Document:

Exhibit
10.4

 

GLOBAL
AMENDMENT

 

This
Global Amendment (this “Amendment”) is entered into as of April 9, 2020 by and between Iliad Research and Trading,
L.P., a Utah limited partnership (“Lender”), and Naked Brand Group Limited, an Australia corporation (“Borrower”).
Capitalized terms used in this Amendment without definition shall have the meanings given to them in the Notes (as defined below).

 

A.
Borrower previously issued the following Convertible Promissory Notes: (i) that certain Convertible Promissory Note to Lender
dated October 4, 2019 in the original principal amount of $2,120,000.00 (“Note 1”); and (ii) that certain Convertible
Promissory Note to Lender dated November 12, 2019 in the original principal amount of $3,170,000.00 (“Note 2”).
Note 1 and Note 2 are sometimes referred to herein individually as a “Note” and collectively as the “Notes.”

 

B.
Lender and Borrower have agreed, subject to the terms, amendments, conditions and understandings expressed in this Amendment,
to amend the Notes to modify the Conversion Price.

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree
as follows:

 

1.
Recitals. Each of the parties hereto acknowledges and agrees that the recitals set forth above in this Amendment are true
and accurate and are hereby incorporated into and made a part of this Amendment.

 

2.
Amendments.

 

(a)
Conversions. Section 3.1 of each of the Notes shall be amended by replacing each occurrence of “Conversion Price”
with “Applicable Conversion Price.”

 

(b)
Conversion Price. Section 3.2 of each of the Notes shall be deleted in its entirety and replaced with the following:

 

“Conversion
Price. Subject to adjustment as set forth in this Note, the price at which Lender has the right to convert all or any portion
of the Outstanding Balance into Ordinary Shares is $4.00 per Ordinary Share (the “Fixed Conversion Price”).
Notwithstanding the foregoing, subject to the written approval of Borrower (which approval will deemed to have been given if Borrower
duly executes the affirmation on a Conversion Notice), the price at which Lender has the right to convert all or any portion of
the Outstanding Balance into Ordinary Shares shall be calculated pursuant to the following formula: a percentage of not less than
75%, multiplied by the lowest daily VWAP during the period of twenty (20) consecutive Trading Days ending on (i) if the Conversion
Notice is delivered at or before 4:00 p.m. Eastern Time on a Trading Day or at any time on a day that is not a Trading Day, the
Trading Day immediately preceding the day the Conversion Notice is delivered, or (ii) if the Conversion Notice is delivered after
4:00 p.m. Eastern Time on a Trading Day, the Trading Day on which the Conversion Notice is delivered (the “Alternate
Conversion Price” and the price applicable to a Conversion, whether the Fixed Conversion Price or the Alternate Conversion
Price, the “Applicable Conversion Price”). Notwithstanding the foregoing, the Alternate Conversion Price shall
in no event be less than $0.15 per Ordinary Share, which minimum amount shall be subject to equitable adjustment in the event
Borrower issues a dividend payable in Ordinary Shares, subdivides its outstanding Ordinary Shares into a greater number of shares
or combines its outstanding Ordinary Shares into a smaller number of shares.”

 

    	 	 	 

     

    

 

(c)
Definitions. The definition of VWAP in Attachment 1 of each of the Notes shall be deleted in its entirety and replaced
with the following:

 

““VWAP”
means the volume weighted average price of the Ordinary Shares on the principal market for a particular Trading Day or set of
Trading Days, as the case may be, as reported by Bloomberg, subject to equitable adjustment in the event Borrower issues a dividend
payable in Ordinary Shares, subdivides its outstanding Ordinary Shares into a greater number of shares or combines its outstanding
Ordinary Shares into a smaller number of shares.”

 

(d)
Adjustment of Conversion Price. Section 7.1 of each of the Notes shall be amended by replacing each occurrence of “Coversion
Price” with “Fixed Conversion Price.”

 

(e)
Exhibit A. Exhibit A to each of the Notes shall be amended by replacing each occurrence of “Conversion Price”
with “Applicable Conversion Price.”

