Document:

Exhibit 10.5

 

SECURITIES PURCHASE
AGREEMENT

 

This
SECURITIES PURCHASE AGREEMENT (the "Agreement"), dated as of November 10, 2021, by and between TRIBAL RIDES INTERNATIONAL
CORP., a corporation incorporated in Nevada, with headquarters located at 26060 Acero, Mission Viejo, CA 92691 (the "Company"),
and AJB CAPITAL INVESTMENTS, LLC, a Delaware limited liability company, with its address at 4700 Sheridan Street, Suite J, Hollywood,
FL 33021 (the "Buyer").

 

WHEREAS:

 

A.               
The Company and the Buyer are executing and delivering this Agreement in reliance upon the exemption from securities registration
afforded by the rules and regulations as promulgated by the United States Securities and Exchange Commission (the "SEC") under
the Securities Act of 1933, as amended (the "1933 Act");

 

B.                
Buyer desires to purchase and the Company desires to issue and sell, upon the terms and conditions set forth in this Agreement
a promissory note of the Company, in the form attached hereto as Exhibit A, in the aggregate principal amount of US$290,000 (together
with any note(s) issued in replacement thereof or as a dividend thereon or otherwise with respect thereto in accordance with the terms
thereof, the "Note"), convertible into shares of the Common Stock (as defined below) of the Company, upon an Event of Default
and upon the terms and subject to the limitations and conditions set forth in such Note.

 

C.                
The Buyer wishes to purchase, upon the terms and conditions stated in this Agreement, such principal amount of Note as is set
forth immediately below its name on the signature pages hereto;

 

D.                
Buyer desires to purchase and the Company desires to issue and sell, upon the terms and conditions set forth in this Agreement
a warrant to purchase up to 750,000 shares of the Common Stock, in the form attached hereto as Exhibit B (the "Warrant"), subject
to adjustments and limitations as provided therein; and

 

NOW
THEREFORE, the Company and the Buyer severally (and not jointly) hereby agree as follows:

 

1.       PURCHASE
AND SALE OF NOTE.

 

a.      

Purchase of Note, the Warrant, and the Commitment Fee Shares. On the Closing Date (as defined below), the Company shall issue
and sell to the Buyer and the Buyer agrees to purchase from the Company such principal amount of Note as is set forth immediately below
the Buyer's name on the signature pages hereto, the Warrant to purchase up to 750,000 shares of Common Stock, subject to adjustment as
provided therein, and the Commitment Fee Shares (as defined below).

 

b.      
Form of Payment. On the Closing Date (as defined below), (i) the Buyer shall pay the purchase price for the Note to be
issued and sold to it at the Closing (as defined below) (the "Purchase Price") by wire transfer of immediately available funds
to the Company, in accordance with the Company's written wiring instructions, against delivery of the Note, the Warrant, and the Commitment
Fee Shares in the principal amount equal to the Purchase Price as is set forth immediately below the Buyer's name on the signature pages
hereto, and (ii) the Company shall deliver such duly executed Note, the Warrant, and the Commitment Fee Shares (as defined herein) on
behalf of the Company, to the Buyer, against delivery of such Purchase Price.

 

c.      
Closing Date. Subject to the satisfaction (or written waiver) of the conditions thereto set forth in Section 7 and Section
8 below, the date and time of the issuance and sale of the Note pursuant to this Agreement (the "Closing Date") shall be 12:00
noon, Eastern Standard Time on or about November /0, 2021,
or such other mutually agreed upon time. The closing of the transactions contemplated by this Agreement (the "Closing") shall
occur on the Closing Date at such location as may be agreed to by the parties.

 

 

 

 

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2.       REPRESENTATIONS
AND WARRANTIES OF THE BUYER. The Buyer represents and warrants to the Company that:

 

a.      
Investment Purpose. As of the date hereof, the Buyer is purchasing the Note, the shares of common stock, having $0.0001
per share, of the Company (the "Common Stock"), issuable upon conversion of or otherwise pursuant to the Note (including, without
limitation, such additional shares of Common Stock, if any, as are issuable (i) on account of interest on the Note (ii) as a result of
the events described in Sections 1.3 and 1.4(g) of the Note or (iii) in payment of the Standard Liquidated Damages Amount (as defined
in Section 2(f) below) (such shares of Common Stock being collectively referred to herein as the "Conversion Shares"), the
Warrant, the shares of Common Stock issuable upon exercise of or otherwise pursuant to the Warrant (the "Warrant Shares") and
pursuant to this Agreement and the Commitment Fee Shares, for its own account and not with a present view towards the public sale or
distribution thereof, except pursuant to sales registered or exempted from registration under the 1933 Act; provided, however,
that by making the representations herein, the Buyer does not agree to hold any of the Securities for any minimum or other specific term
and reserves the right to dispose of the Securities at any time in accordance with or pursuant to a registration statement or an exemption
under the 1933 Act. For purposes of this Agreement, the Note and the transactions contemplated thereby, the Conversion Shares, the Commitment
Fee Shares, the Warrant and the Warrant Shares, shall be referred to as the "Securities".

 

b.      
Accredited Investor Status. The Buyer is an "accredited investor" as that term is defined in Rule 501(a) of Regulation
D (an "Accredited Investor").

 

c.      
Reliance
on Exemptions. The Buyer understands that the Securities are being offered and sold to it in reliance upon specific exemptions from the
registration requirements of United States federal and state securities laws and that the Company is relying upon the truth and accuracy
of, and the Buyer's compliance with, the representations, warranties, agreements, acknowledgments and understandings of the Buyer set
forth herein in order to determine the availability of such exemptions and the eligibility of the Buyer to acquire the Securities.

 

d.      
Information. The Buyer and its advisors, if any, have been, and for so long as the Note and the Warrant remain outstanding
will continue to be, furnished with all materials relating to the business, finances and operations of the Company and materials relating
to the offer and sale of the Securities which have been requested by the Buyer or its advisors. The Buyer and its advisors, if any, have
been, and for so long as the Note and the Warrant remains outstanding will continue to be, afforded the opportunity to ask questions
of the Company. Notwithstanding the foregoing, the Company has not disclosed to the Buyer any material nonpublic information and will
not disclose such information unless such information is disclosed to the public prior to or promptly following such disclosure to the
Buyer. Neither such inquiries nor any other due diligence investigation conducted by Buyer or any of its advisors or representatives
shall modify, amend or affect Buyer's right to rely on the Company's representations and warranties contained in Section 3 below. The
Buyer understands that its investment in the Securities involves a significant degree of risk. The Buyer is not aware of any facts that
may constitute a breach of any of the Company's representations and warranties made herein.

 

e.      
Governmental Review. The Buyer understands that no United States federal or state agency or any other government or governmental
agency has passed upon or made any recommendation or endorsement of the Securities.

 

f.        Transfer
or Re-sale. The Buyer understands that (i) the Securities may not be transferred unless (a) the Securities are sold pursuant to
an effective registration statement under the 1933 Act, (b) the Buyer shall have delivered to the Company, at the cost of the
Company, an opinion of counsel that shall be in form, substance and scope customary for opinions of counsel in comparable
transactions to the effect that the Securities to be sold or transferred may be sold or transferred pursuant to an exemption from
such registration, which opinion shall be accepted by the Company, (c) the Securities are sold or transferred to an
"affiliate" (as defined in Rule 144 promulgated under the 1933 Act (or a successor rule) ("Rule 144")) of the
Buyer who agrees to sell or otherwise transfer the Securities only in accordance with this Section 2(f) and who is an Accredited
Investor, (d) the Securities are sold pursuant to Rule 144 or other applicable exemption, or (e) the Securities are sold pursuant to
Regulation S under the 1933 Act (or a successor rule) ("Regulation S"), and the Buyer shall have delivered to the Company,
at the cost of the Company, an opinion of counsel that shall be in form, substance and scope customary for opinions of counsel in
corporate transactions, which opinion shall be accepted by the Company; and (ii) any sale of such Securities made in reliance on
Rule 144 may be made only in accordance with the terms of said Rule and further, if said Rule is not applicable, any re-sale of such
Securities under circumstances in which the seller (or the person through whom the sale is made) may be deemed to be an underwriter
(as that term is defined in the 1933 Act) may require compliance with some other exemption under the 1933 Act or the rules and
regulations of the SEC thereunder. Notwithstanding the foregoing or anything else contained herein to the contrary, the Securities
may be pledged as collateral in connection with a bona fide margin account or other lending arrangement. In the event that
the Company does not accept the opinion of counsel provided by the Buyer with respect to the transfer of Securities pursuant to an
exemption from registration, such as Rule 144, within three (3) business days of delivery of the opinion to the Company, the Company
shall pay to the Buyer liquidated damages of five percent (5%) of the outstanding amount of the Note per day plus accrued and unpaid
interest on the Note, prorated for partial months, in cash or shares at the option of the Buyer ("Standard Liquidated Damages
Amount"). If the Buyer elects to be pay the Standard Liquidated Damages Amount in shares of Common Stock, such shares shall be
issued at the Conversion Price (as defined in the Note) at the time of payment.

 

 

 

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g.       
Legends. The Buyer understands that the Note and, until such time as the Conversion Shares, the Commitment Fee Shares and the
Warrant Shares have been registered under the 1933 Act may be sold pursuant to Rule 144 or Regulation S or other applicable exemption
without any restriction as to the number of securities as of a particular date that can then be immediately sold, the Conversion Shares,
the Commitment Fee Shares and the Warrant Shares may bear a restrictive legend in substantially the following form (and a stop-transfer
order may be placed against transfer of the certificates for such Securities):

 

"NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED
FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM,
THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT OR OTHER APPLICABLE
EXEMPTION. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR
FINANCING ARRANGEMENT SECURED BY THE SECURITIES."

