Document:

Exhibit 10.03

Warrant Certificate No.
     

 

 

NEITHER THE SECURITIES
REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES ISSUABLE UPON THE EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES LAWS, AND NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN
MAY BE OFFERED, SOLD, ASSIGNED OR OTHERWISE TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER
THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR (2) AN EXEMPTION FROM SUCH REGISTRATION EXISTS AND THE COMPANY RECEIVES AN
OPINION OF COUNSEL TO THE HOLDER OF SUCH SECURITIES, WHICH COUNSEL AND OPINION ARE SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES
MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR TRANSFERRED IN THE MANNER CONTEMPLATED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER
THE ACT OR APPLICABLE STATE SECURITIES LAWS.

 

	Effective Date:

November 30, 2015

	 	 	Void After:

                           November 30, 2025

 

 

 

EXCEL CORPORATION

 

WARRANT TO PURCHASE
COMMON STOCK

 

Excel
Corporation (the “Company”),
for value received on November 30, 2015 (the “Effective Date”),
hereby issues to __________ (the “Holder” or “Warrant Holder”) this Warrant (the “Warrant”)
to purchase, ______ shares (each such share as from time to time adjusted as hereinafter provided being a “Warrant
Share” and all such shares being the “Warrant Shares”) of the Company’s Common Stock (as defined
below), at the Exercise Price (as defined below), as adjusted from time to time as provided, herein, on or before November 30,
2025 (the “Expiration Date”), all subject to the following terms and conditions. This Warrant is one of a series
of warrants of like tenor that have been issued
in connection with the
Company’s private
offering solely to
accredited investors
in accordance
with, and subject to,
the terms and
conditions described in the Warrant
Subscription Agreement made on even date herewith, as the same
may be amended and
supplemented from time
to time (the
“Subscription Agreement”).

 

As
used in this Warrant, (i) “Business Day” means any day other than Saturday, Sunday or any other day on
which commercial banks in the City of New York, New York, are authorized or required by law or executive order to close; (ii)
“Common Stock” means the common stock of the Company, par value $0.001 per share, including any securities
issued or issuable with respect thereto or into which or for which such shares may be exchanged for, or converted into,
pursuant to any stock dividend, stock split, stock combination, recapitalization, reclassification, reorganization or other
similar event; (iii) “Exercise Price” means $0.05 per share of Common Stock, subject to adjustment as
provided herein; (iv) “Trading Day” means any day on which the Common Stock is traded (or available for
trading) on its principal trading market; (v) “Affiliate” means any person that, directly or indirectly,
through one or more intermediaries, controls, is controlled by, or is under common control with, a person, as such terms are
used and construed in Rule 144 promulgated under the Securities Act of 1933, as amended (the “Securities
Act”) and (vi) “Warrant holders” means the holders of Warrants issued pursuant to the
Subscription Agreement.

 

    	 	1	 

     

    

 

1.             DURATION AND EXERCISE
OF WARRANTS

 

(a)          
Exercise Period. The Holder may exercise this Warrant in whole or in part on any Business Day on or before 5:00 P.M., Eastern
Time, on the Expiration Date, at which time this Warrant shall become void and of no value.

 

(b)         Exercise Procedures.

 

(i)           While
this Warrant remains outstanding and exercisable in accordance with Section 1(a), the Holder may exercise this Warrant in whole
or in part at any time and from time to time by:

 

(A)           delivery to the Company of a duly
executed copy of the Notice of Exercise form attached
hereto as Attachment A;

 

(B)          
surrender of this Warrant to the Secretary of the Company at its principal offices or at such other office or agency as the Company
may specify in writing to the Holder in accordance with Section 11 below; and

 

(C)          
payment of the then-applicable Exercise Price per share multiplied by the number of Warrant Shares being purchased upon exercise
of the Warrant (such amount, the “Aggregate Exercise Price”) made in the form of cash, or by certified check,
bank draft or money order payable in lawful money of the United States of America.

 

(ii)          
Notwithstanding anything to the contrary herein, if at any time commencing beginning after the date of this Warrant, there is no
effective registration statement registering, or no current prospectus available for the resale of the Warrant Shares by the Holder,
then this Warrant may also be exercised at the Holder’s election, in whole or in part, at such time by means of a “cashless
exercise” in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing
[(A-B) (X)] by (A), where:

 

(A) =
the 3 day VWAP on the Trading Day immediately preceding the date on which Holder elects to exercise this Warrant by means of a
“cashless exercise,” as set forth in the applicable Notice of Exercise;

 

(B) =
the Exercise Price of this Warrant, as adjusted hereunder; and

 

(X) =
the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant
if such exercise were by means of a cash exercise rather than a cashless exercise.

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding
date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading
Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if the OTC Bulletin Board is not a Trading Market
or OTCQB, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the OTC Bulletin
Board, (c) if the Common Stock is not then listed or quoted for trading on the OTC Bulletin Board and if prices for the Common
Stock are then reported in the “Pink Sheets” published by Pink OTC Markets, Inc. (or a similar organization or agency
succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in
all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith
by the Board of Directors of the Company.

 

“Trading
Market” means the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in
question: the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock
Exchange, the OTC Bulletin Board, the OTCQB or the OTCQX.

 

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(iii)         Upon
the exercise of this Warrant in compliance with the provisions of this Section 1(b), the Company shall promptly issue and cause
to be delivered to the Holder a certificate for the Warrant Shares purchased by the Holder. Each exercise of this Warrant shall
be effective immediately prior to the close of business on the date (the “Date of Exercise”) that the conditions
set forth in Section 1(b) have been satisfied, as the case may be. On or before the first Business Day following the date on which
the Company has received each of the Notice of Exercise and the Aggregate Exercise Price (the “Exercise Delivery Documents”),
the Company shall transmit an acknowledgment of receipt of the Exercise Delivery Documents to the Company’s transfer agent
(the “Transfer Agent”). On or before the third Business Day following the date on which the Company has received
all of the Exercise Delivery Documents (the “Share Delivery Date”), the Company shall (X) provided that
the Transfer Agent is participating in The Depository Trust Company (“DTC”) Fast Automated Securities Transfer
Program, upon the request of the Holder, credit such aggregate number of shares of Common Stock to which the Holder is entitled
pursuant to such exercise to the Holder’s or its designee’s balance account with DTC through its Deposit Withdrawal
Agent Commission system, or (Y) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program,
issue and dispatch by overnight courier to the address as specified in the Notice of Exercise, a certificate, registered in the
Company’s share register in the name of the Holder or its designee, for the number of shares of Common Stock to which the
Holder is entitled pursuant to such exercise. Upon delivery of the Exercise Delivery Documents, the Holder shall be deemed for
all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised,
irrespective of the date of delivery of the certificates evidencing such Warrant Shares.

