Document:

Exhibit 10.2

 

Term Note

(Daily SOFR)

 

	$2,000,000.00	September 15, 2022
	 	 

FOR VALUE RECEIVED, PERISHIP GLOBAL LLC (the “Borrower”),
with an address at 265 EAST MAIN ST, BRANFORD, CONNECTICUT 06405-3125, promises to pay to the order of PNC BANK, NATIONAL ASSOCIATION
(the “Bank”), in lawful money of the United States of America in immediately available funds at its offices located at 200
Lake Drive East, 3rd Floor, Cherry Hill, New Jersey 08002-9809, or at such other location as the Bank may designate from time to time,
the principal sum of $2,000,000.00 (the “Facility”), together with interest accruing on the outstanding principal balance
from the date hereof, all as provided below.

 

1.           Interest
Rate. Amounts outstanding under this Note will bear interest at a rate per annum which is equal to the sum of (A) Daily SOFR (as defined
below) plus (B) 310 basis points (3.10%).

 

2.           Payments.
Principal shall be due and payable in the respective amounts and at the times as set forth on Schedule “A” attached hereto
and made a part hereof. Notwithstanding the foregoing, the Bank may deliver a replacement Schedule “A” in accordance with
the notice provisions of this Note, without any further action or consent of the Borrower, solely for the purpose of updating the principal
payments due under this Note to align with an associated swap, which replacement Schedule shall be deemed to amend and replace the existing
Schedule “A”. Accrued interest on the unpaid principal balance of this Note shall be payable in arrears at the same times
as the principal payments; provided that if principal is payable less frequently than every 3 months, then interest shall also be paid
every 3 months. Any outstanding principal and accrued interest shall be due and payable in full on the Maturity Date (as defined below).

 

 

3.           Certain
Definitions. If the following terms are used in this Note, such terms shall have the meanings set forth below:

 

“Alternate Rate” means the
Base Rate.

 

“Base Rate” means the higher
of (A) the Prime Rate, and (B) the sum of the Overnight Bank Funding Rate plus 50 basis points (0.50%); provided, however, if the Base
Rate as determined above would be less than zero, then such rate shall be deemed to be zero. If and when the Base Rate as determined above
changes, the rate of interest with respect to any amount to which the Base Rate applies will change automatically without notice to the
Borrower, effective on the date of any such change.

 

“Business Day” means any day
other than (A) a Saturday or Sunday or (B) a legal holiday on which commercial banks are authorized or required by law to be closed for
business in Pittsburgh, Pennsylvania; provided that, when used in connection with an amount that bears interest at a rate based on SOFR
or any direct or indirect calculation or determination involving SOFR, the term “Business Day” means any such day that is
also a U.S. Government Securities Business Day.

 

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“Daily Simple SOFR” means,
for any day (a “SOFR Rate Day”), the interest rate per annum determined by the Bank by dividing (the resulting quotient rounded
upwards, at the Bank’s discretion, to the nearest 1/100th of 1%) (A) SOFR for the day (the “SOFR Determination Date”)
that is 2 Business Days prior to (i) such SOFR Rate Day if such SOFR Rate Day is a Business Day or (ii) the Business Day immediately preceding
such SOFR Rate Day if such SOFR Rate Day is not a Business Day, by (B) a number equal to 1.00 minus the SOFR Reserve Percentage, in each
case, as such SOFR is published by the NYFRB (or a successor administrator of the secured overnight financing rate) on the website of
the NYFRB, currently at http://www.newyorkfed.org, or any successor source identified by the NYFRB or its successor administrator for
the secured overnight financing rate from time to time. If Daily Simple SOFR as determined above would be less than the Floor, then Daily
Simple SOFR shall be deemed to be the Floor. If SOFR for any SOFR Determination Date has not been published or replaced with a Benchmark
Replacement by 5:00 p.m. (Pittsburgh, Pennsylvania time) on the second Business Day immediately following such SOFR Determination Date,
then SOFR for such SOFR Determination Date will be SOFR for the first Business Day preceding such SOFR Determination Date for which SOFR
was published in accordance with the definition of “SOFR”; provided that SOFR determined pursuant to this sentence shall be
used for purposes of calculating Daily Simple SOFR for no more than 3 consecutive SOFR Rate Days. If and when Daily Simple SOFR as determined
above changes, any applicable rate of interest based on Daily Simple SOFR will change automatically without notice to the Borrower, effective
on the date of any such change.

 

“Daily SOFR” means Daily Simple
SOFR.

 

“Default Rate” means the rate
per annum equal to the lesser of (A) the sum of 3% plus the interest rate otherwise in effect from time to time under this Note and (B)
the Maximum Rate.

 

“Floor” means a rate of interest
per annum equal to ______ basis points (%) or, if the preceding blanks are not completed, then zero.

 

“Maturity Date” means September
15, 2026.

 

“Maximum Rate” means the maximum
rate of interest allowed by applicable law.

 

“NYFRB” means the Federal
Reserve Bank of New York.

 

“Overnight Bank Funding Rate”
means, for any day, the rate comprised of both overnight federal funds and overnight Eurocurrency borrowings by U.S.-managed banking offices
of depository institutions, as such composite rate shall be determined by the NYFRB, as set forth on its public website from time to time,
and as published on the next succeeding Business Day as the overnight bank funding rate by the NYFRB (or by such other recognized electronic
source (such as Bloomberg) selected by the Bank for the purpose of displaying such rate); provided, that if such day is not a Business
Day, the Overnight Bank Funding Rate for such day shall be such rate on the immediately preceding Business Day; provided, further, that
if such rate shall at any time, for any reason, no longer exist, a comparable replacement rate determined by the Bank at such time (which
determination shall be conclusive absent manifest error). If the Overnight Bank Funding Rate determined as above would be less than zero,
then such rate shall be deemed to be zero. The rate of interest charged shall be adjusted as of each Business Day based on changes in
the Overnight Bank Funding Rate without notice to the Borrower.

 

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“Prime Rate” means the rate
publicly announced by the Bank from time to time as its prime rate. The Prime Rate is determined from time to time by the Bank as a means
of pricing some loans to its borrowers. The Prime Rate is not tied to any external rate of interest or index and does not necessarily
reflect the lowest rate of interest actually charged by the Bank to any particular class or category of customers.

 

“SOFR” means a rate equal
to the secured overnight financing rate as administered by the NYFRB (or a successor administrator of the secured overnight financing
rate).

 

“SOFR Reserve Percentage”
means, for any day, the maximum effective percentage in effect on such day, if any, as prescribed by the Board of Governors of the Federal
Reserve System (or any successor) for determining the reserve requirements (including, without limitation, supplemental, marginal and
emergency reserve requirements) with respect to SOFR funding.

 

“Term SOFR Administrator”
means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Bank
in its reasonable discretion).

 

“Term SOFR Reference Rate”
means the forward-looking term rate based on SOFR.

 

“U.S. Government Securities Business
Day” means any day except for (A) a Saturday or Sunday or (B) a day on which the Securities Industry and Financial Markets Association
recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government
securities.

 

4.           Interest
Calculation; Maximum Rate. Interest will be calculated based on the actual number of days that principal is outstanding over a year
of 360 days. In no event will the rate of interest hereunder exceed the Maximum Rate. Regardless of any other provision of this Note or
the other Loan Documents (as defined below), if for any reason the effective interest rate should exceed the Maximum Rate, the effective
interest rate shall be deemed reduced to, and shall be, the Maximum Rate, and (i) the amount which would be excessive interest shall be
deemed applied to the reduction of the principal balance of this Note and not to the payment of interest, and (ii) if the loan evidenced
by this Note has been or is thereby paid in full, the excess shall be returned to the party paying same, such application to the principal
balance of this Note or the refunding of such excess to be a complete settlement and acquittance thereof.

 

5.           Conforming
Changes; Benchmark Replacement Provisions. The Bank shall have the right to make any technical, administrative or operational changes
from time to time that the Bank decides may be appropriate to reflect the adoption and implementation of SOFR or any other Benchmark (as
defined below) or to permit the use and administration thereof by the Bank in a manner substantially consistent with market practice or
in such other manner as the Bank decides is reasonably necessary. Notwithstanding anything to the contrary herein or in any other Loan
Document, any amendments implementing such technical, administrative or operational changes will become effective without any further
action or consent of the Borrower. The Bank shall provide notice to the Borrower of any such amendment reasonably promptly after such
amendment becomes effective.

 

If the applicable rate under this Note is based
on a Benchmark and the Bank determines (which determination shall be final and conclusive) that (A) such Benchmark cannot be determined
pursuant to its definition other than as a result of a Benchmark Transition Event (as defined below), or (B) any enactment, promulgation
or adoption of or any change in any applicable law, rule or regulation, or any change in the interpretation or administration thereof
by a governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance
by the Bank with any guideline, request or directive (whether or not having the force of law) of any such authority, central bank or comparable
agency shall make it unlawful or impracticable for the Bank to make or maintain or fund loans based on that Benchmark, then the Bank shall
give notice thereof to the Borrower. Thereafter, until the Bank notifies the Borrower that the circumstances giving rise to such determination
no longer exist, the interest rate on all amounts outstanding under this Note shall be the Alternate Rate.