 

3.
Representations and Warranties. In order to induce Lender to enter into this Amendment, Borrower, for itself, and for its
affiliates, successors and assigns, hereby acknowledges, represents, warrants and agrees as follows:

 

(a)
Borrower has full power and authority to enter into this Amendment and to incur and perform all obligations and covenants contained
herein, all of which have been duly authorized by all proper and necessary action. No consent, approval, filing or registration
with or notice to any governmental authority is required as a condition to the validity of this Amendment or the performance of
any of the obligations of Borrower hereunder.

 

(b)
There is no fact known to Borrower or which should be known to Borrower which Borrower has not disclosed to Lender on or prior
to the date of this Amendment which would or could materially and adversely affect the understanding of Lender expressed in this
Amendment or any representation, warranty, or recital contained in this Amendment.

 

(c)
Except as expressly set forth in this Amendment, Borrower acknowledges and agrees that neither the execution and delivery of this
Amendment nor any of the terms, provisions, covenants, or agreements contained in this Amendment shall in any manner release,
impair, lessen, modify, waive, or otherwise affect the liability and obligations of Borrower under the terms of the Notes.

 

    	 	2	 

     

    

 

(d)
Borrower has no defenses, affirmative or otherwise, rights of setoff, rights of recoupment, claims, counterclaims, actions or
causes of action of any kind or nature whatsoever against Lender, directly or indirectly, arising out of, based upon, or in any
manner connected with, the transactions contemplated hereby, whether known or unknown, which occurred, existed, was taken, permitted,
or begun prior to the execution of this Amendment and occurred, existed, was taken, permitted or begun in accordance with, pursuant
to, or by virtue of any of the terms or conditions of the Notes. To the extent any such defenses, affirmative or otherwise, rights
of setoff, rights of recoupment, claims, counterclaims, actions or causes of action exist or existed, such defenses, rights, claims,
counterclaims, actions and causes of action are hereby waived, discharged and released. Borrower hereby acknowledges and agrees
that the execution of this Amendment by Lender shall not constitute an acknowledgment of or admission by Lender of the existence
of any claims or of liability for any matter or precedent upon which any claim or liability may be asserted.

 

(e)
Borrower represents and warrants that as of the date hereof no Events of Default or other material breaches exist under the Notes
or any of the other Transaction Documents, or have occurred prior to the date hereof.

 

4.
Other Terms Unchanged. The Notes, as amended by this Amendment, and the other Transaction Documents remain and continue
in full force and effect, constitute legal, valid, and binding obligations of each of the parties, and are in all respects agreed
to, ratified, and confirmed. Any reference to any of the Notes after the date of this Amendment is deemed to be a reference to
such Note as amended by this Amendment. If there is a conflict between the terms of this Amendment and either Note, the terms
of this Amendment shall control. No forbearance or waiver may be implied by this Amendment. Borrower acknowledges that it is unconditionally
obligated to pay the remaining balance of each Note and represents that such obligation is not subject to any deductions, defenses,
rights of offset, or counterclaims of any kind. 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 to, any right, power, or remedy of Lender under the Notes,
as in effect prior to the date hereof.

 

5.
No Reliance. Borrower acknowledges and agrees that neither Lender nor any of its officers, directors, members, managers,
equity holders, representatives or agents has made any representations or warranties to Borrower or any of its agents, representatives,
officers, directors, or employees except as expressly set forth in this Amendment and the Notes and, in making its decision to
enter into the transactions contemplated by this Amendment, Borrower is not relying on any representation, warranty, covenant
or promise of Lender or its officers, directors, members, managers, equity holders, agents or representatives other than as set
forth in this Amendment.

 

6.
Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original,
but all of which together shall constitute one instrument. The parties hereto confirm that any electronic copy of another party’s
executed counterpart of this Amendment (or such party’s signature page thereof) will be deemed to be an executed original
thereof.

 

7.
Further Assurances. Each party shall do and perform or cause to be done and performed, all such further acts and things,
and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably
request in order to carry out the intent and accomplish the purposes of this Amendment and the consummation of the transactions
contemplated hereby.

 

[Remainder
of page intentionally left blank]

 

    	 	3	 

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Amendment as of the date set forth above.