 

The
legend set forth above shall be removed and the Company shall issue a certificate without such legend to the holder of any Security upon
which it is stamped, if, unless otherwise required by applicable state securities laws, (a) such Security is registered for sale under
an effective registration statement filed under the 1933 Act or otherwise may be sold pursuant to Rule 144 or Regulation S or other applicable
exemption without any restriction as to the number of securities as of a particular date that can then be immediately sold, or (b) such
holder provides the Company with an opinion of counsel, in form, substance and scope customary for opinions of counsel in comparable
transactions, to the effect that a public sale or transfer of such Security may be made without registration under the 1933 Act, which
opinion shall be accepted by the Company so that the sale or transfer is effected. The Buyer agrees to sell all Securities, including
those represented by a certificate(s) from which the legend has been removed, in compliance with applicable prospectus delivery requirements,
if any. In the event that the Company does not accept the opinion of counsel provided by the Buyer with respect to the transfer of Securities
pursuant to an exemption from registration, such as Rule 144 or Regulation S, at the Deadline, it will be considered an Event of Default
pursuant to Section 3.2 of the Note.

 

h.      
Authorization; Enforcement. This Agreement has been duly and validly authorized. This Agreement has been duly executed
and delivered on behalf of the Buyer, and this Agreement constitutes a valid and binding agreement of the Buyer enforceable in accordance
with its terms.

 

i.       
Residency. The Buyer is organized in the jurisdiction set forth in the preamble.

 

3.       REPRESENTATIONS
AND WARRANTIES OF THE COMPANY. The Company represents and warrants to the Buyer that:

 

a.       
Organization and Qualification. The Company and each of its Subsidiaries (as defined below), if any, is a corporation duly organized,
validly existing and in good standing under the laws of the jurisdiction in which it is incorporated, with full power and authority (corporate
and other) to own, lease, use and operate its properties and to carry on its business as and where now owned, leased, used, operated
and conducted. The Company and each of its Subsidiaries is duly qualified as a foreign corporation to do business and is in good standing
in every jurisdiction in which its ownership or use of property or the nature of the business conducted by it makes such qualification
necessary except where the failure to be so qualified or in good standing would not have a Material Adverse Effect. "Material Adverse
Effect" means any material adverse effect on the business, operations, assets, financial condition or prospects of the Company or
its Subsidiaries, if any, taken as a whole, or on the transactions contemplated hereby or by the agreements or instruments to be entered
into in connection herewith. "Subsidiaries" means any corporation or other organization, whether incorporated or unincorporated,
in which the Company owns, directly or indirectly, any equity or other ownership interest.

 

 

 

 

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b.      
Authorization; Enforcement. (i) The Company has all requisite corporate power and authority to enter into and perform this
Agreement, the Note and to consummate the transactions contemplated hereby and thereby and to issue the Securities, in accordance with
the terms hereof and thereof, (ii) the execution and delivery of this Agreement, the Note by the Company and the consummation by it of
the transactions contemplated hereby and thereby (including without limitation, the issuance of the Note and the issuance and reservation
for issuance of the Conversion Shares issuable upon conversion or exercise thereof) have been duly authorized by the Company's Board
of Directors and no further consent or authorization of the Company, its Board of Directors, or its shareholders is required, (iii) this
Agreement has been duly executed and delivered by the Company by its authorized representative, and such authorized representative is
the true and official representative with authority to sign this Agreement and the other documents executed in connection herewith and
bind the Company accordingly, and (iv) this Agreement constitutes, and upon execution and delivery by the Company of the Note, each of
such instruments will constitute, a legal, valid and binding obligation of the Company enforceable against the Company in accordance
with its terms.

 

c.      
Capitalization. As of the date hereof, the authorized capital stock of the Company consists of 50,000,000 shares of Common
Stock, of which approximately 36,182,500 shares are issued and outstanding. Except as disclosed in the SEC Documents, no shares are reserved
for issuance pursuant to the Company's stock option plans, no shares are reserved for issuance pursuant to securities (other than the
Note and any other convertible promissory note issued to the Buyer) exercisable for, or convertible into or exchangeable for shares of
Common Stock and 4,650,000 shares are reserved for issuance upon conversion of the Note. All of such outstanding shares of capital stock
are, or upon issuance will be, duly authorized, validly issued, fully paid and non-assessable. No shares of capital stock of the Company
are subject to preemptive rights or any other similar rights of the shareholders of the Company or any liens or encumbrances imposed
through the actions or failure to act of the Company. Except as disclosed in the SEC Documents, as of the effective date of this Agreement,
(i) there are no outstanding options, warrants, scrip, rights to subscribe for, puts, calls, rights of first refusal, agreements, understandings,
claims or other commitments or rights of any character whatsoever relating to, or securities or rights convertible into or exchangeable
for any shares of capital stock of the Company or any of its Subsidiaries, or arrangements by which the Company or any of its Subsidiaries
is or may become bound to issue additional shares of capital stock of the Company or any of its Subsidiaries, (ii) there are no agreements
or arrangements under which the Company or any of its Subsidiaries is obligated to register the sale of any of its or their securities
under the 1933 Act and (iii) there are no anti-dilution or price adjustment provisions contained in any security issued by the Company
(or in any agreement providing rights to security holders) that will be triggered by the issuance of the Note or the Conversion Shares.
The Company has filed in its SEC Documents true and correct copies of the Company's Certificate of Incorporation as in effect on the
date hereof ("Certificate of Incorporation"), the Company's By-laws, as in effect on the date hereof (the "Bylaws"),
and the terms of all securities convertible into or exercisable for Common Stock of the Company and the material rights of the holders
thereof in respect thereto. The Company shall provide the Buyer with a written update of this representation signed by the Company's
Chief Executive on behalf of the Company as of the Closing Date.

 

d.     
Issuance of Shares. The issuance of the Note is duly authorized and, upon issuance in accordance with the terms of this
Agreement, will be validly issued, fully paid and non-assessable and free from all preemptive or similar rights, taxes, liens, charges
and other encumbrances with respect to the issue thereof. The Conversion Shares are duly authorized and reserved for issuance and, upon
conversion of the Note in accordance with its respective terms, will be validly issued, fully paid and non-assessable, and free from
all taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive rights or other similar
rights of shareholders of the Company and will not impose personal liability upon the holder thereof. The issuance of the Commitment
Fee Shares is duly authorized and, upon issuance in accordance with the terms of this Agreement, will be validly issued, fully paid and
non-assessable and free from all preemptive or similar rights, taxes, liens, charges and other encumbrances with respect to the issue
thereof. The issuance of the Warrant is duly authorized and, upon exercise of the Warrant, the Warrant Shares, will be validly issued,
fully paid and non-assessable and free from all preemptive or similar rights, taxes, liens, charges and other encumbrances with respect
to the issue thereof.

 

e.      
Acknowledgment of Dilution. The Company understands and acknowledges the potentially dilutive effect to the Common Stock
upon the issuance of the Conversion Shares upon conversion of the Note and exercise of the Warrant. The Company further acknowledges
that its obligation to issue Conversion Shares upon conversion of the Note in accordance with this Agreement and the Note and Warrant
Shares upon exercise of the Warrant, is absolute and unconditional regardless of the dilutive effect that such issuance may have on the
ownership interests of other shareholders of the Company.

 

 

 

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f.        No
Conflicts. The execution, delivery and performance of this Agreement, the Note and the Warrant by the Company and the
consummation by the Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance and
reservation for issuance of the Conversion Shares) will not (i) conflict with or result in a violation of any provision of the
Certificate of Incorporation or By-laws, or (ii) violate or conflict with, or result in a breach of any provision of, or constitute
a default (or an event which with notice or lapse of time or both could become a default) under, or give to others any rights of
termination, amendment, acceleration or cancellation of, any agreement, indenture, patent, patent license or instrument to which the
Company or any of its Subsidiaries is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or
decree (including federal and state securities laws and regulations and regulations of any self-regulatory organizations to which
the Company or its securities are subject) applicable to the Company or any of its Subsidiaries or by which any property or asset of
the Company or any of its Subsidiaries is bound or affected (except for such conflicts, defaults, terminations, amendments,
accelerations, cancellations and violations as would not, individually or in the aggregate, have a Material Adverse Effect). Neither
the Company nor any of its Subsidiaries is in violation of its Certificate of Incorporation, By-laws or other organizational
documents and neither the Company nor any of its Subsidiaries is in default (and no event has occurred which with notice or lapse of
time or both could put the Company or any of its Subsidiaries in default) under, and neither the Company nor any of its Subsidiaries
has taken any action or failed to take any action that would give to others any rights of termination, amendment, acceleration or
cancellation of, any agreement, indenture or instrument to which the Company or any of its Subsidiaries is a party or by which any
property or assets of the Company or any of its Subsidiaries is bound or affected, except for possible defaults as would not,
individually or in the aggregate, have a Material Adverse Effect. The businesses of the Company and its Subsidiaries, if any, are
not being conducted, and shall not be conducted so long as the Buyer owns any of the Securities, in violation of any law, ordinance
or regulation of any governmental entity. Except as specifically contemplated by this Agreement and as required under the 1933 Act
and any applicable state securities laws, the Company is not required to obtain any consent, authorization or order of, or make any
filing or registration with, any court, governmental agency, regulatory agency, self-regulatory organization or stock market or any
third party in order for it to execute, deliver or perform any of its obligations under this Agreement, the Note in accordance with
the terms hereof or thereof or to issue and sell the Note in accordance with the terms hereof and to issue the Conversion Shares
upon conversion of the Note. All consents, authorizations, orders, filings and registrations which the Company is required to obtain
pursuant to the preceding sentence have been obtained or effected on or prior to the date hereof. The Company is not in violation of
the listing requirements of the OTC Pink (the "OTC Pink"), the OTCQB or any similar quotation system, and does not
reasonably anticipate that the Common Stock will be delisted by the OTC Pink, the OTCQB or any similar quotation system, in the
foreseeable future nor are the Company's securities "chilled" by DTC. The Company and its Subsidiaries are unaware of any
facts or circumstances which might give rise to any of the foregoing.