 

(iv)        
If the Company shall fail for any reason or for no reason to issue to the Holder, within three (3) Business Days of receipt of
the Exercise Delivery Documents, a certificate for the number of shares of Common Stock to which the Holder is entitled and register
such shares of Common Stock on the Company’s share register or to credit the Holder’s balance account with DTC for
such number of shares of Common Stock to which the Holder is entitled upon the Holder’s exercise of this Warrant, and if
on or after such Business Day the Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver
in satisfaction of a sale by the Holder of shares of Common Stock issuable upon such exercise that the Holder anticipated receiving
from the Company (a “Buy-In”), then the Company shall, within three (3) Business Days after the Holder’s
request and in the Holder’s discretion, either (i) pay cash to the Holder in an amount equal to the Holder’s total
purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased (the “Buy-In Price”),
at which point the Company’s obligation to deliver such certificate (and to issue such shares of Common Stock) shall terminate,
or (ii) promptly honor its obligation to deliver to the Holder a certificate or certificates representing such shares of Common
Stock and pay cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number
of shares of Common Stock, times (B) the closing bid price on the date of exercise.

 

(c)          
Partial Exercise. This Warrant shall be exercisable, either in its entirety or, from time to time, for part only of the
number of Warrant Shares referenced by this Warrant. If this Warrant is submitted in connection with any exercise pursuant to Section
1 and the number of Warrant Shares represented by this Warrant submitted for exercise is greater than the actual number of Warrant
Shares being acquired upon such an exercise, then the Company shall as soon as practicable and in no event later than five (5)
Business Days after any exercise and at its own expense, issue a new Warrant of like tenor representing the right to purchase the
number of Warrant Shares purchasable immediately prior to such exercise under this Warrant, less the number of Warrant Shares with
respect to which this Warrant is exercised.

 

(d)          
Disputes. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant
Shares, the Company shall promptly issue to the Holder the number of Warrant Shares that are not disputed and resolve such dispute
in accordance with Section 16.

 

2.            ISSUANCE OF WARRANT SHARES

 

(a)          
The Company covenants that all Warrant Shares will, upon issuance in accordance with the terms of this Warrant, be (i) duly authorized,
fully paid and non-assessable, and (ii) free from all liens, charges and security interests, with the exception of claims arising
through the acts or omissions of any Holder and except as arising from applicable Federal and state securities laws.

 

(b)          
The Company shall register this Warrant upon records to be maintained by the Company for that purpose in the name of the record
holder of such Warrant from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute
owner thereof for the purpose of any exercise thereof, any distribution to the Holder thereof and for all other purposes.

 

(c)          The
Company will not, by amendment of its certificate of incorporation, by-laws or through any reorganization, transfer of assets,
consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance
or performance of any of the terms to be observed or performed hereunder by the Company, but will at all times in good faith assist
in the carrying out of all the provisions of this Warrant and in the taking of all action necessary or appropriate in order to
protect the rights of the Holder to exercise this Warrant, or against impairment of such rights.

 

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3.             ADJUSTMENTS
OF EXERCISE PRICE, NUMBER AND TYPE OF WARRANT SHARES

 

(a)
          The Exercise Price and the number of shares purchasable upon the exercise of this Warrant shall be subject to adjustment from time
to time upon the occurrence of certain events described in this Section 3.

 

(i)           
Subdivision or Combination of Stock. In case the Company shall at any time subdivide (whether by way of stock dividend,
stock split or otherwise) its outstanding shares of Common Stock into a greater number of shares, the Exercise Price in effect
immediately prior to such subdivision shall be proportionately reduced and the number of Warrant Shares shall be proportionately
increased, and conversely, in case the outstanding shares of Common Stock of the Company shall be combined (whether by way of stock
combination, reverse stock split or otherwise) into a smaller number of shares, the Exercise Price in effect immediately prior
to such combination shall be proportionately increased and the number of Warrant Shares shall be proportionately decreased. The
Exercise Price and the Warrant Shares, as so adjusted, shall be readjusted in the same manner upon the happening of any successive
event or events described in this Section 3(a)(i).

 

(ii)          
Dividends in Stock, Property, Reclassification. If at any time, or from time to time, all of the holders of Common Stock
(or any shares of stock or other securities at the time receivable upon the exercise of this Warrant) shall have received or become
entitled to receive, without payment therefore:

 

(A)
        any shares of stock or other securities that are at any time directly or indirectly convertible into or exchangeable for Common
Stock, or any rights or options to subscribe for, purchase or otherwise acquire any of the foregoing by way of dividend or other
distribution, or

 

(B)           additional
stock or other securities or property (including cash) by way of spin-off, split-up, reclassification, combination of shares or
similar corporate rearrangement (other than shares of Common Stock issued as a stock split or adjustments in respect of which shall
be covered by the terms of Section 3(a)(i) above),

 

then and in each such case,
the Exercise Price and the number of Warrant Shares to be obtained upon exercise of this Warrant shall be adjusted proportionately,
and the Holder hereof shall, upon the exercise of this Warrant, be entitled to receive, in addition to the number of shares of
Common Stock receivable thereupon, and without payment of any additional consideration therefor, the amount of stock and other
securities and property (including cash in the cases referred to above) that such Holder would hold on the date of such exercise
had such Holder been the holder of record of such Common Stock as of the date on which holders of Common Stock received or became
entitled to receive such shares or all other additional stock and other securities and property. The Exercise Price and the Warrant
Shares, as so adjusted, shall be readjusted in the same manner upon the happening of any successive event or events described in
this Section 3(a)(ii).