 

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Notwithstanding anything to the contrary herein
or in any other Loan Document, if the Bank determines (which determination shall be final and conclusive) that a Benchmark Transition
Event has occurred with respect to a Benchmark, the Bank may amend this Note to replace such Benchmark with a Benchmark Replacement (as
defined below); and any such amendment shall be in writing, shall specify the date that the Benchmark Replacement is effective and will
not require any further action or consent of the Borrower. Until the Benchmark Replacement is effective, amounts bearing interest with
reference to a Benchmark will continue to bear interest with reference to such Benchmark as long as such Benchmark is available, and otherwise
such amounts automatically will bear interest at the Alternate Rate.

 

For purposes of this Section, the following terms
have the meanings set forth below:

 

“Benchmark” means, at any
time, any interest rate index then used in the determination of an interest rate under the terms of this Note. Once a Benchmark Replacement
becomes effective under this Note, it is a Benchmark. The initial Benchmark under this Note is Daily SOFR.

 

“Benchmark Replacement” means,
for any Benchmark, the sum of (a) an alternate benchmark rate and (b) an adjustment (which may be a positive or negative value or zero),
in each case that has been selected by the Bank as the replacement for such Benchmark giving due consideration to any evolving or then-prevailing
market convention, including any applicable recommendations made by the official sector or any official sector-sponsored committee or
working group, for U.S. dollar-denominated credit facilities at such time; provided that, if the Benchmark Replacement as determined pursuant
to the foregoing would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Note
and the other Loan Documents.

 

“Benchmark Transition Event”
means a public statement or publication by or on behalf of the administrator of a Benchmark, the regulatory supervisor of such administrator,
the Board of Governors of the Federal Reserve System, NYFRB, an insolvency official or resolution authority with jurisdiction over the
administrator for such Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for such
Benchmark, announcing or stating that (a) such administrator has ceased or will cease to provide such Benchmark permanently or indefinitely,
provided that at the time of such statement or publication there is no successor administrator that will continue to provide such Benchmark
or (b) such Benchmark is or will no longer be representative.

 

6.           Other
Payment Terms. If any payment under this Note is due on a day of a calendar month for which there is no numerically corresponding
day in certain other months (each, a “Non-Conforming Month”), then the payment in a Non-Conforming Month shall be due on the
last Business Day of such Non-Conforming Month. If any payment under this Note shall become due on a day other than a Business Day, such
payment shall be due on the next succeeding Business Day, except that if such day falls in the next succeeding calendar month, such payment
shall be due on the next preceding day that is a Business Day. Interest shall be computed to, but excluding, the date of payment. The
Borrower hereby authorizes the Bank to charge the Borrower’s deposit account at the Bank for any payment when due under this Note
or any other Loan Document. Payments received will be applied to charges, fees and expenses (including attorneys’ fees), accrued
interest and principal in any order the Bank may choose, in its sole discretion. Any amortization schedule provided to Borrower is only
an estimate and is superseded by the terms of this Note regarding the accrual and payment of interest.

 

If the term “Level Payment Amount”
is defined above, the Level Payment Amount may be adjusted upward from time to time by the Bank in its discretion if: (a) because of changes
in the interest rate, the Level Payment Amount becomes insufficient to repay all accrued interest for any payment period or would result
in an increased payment on the Maturity Date; or (b) any payment(s) are made by the Borrower after their respective due date(s). In addition,
any Level Payment Amount may be adjusted by the Bank as of January 1st of each year to reflect changes in the floating rate.

 

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7.          Late
Payments; Default Rate. If the Borrower fails to make any payment of principal, interest or other amount coming due pursuant to the
provisions of this Note within 15 calendar days of the date due and payable, the Borrower also shall pay to the Bank a late charge equal
to the lesser of 5% of the amount of such payment or $100.00 (the “Late Charge”). Such 15-day period shall not be construed
in any way to extend the due date of any such payment. Upon maturity, whether by acceleration, demand or otherwise, and at the Bank’s
option upon the occurrence of any Event of Default (as hereinafter defined) and during the continuance thereof, amounts outstanding under
this Note shall bear interest at the Default Rate. The Default Rate shall continue to apply whether or not judgment shall be entered on
this Note. Both the Late Charge and the Default Rate are imposed as liquidated damages for the purpose of defraying the Bank’s expenses
incident to the handling of delinquent payments, but are in addition to, and not in lieu of, the Bank’s exercise of any rights and
remedies hereunder, under the other Loan Documents or under applicable law, and any fees and expenses of any agents or attorneys which
the Bank may employ. In addition, the Default Rate reflects the increased credit risk to the Bank of carrying a loan that is in default.
The Borrower agrees that the Late Charge and Default Rate are reasonable forecasts of just compensation for anticipated and actual harm
incurred by the Bank, and that the actual harm incurred by the Bank cannot be estimated with certainty and without difficulty.

 

8.           Prepayment.
The indebtedness evidenced by this Note may be prepaid in whole or in part at any time without penalty.

 

9.           Increased
Costs; Yield Protection. On written demand, together with written evidence of the justification therefor, the Borrower agrees to pay
the Bank all direct costs incurred, any losses suffered or payments made by the Bank as a result of any Change in Law (hereinafter defined),
imposing any reserve, deposit, allocation of capital or similar requirement (including without limitation, Regulation D of the Board of
Governors of the Federal Reserve System) on the Bank, its holding company or any of their respective assets relative to the Facility.
“Change in Law” means the occurrence, after the date of this Note, of any of the following: (a) the adoption or taking effect
of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation,
implementation or application thereof by any governmental authority or (c) the making or issuance of any request, rule, guideline or directive
(whether or not having the force of law) by any governmental authority; provided that notwithstanding anything herein to the contrary,
(x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued
in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the
Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities,
in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted,
adopted or issued.

 

10.          Other
Loan Documents. This Note is issued in connection with a letter agreement or loan agreement between the Borrower and the Bank, dated
on or before the date hereof, and the other agreements and documents executed and/or delivered in connection therewith or referred to
therein, the terms of which are incorporated herein by reference (as amended, modified or renewed from time to time, collectively the
“Loan Documents”), and is secured by the property (if any) described in the Loan Documents and by any and all mortgages, security
agreements, assignments, loan agreements, pledge agreements and other documents or instruments evidencing a security interest or other
lien in favor of the Bank and delivered by the Borrower or by any third party with reference to indebtedness of the Borrower, whether
such documents were previously or are hereafter executed, and whether given expressly as security for payment of this Note or generally
as security for any and all indebtedness of the Borrower to the Bank. Such documents may be executed contemporaneously with the execution
of this Note, or they may be executed and delivered at another time. Collateral securing other obligations of the Borrower to the Bank
may also secure this Note.

 

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11.            Events
of Default. The occurrence of any of the following events will be deemed to be an “Event of Default” under this Note:
(i) the nonpayment of any principal, interest or other indebtedness under this Note when due; (ii) the occurrence of any event of default
or any default and the lapse of any notice or cure period, or any Obligor’s failure to observe or perform any covenant or other
agreement, under or contained in any Loan Document or any other document now or in the future evidencing or securing any debt, liability
or obligation of any Obligor to the Bank; provided, however, that, no such failure to observe or perform any such covenant or other agreement
(excluding financial covenants, financial reporting covenants, and negative covenants) shall constitute an Event of Default unless such
failure continues for a period of 30 days after the earlier to occur of (a) the date when any Obligor becomes aware of such failure and
(b) the date when the Bank gives written notice to the Obligor of such failure; (iii) the filing by or against any Obligor of any proceeding
in bankruptcy, receivership, insolvency, reorganization, liquidation, conservatorship or similar proceeding (and, in the case of any such
proceeding instituted against any Obligor, such proceeding is not dismissed or stayed within 30 days of the commencement thereof, provided
that the Bank shall not be obligated to advance additional funds hereunder during such period); (iv) any assignment by any Obligor for
the benefit of creditors, or any levy, garnishment, attachment or similar proceeding is instituted against any property of any Obligor
held by or deposited with the Bank; (v) a default with respect to any other indebtedness of any Obligor for borrowed money in excess of
$25,000.00, individually or in the aggregate, if the effect of such default is to cause or permit the acceleration of such debt; (vi)
the commencement of any foreclosure or forfeiture proceeding, execution or attachment against any collateral securing the obligations
of any Obligor to the Bank; (vii) the entry of one or more final judgment(s) against any Obligor in excess of $25,000.00, individually
or in the aggregate, and the failure of such Obligor to discharge the judgment within 10 days of the entry thereof; (viii) any change
in any Obligor’s business, assets, operations, financial condition or results of operations that has or could reasonably be expected
to have any material adverse effect on any Obligor; (ix) any Obligor ceases doing business as a going concern; (x) any representation
or warranty made by any Obligor to the Bank in any Loan Document or any other documents now or in the future evidencing or securing the
obligations of any Obligor to the Bank, is false, erroneous or misleading in any material respect; (xi) if this Note or any guarantee
executed by any Obligor is secured, the failure of any Obligor to provide the Bank with additional collateral if in the Bank’s good
faith exercise of its business judgment, at any time or times, the market value of any of the collateral securing this Note or any guarantee
has depreciated below that required pursuant to the Loan Documents or, if no specific value is so required, then in an amount deemed material
by the Bank; (xii) the revocation or attempted revocation, in whole or in part, of any guarantee by any Obligor; or (xiii) the death,
incarceration, indictment or legal incompetency of any individual Obligor or, if any Obligor is a partnership or limited liability company,
the death, incarceration, indictment or legal incompetency of any individual general partner or member. As used herein, the term “Obligor”
means any Borrower and any guarantor of, or any pledgor, mortgagor or other person or entity providing collateral support for, the Borrower’s
obligations to the Bank existing on the date of this Note or arising in the future.