 

g.        SEC
Documents; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents required to
be filed by it with the SEC pursuant to the reporting requirements of the Securities Exchange Act of 1934, as amended (the
"1934 Act") (all of the foregoing filed prior to the date hereof and all exhibits included therein and financial
statements and schedules thereto and documents (other than exhibits to such documents) incorporated by reference therein, being
hereinafter referred to herein as the "SEC Documents"). The Company has delivered to the Buyer true and complete copies of
the SEC Documents, except for such exhibits and incorporated documents. As of their respective dates, the SEC Documents complied in
all material respects with the requirements of the 1934 Act and the rules and regulations of the SEC promulgated thereunder
applicable to the SEC Documents, and none of the SEC Documents, at the time they were filed with the SEC, contained any untrue
statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the
statements therein, in light of the circumstances under which they were made, not misleading. None of the statements made in any
such SEC Documents is, or has been, required to be amended or updated under applicable law (except for such statements as have been
amended or updated in subsequent filings prior the date hereof). As of their respective dates, the financial statements of the
Company included in the SEC Documents complied as to form in all material respects with applicable accounting requirements and the
published rules and regulations of the SEC with respect thereto. Such financial statements have been prepared in accordance with
United States generally accepted accounting principles, consistently applied, during the periods involved and fairly present in all
material respects the consolidated financial position of the Company and its consolidated Subsidiaries as of the dates thereof and
the consolidated results of their operations and cash flows for the periods then ended (subject, in the case of unaudited
statements, to normal year-end audit adjustments). Except as set forth in the financial statements of the Company included in the
SEC Documents, the Company has no liabilities, contingent or otherwise, other than (i) liabilities incurred in the ordinary course
of business subsequent to June 30, 2021, and (ii) obligations under contracts and commitments incurred in the ordinary course of
business and not required under generally accepted accounting principles to be reflected in such financial statements, which,
individually or in the aggregate, are not material to the financial condition or operating results of the Company. The Company is
subject to the reporting requirements of the 1934 Act. For the avoidance of doubt, filing of the documents required in this Section
3(g) via the SEC's Electronic Data Gathering, Analysis, and Retrieval system ("EDGAR") shall satisfy all delivery
requirements of this Section 3(g).

 

 

 

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h.      
Absence of Certain Changes. Since June 30, 2021, there has been no material adverse change and no material adverse development
in the assets, liabilities, business, properties, operations, financial condition, results of operations, prospects or 1934 Act reporting
status of the Company or any of its Subsidiaries.

 

i.       
Absence of Litigation. There is no action, suit, claim, proceeding, inquiry or investigation before or by any court, public
board, government agency, self-regulatory organization or body pending or, to the knowledge of the Company or any of its Subsidiaries,
threatened against or affecting the Company or any of its Subsidiaries, or their officers or directors in their capacity as such, that
could have a Material Adverse Effect. Schedule 3(i) contains a complete list and summary description of any pending or, to the knowledge
of the Company, threatened proceeding against or affecting the Company or any of its Subsidiaries, without regard to whether it would
have a Material Adverse Effect. The Company and its Subsidiaries are unaware of any facts or circumstances which might give rise to any
of the foregoing.

 

j.       
Patents. Copyrights. etc. The Company and each of its Subsidiaries owns or possesses the requisite licenses or rights to
use all patents, patent applications, patent rights, inventions, know-how, trade secrets, trademarks, trademark applications, service
marks, service names, trade names and copyrights ("Intellectual Property") necessary to enable it to conduct its business as
now operated (and, as presently contemplated to be operated in the future). Except as disclosed in the SEC Documents, there is no claim
or action by any person pertaining to, or proceeding pending, or to the Company's knowledge threatened, which challenges the right of
the Company or of a Subsidiary with respect to any Intellectual Property necessary to enable it to conduct its business as now operated
(and, as presently contemplated to be operated in the future); to the best of the Company's knowledge, the Company's or its Subsidiaries'
current and intended products, services and processes do not infringe on any Intellectual Property or other rights held by any person;
and the Company is unaware of any facts or circumstances which might give rise to any of the foregoing. The Company and each of its Subsidiaries
have taken reasonable security measures to protect the secrecy, confidentiality and value of their Intellectual Property.

 

k.      
No Materially Adverse Contracts, Etc. Neither the Company nor any of its Subsidiaries is subject to any charter, corporate or
other legal restriction, or any judgment, decree, order, rule or regulation which in the judgment of the Company's officers has or is
expected in the future to have a Material Adverse Effect. Neither the Company nor any of its Subsidiaries is a party to any contract
or agreement which in the judgment of the Company's officers has or is expected to have a Material Adverse Effect.

 

1.       Tax
Status. The Company and each of its Subsidiaries has made or filed all federal, state and foreign income and all other tax returns,
reports and declarations required by any jurisdiction to which it is subject (unless and only to the extent that the Company and each
of its Subsidiaries has set aside on its books provisions reasonably adequate for the payment of all unpaid and unreported taxes) and
has paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such
returns, reports and declarations, except those being contested in good faith and has set aside on its books provisions reasonably adequate
for the payment of all taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no
unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company know
of no basis for any such claim. The Company has not executed a waiver with respect to the statute of limitations relating to the assessment
or collection of any foreign, federal, state or local tax. None of the Company's tax returns is presently being audited by any taxing
authority.

 

m.       
Certain Transactions. Except for arm's length transactions pursuant to which the Company or any of its Subsidiaries makes
payments in the ordinary course of business upon terms no less favorable than the Company or any of its Subsidiaries could obtain from
third parties and other than the grant of stock options disclosed on Schedule 3(c), none of the officers, directors, or employees of
the Company is presently a party to any transaction with the Company or any of its Subsidiaries (other than for services as employees,
officers and directors), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing
for rental of real or personal property to or from, or otherwise requiring payments to or from any officer, director or such employee
or, to the knowledge of the Company, any corporation, partnership, trust or other entity in which any officer, director, or any such
employee has a substantial interest or is an officer, director, trustee or partner.

 

 

 

 

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n.      
Disclosure. All information relating to or concerning the Company or any of its Subsidiaries set forth in this Agreement
and provided to the Buyer pursuant to Section 2(d) hereof and otherwise in connection with the transactions contemplated hereby is true
and correct in all material respects and the Company has not omitted to state any material fact necessary in order to make the statements
made herein or therein, in light of the circumstances under which they were made, not misleading. No event or circumstance has occurred
or exists with respect to the Company or any of its Subsidiaries or its or their business, properties, prospects, operations or financial
conditions, which, under applicable law, rule or regulation, requires public disclosure or announcement by the Company but which has
not been so publicly announced or disclosed. (assuming for this purpose that the Company's reports filed under the 1934 Act are being
incorporated into an effective registration statement filed by the Company under the 1933 Act).

 

o.      
Acknowledgment Regarding Buyer' Purchase of Securities. The Company acknowledges and agrees that the Buyer is acting solely
in the capacity of arm's length purchasers with respect to this Agreement and the transactions contemplated hereby. The Company further
acknowledges that the Buyer is not acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect
to this Agreement and the transactions contemplated hereby and any statement made by the Buyer or any of its respective representatives
or agents in connection with this Agreement and the transactions contemplated hereby is not advice or a recommendation and is merely
incidental to the Buyer' purchase of the Securities. The Company further represents to the Buyer that the Company's decision to enter
into this Agreement has been based solely on the independent evaluation of the Company and its representatives.

 

p.      
No Integrated Offering. Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf, has
directly or indirectly made any offers or sales in any security or solicited any offers to buy any security under circumstances that
would require registration under the 1933 Act of the issuance of the Securities to the Buyer. The issuance of the Securities to the Buyer
will not be integrated with any other issuance of the Company's securities (past, current or future) for purposes of any shareholder
approval provisions applicable to the Company or its securities.

 

q.      
Permits; Compliance. The Company and each of its Subsidiaries is in possession of all franchises, grants, authorizations,
licenses, permits, easements, variances, exemptions, consents, certificates, approvals and orders necessary to own, lease and operate
its properties and to carry on its business as it is now being conducted (collectively, the "Company Permits"), and there is
no action pending or, to the knowledge of the Company, threatened regarding suspension or cancellation of any of the Company Permits.
Neither the Company nor any of its Subsidiaries is in conflict with, or in default or violation of, any of the Company Permits, except
for any such conflicts, defaults or violations which, individually or in the aggregate, would not reasonably be expected to have a Material
Adverse Effect. Since June 30, 2021, neither the Company nor any of its Subsidiaries has received any notification with respect to possible
conflicts, defaults or violations of applicable laws, except for notices relating to possible conflicts, defaults or violations, which
conflicts, defaults or violations would not have a Material Adverse Effect.