 

(iii)
        Reorganization, Reclassification, Consolidation, Acquisition or Sale. If any recapitalization, reclassification or reorganization
of the capital stock of the Company, or any consolidation or merger of the Company with another corporation, or the sale of all
or substantially all of its assets or other transaction shall be effected in such a way that holders of Common Stock shall be entitled
to receive stock, securities, or other assets or property (an “Organic Change”), then, as a condition of such
Organic Change, lawful and adequate provisions shall be made by the Company whereby the Holder hereof shall thereafter have the
right to purchase and receive (in lieu of the shares of the Common Stock of the Company immediately theretofore purchasable and
receivable upon the exercise of the rights represented by this Warrant) such shares of stock, securities or other assets or property
as may be issued or payable with respect to or in exchange for a number of outstanding shares of such Common Stock equal to the
number of shares of such stock immediately theretofore purchasable and receivable assuming the full exercise of the rights represented
by this Warrant. In the event of any Organic Change, appropriate provision shall be made by the Company with respect to the rights
and interests of the Holder of this Warrant to the end that the provisions hereof (including, without limitation, provisions for
adjustments of the Exercise Price and of the number of shares purchasable and receivable upon the exercise of this Warrant) shall
thereafter be applicable, in relation to any shares of stock, securities or assets thereafter deliverable upon the exercise hereof.
The Company will not effect any such consolidation, merger or sale unless, prior to the consummation thereof, the successor corporation
(if other than the Company) resulting from such consolidation or merger or the corporation purchasing such assets shall assume
by written instrument reasonably satisfactory in form and substance to the Holder and delivered to the registered Holder hereof
at the last address of such Holder appearing on the books of the Company, the obligation to deliver to such Holder such shares
of stock, securities or assets as, in accordance with the foregoing provisions, such Holder may be entitled to purchase. If there
is an Organic Change, then the Company shall cause to be mailed to the Holder at its last address as it shall appear on the books
and records of the Company, at least 10 calendar days before the effective date of the Organic Change, a notice stating the date
on which such Organic Change is expected to become effective or close, and the date as of which it is expected that holders of
the Common Stock of record shall be entitled to exchange their shares for securities, cash, or other property delivered upon such
Organic Change; provided, that the failure to mail such notice or any defect therein or in the mailing thereof shall not affect
the validity of the corporate action required to be specified in such notice. The Holder is entitled to exercise this Warrant during
the 10-day period commencing on the date of such notice to the effective date of the event triggering such notice. In any event,
the successor corporation (if other than the Company) resulting from such consolidation or merger or the corporation purchasing
such assets shall be deemed to assume such obligation to deliver to such Holder such shares of stock, securities or assets even
in the absence of a written instrument assuming such obligation to the extent such assumption occurs by operation of law.

 

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(b)         
Certificate as to Adjustments. Upon the occurrence of each adjustment or readjustment pursuant to this Section 3, the Company
at its expense shall promptly compute such adjustment or readjustment in accordance with the terms hereof and furnish to each Holder
of this Warrant a certificate setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment
or readjustment is based. The Company shall promptly furnish or cause to be furnished to such Holder a like certificate setting
forth: (i) such adjustments and readjustments; and (ii) the number of shares and the amount, if any, of other property which at
the time would be received upon the exercise of the Warrant.

 

(c)
          Certain Events. If any event occurs as to which the other provisions of this Section 3(c) are not strictly applicable but
the lack of any adjustment would not fairly protect the purchase rights of the Holder under this Warrant in accordance with the
basic intent and principles of such provisions, or if strictly applicable would not fairly protect the purchase rights of the Holder
under this Warrant in accordance with the basic intent and principles of such provisions, then the Company's Board of Directors
will, in good faith, make an appropriate adjustment to protect the rights of the Holder; provided, that no such adjustment
pursuant to this Section 3(c) will increase the Exercise Price or decrease the number of Warrant Shares as otherwise determined
pursuant to this Section 3.

 

       (d)          Other Adjustments.
If at any time conditions shall arise by reason of action taken by the Company which in the reasonable opinion of the Board of
Directors are not adequately covered by the provisions hereof and which might materially and adversely affect the rights of the
Holder or if at any time any such conditions are expected to arise by reason of any action contemplated by the Company, the Board
of Directors shall make adjustments, if any (not inconsistent with the standards established in this Section 3), of the Exercise
Price (including, if necessary, any adjustment as to the securities for which the Warrants may thereafter be exercisable) and any
distribution which is or would be required to preserve the rights of the Holder.

 

      (e)          No Dilution
or Impairment. Subject to the provisions of Section 3(a)(iii), the Company will not, by amendment of its restated articles
of incorporation or through reorganization, consolidation, merger, dissolution, issue or sale of securities, sale of assets or
any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of the Warrants, but will
at all times in good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary
or appropriate in order to protect the rights of the holders of the Warrants against dilution or other impairment.

 

4.             REDEMPTION OF WARRANTS

 

(a)
          General. The Company shall have the option, subject to the conditions set forth herein, to redeem all of the Warrants then
outstanding upon not less than thirty (30) days nor more than sixty (60) days prior written notice to the Warrant Holders at any
time provided that, at the time of delivery of such notice, the closing bid price of the Company’s Common Stock for
ninety (90) consecutive Calendar Days prior to the date of the notice of redemption is at least $1.50 as proportionately adjusted
to reflect any stock splits, stock dividends, combination of shares or like events.

 

(b)           Notice.
Notice of redemption will be effective upon mailing in accordance with this Section and such date may be referred to below as the
“Notice Date.” Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not
less than 30 days prior to the date fixed for redemption to the Holders of the Warrants to be redeemed at their last addresses
as they shall appear on the registration books. Any notice mailed in the manner herein provided shall be conclusively presumed
to have been duly given whether or not the Holder received such notice.

 

(c)          
Redemption Date and Redemption Price. The notice of redemption shall state the date set for redemption, which date shall
be not less than thirty (30) days, or more than sixty (60) days, from the Notice Date (the “Redemption Date”).
The Company shall not mail the notice of redemption unless all funds necessary to pay for redemption of the Warrants to be redeemed
shall have first been set aside by the Company for the benefit of the Warrant Holders so as to be and continue to be available
therefor. The redemption price to be paid to the Warrant Holders will be $0.001 for each share of Common Stock of the Company to
which the Warrant Holder would then be entitled upon exercise of the Warrant being redeemed, as adjusted from time to time as provided
herein (the “Redemption Price”).

 

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(d)         
Exercise. Following the Notice Date, the Warrant Holders may exercise their Warrants in accordance with Section 1 of this
Warrant between the Notice Date and 5:00 p.m. Eastern Time on the Redemption Date and such exercise shall be timely if a duly executed
Notice of Exercise and the Warrant Exercise Price for the shares of Common Stock to be purchased are actually received by the Company
at its principal offices prior to 5:00 p.m. Eastern Time on the Redemption Date.