 

Upon the occurrence of an Event of Default: (a)
the Bank shall be under no further obligation to make advances hereunder; (b) if an Event of Default specified in clause (iii) or (iv)
above shall occur, the outstanding principal balance and accrued interest hereunder together with any additional amounts payable hereunder
shall be immediately due and payable without demand or notice of any kind; (c) if any other Event of Default shall occur, the outstanding
principal balance and accrued interest hereunder together with any additional amounts payable hereunder, at the Bank’s option and
without demand or notice of any kind, may be accelerated and become immediately due and payable; (d) at the Bank’s option, this
Note will bear interest at the Default Rate from the date of the occurrence of the Event of Default; and (e) the Bank may exercise from
time to time any of the rights and remedies available under the Loan Documents or under applicable law.

 

12.          Right
of Setoff. In addition to all liens upon and rights of setoff against the Borrower’s money, securities or other property given
to the Bank by law, the Bank shall have, with respect to the Borrower’s obligations to the Bank under this Note and to the extent
permitted by law, a contractual possessory security interest in and a contractual right of setoff against, and the Borrower hereby grants
the Bank a security interest in, and hereby assigns, conveys, delivers, pledges and transfers to the Bank, all of the Borrower’s
right, title and interest in and to, all of the Borrower’s deposits, moneys, securities and other property now or hereafter in the
possession of or on deposit with, or in transit to, the Bank or any other direct or indirect subsidiary of The PNC Financial Services
Group, Inc., whether held in a general or special account or deposit, whether held jointly with someone else, or whether held for safekeeping
or otherwise, excluding, however, all IRA, Keogh, and trust accounts. Every such security interest and right of setoff may be exercised
without demand upon or notice to the Borrower. Every such right of setoff shall be deemed to have been exercised immediately upon the
occurrence of an Event of Default hereunder without any action of the Bank, although the Bank may enter such setoff on its books and records
at a later time.

 

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13.          Anti-Money
Laundering/International Trade Law Compliance. The Borrower represents, warrants and covenants to the Bank, as of the date hereof,
the date of each advance of proceeds under the Facility, the date of any renewal, extension or modification of the Facility, and at all
times until the Facility has been terminated and all amounts thereunder have been indefeasibly paid in full, that: (a) no Covered Entity
(i) is a Sanctioned Person; (ii) has any of its assets in a Sanctioned Jurisdiction or in the possession, custody or control of a Sanctioned
Person; or (iii) does business in or with, or derives any of its operating income from investments in or transactions with, any Sanctioned
Jurisdiction or Sanctioned Person; (b) the proceeds of the Facility will not be used to fund any operations in, finance any investments
or activities in, or, make any payments to, a Sanctioned Jurisdiction or Sanctioned Person; (c) the funds used to repay the Facility are
not derived from any unlawful activity; (d) each Covered Entity is in compliance with, and no Covered Entity engages in any dealings or
transactions prohibited by, any laws of the United States, including but not limited to any Anti-Terrorism Laws; and (e) no Collateral
is or will become Embargoed Property. The Borrower covenants and agrees that (a) it shall immediately notify the Bank in writing upon
the occurrence of a Reportable Compliance Event; and (b) if, at any time, any Collateral becomes Embargoed Property, in addition to all
other rights and remedies available to the Bank, upon request by the Bank, the Borrower shall provide substitute Collateral acceptable
to the Bank that is not Embargoed Property.

 

As used herein: “Anti-Terrorism Laws”
means any laws relating to terrorism, trade sanctions programs and embargoes, import/export licensing, money laundering, or bribery, all
as amended, supplemented or replaced from time to time; “Collateral” means any collateral securing any debt, liabilities or
other obligations of any Obligor to the Bank; “Compliance Authority” means each and all of the (a) U.S. Treasury Department/Office
of Foreign Assets Control, (b) U.S. Treasury Department/Financial Crimes Enforcement Network, (c) U.S. State Department/Directorate of
Defense Trade Controls, (d) U.S. Commerce Department/Bureau of Industry and Security, (e) U.S. Internal Revenue Service, (f) U.S. Justice
Department, and (g) U.S. Securities and Exchange Commission; “Covered Entity” means the Borrower, its affiliates and subsidiaries,
all guarantors, pledgors of collateral, all owners of the foregoing, and all brokers or other agents of the Borrower acting in any capacity
in connection with the Facility; “Embargoed Property” means any property (a) in which a Sanctioned Person holds an interest;
(b) beneficially owned, directly or indirectly, by a Sanctioned Person; (c) that is due to or from a Sanctioned Person; (d) that is located
in a Sanctioned Jurisdiction; or (e) that would otherwise cause any actual or possible violation by the Bank of any applicable Anti-Terrorism
Law if the Bank were to obtain an encumbrance on, lien on, pledge of or security interest in such property or provide services in consideration
of such property; “Reportable Compliance Event” means (1) any Covered Entity becomes a Sanctioned Person, or is indicted,
arraigned, investigated or custodially detained, or receives an inquiry from regulatory or law enforcement officials, in connection with
any Anti-Terrorism Law or any predicate crime to any Anti-Terrorism Law, or self-discovers facts or circumstances implicating any aspect
of its operations with the actual or possible violation of any Anti-Terrorism Law; (2) any Covered Entity engages in a transaction that
has caused or may cause the Bank to be in violation of any Anti-Terrorism Laws, including a Covered Entity’s use of any proceeds
of the Facility to fund any operations in, finance any investments or activities in, or, make any payments to, directly or indirectly,
a Sanctioned Jurisdiction or Sanctioned Person; or (3) any Collateral becomes Embargoed Property; “Sanctioned Jurisdiction”
means a country subject to a sanctions program maintained by any Compliance Authority; and “Sanctioned Person” means any individual
person, group, regime, entity or thing listed or otherwise recognized as a specially designated, prohibited, sanctioned or debarred person
or entity, or subject to any limitations or prohibitions (including but not limited to the blocking of property or rejection of transactions),
under any order or directive of any Compliance Authority or otherwise subject to, or specially designated under, any sanctions program
maintained by any Compliance Authority.

 

    	 	-7-	 

    	 

    

 

14.          Indemnity.
The Borrower agrees to indemnify each of the Bank, each legal entity, if any, who controls, is controlled by or is under common control
with the Bank, and each of their respective directors, officers and employees (the “Indemnified Parties”), and to defend and
hold each Indemnified Party harmless from and against any and all claims, damages, losses, liabilities and expenses (including all fees
and charges of internal or external counsel with whom any Indemnified Party may consult and all expenses of litigation and preparation
therefor) (each, a “Claim”) which any Indemnified Party may incur or which may be asserted against any Indemnified Party by
any person, entity or governmental authority (including any person or entity claiming derivatively on behalf of the Borrower), in connection
with or arising out of or relating to the matters referred to in this Note or in the other Loan Documents or the use of any advance hereunder,
whether (a) arising from or incurred in connection with any breach of a representation, warranty or covenant by the Borrower, or (b) arising
out of or resulting from any suit, action, claim, proceeding or governmental investigation, pending or threatened, whether based on statute,
regulation or order, or tort, or contract or otherwise, before any court or governmental authority; provided, however, that the foregoing
indemnity agreement shall not apply to any Claim that is determined by a court of competent jurisdiction in a final, non-appealable judgment
to have been solely attributable to an Indemnified Party’s gross negligence or willful misconduct. The indemnity agreement contained
in this paragraph shall survive the termination of this Note, payment of any advance hereunder and the assignment of any rights hereunder.
The Borrower may participate at its expense in the defense of any such action or claim.