 

 r.      
 Environmental Matters.

 

(i)                     
There are, to the Company's knowledge, with respect to the Company or any of its Subsidiaries or any predecessor of the Company,
no past or present violations of Environmental Laws (as defined below), releases of any material into the environment, actions, activities,
circumstances, conditions, events, incidents, or contractual obligations which may give rise to any common law environmental liability
or any liability under the Comprehensive Environmental Response, Compensation and Liability Act of 1980 or similar federal, state, local
or foreign laws and neither the Company nor any of its Subsidiaries has received any notice with respect to any of the foregoing, nor
is any action pending or, to the Company's knowledge, threatened in connection with any of the foregoing. The term "Environmental
Laws" means all federal, state, local or foreign laws relating to pollution or protection of human health or the environment (including,
without limitation, ambient air, surface water, groundwater, land surface or subsurface strata), including, without limitation, laws
relating to emissions, discharges, releases or threatened releases of chemicals, pollutants contaminants, or toxic or hazardous substances
or wastes (collectively, "Hazardous Materials") into the environment, or otherwise relating to the manufacture, processing,
distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials, as well as all authorizations, codes,
decrees, demands or demand letters, injunctions, judgments, licenses, notices or notice letters, orders, permits, plans or regulations
issued, entered, promulgated or approved thereunder.

 

 

 

 

    	 	7	 

     

    

 

(ii)                  
Other than those that are or were stored, used or disposed of in compliance with applicable law, no Hazardous Materials are contained
on or about any real property currently owned, leased or used by the Company or any of its Subsidiaries, and no Hazardous Materials were
released on or about any real property previously owned, leased or used by the Company or any of its Subsidiaries during the period the
property was owned, leased or used by the Company or any of its Subsidiaries, except in the normal course of the Company's or any of
its Subsidiaries' business.

 

(iii)                 
There are no underground storage tanks on or under any real property owned, leased or used by the Company or any of its Subsidiaries
that are not in compliance with applicable law.

 

s.      
Title to Property. Except as disclosed in the SEC Documents the Company and its Subsidiaries have good and marketable title
in fee simple to all real property and good and marketable title to all personal property owned by them which is material to the business
of the Company and its Subsidiaries, in each case free and clear of all liens, encumbrances and defects or such as would not have a Material
Adverse Effect. Any real property and facilities held under lease by the Company and its Subsidiaries are held by them under valid, subsisting
and enforceable leases with such exceptions as would not have a Material Adverse Effect.

 

t.      
Internal Accounting Controls. Except as disclosed in the SEC Documents the Company and each of its Subsidiaries maintain
a system of internal accounting controls sufficient, in the judgment of the Company's board of directors, to provide reasonable assurance
that (i) transactions are executed in accordance with management's general or specific authorizations, (ii) transactions are recorded
as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain
asset accountability, (iii) access to assets is permitted only in accordance with management's general or specific authorization and
(iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken
with respect to any differences.

 

u.      
Foreign Corrupt Practices. Neither the Company, nor any of its Subsidiaries, nor any director, officer, agent, employee
or other person acting on behalf of the Company or any Subsidiary has, in the course of his actions for, or on behalf of, the Company,
used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expenses relating to political activity;
made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; violated
or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended, or made any bribe, rebate, payoff,
influence payment, kickback or other unlawful payment to any foreign or domestic government official or employee.

 

v.      
Solvency. The Company (after giving effect to the transactions contemplated by this Agreement) is solvent (i.e., its assets
have a fair market value in excess of the amount required to pay its probable liabilities on its existing debts as they become absolute
and matured) and currently the Company has no information that would lead it to reasonably conclude that the Company would not, after
giving effect to the transaction contemplated by this Agreement, have the ability to, nor does it intend to take any action that would
impair its ability to, pay its debts from time to time incurred in connection therewith as such debts mature. The Company did not receive
a qualified opinion from its auditors with respect to its most recent fiscal year end and, after giving effect to the transactions contemplated
by this Agreement, does not anticipate or know of any basis upon which its auditors might issue a qualified opinion in respect of its
current fiscal year. For the avoidance of doubt any disclosure of the Borrower's ability to continue as a "going concern" shall
not, by itself, be a violation of this Section 3(w).

 

w.      
No Investment Company. The Company is not, and upon the issuance and sale of the Securities as contemplated by this Agreement
will not be an "investment company" required to be registered under the Investment Company Act of 1940 (an "Investment
Company"). The Company is not controlled by an Investment Company.

 

x.      
Insurance. The Company and each of its Subsidiaries are insured by insurers of recognized financial responsibility against
such losses and risks and in such amounts as management of the Company believes to be prudent and customary in the businesses in which
the Company and its Subsidiaries are engaged. Neither the Company nor any such Subsidiary has any reason to believe that it will not
be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers
as may be necessary to continue its business at a cost that would not have a Material Adverse Effect. Upon written request the Company
will provide to the Buyer true and correct copies of all policies relating to directors' and officers' liability
coverage, errors and omissions coverage, and commercial general liability coverage.

 

 

 

    	 	8	 

     

    

 

y.      
Bad Actor. No officer or director of the Company would be disqualified under Rule 506(d) of the Securities Act as amended on the basis of being a "bad actor" as that term is established in the September
19, 2013 Small Entity Compliance Guide published by the SEC.

 

z.      
[reserved]

 

aa.      No-Off Balance Sheet Arrangements. There is no transaction, arrangement, or other relationship between the Company or any of its
Subsidiaries and an unconsolidated or other off balance sheet entity that is required to be disclosed by the Company in its 1934 Act
filings and is not so disclosed or that otherwise could be reasonably likely to have a Material Adverse Effect.

 

bb.     
Manipulation of Price. The Company has not, and to its knowledge no one acting on its behalf has: (i) taken, directly or indirectly,
any action designed to cause or to result, or that could reasonably be expected to cause or result, in the stabilization or manipulation
of the price of any security of the Company to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased,
or paid any compensation for soliciting purchases of, any of the Securities, or (iii) paid or agreed to pay to any person any compensation
for soliciting another to purchase any other securities of the Company.

 

cc.     

Sarbanes-Oxley Act. The Company and each Subsidiary is in material compliance with all applicable requirements of the Sarbanes-Oxley
Act of 2002 that are effective as of the date hereof, and all applicable rules and regulations promulgated by the SEC thereunder that
are effective as of the date hereof.

 

dd.     

Employee Relations. Neither the Company nor any of its Subsidiaries is a party to any collective bargaining agreement or employs
any member of a union. The Company believes that its and its Subsidiaries' relations with their respective employees are good. No executive
officer (as defined in Rule 501(f) promulgated under the 1933 Act) or other key employee of the Company or any of its Subsidiaries has
notified the Company or any such Subsidiary that such officer intends to leave the Company or any such Subsidiary or otherwise terminate
such officer's employment with the Company or any such Subsidiary. To the knowledge of the Company, no executive officer or other key
employee of the Company or any of its Subsidiaries is, or is now expected to be, in violation of any material term of any employment
contract, confidentiality, disclosure or proprietary information agreement, non-competition agreement, or any other contract or agreement
or any restrictive covenant, and the continued employment of each such executive officer or other key employee (as the case may be) does
not subject the Company or any of its Subsidiaries to any liability with respect to any of the foregoing matters. The Company and its
Subsidiaries are in compliance with all federal, state, local and foreign laws and regulations respecting labor, employment and employment
practices and benefits, terms and conditions of employment and wages and hours, except where failure to be in compliance would not, either
individually or in the aggregate. reasonably be expected to result in a Material Adverse Effect.

 

ee.     

Breach of Representations and Warranties by the Company. The Company agrees that if the Company breaches any of the representations
or warranties set forth in this Section 3, and in addition to any other remedies available to the Buyer pursuant to this Agreement and
it being considered an Event of Default under Section 3.5 of the Note, the Company shall pay to the Buyer the Standard Liquidated Damages
Amount in cash or in shares of Common Stock at the option of the Company, until such breach is cured. If the Company elects to pay the
Standard Liquidated Damages Amounts in shares of Common Stock, such shares shall be issued at the Conversion Price at the time of payment.

 

4.       COVENANTS.

 

a.      
Best Efforts. The parties shall use their commercially reasonable best efforts to satisfy timely each of the conditions
described in Section 7 and 8 of this Agreement.

 

b.     
Form D; Blue Sky Laws. The Company agrees to file a Form D with respect to the Securities as required under Regulation
D and to provide a copy thereof to the Buyer promptly after such filing. The Company shall, on or before the Closing Date, take such
action as the Company shall reasonably determine is necessary to qualify the Securities for sale to the Buyer at the applicable closing
pursuant to this Agreement under applicable securities or "blue sky" laws of the states of the United States (or to obtain
an exemption from such qualification), and shall provide evidence of any such action so taken to the Buyer on or prior to the Closing
Date.

 

 

 

    	 	9	 

     

    

 

c.     
Use of Proceeds. The Company shall use the proceeds from the sale of the Note for working capital and other general corporate
purposes and shall not, directly or indirectly, use such proceeds for any loan to or investment in any other corporation, partnership,
enterprise or other person (except in connection with its currently existing direct or indirect Subsidiaries).