 

(e)          
Mailing. If any Warrant Holder does not wish to exercise any Warrant being redeemed, he should mail such Warrant to the
Company at its principal offices after receiving the notice of redemption. On and after 5:00 p.m. Eastern Time on the Redemption
Date, notwithstanding that any Warrant subject to redemption shall not have been surrendered for redemption, the obligation evidenced
by all Warrants not surrendered for redemption or effectively exercised shall be deemed no longer outstanding, and all rights with
respect thereto shall forthwith cease and terminate, except only the right of the holder of each Warrant subject to redemption
to receive the Redemption Price for each share of Common Stock to which he would be entitled if he exercised the Warrant upon receiving
notice of redemption of the Warrant subject to redemption held by him.

 

5.            TRANSFERS AND EXCHANGES OF WARRANT AND WARRANT
SHARES

 

(a)          
Registration of Transfers and Exchanges. Subject to Section 5(c), upon the Holder’s surrender of this Warrant, with
a duly executed copy of the Form of Assignment attached as Attachment B, to the Secretary of the Company at its principal
offices or at such other office or agency as the Company may specify in writing to the Holder, the Company shall register the transfer
of all or any portion of this Warrant. Upon such registration of transfer, the Company shall issue a new Warrant, in substantially
the form of this Warrant, evidencing the acquisition rights transferred to the transferee and a new Warrant, in similar form, evidencing
the remaining acquisition rights not transferred, to the Holder requesting the transfer.

 

(b)          Warrant
Exchangeable for Different Denominations. The Holder may exchange this Warrant for a new Warrant or Warrants, in substantially
the form of this Warrant, evidencing in the aggregate the right to purchase the number of Warrant Shares which may then be purchased
hereunder, each of such new Warrants to be dated the date of such exchange and to represent the right to purchase such number of
Warrant Shares as shall be designated by the Holder. The Holder shall surrender this Warrant with duly executed instructions regarding
such re-certification of this Warrant to the Secretary of the Company at its principal offices or at such other office or agency
as the Company may specify in writing to the Holder.

 

(c)          
Restrictions on Transfers. This Warrant may not be transferred at any time without (i) registration under the Securities
Act or (ii) an exemption from such registration and a written opinion of legal counsel addressed to the Company that the proposed
transfer of the Warrant may be effected without registration under the Securities Act, which opinion will be in form and from counsel
reasonably satisfactory to the Company.

 

(d)          
Permitted Transfers and Assignments. Notwithstanding any provision to the contrary in this Section 5, the Holder may transfer,
with or without consideration, this Warrant or any of the Warrant Shares (or a portion thereof) to the Holder’s Affiliates
(as such term is defined under Rule 144 of the Securities Act) without obtaining the opinion from counsel that may be required
by Section 5(c)(ii), provided, that the Holder delivers to the Company and its counsel certification, documentation, and
other assurances reasonably required by the Company’s counsel to enable the Company’s counsel to render an opinion
to the Company’s Transfer Agent that such transfer does not violate applicable securities laws.

 

 

6.            MUTILATED OR MISSING WARRANT CERTIFICATE

 

If this
Warrant is mutilated, lost, stolen or destroyed, upon request by the Holder, the Company will, at its expense, issue, in exchange
for and upon cancellation of the mutilated Warrant, or in substitution for the lost, stolen or destroyed Warrant, a new Warrant,
in substantially the form of this Warrant, representing the right to acquire the equivalent number of Warrant Shares; provided,
that, as a prerequisite to the issuance of a substitute Warrant, the Company may require satisfactory evidence of loss, theft or
destruction as well as an indemnity from the Holder of a lost, stolen or destroyed Warrant.

 

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7.            PAYMENT OF TAXES

 

The
Company will pay all transfer and stock issuance taxes attributable to the preparation, issuance and delivery of this Warrant and
the Warrant Shares (and replacement Warrants) including, without limitation, all documentary and stamp taxes; provided,
however, that the Company shall not be required to pay any tax in respect of the transfer of this Warrant, or the issuance
or delivery of certificates for Warrant Shares or other securities in respect of the Warrant Shares to any person or entity other
than to the Holder.

 

8.            FRACTIONAL WARRANT SHARES

 

No fractional
Warrant Shares shall be issued upon exercise of this Warrant. The Company, in lieu of issuing any fractional Warrant Share, shall
round up the number of Warrant Shares issuable to nearest whole share.

 

9.            NO STOCK RIGHTS AND LEGEND

 

No
holder of this Warrant, as such, shall be entitled to vote or be deemed the holder of any other securities of the Company that
may at any time be issuable on the exercise hereof, nor shall anything contained herein be construed to confer upon the holder
of this Warrant, as such, the rights of a stockholder of the Company or the right to vote for the election of directors or upon
any matter submitted to stockholders at any meeting thereof, or give or withhold consent to any corporate action or to receive
notice of meetings or other actions affecting stockholders (except as provided herein), or to receive dividends or subscription
rights or otherwise (except as provide herein).

 

Each
certificate for Warrant Shares initially issued upon the exercise of this Warrant, and each certificate for Warrant Shares issued
to any subsequent transferee of any such certificate, shall be stamped or otherwise imprinted with a legend in substantially the
following form:

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR ANY STATE SECURITIES LAWS, AND NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE
TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES
LAWS, OR (2) AN EXEMPTION FROM SUCH REGISTRATION EXISTS AND THE COMPANY RECEIVES AN OPINION OF COUNSEL TO THE HOLDER OF SUCH SECURITIES,
WHICH COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED
OR TRANSFERRED IN THE MANNER CONTEMPLATED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR APPLICABLE STATE SECURITIES
LAWS.”

 

10.           NOTICES

 

All
notices, consents, waivers, and other communications under this Warrant must be in writing and will be deemed given to a party
when (a) delivered to the appropriate address by hand or by nationally recognized overnight courier service (costs prepaid); (b)
sent by facsimile or e-mail with confirmation of transmission (with respect to facsimile) by the transmitting equipment; (c) received
or rejected by the addressee, if sent by certified mail, return receipt requested, if to the registered Holder hereof; or (d) seven
days after the placement of the notice into the mails (first class postage prepaid), to the Holder at the address, facsimile number,
or e-mail address furnished by the registered Holder to the Company in accordance with the Subscription Agreement by and between
the Company and the Holder, or if to the Company, to it at Excel Corporation 6363 President George Bush Turnpike Suite 310 Irving
Texas 75038 Attention: Secretary (or to such other address, facsimile number, or e-mail address as the Holder or the Company as
a party may designate by notice the other party).

 

11.           SEVERABILITY

 

If
a court of competent jurisdiction holds any provision of this Warrant invalid or unenforceable, the other provisions of this Warrant
will remain in full force and effect. Any provision of this Warrant held invalid or unenforceable only in part or degree will remain
in full force and effect to the extent not held invalid or unenforceable.

