of the Plan. Except as otherwise provided
in the Plan, no Award under the Plan shall confer upon its holder any rights as a shareholder of the Company before the date on
which the individual fulfills all conditions for receipt of such rights.

 

3.12.        
Evidence. Evidence required of anyone under the Plan may be by certificate, affidavit, document,
or other information that the person acting on it considers pertinent and reliable, and signed, made, or presented by the proper
party or parties.

 

3.13.        
Choice of Law. The Plan shall be governed by and interpreted in accordance with Texas law, without
regard to the conflict of law provisions of any state; a Stock Option Agreement may contain a different choice of law provision
applicable to the Stock Option Agreement, and not to the Plan as a whole.

 

SECTION 4

BORD OF DIRECTORS

 

4.1.   
Administration. The authority to control and manage the operation and administration of the Plan
shall be vested in the Board of Directors (the “Board”).

 

 

 

 

 

    	 	6	 

     

    

 

4.2.   
Powers of Board. The Board’s administration of the Plan shall be subject to the following:

 

		(a)	Subject to the provisions of the Plan, the Board shall have the authority and
discretion to select from among the Eligible Employees those persons who shall receive Awards, to determine when
Awards shall be made, to determine the types of Awards and the numbers of shares covered by the Awards, to establish the terms,
conditions, performance criteria, restrictions, and other provisions of Awards, and, subject to the limitations contained in Section
5, to cancel or suspend Awards. In making such determination, the Board may take into account the nature of the services rendered
by the Eligible Employees and their past, present, future, and potential contributions to the success of the Company. The Board
may also take into account the recommendations of the Company’s senior executive management and such other factors as the
Board in its discretion shall deem relevant. Subject to the provisions of the Plan, the Board shall also have complete authority
to interpret the Plan, to prescribe, amend and rescind rules and regulations relating to it, to determine the terms and provisions
of the respective Stock Option Agreements (which within any limits imposed by the Plan may differ substantially among different
Stock Option Agreements for different Participants), and to make all other determinations necessary or advisable for the administration
of the Plan. The Board’s determinations on the matters referred to in this Section 4 shall be conclusive.

 

		(b)	The Board shall have the authority and discretion to interpret the Plan,
to establish, amend, and rescind any rules and regulations relating to the Plan, to determine the terms and provisions of any Stock
Option Agreement made pursuant to the Plan, and to make all other determinations that may be necessary or advisable for the administration
of the Plan.

 

		(c)	Any interpretation of the Plan by the Board and any decision made by it
under the Plan is final and binding on all persons.
	 	 	 

		(d)	In controlling and managing the operation and administration of the Plan,
the Board shall take action in a manner that conforms to the Certificate of Formation and by-laws of the Company, and to state
corporate law.

 

4.3.   
Delegation by Board. Except to the extent prohibited by law or the rules of a stock exchange, the
Board may allocate all or any portion of its responsibilities and powers to any one or more of its members and may delegate all
or any part of its responsibilities and powers to any person or persons selected by it. Any such allocation or delegation may be
revoked by the Board at any time.

 

4.4.   
Information to be Furnished to Board. The Company shall furnish the Board with such data and information
as it determines may be required to discharge its duties. The records of the Company as to a Participant’s employment (or
other provision of services), termination of employment (or cessation of the provision of services), leave of absence, reemployment,
and compensation shall be conclusive on all persons unless determined to be incorrect by the Board. Participants and other persons
entitled to benefits under the Plan must furnish to the Board such evidence, data, or other information as the Board considers
desirable to carry out the terms of the Plan.

 

 

 

 

    	 	7	 

     

    

 

SECTION 5

AMENDMENT AND
TERMINATION

 

5.1. Board’s
General Authority to Amend Plan. The Board may, at any time, amend or terminate the Plan, provided that no amendment
or termination may, in the absence of written consent to the change by the affected Participant (or, if the Participant is
not then living, the affected Beneficiary), adversely affect the rights of any Participant or Beneficiary under any Award
granted under the Plan before the date such amendment is adopted by the Board; provided, however, that the Committee may make
any changes to an Option to the extent contemplated in the Stock Option Agreement. In addition, in connection with
any merger, sale of a majority interest in the Company’s voting stock, sale of substantially all of the Company’s
assets, or any similar transaction, the Company may cancel any outstanding unexercised Awards; provided, however, that the
Company shall not cancel any vested Award without first giving the Participant at least 30 days written notice of its
intention to cancel such vested Award in connection with such transaction and a reasonable opportunity to exercise the Award
during such 30 day period before it is cancelled.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	8usat_Ex10_1

		
			Exhibit 10.1
		

		
			PORTIONS OF THIS AGREEMENT HAVE BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED PORTIONS, WHICH ARE MARKED BY ASTERISKS (“***”).
		