 

d.     
Right of First Refusal. Unless it shall have first delivered to the Buyer, at least seventy two (72) hours prior to the
closing of such Future Offering (as defined herein), written notice describing the proposed Future Offering, including the terms and
conditions thereof, and providing the Buyer an option during the seventy two (72) hour period following delivery of such notice to purchase
the securities being offered in the Future Offering on the same terms as contemplated by such Future Offering (the limitations referred
to in this sentence and the preceding sentence are collectively referred to as the "Right of First Refusal") (and subject to
the exceptions described below), the Company will not conduct any equity financing (including debt with an equity component) ("Future
Offerings") during the period beginning on the Closing Date and ending twelve (12) months following the Closing Date. In the event
the terms and conditions of a proposed Future Offering are amended in any respect after delivery of the notice to the Buyer concerning
the proposed Future Offering, the Company shall deliver a new notice to the Buyer describing the amended terms and conditions of the
proposed Future Offering and the Buyer thereafter shall have an option during the seventy two (72) hour period following delivery of
such new notice to purchase its pro rata share of the securities being offered on the same terms as contemplated by such proposed Future
Offering, as amended. The foregoing sentence shall apply to successive amendments to the terms and conditions of any proposed Future
Offering. The Right of First Refusal shall not apply to any transaction involving (i) issuances of securities in a firm commitment underwritten
public offering (excluding a continuous offering pursuant to Rule 415 under the 1933 Act), (ii) issuances to employees, officers, directors,
contractors, consultants or other advisors approved by the Board, (iii) issuances to strategic partners or other parties in connection
with a commercial relationship, or providing the Company with equipment leases, real property leases or similar transactions approved
by the Board (iv) issuances of securities as consideration for a merger, consolidation or purchase of assets, or in connection with any
strategic partnership or joint venture (the primary purpose of which is not to raise equity capital), or in connection with the disposition
or acquisition of a business, product or license by the Company. The Right of First Refusal also shall not apply to the issuance of securities
upon exercise or conversion of the Company's options, warrants or other convertible securities outstanding as of the date hereof or to
the grant of additional options or warrants, or the issuance of additional securities, under any Company stock option or restricted stock
plan approved by the shareholders of the Company.

 

e.     
Expenses. The Company shall reimburse Buyer for any and all expenses incurred by them in connection with the negotiation,
preparation, execution, delivery and performance of this Agreement and the other agreements to be executed in connection herewith ("Documents"),
including, without limitation, reasonable attorneys' and consultants' fees and expenses, transfer agent fees, fees for stock quotation
services, fees relating to any amendments or modifications of the Documents or any consents or waivers of provisions in the Documents,
fees for the preparation of opinions of counsel, escrow fees, and costs of restructuring the transactions contemplated by the Documents.
When possible, the Company must pay these fees directly, including, but not limited to, any and all wire fees, otherwise the Company
must make immediate payment for reimbursement to the Buyer for all fees and expenses immediately upon written notice by the Buyer or
the submission of an invoice by the Buyer. At Closing, the Company's initial obligation with respect to this transaction is to reimburse
the Buyer's investment management company $3,500 to as a due diligence fee, Buyer for Buyer's legal expenses in the amount of $7,250.00
plus the cost of wire fees and $5,800.00 to J.H. Darbie & Co., Inc.

 

f.     
Financial
Information. The Company agrees to send or make available the following reports to the Buyer until the Buyer transfers, assigns,
or sells all of the Securities: (i) within ten (10) days after the filing with the SEC, a copy of its Annual Report on Form 10-K its
Quarterly Reports on Form 10-Q and any Current Reports on Form 8-K; (ii) within one (1) day after release, copies of all press
releases issued by the Company or any of its Subsidiaries; and (iii) contemporaneously with the making available or giving to the
shareholders of the Company, copies of any notices or other information the Company makes available or gives to such shareholders.
For the avoidance of doubt, filing the documents required in (i) above via EDGAR or releasing any documents set forth in (ii) above
via a recognized wire service shall satisfy the delivery requirements of this Section 4(f).

 

g.     
Listing. The Company will obtain and, so long as the Buyer owns any of the Securities, maintain the listing and trading
of its Common Stock on the OTC Pink, OTCQB or any equivalent replacement exchange, the Nasdaq National Market ("Nasdaq"), the
Nasdaq SmallCap Market ("Nasdaq SmallCap"), the New York Stock Exchange ("NYSE"), or the NYSE American and will comply
in all respects with the Company's reporting, filing and other obligations under the bylaws or rules of the Financial Industry Regulatory
Authority ("FINRA") and such exchanges, as applicable. The Company shall promptly provide to the Buyer copies of any material
notices it receives from the OTC Pink, OTCQB and any other exchanges or quotation systems on which the Common Stock is then listed regarding
the continued eligibility of the Common Stock for listing on such exchanges and quotation systems. The Company shall pay any and all
fees and expenses in connection with satisfying its obligation under this Section 4(g).

 

 

 

 

    	 	10	 

     

    

 

h.      
Corporate Existence. So long as the Buyer beneficially owns any Note, the Company shall maintain its corporate existence
and shall not sell all or substantially all of the Company's assets, except in the event of a merger or consolidation or sale of all
or substantially all of the Company's assets, where the surviving or successor entity in such transaction (i) assumes the Company's obligations
hereunder and under the agreements and instruments entered into in connection herewith and (ii) is a publicly traded corporation whose
Common Stock is listed for trading on the OTC Pink, OTCQB, Nasdaq, NasdaqSmallCap, NYSE or AMEX.

 

i.       
No Integration. The Company shall not make any offers or sales of any security (other than the Securities) under circumstances
that would require registration of the Securities being offered or sold hereunder under the 1933 Act or cause the offering of the Securities
to be integrated with any other offering of securities by the Company for the purpose of any stockholder approval provision applicable
to the Company or its securities.

 

j.       
Failure to Comply with the 1934 Act. So long as the Buyer beneficially owns the Note, the Company shall comply with the
reporting requirements of the 1934 Act; and the Company shall continue to be subject to the reporting requirements of the 1934 Act.

 

k.      
Trading Activities. Neither the Buyer nor its affiliates has an open short position (or other hedging or similar transactions)
in the Common Stock of the Company and the Buyer agrees that it shall not, and that it will cause its affiliates not to, engage in any
short sales of or hedging transactions with respect to the Common Stock of the Company or through the Note.

 

1.      
Restriction
on Activities. Commencing as of the date first above written, and until the sooner of the six month anniversary (or if the maturity
date of the Note is extended, the one year anniversary) of the date first written above or payment of the Note in full, or full conversion
of the Note, the Company shall not, directly or indirectly, without the Buyer's prior written consent, which consent shall not be unreasonably
withheld: (a) change the nature of its business; (b) sell, divest, acquire, change the structure of any material assets other than in
the ordinary course of business; (c) solicit any offers for, respond to any unsolicited offers for, or conduct any negotiations with
any other person or entity in respect of any variable rate debt transactions (i.e., transactions were the conversion or exercise price
of the security issued by the Company varies based on the market price of the Common Stock), whether a transaction similar to the one
contemplated hereby or any other investment; (d) file any registration statements with the SEC, unless the registration statement includes
the Securities; or (e) enter into a Variable Rate Transaction. "Convertible Securities" means any capital stock or other security
of the Company or any of its Subsidiaries that is at any time and under any circumstances directly or indirectly convertible into, exercisable
or exchangeable for, or which otherwise entitles the holder thereof to acquire, any capital stock or other security of the Company (including,
without limitation, Common Stock) or any of its Subsidiaries. "Variable Rate Transaction" means a transaction in which the
Company or any Subsidiary (i) issues or sells any Convertible Securities either (A) at a conversion, exercise or exchange rate or other
price that is based upon and/or varies with the trading prices of or quotations for the shares of Common Stock at any time after the
initial issuance of such Convertible Securities, or (B) with a conversion, exercise or exchange price that is subject to being reset
at some future date after the initial issuance of such Convertible Securities or upon the occurrence of specified or contingent events
directly or indirectly related to the business of the Company or the market for the Common Stock, other than pursuant to a customary
"weighted average" anti-dilution provision or (ii) enters into any agreement (including, without limitation, an equity line
of credit or an "at-the-market" offering) whereby the Company or any Subsidiary may sell securities at a future determined
price (other than standard and customary "preemptive" or "participation" rights).

 

m.      

Legal Counsel Opinions. Upon the request of the Buyer from to time to time, the Company shall be responsible (at its cost)
for promptly supplying to the Company's transfer agent and the Buyer a customary legal opinion letter of its counsel (the "Legal
Counsel Opinion") to the effect that the sale of Conversion Shares by the Buyer or its affiliates, successors and assigns is exempt
from the registration requirements of the 1933 Act pursuant to Rule 144 (provided the requirements of Rule 144 are satisfied and provided
the Conversion Shares are not then registered under the 1933 Act for resale pursuant to an effective registration statement) or other
applicable exemption. Should the Company's legal counsel fail for any reason to issue the Legal Counsel Opinion, the Buyer may (at the
Company's cost) secure another legal counsel to issue the Legal Counsel Opinion, and the Company will instruct its transfer agent to
accept such opinion.

 

n.      

Reserved.

 

 

 

 

    	 	11	 

     

    

 

o.      