 

15.          Miscellaneous.
All notices, demands, requests, consents, approvals and other communications required or permitted hereunder (“Notices”) must
be in writing (except as may be agreed otherwise above with respect to borrowing requests or as otherwise provided in this Note). Notices
may be given in any manner to which the parties may agree. Without limiting the foregoing, first-class mail, postage prepaid, facsimile
transmission and commercial courier service are hereby agreed to as acceptable methods for giving Notices. In addition, the parties agree
that Notices may be sent electronically to any electronic address provided by a party from time to time or through an automated platform
that the Bank provides to the Borrower. Notices may be sent to a party’s address as set forth above or to such other address as
any party may give to the other for such purpose in accordance with this paragraph. Notices will be effective upon receipt. For purposes
hereof, “receipt” means: (i) for notices sent by U.S. mail, the third business day after the date such notice was sent; (ii)
for notices delivered by hand or sent by overnight courier service, the date delivered; (iii) for notices sent by facsimile or electronic
communication, the date when sent; and (iv) for notices sent by any other method, the date received. No delay or omission on the Bank’s
part to exercise any right or power arising hereunder will impair any such right or power or be considered a waiver of any such right
or power, nor will the Bank’s action or inaction impair any such right or power. The Bank’s rights and remedies hereunder
are cumulative and not exclusive of any other rights or remedies which the Bank may have under other agreements, at law or in equity.
Except as otherwise set forth in this Note, no modification, amendment or waiver of, or consent to any departure by the Borrower from,
any provision of this Note will be effective unless made in a writing signed by the Bank, and then such waiver or consent shall be effective
only in the specific instance and for the purpose for which given. Notwithstanding the foregoing, the Bank may modify this Note for the
purposes of completing missing content or correcting erroneous content, without the need for a written amendment, provided that the Bank
shall send a copy of any such modification to the Borrower (which notice may be given by electronic mail). The Borrower agrees to pay
on demand, to the extent permitted by law, all costs and expenses incurred by the Bank in the enforcement of its rights in this Note and
in any security therefor, including without limitation reasonable fees and expenses of the Bank’s counsel. If any provision of this
Note is found to be invalid, illegal or unenforceable in any respect by a court, all the other provisions of this Note will remain in
full force and effect. The Borrower and all other makers and indorsers of this Note hereby forever waive presentment, protest, notice
of dishonor, notice of non-payment, notice of intent to accelerate and notice of acceleration, and any other notice of any kind. The Borrower
also waives all defenses based on suretyship or impairment of collateral. If this Note is executed by more than one Borrower, the obligations
of such persons or entities hereunder will be joint and several. This Note shall bind the Borrower and its heirs, executors, administrators,
successors and assigns, and the benefits hereof shall inure to the benefit of the Bank and its successors and assigns; provided, however,
that the Borrower may not assign this Note in whole or in part without the Bank’s written consent and the Bank at any time may assign
this Note in whole or in part.

 

    	 	-8-	 

    	 

    

 

16.          Governing
Law and Venue. This Note has been delivered to and accepted by the Bank and will be deemed to be made in the State where the Bank’s
office indicated above is located (the “State”). THIS NOTE WILL BE INTERPRETED AND THE RIGHTS AND LIABILITIES OF THE BANK
AND THE BORROWER DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE, EXCLUDING ITS CONFLICT OF LAWS RULES, INCLUDING WITHOUT LIMITATION
THE ELECTRONIC TRANSACTIONS ACT (OR EQUIVALENT) IN EFFECT IN THE STATE (OR, TO THE EXTENT CONTROLLING, THE LAWS OF THE UNITED STATES OF
AMERICA, INCLUDING WITHOUT LIMITATION THE ELECTRONIC SIGNATURES IN GLOBAL AND NATIONAL COMMERCE ACT). The Borrower hereby irrevocably
consents to the exclusive jurisdiction of any state or federal court in the county or judicial district where the Bank’s office
indicated above is located; provided that nothing contained in this Note will prevent the Bank from bringing any action, enforcing any
award or judgment or exercising any rights against the Borrower individually, against any security or against any property of the Borrower
within any other county, state or other foreign or domestic jurisdiction. The Borrower acknowledges and agrees that the venue provided
above is the most convenient forum for both the Bank and the Borrower. The Borrower waives any objection to venue and any objection based
on a more convenient forum in any action instituted under this Note.

 

17.          Commercial
Purpose. The Borrower represents that the indebtedness evidenced by this Note is being incurred by the Borrower solely for the purpose
of acquiring or carrying on a business, professional or commercial activity, and not for personal, family or household purposes.

 

18.          USA
PATRIOT Act Notice. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all
financial institutions to obtain, verify and record information that identifies each Borrower that opens an account. What this means:
when the Borrower opens an account, the Bank will ask for the business name, business address, taxpayer identifying number and other information
that will allow the Bank to identify the Borrower, such as organizational documents. For some businesses and organizations, the Bank may
also need to ask for identifying information and documentation relating to certain individuals associated with the business or organization.

 

19.          Representation
by Counsel. The Borrower hereby represents that it has been represented by competent counsel of its choice, or has knowingly waived
its right to use and retain counsel, in the negotiation and execution of this Note and the other Loan Documents; that it has read and
fully understood the terms hereof; that the Borrower and any retained counsel have been afforded an opportunity to review, negotiate and
modify the terms of this Note and the other Loan Documents; and that it intends to be bound hereby. In accordance with the foregoing,
the general rule of construction to the effect that any ambiguities in a contract are to be resolved against the party drafting the contract
shall not be employed in the construction and interpretation of this Note or any other Loan Document.

 

20.          Authorization
to Obtain Credit Reports. By signing below, each person, who is signing in his or her individual capacity, requests and provides written
authorization to the Bank or its designee (and any assignee or potential assignee hereof) to obtain such individual’s personal credit
profile from one or more national credit bureaus. This authorization extends to obtaining a credit profile in (i) considering an application
for credit that is evidenced, guaranteed or secured by this document, (ii) assessing creditworthiness and (iii) considering extensions
of credit, including on an ongoing basis, as necessary for the purposes of (a) update, renewal or extension of such credit or additional
credit, (b) reviewing, administering or collecting the resulting account and (c) reporting on the repayment and satisfaction of such credit
obligations. By signing below, such individual further ratifies and confirms his or her prior requests and authorizations with respect
to the matters set forth herein. For the avoidance of doubt, this provision does not apply to persons signing below in their capacities
as officers or other authorized representatives of entities, organizations or governmental bodies.

 

    	 	-9-	 

    	 

    

 

21.          Counterparts;
Electronic Signatures and Records. This Note and any other Loan Document may be signed in any number of counterpart copies and by
the parties hereto on separate counterparts, but all such copies shall constitute one and the same instrument. Notwithstanding any other
provision herein, the Borrower agrees that this Note, the Loan Documents, any amendments thereto, and any other information, notice, signature
card, agreement or authorization related thereto (each, a “Communication”) may, at the Bank’s option, be in the form
of an electronic record. Any Communication may, at the Bank’s option, be signed or executed using electronic signatures. For the
avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by the Bank of a manually
signed paper Communication which has been converted into electronic form (such as scanned into PDF format) for transmission, delivery
and/or retention.

 

22.          Automatic
Payment. If due to any act or omission of the Borrower or another Obligor the Bank cannot automatically deduct payments required under
this Note or the other Loan Documents from a deposit account with the Bank (including due to the Borrower’s revocation of its authorization
to do so or failure to maintain such deposit account with the Bank or otherwise), the Bank may, at its option, upon 30 days’ notice
to the Borrower, increase the interest rate payable by the Borrower under this Note by 25 basis points (0.25%).

 

23.          Depository.
The Borrower will establish and maintain with the Bank the Borrower’s primary depository accounts. If the Borrower fails to establish
and/or maintain its primary depository accounts with the Bank, the Bank may, at its option, upon 30 days’ notice to the Borrower,
increase the interest rate payable by the Borrower under this Note by up to 100 basis points (1.00%). The Bank’s right to increase
the interest rate pursuant to this paragraph shall be in addition to any other rights or remedies the Bank may have under this Note, all
of which are hereby reserved, and shall not constitute a waiver, release or limitation upon the Bank’s exercise of any such rights
or remedies.

 

 

 

REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

 

    	 	-10-	 

    	 

    

 

24.          WAIVER
OF JURY TRIAL. THE BORROWER IRREVOCABLY WAIVES ANY AND ALL RIGHTS THE BORROWER MAY HAVE TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING
OR CLAIM OF ANY NATURE RELATING TO THIS NOTE, ANY DOCUMENTS EXECUTED IN CONNECTION WITH THIS NOTE OR ANY TRANSACTION CONTEMPLATED IN ANY
OF SUCH DOCUMENTS. THE BORROWER ACKNOWLEDGES THAT THE FOREGOING WAIVER IS KNOWING AND VOLUNTARY.

 

The Borrower acknowledges that it has read and
understands all the provisions of this Note, including the waiver of jury trial, and has been advised by counsel as necessary or appropriate.

 

WITNESS the due execution hereof as a document
under seal, as of the date first written above, with the intent to be legally bound hereby.