 

	 	BORROWER:
	 	 
	 	NAKED
    BRAND GROUP LIMITED
	 	 	 
	 	By:
    	/s/
    Justin Davis-Rice
	 	Name:	Justin
    Davis-Rice
	 	Title:
    	Director
	 	 	 
	 	LENDER:
	 	 
	 	ILIAD
    RESEARCH AND TRADING, L.P.
	 	 	 
	 	By:
    	Iliad
    Management, LLC,
	 	 	its
    General Partner
	 	 	 
	 	By:
    	Fife
    Trading, Inc., its Manager
	 	 	 
	 	By:
    	/s/
    John M. Fife
	 	 	John
    M. Fife, President

 

[Signature
Page to Global Amendment]a101promissorynotemidfir

DocuSign Envelope ID: BF8E8E64-2A6A-4093-8BF5-3B198390922D                                                                                                         SBA LOAN NUMBER:                                                                                                         20420271-06                                                           PROMISSORY NOTE                This Promissory Note (this "Note") is made on  4/10/2020    by  Oblong, Inc              (together with its successors and assigns, "Borrower") in favor of MidFirst Bank (together with its successors and               assigns, "Lender").                PROMISE TO PAY.  Borrower promises to pay to Lender, or order, in lawful money of the United States of America,               the principal amount of $ 2,416,600.00     , together with interest on the unpaid principal balance from               4/10/2020        , calculated as described in the "INTEREST CALCULATION METHOD" paragraph below using an               interest rate of one percent (1.000%), until paid in full.  The interest rate may change under the terms and conditions               of the "INTEREST AFTER DEFAULT" section.                PAYMENT.  No payment of principal or interest will be due until the first Business Day of the seventh month after               4/10/2020         (the "First Payment Date").  On the First Payment Date, and on each first Business Day from the               First Payment Date until the first Business Day of the 24th month after   4/10/2020  , Borrower shall pay               principal plus interest accrued under this Note in 18 monthly installments based on an 18 month amortization schedule               determined by Lender on the principal balance of this Note owing on the First Payment Date with interest accruing as               set forth in this Note.  In addition to any of the foregoing amounts, on the first Business Day of the 24th month following               4/10/2020         , Borrower shall pay all then accrued and unpaid Indebtedness.                Unless otherwise required by applicable law, payments will be applied as Lender directs in its sole discretion.  All               payments must be made in U.S. dollars and must be received by Lender at:  Payment Processing Department, PO               Box 76149, Oklahoma City, OK 73147-2149.  All payments must be received by Lender consistent with any written               payment instructions provided by Lender.                INTEREST CALCULATION METHOD.  Interest on the          Indebtedness  is computed on a 30/360 basis; that is, by               applying the ratio of the interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied               by the actual number of days the principal balance is outstanding.  All interest payable on the Indebtedness is computed               using this method.                PRINCIPAL FORGIVENESS.  