Breach of Covenants. The Company agrees that if the Company breaches any of the covenants set forth in this Section 4,
and in addition to any other remedies available to the Buyer pursuant to this Agreement, it will be considered an Event of Default under
Section 3.4 of the Note, the Company shall pay to the Buyer the Standard Liquidated Damages Amount in cash or in shares of Common Stock
at the option of the Buyer, until such breach is cured, or with respect to Section 4(d) above, the Company shall pay to the Buyer the
Standard Liquidated Damages Amount in cash or shares of Common Stock, at the option of the Buyer, upon each violation of such provision.
lithe Company elects to pay the Standard Liquidated Damages Amounts in shares of Common Stock, such shares shall be issued at the Conversion
Price at the time of payment.

 

p.      
Commitment Fee Shares. The Company shall pay to Buyer, as a commitment fee, Three Hundred Thirty Thousand and No/100 United
States Dollars (US$330,000.00) (the "Commitment Fee") by issuing to Buyer 1,320,000 shares of the Company's Common
Stock at a price per share of $0.25 (the "Commitment Fee Shares") and in addition, upon closing. The Company
shall instruct its transfer agent (the "Transfer Agent") to issue two certificates or book entry statements of
660,000 shares each representing the Commitment Fee Shares issuable to the Buyer immediately upon the Company's execution of this Agreement
and shall cause its Transfer Agent to deliver such certificates or book entry statements to Buyer. The Buyer shall never be in possession
of an amount of Common Stock greater than 4.99% of the issued and outstanding Common Stock of the Company provided, however that this
ownership restriction described in this Section may be waived by Buyer, in whole or in part, upon 61 days' prior written notice. In the
event such certificates or book entry statement representing the Commitment Fee Shares issuable hereunder shall not be delivered to the
Buyer it shall be an immediate default under Section 3.2 of the Note and the other Transaction Documents. The Commitment Fee Shares and
Warrant Shares, when issued, shall be deemed to be validly issued, fully paid, and non-assessable shares of the Company's Common Stock.
The Commitment Fee Shares and the Commitment Fee Warrants shall be deemed fully earned as of the Effective Date, regardless of the amount
or number of Loans made hereunder.

 

(i)       Adjustments.
It is the intention of the Company and Buyer that the Buyer shall be able to sell (if Buyer so elects, in Buyer's sole and absolute
discretion) the Commitment Fee Shares and generate net proceeds (net of all brokerage commissions and other fees or charges payable by
Buyer in connection with the sale thereof) from such sale equal to $330,000. The Buyer shall use its best efforts to sell the Commitment
Fee Shares in the principal trading market of the Company's Common Stock or otherwise, at any time in accordance with applicable securities
laws. At any time following the Buyer's receipt of Commitment Fee Shares, the Buyer may deliver to the Company a reconciliation statement
showing the net proceeds actually received by the Buyer from the sale of the Commitment Fee Shares and the shares issuable following
the exercise of the Commitment Fee Warrant (the "Sale Reconciliation"). If, as of the date of the delivery by Buyer
of the Sale Reconciliation, the Buyer has not realized net proceeds from the sale of such Commitment Fee Shares equal to at least $330,000,
as shown on the Sale Reconciliation, then the Company shall immediately take all required action necessary or required in order to cause
the issuance of additional shares of Common Stock to the Buyer in an amount sufficient such that, when sold and the net proceeds thereof
are added to the net proceeds from the sale of any of the previously issued and sold Commitment Fee Shares, the Buyer shall have received
total net funds equal to $330,000. If additional shares of Common Stock are issued pursuant to the immediately preceding sentence, and
after the sale of such additional issued shares of Common, the Buyer still has not received net proceeds equal to at least $330,000,
then the Company shall again be required to immediately take all required action necessary or required in order to cause the issuance
of additional shares of Common Stock to the Buyer as contemplated above, and such additional issuances shall continue until the Buyer
has received net proceeds from the sale of such Common Stock equal to $330,000. In the event additional Common Stock is required to be
issued as outlined above, the Company shall instruct its Transfer Agent to issue certificates or book entry statements representing such
additional shares of Common Stock to the Buyer immediately subsequent to the Buyer's notification to the Company that additional shares
of Common Stock are issuable hereunder, and the Company shall in any event cause its Transfer Agent to deliver such certificates or book
entry statements to Buyer within three (3) Business Days following the date Buyer notifies the Company that additional shares of Common
Stock are to be issued hereunder. In the event such certificates or book entry statements representing such additional shares of Common
Stock issuable hereunder shall not be delivered to the Buyer within said three (3) Business Day period, same shall be an immediate default
under this Agreement and the Transaction Documents. Nothing herein contained shall be interpreted to in any way limit the net proceeds
from the sale of the Commitment Fee Shares. The Company's obligation to pay $330,000 contemplated by this Section 4(p) thru the sale
of Commitment Fee Shares, shall be an Obligation hereunder, secured by all Transaction Documents, and failure by the Company to pay $330,000
in full as required by this Section 4(p) shall be an immediate Event of Default hereunder and under the other Transaction Documents.

 

 

 

    	 	12	 

     

    

 

(ii)       Redemption.
In the event that the Note has been repaid in full (including accrued and unpaid interest) on or prior to the initial Maturity Date
(without extension), the Company shall have the right to redeem 660,000 shares of the Commitment Fee Shares (as adjusted for stock splits,
stock dividends or similar events) which were originally issued (the "Redeemable Commitment Fee Shares") for an amount
payable by the Company to the Buyer in cash of Twenty-five cents ($0.25) per share. Upon Buyer's receipt of such cash payment in accordance
with the immediately preceding sentence, the Redeemable Commitment Fee Shares shall be immediately redeemed without any further action
on the part of the Company or the Buyer. Notwithstanding the foregoing, in the event of a redemption pursuant hereto, the adjustments
permitted pursuant to Section 4(p)(i) shall not reduce the amounts owing pursuant thereto or the shares to be issued in connection therewith.

 

q.       
Piggyback Registration Rights. The Company shall include on the next registration statement filed with the SEC by the Company
in respect of its Common Stock following the date hereof, all of the Securities, including for the avoidance of doubt the Warrant Shares.
In addition to all other remedies at law or in equity or otherwise under this Agreement, failure to do so will result in liquidated damages
of $25,000.00, being immediately due and payable to the Buyer at its election in the form of cash payment.

 

r.        Leak-Out.
For a period beginning on the date hereof and ending on the date that is one year thereafter, the Buyer agrees that on any Trading
Day it shall not offer, sell, agree to offer or sell, solicit offers to purchase, grant any call option or purchase any put option with
respect to, or pledge, encumber, assign, borrow or otherwise dispose of, shares of Common Stock in excess of the greater of (i) 20,000
shares, and (ii) 20% of the average trading volume of the Common Stock for the five preceding Trading Days.

 

5.       Reserved.

 

6.       Transfer Agent Instructions. The Company shall issue irrevocable instructions to its transfer agent to issue certificates,
registered in the name of the Buyer or its nominee, for the Conversion Shares in such amounts as specified from time to time by the Buyer
to the Company upon conversion of the Note in accordance with the terms thereof and for the Warrant Shares in such amounts as specified
from time to time by the Buyer to the Company upon exercise of the Warrant in accordance with the terms thereof (the "Irrevocable
Transfer Agent Instructions"). In the event that the Borrower proposes to replace its transfer agent, the Borrower shall provide,
prior to the effective date of such replacement, a fully executed Irrevocable Transfer Agent Instructions in a form as initially delivered
pursuant to the Purchase Agreement (including but not limited to the provision to irrevocably reserve shares of Common Stock in the Reserved
Amount) signed by the successor transfer agent to Borrower and the Borrower. Prior to registration of the Conversion Shares and the Warrant
Shares under the 1933 Act or the date on which the Conversion Shares and the Warrant Shares may be sold pursuant to Rule 144 or other
applicable exemption without any restriction as to the number of Securities as of a particular date that can then be immediately sold,
all such certificates shall bear the restrictive legend specified in Section 2(g) of this Agreement. The Company warrants that: (i) no
instruction other than the Irrevocable Transfer Agent Instructions referred to in this Section, and stop transfer instructions to give
effect to Section 2(f) hereof (in the case of the Conversion Shares, prior to registration of the Conversion Shares under the 1933 Act
or the date on which the Conversion Shares may be sold pursuant to Rule 144 or other applicable exemption without any restriction as
to the number of Securities as of a particular date that can then be immediately sold and in the case of the Warrant Shares prior to
registration of the Warrant Shares under the 1933 Act or the date on which the Warrant Shares may be sold pursuant to Rule 144 or other
applicable exemption without any restriction as to the number of Securities as of a particular date that can then be immediately sold),
will be given by the Company to its transfer agent and that the Securities shall otherwise be freely transferable on the books and records
of the Company as and to the extent provided in this Agreement and the Note; (ii) it will not direct its transfer agent not to transfer
or delay, impair, and/or hinder its transfer agent in transferring (or issuing)(electronically or in certificated form) any certificate
for Conversion Shares or the Warrant Shares under the 1933 Act or the date on which the Conversion Shares are to be issued to the Buyer
upon conversion of or otherwise pursuant to the Note or the Warrant Shares are to be issued to the Buyer upon exercise of the Warrant
as and when required by the Note and this Agreement; and (iii) it will not fail to remove (or directs its transfer agent not to remove
or impairs, delays, and/or hinders its transfer agent from removing) any restrictive legend (or to withdraw any stop transfer instructions
in respect thereof) on any certificate for any Conversion Shares issued to the Buyer upon conversion of or otherwise pursuant to the
Note as and when required by the Note and this Agreement or any Warrant Shares issued to the Buyer upon exercise of or otherwise pursuant
to the Warrant as and when required by the Warrant. Nothing in this Section shall affect in any way the Buyer's obligations and agreement
set forth in Section 2(g) hereof to comply with all applicable prospectus delivery requirements, if any, upon re-sale of the Securities.
If the Buyer provides the Company, at the cost of the Company, with (i) an opinion of counsel in form, substance and scope customary
for opinions in comparable transactions, to the effect that a public sale or transfer of such Securities may be made without registration
under the 1933 Act and such sale or transfer is effected or (ii) the Buyer provides reasonable assurances that the Securities can be
sold pursuant to Rule 144 or other applicable exemption, the Company shall permit the transfer, and, in the case of the Conversion Shares
and the Warrant Shares, promptly instruct its transfer agent to issue one or more certificates, free from restrictive legend, in such
name and in such denominations as specified by the Buyer. The Company acknowledges that a breach by it of its obligations hereunder will
cause irreparable harm to the Buyer, by vitiating the intent and purpose of the transactions contemplated hereby. Accordingly, the Company
acknowledges that the remedy at law for a breach of its obligations under this Section may be inadequate and agrees, in the event of
a breach or threatened breach by the Company of the provisions of this Section, that the Buyer shall be entitled, in addition to all
other available remedies, to an injunction restraining any breach and requiring immediate transfer, without the necessity of showing
economic loss and without any bond or other security being required.