 

	 	PERISHIP GLOBAL LLC
	 	 
	 	 	 
	 	By:	VERIFYME, INC.
	 	Its:	Sole Member
	 	 	 
	 	By:	/s/ Patrick White
	 	 	(SEAL)
	 	Patrick White, Chief Executive Officer
	 	 	 	 

 

 

-11-Exhibit 10.3

 

	
    Revolving Line of Credit Note

(Daily SOFR)

     
	

 

 

	$1,000,000.00	September 15, 2022

 

FOR VALUE RECEIVED, PERISHIP GLOBAL LLC (the “Borrower”),
with an address at 265 EAST MAIN ST, BRANFORD, CONNECTICUT 06405-3125, promises to pay to the order of PNC BANK, NATIONAL ASSOCIATION
(the “Bank”), in lawful money of the United States of America in immediately available funds at its offices located
at 200 Lake Drive East, 3rd Floor, Cherry Hill, New Jersey 08002, or at such other location as the Bank may designate from time to time,
the principal sum of $1,000,000.00 (the “Facility”) or such lesser amount as may be advanced to or for the benefit
of the Borrower hereunder, together with interest accruing on the outstanding principal balance from the date hereof, all as provided
below.

 

1.           Revolving Line
of Credit Advances. This Note evidences a revolving line of credit. The Borrower may borrow, repay and reborrow hereunder and
the Bank may advance and readvance under this Note from time to time (each an “advance” and together the “advances”)
until the Expiration Date, subject to the terms and conditions of this Note and the Loan Documents (as defined below). The “Expiration
Date” means September 15, 2023, or such later date as may be designated by the Bank by written notice from the Bank to
the Borrower. The Borrower acknowledges and agrees that in no event will the Bank be under any obligation to extend or renew the Facility
or this Note beyond the Expiration Date. In no event shall the aggregate unpaid principal amount of advances under this Note exceed the
face amount of this Note.

 

2.           Interest Rate
and Payments. Amounts outstanding under this Note will bear interest at a rate per annum which is equal to the sum of (A) Daily
SOFR (as defined below) plus (B) 285 basis points (2.85%). Accrued interest will be due and payable on the same day of each month,
beginning with the payment due on October 15, 2022. The outstanding principal balance and any accrued but unpaid interest shall be due
and payable on the Expiration Date.

 

3.           Certain Definitions.
If the following terms are used in this Note, such terms shall have the meanings set forth below:

 

Alternate Rate” means the Base Rate.

 

Base Rate” means the higher of (A) the Prime Rate, and (B)
the sum of the Overnight Bank Funding Rate plus 50 basis points (0.50%); provided, however, if the Base Rate as determined
above would be less than zero, then such rate shall be deemed to be zero. If and when the Base Rate as determined above changes, the rate
of interest with respect to any amounts hereunder to which the Base Rate applies will change automatically without notice to the Borrower,
effective on the date of any such change.

 

“Business Day” means any day other than (A) a Saturday
or Sunday or (B) a legal holiday on which commercial banks are authorized or required by law to be closed for business in Pittsburgh,
Pennsylvania; provided that, when used in connection with an amount that bears interest at a rate based on SOFR or any direct or
indirect calculation or determination involving SOFR, the term “Business Day” means any such day that is also a U.S.
Government Securities Business Day.

 

“Daily 1M SOFR” means, for any day, the interest rate
per annum determined by the Bank by dividing (the resulting quotient rounded upwards, at the Bank’s discretion, to the nearest 1/100th
of 1%) (A) the Term SOFR Reference Rate for such day for a one-month period, as published by the Term SOFR Administrator, by (B) a number
equal to 1.00 minus the SOFR Reserve Percentage; provided that if Daily 1M SOFR, determined as provided above, would be less than
the Floor, then Daily 1M SOFR shall be deemed to be the Floor. The rate of interest will be adjusted automatically as of each Business
Day based on changes in Daily 1M SOFR without notice to the Borrower.

 

    	 	- 1 -	 

    	 

    

 

“Daily SOFR” means Daily 1M SOFR.

 

“Default Rate” means the rate per annum equal to the
lesser of (A) the sum of 3% plus the interest rate otherwise in effect from time to time under this Note and (B) the Maximum Rate.

 

“Floor” means a rate of interest per annum equal to
75 basis points (0.75%)

 

“Maximum Rate” means the maximum rate of interest allowed by applicable law.

 

“NYFRB”
means the Federal Reserve Bank of New York.

 

“Overnight Bank Funding Rate” means, for any day, the
rate comprised of both overnight federal funds and overnight Eurocurrency borrowings by U.S.-managed banking offices of depository institutions,
as such composite rate shall be determined by the NYFRB, as set forth on its public website from time to time, and as published on the
next succeeding Business Day as the overnight bank funding rate by the NYFRB (or by such other recognized electronic source (such as Bloomberg)
selected by the Bank for the purpose of displaying such rate); provided, that if such day is not a Business Day, the Overnight
Bank Funding Rate for such day shall be such rate on the immediately preceding Business Day; provided, further, that if
such rate shall at any time, for any reason, no longer exist, a comparable replacement rate determined by the Bank at such time (which
determination shall be conclusive absent manifest error). If the Overnight Bank Funding Rate determined as above would be less than zero,
then such rate shall be deemed to be zero. The rate of interest charged shall be adjusted as of each Business Day based on changes in
the Overnight Bank Funding Rate without notice to the Borrower.

 

“Prime Rate” means the rate publicly announced by the
Bank from time to time as its prime rate. The Prime Rate is determined from time to time by the Bank as a means of pricing some loans
to its borrowers. The Prime Rate is not tied to any external rate of interest or index and does not necessarily reflect the lowest rate
of interest actually charged by the Bank to any particular class or category of customers.

 

“SOFR” means a rate equal to the secured overnight financing
rate as administered by the NYFRB (or a successor administrator of the secured overnight financing rate).

 

“SOFR Reserve Percentage” means, for any day, the maximum
effective percentage in effect on such day, if any, as prescribed by the Board of Governors of the Federal Reserve System (or any successor)
for determining the reserve requirements (including, without limitation, supplemental, marginal and emergency reserve requirements) with
respect to SOFR funding.

 

“Term SOFR Administrator” means CME Group Benchmark
Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Bank in its reasonable discretion).

 

“Term SOFR Reference Rate” means the forward-looking
term rate based on SOFR.

 

“U.S. Government Securities Business Day” means any
day except for (A) a Saturday or Sunday or (B) a day on which the Securities Industry and Financial Markets Association recommends that
the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

 

    	 	- 2 -	 

    	 

    

 

4.           Advance Procedures.
If permitted by the Bank, a request for advance may be made by telephone or electronic mail, or delivered in accordance with the Bank’s
security procedures through any automated platform or electronic service provided by the Bank, with such confirmation or verification
(if any) as the Bank may require in its discretion from time to time. A request for advance by any Borrower shall be binding upon Borrower,
jointly and severally. The Borrower authorizes the Bank to accept telephonic, email, automated and electronic requests for advances, and
the Bank shall be entitled to rely upon the authority of any person providing such instructions. The Borrower hereby indemnifies and holds
the Bank harmless from and against any and all damages, losses, liabilities, costs and expenses (including reasonable attorneys’
fees and expenses) which may arise or be created by the acceptance of such telephonic, email, automated and electronic requests or by
the making of such advances. The Bank will enter on its books and records, which entry when made will be presumed correct, the date and
amount of each advance, as well as the date and amount of each payment made by the Borrower.

 

5.           Interest Calculation;
Maximum Rate. Interest will be calculated based on the actual number of days that principal is outstanding over a year of 360
days. In no event will the rate of interest hereunder exceed the Maximum Rate. Regardless of any other provision of this Note or the other
Loan Documents, if for any reason the effective interest rate should exceed the Maximum Rate, the effective interest rate shall be deemed
reduced to, and shall be, the Maximum Rate, and (i) the amount which would be excessive interest shall be deemed applied to the reduction
of the principal balance of this Note and not to the payment of interest, and (ii) if the loan evidenced by this Note has been or is thereby
paid in full, the excess shall be returned to the party paying same, such application to the principal balance of this Note or the refunding
of such excess to be a complete settlement and acquittance thereof.

 

6.           Conforming Changes;
Benchmark Replacement Provisions. The Bank shall have the right to make any technical, administrative or operational changes from
time to time that the Bank decides may be appropriate to reflect the adoption and implementation of SOFR or any other Benchmark (as defined
below) or to permit the use and administration thereof by the Bank in a manner substantially consistent with market practice or in such
other manner as the Bank decides is reasonably necessary. Notwithstanding anything to the contrary herein or in any other Loan Document,
any amendments implementing such technical, administrative or operational changes will become effective without any further action or
consent of the Borrower. The Bank shall provide notice to the Borrower of any such amendment reasonably promptly after such amendment
becomes effective.