Some, or all, of the principal of the Indebtedness may be forgiven as permitted under               Section 1106 (as such section is hereafter amended and interpreted by the Small Business Administration) of the               Coronavirus Aid, Relief, and Economic Security Act (or the CARES Act) of 2020 (“Debt Forgiveness”).  Borrower, not               Lender, is responsible for ensuring that Borrower is eligible for Debt Forgiveness.  Borrower shall, within 12 weeks after               4/10/2020        , request Debt Forgiveness, to the extent Borrower is eligible for Debt Forgiveness and provides               Lender with all documentation Lender requires to support Borrower’s request for Debt Forgiveness.  Lender will, within               60 days after Lender receives Borrower’s Debt Forgiveness request and all required documentation for Debt               Forgiveness (the “Debt Forgiveness Determination”), confirm whether Borrower qualifies for Debt Forgiveness, but               Lender will not be liable to Borrower for Lender’s determination.  Borrower waives any claim against Lender related to               Debt Forgiveness.                PREPAYMENT.  Borrower may pay without penalty all or a portion of the amount owed earlier than it is due.  Early               payments will not, unless agreed to by Lender in writing, relieve Borrower of Borrower's obligation to continue to make               payments under the payment schedule.  Rather, early payments will reduce the principal balance due and may result               in Borrower's making fewer payments.  Borrower agrees not to send Lender payments marked "paid in full", "without               recourse", or similar language.  If Borrower sends such a payment, Lender may accept it without losing any of Lender's               rights under this Note or the other Loan Documents, and Borrower will remain obligated to pay any further amount               owed to Lender.  All written communications concerning disputed amounts, including any check or other               payment instrument that indicates that the payment constitutes "payment in full" of the amount owed or that               is tendered with other conditions or limitations or as full satisfaction of a disputed amount must be mailed or               delivered to:  MidFirst Bank, P.O. Box 76149 Oklahoma City, OK  73147-2149.                LATE CHARGE AND DISHONORED ITEM FEE.  If a payment is 10 days or more late, then Borrower will be charged               5.00%  of the unpaid portion of the regularly scheduled payment.  Borrower shall pay a fee to Lender of $25.00 if               Borrower makes a payment on the Indebtedness and the check or other payment order including any preauthorized               charge with which Borrower pays is later dishonored.                INTEREST AFTER DEFAULT.  Upon default, including failure to pay upon final maturity, the interest rate on the               Indebtedness shall automatically increase by 6.00 percentage points.  However, in no event will the interest rate exceed               the maximum interest rate limitations under applicable law.                BORROWER'S REPRESENTATIONS AND WARRANTIES.  Borrower represents and promises to Lender that:                    Loan Purpose.  The primary purpose of the Loan is business, and not personal, family or household, or personal                   investment. 