 

 

 

 

    	 	13	 

     

    

 

7.       CONDITIONS
PRECEDENT TO THE COMPANY'S OBLIGATIONS TO SELL. The obligation of the Company hereunder to issue and sell the Note to the Buyer at
the Closing is subject to the satisfaction, at or before the Closing Date of each of the following conditions thereto, provided that
these conditions are for the Company's sole benefit and may be waived by the Company at any time in its sole discretion:

 

a.      
The Buyer shall have executed this Agreement and delivered the same to the Company.

 

b.     
The Buyer shall have delivered the Purchase Price in accordance with Section 1(b) above.

 

c.      
The representations and warranties of the Buyer shall be true and correct in all material respects as of the date when made and
as of the Closing Date as though made at that time (except for representations and warranties that speak as of a specific date), and
the Buyer shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required
by this Agreement to be performed, satisfied or complied with by the Buyer at or prior to the Closing Date.

 

d.      

No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority
over the matters contemplated hereby which prohibits the consummation of any of the transactions contemplated by this Agreement.

 

8.       CONDITIONS
PRECEDENT TO THE BUYER'S OBLIGATION TO PURCHASE. The obligation of the Buyer hereunder to purchase the Note and the Warrant at the
Closing is subject to the satisfaction, at or before the Closing Date of each of the following conditions, provided that these conditions
are for the Buyer's sole benefit and may be waived by the Buyer at any time in its sole discretion:

 

a.      
The Company shall have executed this Agreement and delivered the same to the Buyer.

 

b.     
The Company shall have delivered to the Buyer the duly executed Note (in such denominations as the Buyer shall request) and in
accordance with Section 1(b) above.

 

c.      
The Company shall have delivered to the Buyer the duly executed Warrant (in such denominations as the Buyer shall request) and
in accordance with Section 1(b) above.

 

d.     
The Company shall have delivered to the Buyer the Commitment Fee Shares, in accordance with Section 1(b) and Section 4(p) above.

 

e.      
the Irrevocable Transfer Agent Instructions, in form and substance satisfactory to the Buyer, shall have been delivered to and
acknowledged in writing by the Company's Transfer Agent.

 

f.       
The representations and warranties of the Company shall be true and correct in all material respects as of the date when made
and as of the Closing Date as though made at such time (except for representations and warranties that speak as of a specific date) and
the Company shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required
by this Agreement to be performed, satisfied or complied with by the Company at or prior to the Closing Date. The Buyer shall have received
a certificate or certificates, executed by the chief executive officer of the Company, dated as of the Closing Date, to the foregoing
effect and as to such other matters as may be reasonably requested by the Buyer including, but not limited to certificates with respect
to the Company's Certificate of Incorporation, By-laws and Board of Directors' resolutions relating to the transactions contemplated
hereby.

 

 

 

 

    	 	14	 

     

    

 

g.     
No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority
over the matters contemplated hereby which prohibits the consummation of any of the transactions contemplated by this Agreement.

 

h.     
No event shall have occurred which could reasonably be expected to have a Material Adverse Effect on the Company including but
not limited to a change in the 1934 Act reporting status of the Company or the failure of the Company to be timely in its 1934 Act reporting
obligations.

 

i.      
The Conversion Shares and the Warrant Shares shall have been authorized for quotation on the OTC Pink, OTCQB or any similar quotation
system and trading in the Common Stock on the OTC Pink, OTCQB or any similar quotation system shall not have been suspended by the SEC
or the OTC Pink, OTCQB or any similar quotation system.

 

j.      
The Buyer shall have received an officer's certificate described in Section 3(c) above, dated as of the Closing Date.

 

9.       GOVERNING
LAW: MISCELLANEOUS.

 

a.   
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Wyoming without regard
to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated by
this Agreement, the Note or any other agreement, certificate, instrument or document contemplated hereby shall be brought only in the
state courts located in the State of New York or in the federal courts located in the State of New York. The parties to this Agreement
hereby irrevocably waive any objection to jurisdiction and venue of any action instituted hereunder and shall not assert any defense
based on lack of jurisdiction or venue or based upon forum non conveniens. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT
MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR UNDER ANY OTHER TRANSACTION DOCUMENT
OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY.
The prevailing party shall be entitled to recover from the other party its reasonable attorney's fees and costs. In the event that
any provision of this Agreement or any other agreement delivered in connection herewith is invalid or unenforceable under any applicable
statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed
modified to conform with such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law shall
not affect the validity or enforceability of any other provision of any agreement. Each party hereby irrevocably waives personal service
of process and consents to process being served in any suit, action or proceeding in connection with this Agreement or any other Transaction
Document by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at
the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service
of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner
permitted by law.

 

b.   
Counterparts; Signatures by Facsimile. This Agreement may be executed in one or more counterparts, each of which shall
be deemed an original but all of which shall constitute one and the same agreement and shall become effective when counterparts have
been signed by each party and delivered to the other party. This Agreement, once executed by a party, may be delivered to the other party
hereto by facsimile transmission of a copy of this Agreement bearing the signature of the party so delivering this Agreement.

 

c.   
Construction; Headings. This Agreement shall be deemed to be jointly drafted by the Company and the Buyer and shall not
be construed against any person as the drafter hereof. The headings of this Agreement are for convenience of reference only and shall
not form part of, or affect the interpretation of, this Agreement.

 

d.   
Severability. In the event that any provision of this Agreement is invalid or unenforceable under any applicable statute
or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified
to conform with such statute or rule of law. Any provision hereof which may prove invalid or unenforceable under any law shall not affect
the validity or enforceability of any other provision hereof.

 

 

 

    	 	15	 

     

    

 

e.   
Entire Agreement; Amendments. This Agreement, the Note, the Warrant and the instruments referenced herein contain the entire
understanding of the parties with respect to the matters covered herein and therein and, except as specifically set forth herein or therein,
neither the Company nor the Buyer makes any representation, warranty, covenant or undertaking with respect to such matters. No provision
of this Agreement may be waived or amended other than by an instrument in writing signed by the Buyer.

 

f.   
Notices. All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder
shall be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or
certified, return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv)
transmitted by hand delivery, telegram, email, or facsimile, addressed as set forth below or to such other address as such party shall
have specified most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall be
deemed effective (a) upon hand delivery or delivery by email or facsimile, with accurate confirmation generated by the transmitting facsimile
machine, at the address or number designated below (if delivered on a business day during normal business hours where such notice is
to be received), or the first business day following such delivery (if delivered other than on a business day during normal business
hours where such notice is to be received) or (b) on the second business day following the date of mailing by express courier service,
fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for such
communications shall be:

 

If to the Company, to:

 

Tribal Rides International Corp.

26060 Acero

Mission Viejo, CA 92691

Attn: Joseph Grimes

E-mail: joeg@tribalrides.us

 

If to the Buyer:

 

AJB Capital Investments LLC

4700 Sheridan Street, Suite J

Hollywood, FL 33021

Attn:
_______
 E-mail: _______

 

Each party shall provide notice to the other party
of any change in address.

 

g.     
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors
and assigns. Neither the Company nor the Buyer shall assign this Agreement or any rights or obligations hereunder without the prior written
consent of the other. Notwithstanding the foregoing, subject to Section 2(f), the Buyer may assign its rights hereunder to any person
that purchases Securities in a private transaction from the Buyer or to any of its "affiliates," as that term is defined under
the 1934 Act, without the consent of the Company.

 

h.     
Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted
successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

i.      
Survival. The representations and warranties of the Company and the agreements and covenants set forth in this Agreement
shall survive the closing hereunder not withstanding any due diligence investigation conducted by or on behalf of the Buyer. The Company
agrees to indemnify and hold harmless the Buyer and all their officers, directors, employees and agents for loss or damage arising as
a result of or related to any breach or alleged breach by the Company of any of its representations, warranties and covenants set forth
in this Agreement or any of its covenants and obligations under this Agreement, including advancement of expenses as they are incurred.

 

 

 

    	 	16	 

     

    

 

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

 

k.     
No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to
express their mutual intent, and no rules of strict construction will be applied against any party.

 

1.     