 

If the applicable rate under this Note is based on a Benchmark and the Bank determines
(which determination shall be final and conclusive) that (A) such Benchmark cannot be determined pursuant to its definition other than
as a result of a Benchmark Transition Event (as defined below), or (B) any enactment, promulgation or adoption of or any change in any
applicable law, rule or regulation, or any change in the interpretation or administration thereof by a governmental authority, central
bank or comparable agency charged with the interpretation or administration thereof, or compliance by the Bank with any guideline, request
or directive (whether or not having the force of law) of any such authority, central bank or comparable agency shall make it unlawful
or impracticable for the Bank to make or maintain or fund loans based on that Benchmark, then the Bank shall give notice thereof to the
Borrower. Thereafter, until the Bank notifies the Borrower that the circumstances giving rise to such determination no longer exist, the
interest rate on all amounts outstanding under this Note shall be the Alternate Rate.

 

Notwithstanding anything to the contrary herein or in any other Loan Document, if
the Bank determines (which determination shall be final and conclusive) that a Benchmark Transition Event has occurred with respect to
a Benchmark, the Bank may amend this Note to replace such Benchmark with a Benchmark Replacement (as defined below); and any such amendment
shall be in writing, shall specify the date that the Benchmark Replacement is effective and will not require any further action or consent
of the Borrower. Until the Benchmark Replacement is effective, amounts bearing interest with reference to a Benchmark will continue to
bear interest with reference to such Benchmark as long as such Benchmark is available, and otherwise such amounts automatically will bear
interest at the Alternate Rate.

 

    	 	- 3 -	 

    	 

    

 

For purposes of this Section, the following terms have the meanings set forth below:

 

“Benchmark” means, at any time, any interest rate index
then used in the determination of an interest rate under the terms of this Note. Once a Benchmark Replacement becomes effective under
this Note, it is a Benchmark. The initial Benchmark under this Note is Daily SOFR.

 

“Benchmark Replacement” means, for any Benchmark, the
sum of (a) an alternate benchmark rate and (b) an adjustment (which may be a positive or negative value or zero), in each case that has
been selected by the Bank as the replacement for such Benchmark giving due consideration to any evolving or then-prevailing market convention,
including any applicable recommendations made by the official sector or any official sector-sponsored committee or working group, for
U.S. dollar-denominated credit facilities at such time; provided that, if the Benchmark Replacement as determined pursuant to the
foregoing would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Note and the
other Loan Documents.

 

“Benchmark Transition Event” means a public statement
or publication by or on behalf of the administrator of a Benchmark, the regulatory supervisor of such administrator, the Board of Governors
of the Federal Reserve System, NYFRB, an insolvency official or resolution authority with jurisdiction over the administrator for such
Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark, announcing
or stating that (a) such administrator has ceased or will cease to provide such Benchmark permanently or indefinitely, provided that at
the time of such statement or publication there is no successor administrator that will continue to provide such Benchmark or (b) such
Benchmark is or will no longer be representative.

 

7.           Other Payment
Terms. If any payment under this Note is due on a day of a calendar month for which there is no numerically corresponding day
in certain other months (each, a “Non-Conforming Month”), then the payment in a Non-Conforming Month shall be due on
the last Business Day of such Non-Conforming Month. If any payment under this Note shall become due on a day other than a Business Day,
such payment shall be due on the next succeeding Business Day, except that if such day falls in the next succeeding calendar month, such
payment shall be due on the next preceding day that is a Business Day. Interest shall be computed to, but excluding, the date of payment.
The Borrower hereby authorizes the Bank to charge the Borrower’s deposit account at the Bank for any payment when due under this
Note or any other Loan Document. Payments received will be applied to charges, fees and expenses (including attorneys’ fees), accrued
interest and principal in any order the Bank may choose, in its sole discretion.

 

8.           Late Payments;
Default Rate. If the Borrower fails to make any payment of principal, interest or other amount coming due pursuant to the provisions
of this Note within 15 calendar days of the date due and payable, the Borrower also shall pay to the Bank a late charge equal to the lesser
of 5% of the amount of such payment or $100.00 (the “Late Charge”). Such 15-day period shall not be construed in any
way to extend the due date of any such payment. Upon maturity, whether by acceleration, demand or otherwise, and at the Bank’s option
upon the occurrence of any Event of Default (as hereinafter defined) and during the continuance thereof, amounts outstanding under this
Note shall bear interest at the Default Rate. The Default Rate shall continue to apply whether or not judgment shall be entered on this
Note. Both the Late Charge and the Default Rate are imposed as liquidated damages for the purpose of defraying the Bank’s expenses
incident to the handling of delinquent payments, but are in addition to, and not in lieu of, the Bank’s exercise of any rights and
remedies hereunder, under the other Loan Documents or under applicable law, and any fees and expenses of any agents or attorneys which
the Bank may employ. In addition, the Default Rate reflects the increased credit risk to the Bank of carrying a loan that is in default.
The Borrower agrees that the Late Charge and Default Rate are reasonable forecasts of just compensation for anticipated and actual harm
incurred by the Bank, and that the actual harm incurred by the Bank cannot be estimated with certainty and without difficulty.

 

    	 	- 4 -	 

    	 

    

 

9.           Prepayment.
The indebtedness evidenced by this Note may be prepaid in whole or in part at any time without penalty.

 

10.         Increased Costs;
Yield Protection. On written demand, together with written evidence of the justification therefor, the Borrower agrees to pay
the Bank all direct costs incurred, any losses suffered or payments made by the Bank as a result of any Change in Law (hereinafter defined),
imposing any reserve, deposit, allocation of capital or similar requirement (including without limitation, Regulation D of the Board of
Governors of the Federal Reserve System) on the Bank, its holding company or any of their respective assets relative to the Facility.
“Change in Law” means the occurrence, after the date of this Note, of any of the following: (a) the adoption or taking
effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation,
implementation or application thereof by any governmental authority or (c) the making or issuance of any request, rule, guideline or directive
(whether or not having the force of law) by any governmental authority; provided that notwithstanding anything herein to the contrary,
(x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued
in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the
Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities,
in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted,
adopted or issued.

 

11.        Other Loan Documents.
This Note is issued in connection with a letter agreement or loan agreement between the Borrower and the Bank, dated on or before
the date hereof, and the other agreements and documents executed and/or delivered in connection therewith or referred to therein, the
terms of which are incorporated herein by reference (as amended, modified or renewed from time to time, collectively the “Loan
Documents”), and is secured by the property (if any) described in the Loan Documents and by any and all mortgages, security
agreements, assignments, loan agreements, pledge agreements and other documents or instruments evidencing a security interest or other
lien in favor of the Bank and delivered by the Borrower or by any third party with reference to indebtedness of the Borrower, whether
such documents were previously or are hereafter executed, and whether given expressly as security for payment of this Note or generally
as security for any and all indebtedness of the Borrower to the Bank. Such documents may be executed contemporaneously with the execution
of this Note, or they may be executed and delivered at another time. Collateral securing other obligations of the Borrower to the Bank
may also secure this Note.

 

12.         Events
of Default. The occurrence of any of the following events will be deemed to be an “Event of Default” under
this Note: (i) the nonpayment of any principal, interest or other indebtedness under this Note when due; (ii) the occurrence of any event
of default or any default and the lapse of any notice or cure period, or any Obligor’s failure to observe or perform any covenant
or other agreement, under or contained in any Loan Document or any other document now or in the future evidencing or securing any debt,
liability or obligation of any Obligor to the Bank; provided, however, that, no such failure to observe or perform any such covenant
or other agreement (excluding financial covenants, financial reporting covenants, and negative covenants) shall constitute an Event of
Default unless such failure continues for a period of 30 days after the earlier to occur of (a) the date when any Obligor becomes aware
of such failure and (b) the date when the Bank gives written notice to the Obligor of such failure; (iii) the filing by or against any
Obligor of any proceeding in bankruptcy, receivership, insolvency, reorganization, liquidation, conservatorship or similar proceeding
(and, in the case of any such proceeding instituted against any Obligor, such proceeding is not dismissed or stayed within 30 days of
the commencement thereof, provided that the Bank shall not be obligated to advance additional funds hereunder during such period); (iv)
any assignment by any Obligor for the benefit of creditors, or any levy, garnishment, attachment or similar proceeding is instituted against
any property of any Obligor held by or deposited with the Bank; (v) a default with respect to any other indebtedness of any Obligor for
borrowed money in excess of $25,000.00, individually or in the aggregate, if the effect of such default is to cause or permit the acceleration
of

 

    	 	- 5 -	 

    	 

    

 

such debt; (vi) the commencement of any foreclosure or forfeiture proceeding, execution or attachment against any collateral securing
the obligations of any Obligor to the Bank; (vii) the entry of one or more final judgment(s) against any Obligor in excess of $25,000.00,
individually or in the aggregate, and the failure of such Obligor to discharge the judgment within 10 days of the entry thereof; (viii)
any change in any Obligor’s business, assets, operations, financial condition or results of operations that has or could reasonably
be expected to have any material adverse effect on any Obligor; (ix) any Obligor ceases doing business as a going concern; (x) any representation
or warranty made by any Obligor to the Bank in any Loan Document or any other documents now or in the future evidencing or securing the
obligations of any Obligor to the Bank, is false, erroneous or misleading in any material respect; (xi) if this Note or any guarantee
executed by any Obligor is secured, the failure of any Obligor to provide the Bank with additional collateral if in the Bank’s good
faith exercise of its business judgment, at any time or times, the market value of any of the collateral securing this Note or any guarantee
has depreciated below that required pursuant to the Loan Documents or, if no specific value is so required, then in an amount deemed material
by the Bank; (xii) the revocation or attempted revocation, in whole or in part, of any guarantee by any Obligor; or (xiii) the death,
incarceration, indictment or legal incompetency of any individual Obligor or, if any Obligor is a partnership or limited liability company,
the death, incarceration, indictment or legal incompetency of any individual general partner or member. As used herein, the term “Obligor”
means any Borrower and any guarantor of, or any pledgor, mortgagor or other person or entity providing collateral support for, the Borrower’s
obligations to the Bank existing on the date of this Note or arising in the future.