		
			 SECOND AMENDMENT AND WAIVER TO 
		

		
			LOAN AND SECURITY AGREEMENT 
		

		
			This Second Amendment and Waiver to Loan and Security Agreement (the “Amendment”) is entered into effective as of September 30, 2016 by and between HERITAGE BANK OF COMMERCE (“Bank”) and USA TECHNOLOGIES, INC.  (“Borrower”).
		

		
			RECITALS
		

			
	
			
				 A.
			Borrower and Bank are parties to that certain Loan and Security Agreement dated as of March 29, 2016 (as the same may from time to time be amended, modified, supplemented or restated, the “Agreement”).   

			
	
			
				 B.
			An Event of Default has occurred under the Agreement by virtue of Borrower’s failure to comply with Section 6.9(b) of the Agreement for the quarterly period ending September 30, 2016 (the “Covenant Default”).

			
	
			
				 C.
			Borrower has asked Bank to waive its rights and remedies arising out of the Covenant Default and to amend certain provisions of the Agreement.    Bank is willing to do so, on the terms and conditions and in reliance upon the representations and warranties set forth in this Amendment.

		
			AGREEMENT
		

		
			NOW, THEREFORE, the parties agree as follows:
		

			
	
			
				 1.
			Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Agreement. 

			
	
			
				 2.
			Waiver of Covenant Default.  Bank waives the Covenant Default and any right to enforce any rights and remedies it may have against Borrower with respect to the Covenant Default.  This waiver applies only to the Covenant Default for the quarterly period ending September 30, 2016.  Borrower shall comply with the Agreement after the date hereof.  Bank’s agreement to waive the Covenant Default shall not limit or impair the Bank’s right to demand strict performance of such financial covenant as of all other dates. 

			
	
			
				 3.
			Amendments to Agreement. Bank and Borrower agree to amend the terms of the Agreement as follows:

			
	
			
				 (a)
			Section 6.9(b) of the Agreement is amended to read as follows: 

		
			6.9Financial Covenants. 
		

		
			(a) Maximum Churn Rate.  Borrower’s number of connections as at the end of each fiscal quarter shall not decrease (i) by more than five percent (5%) as compared to Borrower’s number of connections as at the end of the immediately preceding fiscal quarter, or (ii) below *** connections. 
		

		
			 (b)Minimum Adjusted EBITDA.  Borrower shall maintain quarterly Adjusted EBITDA, as set forth below, tested quarterly: 
		

			
					
						Quarterly Period ending

					
					
						Minimum Adjusted EBITDA

				
	
					
						December 31, 2016

					
					
						$572,000

				

		 

		

			1

		

 

	
					
						

					
						March 31, 2017 (applicable only if the Revolving Maturity Date is extended)

					
					
						$780,000

				
	
					
						June 30, 2017 (applicable only if the Revolving Maturity Date is extended)

					
					
						$982,000

				

		
			 
		

		
			 (c)Minimum Cash.  Borrower shall maintain a minimum balance of unrestricted cash at Bank of $*** at all times. 
		

			
	
			
				 (b)
			Exhibit D to the Agreement (Compliance Certificate) is amended and restated in its entirety to read as attached Exhibit D. 

			
	
			
				 4.
			Bank agrees that notwithstanding Section 2.4(d) and in lieu of the requirements set forth therein, Borrower may set up a lockbox with JPMorgan Chase with proceeds thereof directed to a deposit account maintained with JPMorgan Chase, provided that a control agreement satisfactory to Bank shall remain in place with respect to such deposit account.

			
	
			
				 5.
			Borrower has presented the terms of a proposed transaction with *** (“***”), pursuant to which *** would purchase USAT’s cashless devices and customer financings and lease the same to Borrower’s customers (the “*** Financing”).  Borrower has requested, and Bank confirms that it consents to the *** Financing, and that Bank releases its security interest in such devices and customer financings that are purchased by *** concurrent with the purchase thereof pursuant to the terms of the *** Financing as presented to Bank as of the date of this Amendment. 

			
	
			
				 6.
			The Agreement, as amended hereby, shall be and remain in full force and effect in accordance with its respective terms and hereby is ratified and confirmed in all respects.  Except as expressly set forth herein, the execution, delivery, and performance of this Amendment shall not operate as a waiver of, or as an amendment of, any right, power, or remedy of Bank under the Agreement, as in effect prior to the date hereof.  Borrower ratifies and reaffirms the continuing effectiveness of all agreements entered into in connection with the Agreement. 