 

DocuSign Envelope ID: BF8E8E64-2A6A-4093-8BF5-3B198390922D                    Existence and Good Standing.  If Borrower is other than a natural person, Borrower is duly formed, in existence                   and good standing in its jurisdiction of formation, and is registered and in good standing in all other jurisdictions in                   which it is required to register.                    Authority.  If Borrower is other than a natural person, Borrower is duly authorized to enter into this Note and the                   Loan Documents.  Borrower has duly executed and delivered to Lender this Note and the Loan Documents.  If                   Borrower is other than a natural person, then the natural person, or persons, signing this Note and the Loan                   Documents is, and was, and he or she also represents and promises to Lender, that he or she is and was, duly                   authorized to execute and deliver this Note and the Loan Documents to Lender.                    No Conflict or Breach.  Borrower’s execution and delivery of this Note and the Loan Documents does not breach                   or conflict with any (a) if Borrower is other than a natural person, of Borrower’s governing documents, or (b)                   contract, agreement or other arrangement or obligation of Borrower.                    Capacity.  No natural person executing this Note and the Loan Documents, on behalf of himself, herself or any                   entity, lacks capacity to contract by age, mind or other form of diminished capacity.                    SBA Payment Protection Program.  Borrower knows and understands all terms of Coronavirus Aid, Relief, and                   Economic Security Act (or the CARES Act) of 2020, and all SBA rules and guidance regarding the Payment                   Protection Program, and has not relied, and will not rely, on Lender or any of Lender’s shareholders, directors,                   officers, agents, employees, or representatives in determining whether Borrower is eligible for said Program or                   Debt Forgiveness.  Borrower acknowledges that the SBA has limited funds for said Program, and funds will be                   disbursed on a first come, first serve basis by the SBA.  Therefore, Borrower holds Lender harmless from all claims                   related to Borrower’s loan not being funded because the funding of said Program has been exhausted or expired.                DEFAULT.  Each of the following constitutes an Event of Default under this Note:                    Payment Default.  Borrower fails to make any payment when due under the Indebtedness.                    Other Defaults.  Borrower fails to comply with or to perform any other term, obligation, covenant or condition                   contained in this Note or in any of the other Loan Documents or to comply with or to perform any term, obligation,                   covenant or condition contained in any other agreement between Lender and Borrower.                    Default in Favor of Third Parties.  Borrower defaults under any agreement with any person that may materially                   affect any of Borrower's property or ability to perform his, her or its obligations under this Note or any of the Loan                   Documents.                    False Statements.  Any warranty, representation or statement made or furnished to Lender by Borrower or on                   Borrower's behalf under this Note or the Loan Documents is false or misleading in any material respect, either now                   or at the time made or furnished or becomes false or misleading at any time thereafter.                    Insolvency; Existence.  (1)  Borrower dissolves (regardless of whether election to continue is made; (2) any                   member or partner of Borrower withdraws from its ownership in Borrower; (3) any interest-holder or shareholder                   of Borrower owning, controlling or holding more than 25% of the shares  (directly or indirectly) or interests of                   Borrower  sells his or her interest or shares in Borrower; (4) Borrower’s existence is otherwise terminated; (5)                   Borrower (if a natural person) or any member, partner or interest holder of Borrower dies; (6) Borrower is or                   becomes insolvent; (7) a receiver is appointed for any part of Borrower's property or business; (8) Borrower makes                   any assignment for the benefit of creditors; or (9) any proceeding under any bankruptcy or insolvency laws is                   commenced by or against Borrower.                    Adverse Change.  A material adverse change occurs in Borrower's financial condition, or Lender believes the                   prospect of payment or performance of the Indebtedness is impaired.                RIGHTS AND REMEDIES ON DEFAULT.  If an Event of Default occurs under this Note, at any time thereafter, Lender               may exercise any one or more of the following rights and remedies:                    Accelerate Indebtedness.  Lender may declare the entire Indebtedness, including any prepayment penalty which                   Borrower would be required to pay, immediately due and payable, without notice of any kind to Borrower.                    Election of Remedies.  All of Lender's rights and remedies, whether evidenced by the Loan Documents or any                   other writing, at law or in equity, are cumulative and may be exercised singularly or concurrently.  Lender’s election                   to pursue any remedy does not prevent Lender from pursuing any other remedy.                MISCELLANEOUS PROVISIONS.  The following miscellaneous provisions are a part of this Note:                    Amendments.  The Loan Documents constitute the entire understanding and agreement of the parties as to the                                                                                                                                             2 