 

12.           BINDING EFFECT

 

This
Warrant shall be binding upon and inure to the sole and exclusive benefit of the Company, its successors and assigns, the registered
Holder or Holders from time to time of this Warrant and the Warrant Shares.

 

    7

     

    

 

13.          SURVIVAL OF RIGHTS AND DUTIES

 

This Warrant shall terminate and be of no further
force and effect on the earlier of 5:00

P.M., Eastern Time, on the Expiration Date or
the date on which this Warrant has been exercised in full.

 

14.          GOVERNING LAW

 

This
Warrant will be governed by and construed under the laws of the State of New York without regard to conflicts of laws principles
that would require the application of any other law.

 

15.          DISPUTE RESOLUTION

 

In
the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant Shares, the Company
shall submit the disputed determinations or arithmetic calculations via facsimile within two Business Days of receipt of the Notice
of Exercise giving rise to such dispute, as the case may be, to the Holder. If the Holder and the Company are unable to agree upon
such determination or calculation of the Exercise Price or the Warrant Shares within three Business Days of such disputed determination
or arithmetic calculation being submitted to the Holder, then the Company shall, within two Business Days, submit via facsimile
(a) the disputed determination of the Exercise Price to an independent, reputable investment bank selected by the Company and approved
by the Holder or (b) the disputed arithmetic calculation of the Warrant Shares to the Company’s independent, outside accountant.
The Company shall cause at its expense the investment bank or the accountant, as the case may be, to perform the determinations
or calculations and notify the Company and the Holder of the results no later than ten (10) Business Days from the time it receives
the disputed determinations or calculations. Such investment bank’s or accountant’s determination or calculation, as
the case may be, shall be binding upon all parties absent demonstrable error.

 

16.          NOTICES OF RECORD DATE

 

Upon
(a) any establishment by the Company of a record date of the holders of any class of securities for the purpose of determining
the holders thereof who are entitled to receive any dividend or other distribution, or right or option to acquire securities of
the Company, or any other right, or (b) any capital reorganization, reclassification, recapitalization, merger or consolidation
of the Company with or into any other corporation, any transfer of all or substantially all the assets of the Company, or any voluntary
or involuntary dissolution, liquidation or winding up of the Company, or the sale, in a single transaction, of a majority of the
Company’s voting stock (whether newly issued, or from treasury, or previously issued and then outstanding, or any combination
thereof), the Company shall mail to the Holder at least ten (10) Business Days, or such longer period as may be required by law,
prior to the record date specified therein, a notice specifying (i) the date established as the record date for the purpose of
such dividend, distribution, option or right and a description of such dividend, option or right, (ii) the date on which any such
reorganization, reclassification, transfer, consolidation, merger, dissolution, liquidation or winding up, or sale is expected
to become effective and (iii) the date, if any, fixed as to when the holders of record of Common Stock shall be entitled to exchange
their shares of Common Stock for securities or other property deliverable upon such reorganization, reclassification, transfer,
consolation, merger, dissolution, liquidation or winding up.

 

18.           NO THIRD PARTY RIGHTS

 

This
Warrant is not intended, and will not be construed, to create any rights in any parties other than the Company and the Holder,
and no person or entity may assert any rights as third- party beneficiary hereunder.

 

 

 

[SIGNATURE PAGE FOLLOWS]

    8

     

    

 

IN WITNESS WHEREOF, the
Company has caused this Warrant to be duly executed as of November 30, 2015.

 

 

 

EXCEL CORPORATION

 

 

 

By:                                                    _

Name:

Title:

 

    9

     

    

ATTACHMENT A

NOTICE OF EXERCISE

(To be executed by the
Holder of Warrant if such Holder desires to exercise Warrant) To Excel Corporation:

The
undersigned hereby irrevocably elects to exercise this Warrant and to purchase thereunder, ________

full shares of Excel
Corporation common stock issuable upon exercise of the Warrant and delivery of:

 

o   
$______________(in cash as provided for in the foregoing Warrant)
and any applicable taxes payable by the undersigned pursuant to such Warrant; or

 

o   
the cancellation of such number of Warrant Shares as is necessary,
in accordance with the formula set forth in Section 1(b)(ii) to exercise this Warrant with respect to the maximum number of Warrant
Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 1(b)(ii).

 

The undersigned requests that certificates for
such shares be issued in the name of:

 

 

(Please
print name, address and social security or federal

employer
identification number (if applicable))

  

 

 

 

 

If
the shares issuable upon this exercise of the Warrant are not all of the Warrant Shares which the Holder is entitled to acquire
upon the exercise of the Warrant, the undersigned requests that a new Warrant evidencing the rights not so exercised be issued
in the name of and delivered to:

 

 

(Please
print name, address and social security or federal

employer
identification number (if applicable))

  

 

 

 

 

       

Name of Holder (print): _______________________

(Signature):________________________________

(By:) ______________________________________

(Title:) ____________________________________

Dated: ____________________________________

    Exhibit A 

     

    

 

ATTACHMENT B

 

FORM OF ASSIGNMENT

 

FOR VALUE RECEIVED,                                                                     hereby sells,

 

    Exhibit B 

     

    

 

assigns and transfers
to each assignee set forth below all of the rights of the undersigned under the Warrant (as defined in and evidenced by the attached
Warrant) to acquire the number of Warrant Shares set opposite the name of such assignee below and in and to the foregoing Warrant
with respect to said acquisition rights and the shares issuable upon exercise of the Warrant:

 

 

 

	Name of Assignee	Address	Number of Shares
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

 

 

If
the total of the Warrant Shares are not all of the Warrant Shares evidenced by the foregoing Warrant, the undersigned requests
that a new Warrant evidencing the right to acquire the Warrant Shares not so assigned be issued in the name of and delivered to
the undersigned.

 

 

 

Name of Holder (print): _______________________

(Signature):________________________________

(By:) ______________________________________

(Title:) ____________________________________

Dated: ____________________________________Exhibit 10.4

 

GUARANTEE

 

GUARANTEE, dated as of
November 30, 2015 (this “Guarantee”), but effective 11:59 p.m., New York time, on November 30, 2015, made by
Excel Corporation, a Delaware corporation (the “Guarantor” or the “Company”), in favor of
each of the lenders signatory hereto (the “Lenders”).