 

Upon the occurrence of an Event of Default: (a) the Bank shall be under no further
obligation to make advances hereunder; (b) if an Event of Default specified in clause (iii) or (iv) above shall occur, the outstanding
principal balance and accrued interest hereunder together with any additional amounts payable hereunder shall be immediately due and payable
without demand or notice of any kind; (c) if any other Event of Default shall occur, the outstanding principal balance and accrued interest
hereunder together with any additional amounts payable hereunder, at the Bank’s option and without demand or notice of any kind,
may be accelerated and become immediately due and payable; (d) at the Bank’s option, this Note will bear interest at the Default
Rate from the date of the occurrence of the Event of Default; and (e) the Bank may exercise from time to time any of the rights and remedies
available under the Loan Documents or under applicable law.

 

13.         Right of Setoff.
In addition to all liens upon and rights of setoff against the Borrower’s money, securities or other property given to the Bank
by law, the Bank shall have, with respect to the Borrower’s obligations to the Bank under this Note and to the extent permitted
by law, a contractual possessory security interest in and a contractual right of setoff against, and the Borrower hereby grants the Bank
a security interest in, and hereby assigns, conveys, delivers, pledges and transfers to the Bank, all of the Borrower’s right, title
and interest in and to, all of the Borrower’s deposits, moneys, securities and other property now or hereafter in the possession
of or on deposit with, or in transit to, the Bank or any other direct or indirect subsidiary of The PNC Financial Services Group, Inc.,
whether held in a general or special account or deposit, whether held jointly with someone else, or whether held for safekeeping or otherwise,
excluding, however, all IRA, Keogh, and trust accounts. Every such security interest and right of setoff may be exercised without demand
upon or notice to the Borrower. Every such right of setoff shall be deemed to have been exercised immediately upon the occurrence of an
Event of Default hereunder without any action of the Bank, although the Bank may enter such setoff on its books and records at a later
time.

 

14.         Anti-Money Laundering/International
Trade Law Compliance. The Borrower represents, warrants and covenants to the Bank, as of the date hereof, the date of each advance
of proceeds under the Facility, the date of any renewal, extension or modification of the Facility, and at all times until the Facility
has been terminated and all amounts thereunder have been indefeasibly paid in full, that: (a) no Covered Entity (i) is a Sanctioned Person;
(ii) has any of its assets in a Sanctioned Jurisdiction or in the possession, custody or control of a Sanctioned Person; or (iii) does
business in or with, or derives any of its operating income from investments in or transactions with, any Sanctioned Jurisdiction or Sanctioned
Person; (b) the proceeds of the Facility will not be used to fund any operations in, finance any investments or activities in, or, make
any payments to, a Sanctioned

 

    	 	- 6 -	 

    	 

    

 

Jurisdiction or Sanctioned Person; (c) the funds used to repay the Facility are not derived from any unlawful
activity; (d) each Covered Entity is in compliance with, and no Covered Entity engages in any dealings or transactions prohibited by,
any laws of the United States, including but not limited to any Anti-Terrorism Laws; and (e) no Collateral is or will become Embargoed
Property. The Borrower covenants and agrees that (a) it shall immediately notify the Bank in writing upon the occurrence of a Reportable
Compliance Event; and (b) if, at any time, any Collateral becomes Embargoed Property, in addition to all other rights and remedies available
to the Bank, upon request by the Bank, the Borrower shall provide substitute Collateral acceptable to the Bank that is not Embargoed Property.

 

As used herein: “Anti-Terrorism Laws” means any laws relating
to terrorism, trade sanctions programs and embargoes, import/export licensing, money laundering, or bribery, all as amended, supplemented
or replaced from time to time; “Collateral” means any collateral securing any debt, liabilities or other obligations
of any Obligor to the Bank; “Compliance Authority” means each and all of the (a) U.S. Treasury Department/Office of
Foreign Assets Control, (b) U.S. Treasury Department/Financial Crimes Enforcement Network, (c) U.S. State Department/Directorate of Defense
Trade Controls, (d) U.S. Commerce Department/Bureau of Industry and Security, (e) U.S. Internal Revenue Service, (f) U.S. Justice Department,
and (g) U.S. Securities and Exchange Commission; “Covered Entity” means the Borrower, its affiliates and subsidiaries,
all guarantors, pledgors of collateral, all owners of the foregoing, and all brokers or other agents of the Borrower acting in any capacity
in connection with the Facility; “Embargoed Property” means any property (a) in which a Sanctioned Person holds an
interest; (b) beneficially owned, directly or indirectly, by a Sanctioned Person; (c) that is due to or from a Sanctioned Person; (d)
that is located in a Sanctioned Jurisdiction; or (e) that would otherwise cause any actual or possible violation by the Bank of any applicable
Anti-Terrorism Law if the Bank were to obtain an encumbrance on, lien on, pledge of or security interest in such property or provide services
in consideration of such property; “Reportable Compliance Event” means (1) any Covered Entity becomes a Sanctioned
Person, or is indicted, arraigned, investigated or custodially detained, or receives an inquiry from regulatory or law enforcement officials,
in connection with any Anti-Terrorism Law or any predicate crime to any Anti-Terrorism Law, or self-discovers facts or circumstances implicating
any aspect of its operations with the actual or possible violation of any Anti-Terrorism Law; (2) any Covered Entity engages in a transaction
that has caused or may cause the Bank to be in violation of any Anti-Terrorism Laws, including a Covered Entity’s use of any proceeds
of the Facility to fund any operations in, finance any investments or activities in, or, make any payments to, directly or indirectly,
a Sanctioned Jurisdiction or Sanctioned Person; or (3) any Collateral becomes Embargoed Property; “Sanctioned Jurisdiction”
means a country subject to a sanctions program maintained by any Compliance Authority; and “Sanctioned Person” means
any individual person, group, regime, entity or thing listed or otherwise recognized as a specially designated, prohibited, sanctioned
or debarred person or entity, or subject to any limitations or prohibitions (including but not limited to the blocking of property or
rejection of transactions), under any order or directive of any Compliance Authority or otherwise subject to, or specially designated
under, any sanctions program maintained by any Compliance Authority.

 

15.         Indemnity.
The Borrower agrees to indemnify each of the Bank, each legal entity, if any, who controls, is controlled by or is under common control
with the Bank, and each of their respective directors, officers and employees (the “Indemnified Parties”), and to defend
and hold each Indemnified Party harmless from and against any and all claims, damages, losses, liabilities and expenses (including all
fees and charges of internal or external counsel with whom any Indemnified Party may consult and all expenses of litigation and preparation
therefor) (each, a “Claim”) which any Indemnified Party may incur or which may be asserted against any Indemnified
Party by any person, entity or governmental authority (including any person or entity claiming derivatively on behalf of the Borrower),
in connection with or arising out of or relating to the matters referred to in this Note or in the other Loan Documents or the use of
any advance hereunder, whether (a) arising from or incurred in connection with any breach of a representation, warranty or covenant by
the Borrower, or (b) arising out of or resulting from any suit, action, claim, proceeding or governmental investigation, pending or threatened,
whether based on statute, regulation or order, or tort, or contract or otherwise, before any court or governmental authority; provided,
however, that the foregoing indemnity agreement shall not apply to any Claim that is determined by a court of competent jurisdiction
in a final, non-appealable judgment to have been solely attributable to an Indemnified Party's gross negligence or willful misconduct.
The indemnity agreement contained in this paragraph shall survive the termination of this Note, payment of any advance hereunder and the
assignment of any rights hereunder. The Borrower may participate at its expense in the defense of any such action or claim.