 

DocuSign Envelope ID: BF8E8E64-2A6A-4093-8BF5-3B198390922D                    matters set forth in the Loan Documents.  All prior and contemporaneous representations and discussions                   concerning such matters either are included in the Loan Documents or do not constitute an aspect of the agreement                   of the parties.  Except as may be specifically set forth in this Note, no conditions precedent or subsequent, of any                   kind whatsoever, exist with respect to Borrower's obligations under the Loan Documents.  No alteration of or                   amendment to the Loan Documents will be effective unless given in writing and signed by the party or parties                   sought to be charged or bound by the alteration or amendment.                    Attorneys' Fees; Expenses.  Borrower agrees to pay upon demand all of Lender's costs and expenses, including                   Lender's attorneys' fees and Lender's legal expenses, incurred in connection with the enforcement of the Loan                   Documents.  Lender may hire or pay someone to help enforce the Loan Documents, and Borrower shall pay the                   costs and expenses of such enforcement.  Costs and expenses include Lender's attorneys' fees and legal                   expenses whether or not there is a lawsuit, including attorneys' fees and legal expenses for bankruptcy                   proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated                   post-judgment collection services.  All such costs and expenses shall become a part of the Indebtedness and bear                   interest as set forth above from the date incurred or paid by Lender to the date of repayment by Borrower.  All such                   costs and expenses will be payable on demand.                    Caption Headings.  Caption headings in this Note are for convenience purposes only and are not to be used to                   interpret or define the provisions of this Note.                    Re-execution or Replacement.  The SBA has not yet mandated any form of, or specific requirements for a,                   promissory note for the Paycheck  Protection Program.  If Lender determines that the SBA has issued a form                   promissory note or specific requirements that this Note does not contain, then within 10 days after Lender’s written                   request, Borrower will execute a new form of promissory note provided that none of the loan amount, interest rate                   or repayment terms of the new promissory note is different from this Note.                    Governing Law.  The Loan Documents will be governed by federal law applicable to Lender and, to the                   extent not preempted by federal law, the laws of the State of Oklahoma without regard to its conflicts of                   law provisions.  This Note has been accepted by Lender in the State of Oklahoma.                    Notwithstanding the foregoing, if   SBA  becomes the   holder  of this Note, then  this Note and the Loan                   Documents will be interpreted and enforced under federal law, including SBA regulations.  Lender or SBA                   may use state or local procedures for filing papers, recording documents, giving notice, foreclosing liens,                   and other purposes.  By using such procedures, SBA does not waive any federal immunity from state or                   local control, penalty, tax, or liability.  As to this Note and the Loan Documents, Borrower may not claim                   or assert against SBA any local or state law to deny any obligation, defeat any claim of SBA, or preempt                   federal law.                    No Waiver by Lender.  Lender shall not be deemed to have waived any rights under the Loan Documents unless                   such waiver is given in writing and signed by Lender.  No delay or omission on the part of Lender in exercising any                   right shall operate as a waiver of such right or any other right.  A waiver by Lender of a provision of the Loan                   Documents does not prejudice or constitute a waiver of Lender's right otherwise to demand strict compliance with                   that provision or any other provision of the Loan Documents.  No prior waiver by Lender, nor any course of dealing                   between Lender and Borrower, will constitute a waiver of any of Lender's rights or of any of Borrower's obligations                   as to any future transactions.  Whenever the consent of Lender is required under the Loan Documents, the granting                   of such consent by Lender in any instance shall not constitute continuing consent to subsequent instances where                   such consent is required and in all cases such consent may be granted or withheld in the sole discretion of Lender.                    Notices.  Any notice required to be given under the Loan Documents must be given in writing, and will be effective                   when actually delivered, when deposited with a nationally recognized overnight courier, or, if mailed, when                   deposited in the United States mail, as first class, certified or registered mail postage prepaid, directed to, unless                   otherwise indicated in this Note or the Other Loan Documents, Lender at:  Business Express, 11001 N Rockwell                   Ave, Oklahoma City, OK 73162, and to Borrower at the address set forth below Borrower’s signature on this Note.                    Any party may change its address for notices under the Loan Documents by giving formal written notice to the                   other parties, specifying that the purpose of the notice is to change the party's address.                    Severability.  If a court of competent jurisdiction finds any provision of the Loan Documents to be illegal, invalid,                   or unenforceable as to any circumstance, that finding will not make the offending provision illegal, invalid, or                   unenforceable as to any other circumstance.  If feasible, the offending provision will be considered modified so                   that it becomes legal, valid and enforceable.  If the offending provision cannot be so modified, it will be considered                   deleted from the Loan Documents.  Unless otherwise required by law, the illegality, invalidity, or unenforceability                   of any provision of the Loan Documents will not affect the legality, validity or enforceability of any other provision                   of the Loan Documents.                    Successors and Assigns.  Borrower may not (without Lender’s prior written consent) assign to any party other                                                                                                                                             3 

 