 

W I T N E S S E T H:

 

WHEREAS, pursuant to that
certain Asset Purchase Agreement, dated November 30, 2015, but effective 11:59 p.m., New York time, on November 30, 2015 (the “Purchase
Agreement”), by and among eVance Processing Inc. a Delaware corporation (“eVance”), Calpian, Inc.,
a Texas corporation (“Parent”), Calpian Residual Acquisition, LLC, a Nevada limited liability company (“CRA”),
and Calpian Commerce, Inc., a Texas corporation and wholly-owned subsidiary of Parent (“CCI” and, collectively
with Parent and CRA, the “Sellers”), eVance assumed from the Sellers liability to pay certain loans made to
the Sellers by the Lenders (the “Transaction”) and evidenced by secured promissory notes listed on Exhibit
A, as the same maybe amended and/or restated, (the “Notes”) and, subject to the terms and conditions set
forth therein and eVance has executed and delivered Amended and Restated Promissory Notes to each lender to evidence its assumption
of the Notes;

 

WHEREAS, in connection
with the Transaction, eVance and the Lenders have entered into that certain Amended and Restated Loan and Security Agreement, dated
as of the date hereof, by and among eVance and the Lenders (the “Loan Agreement”), pursuant to which eVance
has agreed to grant a security interest to the Lenders in connection with the assumption of the Notes, subject to the terms and
conditions set forth therein and eVance has executed and delivered Amended and Restated Promissory Notes as described on Exhibit
B (the “Restated Notes”) to each Lender to evidence its assumption of liability to pay the Notes; and

WHEREAS, the Guarantor will directly benefit from the assumption of the loans provided to Parent and assumed by eVance as Obligor
(as defined below).

 

NOW, THEREFORE, in consideration
of the premises and to induce the Parent to enter into the Purchase Agreement, and to carry out the transactions contemplated thereby,
and the Lenders entering into the Loan Agreement, the Guarantor hereby agrees as follows:

 

1. Definitions.
Unless otherwise defined herein, terms defined in the Purchase Agreement and used herein shall have the meanings given to them
in the Purchase Agreement. The words “hereof,” “herein,” “hereto” and “hereunder”
and words of similar import when used in this Guarantee shall refer to this Guarantee as a whole and not to any particular provision
of this Guarantee, and Section and Schedule references are to this Guarantee unless otherwise specified. The meanings given to
terms defined herein shall be equally applicable to both the singular and plural forms of such terms. The following terms shall
have the following meanings:

 

“Guarantee”
means this Guarantee, as the same may be amended, supplemented or otherwise modified from time to time.

“Obligations” means, the Notes, the Restated Notes, as well as all other costs and expenses of collection incurred
by Lenders in enforcing any of such Obligations and/or this Guarantee, all of the liabilities and obligations (primary, secondary,
direct, contingent, sole, joint or several) due or to become due, or that are now or may be hereafter contracted or acquired, or
owing to, of the Obligor to any of the Lenders, including, without limitation, all obligations under the Notes,
, the Loan Agreement, this Guarantee and any other instruments, agreements or other documents executed and/or delivered in connection
herewith or therewith, in each case, whether now or hereafter existing, voluntary or involuntary, direct or indirect, absolute
or contingent, liquidated or unliquidated, whether or not jointly owed with others, and whether or not from time to time decreased
or extinguished and later increased, created or incurred, and all or any portion of such obligations or liabilities that are paid,
to the extent all or any part of such payment is avoided or recovered directly or indirectly from any of the Lenders as a preference,
fraudulent transfer or otherwise as such obligations may be amended, supplemented, converted, extended or modified from time to
time. Without limiting the generality of the foregoing, the term “Obligations” shall include, without limitation: (i)
principal of, and interest on the Notes, the Restated Notes and the loans extended pursuant thereto; (ii) any and all other fees,
indemnities, costs, obligations and liabilities of the Obligor from time to time under or in connection with the Notes, the Restated
Notes, the Loan Agreement, this Guarantee and any other instruments, agreements or other documents executed and/or delivered in
connection herewith or therewith; and (iii) all amounts (including but not limited to post-petition interest) in respect of the
foregoing that would be payable but for the fact that the obligations to pay such amounts are unenforceable or not allowable due
to the existence of a bankruptcy, reorganization or similar proceeding involving any Obligor.

 

    1 

     

    

 

“Obligor”
means eVance, or its successors, indorsees, transferees and permitted assigns or any Person that is or becomes obligated to any
Lender or all of the Lenders under the Notes, the Restated Notes and/or the Loan Agreement by assignment, assumption, transfer
or otherwise.

 

“Transaction
Document” means each of or all of the Notes, the Restated Notes, the Loan Agreement, this Guarantee or any other instruments,
agreements, or documents executed and delivered in connection therewith.

 

2. Guarantee.

 

(a)Guarantee.

 

		(i)	The Guarantor hereby, unconditionally and irrevocably, guarantees to the Lenders and their respective
successors, indorsees, transferees and assigns, the full, prompt, and complete payment and performance by the Obligor when due
(whether at the stated maturity, by acceleration or otherwise) of the Notes, Restated Notes and the Obligations.

 

		(ii)	Anything herein or in any other Transaction Document to the contrary notwithstanding, the maximum
liability of the Guarantor hereunder and under the other Transaction Documents shall in no event exceed the amount which can be
guaranteed by the Guarantor under applicable federal and state laws, including laws relating to the insolvency of debtors, fraudulent
conveyance or transfer or laws affecting the rights of creditors generally.

 

		(iii)	The Guarantor agrees that the Obligations may at any time and from time to time exceed the amount
of the liability of the Guarantor hereunder without impairing the guarantee contained in this Section 2 or affecting the
rights and remedies of the Lenders hereunder.

 

		(iv)	The guarantee contained in this Section 2 shall remain in full force and effect against
the Guarantor until all the Obligations and the obligations of the Guarantor under the guarantee contained in this Section 2
shall have been satisfied by payment in full, including the requirement of the Guarantor to liquidate any or all of its assets,
including equity interests in subsidiaries, to satisfy such payment.

 

		(vi)	Notwithstanding anything to the contrary in this Guarantee, with respect to any defaulted non-monetary
Obligations the specific performance of which by the Guarantor is not reasonably possible (e.g. the issuance of equity securities
of another Person), the Guarantor shall only be liable for making the Lenders whole on a monetary basis for the Obligor's failure
to perform such Obligations in accordance with the Transaction Documents.