 

    	 	- 7 -	 

    	 

    

 

16.         Miscellaneous.
All notices, demands, requests, consents, approvals and other communications required or permitted hereunder (“Notices”)
must be in writing (except as may be agreed otherwise above with respect to borrowing requests or as otherwise provided in this Note).
Notices may be given in any manner to which the parties may agree. Without limiting the foregoing, first-class mail, postage prepaid,
facsimile transmission and commercial courier service are hereby agreed to as acceptable methods for giving Notices. In addition, the
parties agree that Notices may be sent electronically to any electronic address provided by a party from time to time or through an automated
platform that the Bank provides to the Borrower. Notices may be sent to a party’s address as set forth above or to such other address
as any party may give to the other for such purpose in accordance with this paragraph. Notices will be effective upon receipt. For purposes
hereof, “receipt” means: (i) for notices sent by U.S. mail, the third business day after the date such notice was sent; (ii)
for notices delivered by hand or sent by overnight courier service, the date delivered; (iii) for notices sent by facsimile or electronic
communication, the date when sent; and (iv) for notices sent by any other method, the date received. No delay or omission on the Bank’s
part to exercise any right or power arising hereunder will impair any such right or power or be considered a waiver of any such right
or power, nor will the Bank’s action or inaction impair any such right or power. The Bank’s rights and remedies hereunder
are cumulative and not exclusive of any other rights or remedies which the Bank may have under other agreements, at law or in equity.
Except as otherwise set forth in this Note, no modification, amendment or waiver of, or consent to any departure by the Borrower from,
any provision of this Note will be effective unless made in a writing signed by the Bank, and then such waiver or consent shall be effective
only in the specific instance and for the purpose for which given. Notwithstanding the foregoing, the Bank may modify this Note for the
purposes of completing missing content or correcting erroneous content, without the need for a written amendment, provided that the Bank
shall send a copy of any such modification to the Borrower (which notice may be given by electronic mail). The Borrower agrees to pay
on demand, to the extent permitted by law, all costs and expenses incurred by the Bank in the enforcement of its rights in this Note and
in any security therefor, including without limitation reasonable fees and expenses of the Bank’s counsel. If any provision of this
Note is found to be invalid, illegal or unenforceable in any respect by a court, all the other provisions of this Note will remain in
full force and effect. The Borrower and all other makers and indorsers of this Note hereby forever waive presentment, protest, notice
of dishonor, notice of non-payment, notice of intent to accelerate and notice of acceleration, and any other notice of any kind. The Borrower
also waives all defenses based on suretyship or impairment of collateral. If this Note is executed by more than one Borrower, the obligations
of such persons or entities hereunder will be joint and several. This Note shall bind the Borrower and its heirs, executors, administrators,
successors and assigns, and the benefits hereof shall inure to the benefit of the Bank and its successors and assigns; provided,
however, that the Borrower may not assign this Note in whole or in part without the Bank’s written consent and the Bank at
any time may assign this Note in whole or in part.

 

17.         Governing Law
and Venue. This Note has been delivered to and accepted by the Bank and will be deemed to be made in the State where the Bank’s
office indicated above is located (the “State”). THIS NOTE
WILL BE INTERPRETED AND THE RIGHTS AND LIABILITIES OF THE BANK AND THE BORROWER
DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE, EXCLUDING ITS CONFLICT OF LAWS RULES,
INCLUDING WITHOUT LIMITATION THE ELECTRONIC TRANSACTIONS
ACT (OR EQUIVALENT) IN
EFFECT IN THE STATE (OR, TO THE EXTENT CONTROLLING, THE
LAWS OF THE UNITED STATES OF
AMERICA, INCLUDING WITHOUT LIMITATION THE ELECTRONIC
SIGNATURES IN GLOBAL AND NATIONAL
COMMERCE ACT). The Borrower hereby irrevocably consents
to the exclusive jurisdiction of any state or federal court in the county or judicial district where the Bank’s office indicated
above is located; provided that nothing contained in this Note will prevent the Bank from bringing any action, enforcing any award or
judgment or exercising any rights against the Borrower individually, against any security or against any property of the Borrower within
any other county, state or other foreign or domestic jurisdiction. The Borrower acknowledges and agrees that the venue provided above
is the most convenient forum for both the Bank and the Borrower. The Borrower waives any objection to venue and any objection based on
a more convenient forum in any action instituted under this Note.

 

    	 	- 8 -	 

    	 

    

 

18.        Commercial Purpose.
The Borrower represents that the indebtedness evidenced by this Note is being incurred by the Borrower solely for the purpose of acquiring
or carrying on a business, professional or commercial activity, and not for personal, family or household purposes.

 

19.         USA PATRIOT
Act Notice. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial
institutions to obtain, verify and record information that identifies each Borrower that opens an account. What this means: when the Borrower
opens an account, the Bank will ask for the business name, business address, taxpayer identifying number and other information that will
allow the Bank to identify the Borrower, such as organizational documents. For some businesses and organizations, the Bank may also need
to ask for identifying information and documentation relating to certain individuals associated with the business or organization.

 

20.         Representation
by Counsel. The Borrower hereby represents that it has been represented by competent counsel of its choice, or has knowingly waived
its right to use and retain counsel, in the negotiation and execution of this Note and the other Loan Documents; that it has read and
fully understood the terms hereof; that the Borrower and any retained counsel have been afforded an opportunity to review, negotiate and
modify the terms of this Note and the other Loan Documents; and that it intends to be bound hereby. In accordance with the foregoing,
the general rule of construction to the effect that any ambiguities in a contract are to be resolved against the party drafting the contract
shall not be employed in the construction and interpretation of this Note or any other Loan Document.

 

21.         Authorization
to Obtain Credit Reports. By signing below, each person, who is signing in his or her individual capacity, requests and provides
written authorization to the Bank or its designee (and any assignee or potential assignee hereof) to obtain such individual’s personal
credit profile from one or more national credit bureaus. This authorization extends to obtaining a credit profile in (i) considering an
application for credit that is evidenced, guaranteed or secured by this document, (ii) assessing creditworthiness and (iii) considering
extensions of credit, including on an ongoing basis, as necessary for the purposes of (a) update, renewal or extension of such credit
or additional credit, (b) reviewing, administering or collecting the resulting account and (c) reporting on the repayment and satisfaction
of such credit obligations. By signing below, such individual further ratifies and confirms his or her prior requests and authorizations
with respect to the matters set forth herein. For the avoidance of doubt, this provision does not apply to persons signing below in their
capacities as officers or other authorized representatives of entities, organizations or governmental bodies.

 

22.         Counterparts;
Electronic Signatures and Records. This Note and any other Loan Document may be signed in any number of counterpart copies and
by the parties hereto on separate counterparts, but all such copies shall constitute one and the same instrument. Notwithstanding any
other provision herein, the Borrower agrees that this Note, the Loan Documents, any amendments thereto, and any other information, notice,
signature card, agreement or authorization related thereto (each, a “Communication”) may, at the Bank’s option,
be in the form of an electronic record. Any Communication may, at the Bank’s option, be signed or executed using electronic signatures.
For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by the Bank of a
manually signed paper Communication which has been converted into electronic form (such as scanned into PDF format) for transmission,
delivery and/or retention.

 

23.         Automatic Payment.
If due to any act or omission of the Borrower or another Obligor the Bank cannot automatically deduct payments required under this
Note or the other Loan Documents from a deposit account with the Bank (including due to the Borrower’s revocation of its authorization
to do so or failure to maintain such deposit account with the Bank or otherwise), the Bank may, at its option, upon 30 days’ notice
to the Borrower, increase the interest rate payable by the Borrower under this Note by 25 basis points (0.25%).

 

    	 	- 9 -	 

    	 

    

 

24.         Depository.
The Borrower will establish and maintain with the Bank the Borrower’s primary depository accounts. If the Borrower fails to
establish and/or maintain its primary depository accounts with the Bank, the Bank may, at its option, upon 30 days’ notice to the
Borrower, increase the interest rate payable by the Borrower under this Note by up to 100 basis points (1.00%). The Bank’s right
to increase the interest rate pursuant to this paragraph shall be in addition to any other rights or remedies the Bank may have under
this Note, all of which are hereby reserved, and shall not constitute a waiver, release or limitation upon the Bank’s exercise of
any such rights or remedies.

 

 

 

 

REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

 

    	 	- 10 -	 

    	 

    

 

25.         WAIVER
OF JURY TRIAL. THE BORROWER IRREVOCABLY WAIVES ANY AND ALL RIGHTS THE BORROWER
MAY HAVE TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR CLAIM OF ANY NATURE RELATING TO THIS NOTE,
ANY DOCUMENTS EXECUTED IN CONNECTION WITH THIS NOTE OR ANY TRANSACTION CONTEMPLATED IN ANY
OF SUCH DOCUMENTS. THE BORROWER ACKNOWLEDGES THAT THE FOREGOING
WAIVER IS KNOWING AND VOLUNTARY.

 

The Borrower acknowledges that it has read and
understands all the provisions of this Note, including the waiver of jury trial, and has been advised by counsel as necessary or appropriate.

 

WITNESS the due execution hereof as a document
under seal, as of the date first written above, with the intent to be legally bound hereby.

 

 

	 	PERISHIP GLOBAL LLC
	 	 	 
	 	 	 
	 	By:	VERIFYME, INC. 
	 	Its:	Sole Member
	 	 	 
	 	 	 
	 	By:	/s/ Patrick White 
	 	 	(SEAL)
	 	Patrick White, Chief Executive Officer

 

 

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