DocuSign Envelope ID: BF8E8E64-2A6A-4093-8BF5-3B198390922D                    than Lender any of its rights or obligations under the Loan Documents.  Subject to the foregoing, the Loan                   Documents are binding upon and inure to the benefit of the parties, their successors and assigns.                    Survival of Representations and Warranties.  All representations, warranties, and agreements made by                   Borrower in the Loan Documents survive the execution and delivery of the Loan Documents, are continuing in                   nature, and will remain in full force and effect until such time as the Indebtedness is paid in full.                    Time is of the Essence.  Time is of the essence in the performance of this Note.                    Online Banking Access.  Borrower requests that Lender add the loan made pursuant to this Note (the "Loan                   Account") to Borrower's online banking profile, if any, in (a) iManage Business Banking ("iMBB") or (b) iManage                   Business Express ("iMBX"; each of iMBB and iMBX is a "System").  If Borrower is not an administrator of                   Borrower's iMBB profile, then Lender will grant Loan Account access only to Borrower's iMBB profile administrator.                    The administrator may grant Borrower and other users access to the Loan Account on IMBB.  The Loan Account                   will be linked to Borrower's other accounts in the System and may have transfer capability.  Borrower understands                   that all users of the System who have access to the Loan Account may request loan advances through the System.                    Borrower represents and warrants that Borrower has authority to link the Loan Account with other accounts in                   Borrower's System profile.  Lender may remove the Loan Account from Borrower's System profile at any time and                   for any reason.                    Indemnification of Lender.  Borrower shall indemnify, defend (with Lender's selected counsel) and hold Lender                   harmless from all claims, suits, obligations, damages, losses, costs and expenses (including, without limitation,                   Lender's attorneys' fees), demands, liabilities, penalties, fines and forfeitures of any nature whatsoever that may                   be asserted against Lender (or its officers, directors, employees and agents) or that Lender (or its officers,                   directors, employees and agents) may incur arising out of, relating to, or in any way occasioned by (1) this Note,                   the System or any matter related to Debt Forgiveness, or (2) the exercise of Lender's rights and remedies under                   this Note (including, without limitation, exercising any rights collaterally assigned to Lender under this Note or any                   other Loan Documents).                    Waive Jury.  Borrower waives the right to a jury trial in any action, proceeding, or counterclaim brought                   by any party under the Loan Documents.                DEFINITIONS.  The following capitalized words and terms shall have the following meanings when used in this Note.                Unless specifically stated to the contrary, all references to dollar amounts shall mean amounts in lawful money of the               United States of America.  Words and terms used in the singular shall include the plural, and the plural shall include               the singular, as the context may require.  Words and terms not otherwise defined in this Note shall have the meanings               attributed to such terms in the Uniform Commercial Code:                      Application.  The words "Application" mean the Paycheck Protection Program Borrower Application Form (SBA                   Form 2483) that Borrower completed and submitted to Lender when applying for the Loan.                    Business Day.  The words "Business Day" mean each day of the week which is not a Saturday, Sunday or a                   holiday recognized and observed by the Board of Governors of the Federal Reserve System.                    Indebtedness.  The word "Indebtedness" means the indebtedness evidenced by this Note and the other Loan                   Documents, including all principal and interest together with all other indebtedness and costs and expenses for                   which Borrower is responsible under the Loan Documents.                    Lender.  The word "Lender" means MidFirst Bank, its successors and assigns, and the SBA.                    Loan.  The word "Loan" means the loan Lender extends to Borrower in the principal amount of                    $ 2,416,600.00       pursuant to this Note.                    Loan Documents.  The words "Loan Documents" mean this        Note, the Application, and all other instruments                   evidencing, guarantying, securing, governing or relating to the Loan, and all amendments, modifications, renewals,                   substitutions and replacements of any of the foregoing Loan Documents.                    SBA.  The word "SBA" means the Small Business Administration, an Agency of the United States of America.                BORROWER HAS READ AND UNDERSTOOD ALL PROVISIONS OF THIS NOTE, AND AGREES TO THIS NOTE’S               TERMS.  BORROWER HAS HAD THE OPPORTUNITY TO HAVE THIS NOTE REVIEWED BY LEGAL COUNSEL               OF BORROWER’S CHOSING.  THIS NOTE IS DATED            4/10/2020     .                 BY SIGNING THIS NOTE EACH PARTY REPRESENTS AND AGREES THAT:  (A) THIS NOTE AND THE OTHER                                                                                                                                             4 

 

DocuSign Envelope ID: BF8E8E64-2A6A-4093-8BF5-3B198390922D                LOAN DOCUMENTS REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES, (B) THERE ARE NO               UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES, AND (C) THIS WRITTEN AGREEMENT AND THE               OTHER LOAN DOCUMENTS MAY NOT BE CONTRADICTED BY EVIDENCE OF ANY PRIOR,               CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OR UNDERSTANDINGS OF THE PARTIES.                                                                   BORROWER:                                                                       Oblong, Inc                                                                                                                                                                                                                                                                       By:                                                                                                               Peter Holst, CEO                                                                                                                                                                                                               Oblong, Inc                                                                 Address:                                                                                                                        25587 Conifer Road, #105-231                                                                                                                                                                                                 Conifer, CO 80433                                                                                                                                                                                                                                                                                                                                                                                                                                                                   5

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