 

(b)Amendments,
Etc. With Respect to the Obligations. The Guarantor shall remain obligated hereunder notwithstanding that, without any reservation
of rights against the Guarantor and without notice to or further assent by the Guarantor, any demand for payment of any of the
Obligations made by the Lenders may be rescinded by the Lenders and any of the Obligations continued, and the Obligations, or the
liability of any other Person upon or for any part thereof, or any collateral security or guarantee therefor or right of offset
with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised,
waived, surrendered or released by the Lenders, and the other Transaction Documents and any other documents executed and delivered
in connection therewith may be amended, modified, supplemented or terminated, in whole or in part, as the Lenders may deem advisable
from time to time, and any collateral security, guarantee or right of offset at any time held by the Lenders for the payment of
the Obligations may be sold, exchanged, waived, surrendered or released. The Lenders shall have no obligation to protect, secure,
perfect or insure any lien at any time held by them as security for the Obligations or for the guarantee contained in this Section
2 or any property subject thereto.

 

(c)Reinstatement.
The guarantee contained in this Section 2 shall continue to be effective, or be reinstated, as the case may be, if at any
time payment, or any part thereof, of any of the Obligations is rescinded or must otherwise be restored or returned by the Lenders
upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Obligor or the Guarantor, or upon or as a result
of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Obligor or the Guarantor
or any substantial part of its property, or otherwise, all as though such payments had not been made.

 

(d)Payments.
The Guarantor hereby guarantees that payments hereunder will be paid to the Lenders without set-off or counterclaim in U.S. dollars
at the address set forth or referred to in the Restated Notes.

 

3. Representations
and Warranties. The Guarantor hereby makes the following representations and warranties to Lenders as of the date hereof:

 

(a)Organization
and Qualification. The Guarantor is a corporation, duly incorporated, validly existing and in good standing under the laws
of the State of Delaware, with the requisite corporate power and authority to own and use its properties and assets and to carry
on its business as currently conducted. The Guarantor has no subsidiaries other than those identified in its public filings,
including eVance. The Guarantor is duly qualified to do business and is in good standing as a foreign corporation in
each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except
where the failure to be so qualified or in good standing, as the case may be, could not, individually or in the aggregate, (x)
adversely affect the legality, validity or enforceability of any of this Guarantee in any material respect, (y) have a material
adverse effect on the results of operations, assets, prospects, or financial condition of the Guarantor or (z) adversely impair
in any material respect the Guarantor's ability to perform fully on a timely basis its obligations under this Guarantee (a “Material
Adverse Effect”).

 

    2 

     

    

 

(b)Authorization;
Enforcement. The Guarantor has the requisite corporate power and authority to enter into and to consummate the transactions
contemplated by this Guarantee, and otherwise to carry out its obligations hereunder. The execution and delivery of this Guarantee
by the Guarantor and the consummation by it of the transactions contemplated hereby have been duly authorized by all requisite
corporate action on the part of the Guarantor. This Guarantee has been duly executed and delivered by the Guarantor and constitutes
the valid and binding obligation of the Guarantor enforceable against the Guarantor in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating
to, or affecting generally the enforcement of, creditors' rights and remedies or by other equitable principles of general application.

 

(c)No
Conflicts. The execution, delivery and performance of this Guarantee by the Guarantor and the consummation by the Guarantor
of the transactions contemplated thereby do not and will not (i) conflict with or violate any provision of its Certificate of Incorporation
or By-laws or (ii) conflict with, constitute a default (or an event which with notice or lapse of time or both would become a default)
under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument
to which the Guarantor is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment, injunction, decree
or other restriction of any court or governmental authority to which the Guarantor is subject (including Federal and state securities
laws and regulations), or by which any material property or asset of the Guarantor is bound or affected, except in the case of
each of clauses (ii) and (iii), such conflicts, defaults, terminations, amendments, accelerations, cancellations and violations
as could not, individually or in the aggregate, have or result in a Material Adverse Effect. The business of the Guarantor is not
being conducted in violation of any law, ordinance or regulation of any governmental authority, except for violations which, individually
or in the aggregate, do not have a Material Adverse Effect.

 

(d)Consents
and Approvals. The Guarantor is not required to obtain any consent, waiver, authorization or order of, or make any filing or
registration with, any court or other federal, state, local, foreign or other governmental authority or other person in connection
with the execution, delivery and performance by the Guarantor of this Guarantee.

 

4. Covenants.

 

(a)The Guarantor
covenants and agrees with the Lenders that, from and after the date of this Guarantee until the Obligations shall have been paid
in full, the Guarantor shall take all commercially reasonable action that is necessary to be taken or not taken, as the case may
be, so that no Event of Default is caused by the failure to take such action or to refrain from taking such action by the Guarantor.

 

5. Miscellaneous.

 

(a)Amendments
in Writing. None of the terms or provisions of this Guarantee may be waived, amended, supplemented or otherwise modified except
in writing by the Lenders.

 

(b)Notices.
All notices and other communications given or made pursuant hereto shall be in writing (including facsimile or similar electronic
transmissions) and shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by
confirmed electronic mail or facsimile if sent during normal business hours of the recipient, if not so confirmed, then on the
next business day, (c) five days after having been sent by registered or certified mail, return receipt requested, postage prepaid
or (d) one day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification
of receipt. All communications shall be sent to the respective parties at the following addresses (or at such other addresses as
shall be specified by notice given in accordance with this Section 5(b)).

 

(i) if to Guarantor, to:

 

c/o Excel Corporation

6363 President George Bush Freeway, Suite 310

Irving, TX 75038

Attn: Thomas A. Hyde Jr.

Facsimile: 972-786-7373

 

With a copy (which shall not constitute notice) to:

 

Jones Day

2727 N. Harwood

Dallas, TX 75201

Attn: James E. O’Bannon, Esq.

Facsimile: (214) 969-5100

 

(ii) if to any Lender, the address
set forth on the signature page hereto.

 

    3 

     

    

(c)No
Waiver By Course Of Conduct; Cumulative Remedies. The Lenders shall not by any act (except by a written instrument pursuant
to Section 5(a)), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to
have acquiesced in any default under the Transaction Documents or Event of Default. No failure to exercise, nor any delay in exercising,
on the part of the Lenders, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise
of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right,
power or privilege. A waiver by the Lenders of any right or remedy hereunder on any one occasion shall not be construed as a bar
to any right or remedy which the Lenders would otherwise have on any future occasion. The rights and remedies herein provided are
cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies provided by law.

 

(d)Enforcement
Expenses; Indemnification.

 

		(i)	The Guarantor agrees to pay, or reimburse the Lenders for, all its costs and expenses incurred
in collecting against the Guarantor under the guarantee contained in Section 2 or otherwise enforcing or preserving any
rights under this Guarantee and the other Transaction Documents to which the Guarantor is a party, including, without limitation,
the reasonable fees and disbursements of counsel to the Lenders.