			
	
			
				 7.
			Borrower represents and warrants that the representations and warranties contained in the Agreement are true and correct in all material respects as of the date of this Amendment, and that no Event of Default has occurred and is continuing.  

			
	
			
				 8.
			This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument.

			
	
			
				 9.
			As a condition to the effectiveness of this Amendment, Bank shall have received, in form and substance satisfactory to Bank, the following:  

			
	
			
				 (a)
			this Amendment, duly executed by Borrower; 

			
	
			
				 (b)
			the Affirmation of Guaranty, duly executed by the party thereto; 

			
	
			
				 (c)
			payment of a waiver fee of $25,000 and all Bank Expenses incurred through the date of this Amendment; and 

			
	
			
				 (d)
			such other documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate.

		
			[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
		

		
			 
		

		
			

		 

		

			2

		

 

		

			 

		

		

		
			IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first above written.
		

			
					
						 

					
					
						 

					
						 

					
						 

					
						

					
						

					
						

					
						 

				
	
					
						 

					
					
						“Borrower”

					
						 

					
						USA TECHNOLOGIES, INC.

					
						 

					
						By: /s/ Leland P. Maxwell

					
						Name:  Leland P. Maxwell

					
						Title: Interim CFO

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						“Bank”

					
						 

					
						HERITAGE BANK OF COMMERCE 

					
						 

					
						By: /s/ Karla Schrader

					
						Name:  Karla Schrader

					
						Title: VP

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

 

		

			 

		

		

		
			Exhibit D
Compliance Certificate
		

		
			TO:HERITAGE BANK OF COMMERCE
		

		
			FROM:USA TECHNOLOGIES, INC.
		

		
			The undersigned authorized officer of USA TECHNOLOGIES, INC. hereby certifies that in accordance with the terms and conditions of the Loan and Security Agreement between Borrower and Bank (the “Agreement”), (i) Borrower is in complete compliance for the period ending _______________ with all required covenants except as noted below and (ii) all representations and warranties of Borrower stated in the Agreement are true and correct in all material respects as of the date hereof; provided that those representations and warranties expressly referring to another date shall be true, correct, and complete in all material respects as of such date.  Attached herewith are the required documents supporting the above certification.  The Officer further certifies that these are prepared in accordance with Generally Accepted Accounting Principles (GAAP) and are consistently applied from one period to the next except as explained in an accompanying letter or footnotes.
		

		
			Please indicate compliance status by circling Yes/No under “Complies” column.
		

			
					
						Reporting Covenant

					
					
						Required

					
					
						Complies

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Borrowing Base Certificate

					
					
						Monthly within 25 days of month end

					
					
						Yes

					
					
						No

				
	
					
						Quarterly financial statements  with churn report and Compliance Certificate

					
					
						Quarterly within 50 days of quarter end

					
					
						Yes

					
					
						No

				
	
					
						Annual financial statements (CPA Audited) 

					
					
						FYE within 120 days

					
					
						Yes

					
					
						No

				
	
					
						10K and 10Q

					
					
						Within 5 days of filing

					
					
						Yes

					
					
						No

				
	
					
						A/R Audit

					
					
						Semi-annually

					
					
						Yes

					
					
						No

				
	
					
						IP Notices

					
					
						As required under Section 6.10

					
					
						Yes

					
					
						No

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Financial Covenant

					
					
						Required

					
					
						Actual

					
					
						Complies

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Maximum Churn 

					
					
						5% / *** min. connections

					
					
						__________

					
					
						Yes

					
					
						No

				
	
					
						Minimum Adjusted EBITDA

					
					
						See Section 6.9(b)

					
					
						__________

					
					
						Yes

					
					
						No

				
	
					
						 

					
						Minimum Cash at Bank

					
					
						 

					
						$***

					
					
						 

					
						__________

					
					
						 

					
						Yes

					
					
						 

					
						No

					
						 

				
	
					
						 

				
	
					
						 

				
	
					
						Comments Regarding Exceptions:  See Attached.

					
					
						BANK USE ONLY

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Received by: 

				
	
					
						Sincerely,

					
					
						AUTHORIZED SIGNER

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Date: 

				
	
					
						 

					
					
						 

				
	
					
						

					
					
						Verified: 

				
	
					
						SIGNATURE

					
					
						AUTHORIZED SIGNER

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						

					
					
						Date: 

				
	
					
						TITLE

					
					
						 

				
	
					
						 

					
					
						Compliance Status

					
					
						Yes

					
					
						No

				
	
					
						

					
					
						 

				
	
					
						DATE

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