 

		(ii)	The Guarantor agrees to pay, and to save the Lenders harmless from, any and all liabilities with
respect to, or resulting from any delay in paying, any and all stamp, excise, sales or other taxes which may be payable or determined
to be payable in connection with any of the transactions contemplated by this Guarantee.

 

		(iii)	The Guarantor agrees to pay, and to save the Lenders harmless from, any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect
to the execution, delivery, enforcement, performance and administration of this Guarantee to the extent the Company would be required
to do so pursuant to the Purchase Agreement.

 

		(iv)	The agreements in this Section 5(d) shall survive repayment of the Obligations and all other
amounts payable under the other Transaction Documents.

 

(e)Successor
and Assigns. This Guarantee shall be binding upon the successors and assigns of the Guarantor and shall inure to the benefit
of the Lenders and their respective successors and assigns; provided, that the Guarantor may not assign, transfer or delegate
any of its rights or obligations under this Guarantee without the prior written consent of the Lenders.

 

(f)Counterparts.
This Guarantee may be executed by one or more of the parties to this Guarantee on any number of separate counterparts (including
by telecopy), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

 

(g)Severability.
Any provision of this Guarantee which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

(h)Section
Headings. The Section headings used in this Guarantee are for convenience of reference only and are not to affect the construction
hereof or be taken into consideration in the interpretation hereof.

 

(i)Integration.
This Guarantee and the other Transaction Documents represent the agreement of the Guarantor and the Lenders with respect to the
subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Lenders relative
to subject matter hereof and thereof not expressly set forth or referred to herein or in the other Transaction Documents.

 

(j)Governing
Law. THIS GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF TEXAS WITHOUT
REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAWS.

 

    4 

     

    

 

(k)Submission
to Jurisdictional; Waiver. The Guarantor hereby

irrevocably and unconditionally:

 

		(i)	submits for itself and its property in any legal action or proceeding relating to this Guarantee
and the other Transaction Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof,
to the non-exclusive general jurisdiction of the Courts of the State of Texas, located in Dallas County, Texas, the courts of the
United States of America located in Dallas, Texas, and appellate courts from any thereof;

 

		(ii)	consents that any such action or proceeding may be brought in such courts and waives any objection
that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding
was brought in an inconvenient court and agrees not to plead or claim the same;

 

		(iii)	agrees that service of process in any such action or proceeding may be effected by mailing a copy
thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to the Guarantor at its address
referred to in the Purchase Agreement or at such other address of which the Lenders shall have been notified pursuant thereto;

 

		(iv)	agrees that nothing herein shall affect the right to effect service of process in any other manner
permitted by law or shall limit the right to sue in any other jurisdiction; and

 

		(v)	waives, to the maximum extent not prohibited by law, any right it may have to claim or recover
in any legal action or proceeding referred to in this Section 5(k) any special, exemplary, punitive or consequential damages.

 

(l)Release
of Guarantor. Subject to Section 2, the Guarantor will be released from all liability hereunder concurrently with the
repayment in full of all amounts owed under the Loan Agreement, the Restated Notes and the other Transaction Documents.

 

(m)Waiver
of Jury Trial. THE GUARANTOR AND, BY ACCEPTANCE OF THE BENEFITS HEREOF, THE LENDERS, HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS GUARANTEE AND FOR ANY COUNTERCLAIM THEREIN.

 

[Signature Page Follows]

 

    5 

     

    

 

IN WITNESS WHEREOF, each
of the undersigned has caused this Guarantee to be duly executed and delivered as of the date first above written.

 

GUARANTOR:

 

EXCEL CORPORATION.

 

By:/s/ Thomas A. Hyde, Jr. 

Thomas A. Hyde, Jr., President
& CEO

 

LENDERS:

 

Fairmount St. Investments, L.P.

By: M.D.S. Investments II, Inc., as its sole General Partner

 

 

By: /s/ Paul E. Utterback

Paul E. Utterback, President

 

Address: 5648 Hammock Isles Drive

Naples, FL 34119

 

 

Luscinus Investments Ltd.

 

 

By: /s/ Mark V. Houghton-Berry

Mark V. Houghton-Berry,
Director

 

Address: Corner Green, South Drive,

Virginia Water, Surrey U.K. GU25 4JS

 

 

Valley View Capital Corporation Employment Retirement Trust

 

 

By: /s/ Frederick B. Hegi, Jr.

Frederick B. Hegi, Jr.,
Trustee

 

Address: 750 N. St. Paul St., Suite 1200

Dallas, TX 75201

 

 

/s/ Mike Barish

Mike Barish

 

Address: 200 Columbine Street, Suite 800

Denver, CO 80206

 

/s/ David Utterback

David Utterback

 

Address: 3809 Bergerac Lane

Ocean Springs, MS 39564

 

/s/ Laird Cagan

Laird Cagan

 

Address: 200 Alamos Rd.

Portola Valley, CA 94028

 

 

    6 

     

    

 

EXHIBIT A

SECURED PROMISSORY NOTES

 

	Lender Name	Loan Amount
	Fairmount St. Investments, L.P.	$1,139,958*
	Fairmount St. Investments, L.P.	$3,500,000
	David Utterback	$1,139,958*
	Laird Cagan	$720,084*
	Luscinus Investments Ltd.	$1,500,000
	Mike Barish	$600,000
	Valley View Capital Corporation Employer Retirement Trust	$150,000
	Excel Corporation	$250,000

 

*Assumption of indebtedness under the promissory notes made by CRA
to Fairmount St. Investments, L.P., David Utterback and Laird Cagan is limited to $1,139,958, $1,139,958 and $720,084, respectively,
and any amounts in excess of such amounts (including any accrued and unpaid interest) shall continue to be the obligation of CRA.
Therefore, this Guarantee is limited to the $1,139,958, $1,139,958 and $720,084 assumed by eVance as it relates to any obligations
by Guarantor under such promissory notes made by CRA.

    Exhibit A

     

    

 

EXHIBIT B

AMENDED AND RESTATED SECURED PROMISSORY NOTES

 

	Lender Name	Loan Amount
	Fairmount St. Investments, L.P.	$4,639,958
	David Utterback	$1,139,958
	Laird Cagan	$720,084
	Luscinus Investments Ltd.	$1,500,000
	Mike Barish	$600,000
	Valley View Capital Corporation Employer Retirement Trust	$150,000
	Excel Corporation	$250,000

 

 

 

 Exhibit B

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