Remedies. The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Buyer by
vitiating the intent and purpose of the transaction contemplated hereby. Accordingly, the Company acknowledges that the remedy at law
for a breach of its obligations under this Agreement will be inadequate and agrees, in the event of a breach or threatened breach by
the Company of the provisions of this Agreement, that the Buyer shall be entitled, in addition to all other available remedies at law
or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing or curing any
breach of this Agreement and to enforce specifically the terms and provisions hereof, without the necessity of showing economic loss
and without any bond or other security being required.

 

m.     
Publicity. The Company, and the Buyer shall have the right to review a reasonable period of time before issuance of any
press releases, SEC, OTCQB or FINRA filings, or any other public statements with respect to the transactions contemplated hereby; provided,
however, that the Company shall be entitled, without the prior approval of the Buyer, to make any press release or SEC, OTCQB (or
other applicable trading market) or FINRA filings with respect to such transactions as is required by applicable law and regulations
(although the Buyer shall be consulted by the Company in connection with any such press release prior to its release and shall be provided
with a copy thereof and be given an opportunity to comment thereon).

 

n.     
Indemnification. In consideration of the Buyer's execution and delivery of this Agreement and acquiring the Securities hereunder, and in addition to all of the Company's other obligations under this Agreement
or the Note, the Company shall defend, protect, indemnify and hold harmless the Buyer and its stockholders, partners, members, officers,
directors, employees and direct or indirect investors and any of the foregoing persons' agents or other representatives (including, without
limitation, those retained in connection with the transactions contemplated by this Agreement) (collectively, the "Indemnitees")
from and against any and all actions, causes of action, suits, claims, losses, costs, penalties, fees, liabilities and damages, and expenses
in connection therewith (irrespective of whether any such Indemnitee is a party to the action for which indemnification hereunder is
sought), and including reasonable attorneys' fees and disbursements (the "Indemnified Liabilities"), incurred by any Indemnitee
as a result of, or arising out of, or relating to (a) any misrepresentation or breach of any representation or warranty made by the Company
in this Agreement or the Note or any other agreement, certificate, instrument or document contemplated hereby or thereby, (b) any breach
of any covenant, agreement or obligation of the Company contained in this Agreement or the Note or any other agreement, certificate,
instrument or document contemplated hereby or thereby or (c) any cause of action, suit or claim brought or made against such Indemnitee
by a third party (including for these purposes a derivative action brought on behalf of the Company) and arising out of or resulting
from (i) the execution, delivery, performance or enforcement of this Agreement or the Note or any other agreement, certificate, instrument
or document contemplated hereby or thereby, (ii) any transaction financed or to be financed in whole or in part, directly or indirectly,
with the proceeds of the issuance of the Securities, or (iii) the status of the Buyer or holder of the Securities as an investor in the
Company pursuant to the transactions contemplated by this Agreement. To the extent that the foregoing undertaking by the Company may
be unenforceable for any reason, the Company shall make the maximum contribution to the payment and satisfaction of each of the Indemnified
Liabilities that is permissible under applicable law.

 

[signature page follows]

 

 

 

 

 

    	 	17	 

     

    

 

IN
WITNESS WHEREOF, the undersigned Buyer and the Company have caused this Agreement to be duly executed as of the date first above written.

 

 

TRIBAL RIDES INTERNATIONAL CORP.

 

 

By: /s/ Joseph Grimes                         

Name:  Joseph Grimes

Title: CEO

 

 

AJB CAPITAL INVESTMENTS,
LLC

 

 

By: /s/ Ari Blaine                             

Name: Ari Blaine

Title: Managing Member

 

 

 

AGGREGATE SUBSCRIPTION
AMOUNT:

 

	Aggregate Principal Amount of Note:	USS290,000
	 	 
	Aggregate Purchase Price:	US$261,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	18Exhibit 10.6

 

SECURITY AGREEMENT

 

This SECURITY AGREEMENT
(this "Agreement") made and effective as of November 1, 2021, is executed by and between TRIBAL RIDES INTERNATIONAL
CORP., a Nevada corporation (the "Company"), and AJB CAPITAL INVESTMENTS, LLC, a Delaware limited liability company
(the "Secured Party").

 

WHEREAS, pursuant
to a Securities Purchase Agreement dated as of the date hereof, between the Company and the Secured Party (the "Purchase Agreement"),
the Company has agreed to issue to the Secured Party and the Secured Party has agreed to purchase from Company a Promissory Note (the
"Note"), as more specifically set forth in the Purchase Agreement; and

 

WHEREAS, in order
to induce the Secured Party to purchase the Note, the Company has agreed to execute and deliver to the Secured Party this Agreement for
the benefit of the Secured Party and to grant to Secured Party an unconditional and continuing, first priority security interest in all
of the assets and property of the Company to secure the prompt payment, performance and discharge in full of all of Company's obligations
under the Note, and the Purchase Agreement and the other document executed in connection with the Purchase Agreement (the "Transaction
Documents").

 

NOW, THEREFORE,
in consideration of the mutual covenants and agreements of the parties hereinafter set forth and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties each intending to be legally bound, hereby do agree as follows:

 

1.       Recitals. The recitations set forth in the preamble of this Agreement are true and correct and incorporated herein by this
reference.

 

2.       Construction and Definition of Terms. In this Agreement, unless the express context otherwise requires: (i) the words "herein,"
"hereof and "hereunder" and words of similar import refer to this Agreement as a whole and not to any particular provision
of this Agreement; (ii) references to the words "Section" or "Subsection" refer to the respective Sections and Subsections
of this Agreement, and references to "Exhibit" or "Schedule" refer to the respective Exhibits and Schedules attached
hereto; (iii) wherever the word "include," "includes" or "including" is used in this Agreement, it will
be deemed to be followed by the words "without limitation." All capitalized terms used in this Agreement that are defined in
the Purchase Agreement or otherwise defined in Articles 8 or 9 of the Code shall have the meanings assigned to them in the Purehaso Agreement
or the Code, respectively and as applicable, unless the context of this Agreement requires otherwise. In addition to the capitalized
terms defmed in the Code and the Purchase Agreement, unless the context otherwise requires, when used herein, the following capitalized
terms shall have the following meanings (provided that if a capitalized term used herein is defined in the Purchase Agreement and separately
defined in this Agreement, the meaning of such term as defmed in this Agreement shall control for purposes of this Agreement):

 

(a)         
"Agreement"
means this Security Agreement and all amendments, modifications and supplements hereto.

 

(b)         
"Bankruptcy Code" means the United States Bankruptcy Code, as amended from time to time, or any other similar
laws, codes, rules or regulations relating to bankruptcy, insolvency or the protection of creditors.

 

(c)         
"Business Premises" shall mean the Company's offices located at [Please provide].

 

(d)         
"Closing" shall mean the date on which this Agreement is fully executed by both parties.

 

(e)         
"Code" shall mean the Uniform Commercial Code as in effect from time to time in the State of Wyoming, provided that
terms used herein which are defined in the Code as in effect in the State of Wyoming on the date hereof shall continue to have the same
meaning notwithstanding any replacement or amendment of such statute, except as the Secured Party may otherwise agree.

 

 

 

 

    	 	1	 

     

    

 

(f)       "Collateral"
shall mean any and all property of the Company, of any kind or description, tangible or intangible, real, personal or mixed, wheresoever
located and whether now existing or hereafter arising or acquired, including the following: (i) all property of, or for the account of,
the Company now or hereafter coming into the possession, control or custody of, or in transit to, Secured Party or any agent or bailee
for Secured Party or any parent, affiliate or subsidiary of Secured Party or any participant with Secured Party in the Obligations (whether
for safekeeping, deposit, collection, custody, pledge, transmission or otherwise), including all cash, earnings, dividends, interest,
or other rights in connection therewith and the products and proceeds therefrom, including the proceeds of insurance thereon; (ii) the
following additional property of the Company, whether now existing or hereafter arising or acquired, and wherever now or hereafter located,
together with all additions and accessions thereto, substitutions, betterments and replacements therefor, products and Proceeds therefrom,
and all of the Company's books and records and recorded data relating thereto (regardless of the medium of recording or storage), together
with all of the Company's right, title and interest in and to all computer software required to utilize, create, maintain and process
any such records or data on electronic media, including all (A) Accounts, and all goods whose sale, lease or other disposition by the
Company have given rise to Accounts and have been returned to, or repossessed or stopped in transit by, the Company, or rejected or refused
by an ACCOURI debtor; (3) As-extracted Collateral; (C) Chattel Paper (whether tangible or electronic); (D) Commodity Accounts; (E) Commodity
Contracts; (F) Deposit Accounts, including all cash and other property from time to time deposited therein and the monies and property
in the possession or under the control of the Secured Party or any affiliate, representative, agent, designee or correspondent of the
Secured Party; (G) Documents; (H) Equipment; (I) Farm Products; (J) Fixtures; (K) General Intangibles (including all Payment Intangibles);
(L) Goods, and all accessions thereto and goods with which the Goods are commingled; (M) Health-Care Insurance Receivables; (N) Instruments;
(0) Inventory, including raw materials, work-in-process and finished goods; (P) Investment Property; (Q) Letter-of-Credit Rights; (R)
Promissory Notes; (S) Software; (T) all Supporting Obligations; (U) all commercial tort claims hereafter arising; (V) all other tangible
and intangible personal property of the Company (whether or not subject to the Code), including, all bank and other accounts and all
cash and all investments therein, all proceeds, products, offspring, accessions, rents, profits, income, benefits, substitutions and
replacements of and to any of the property of the Company described within the definition of Collateral (including, any proceeds of insurance
thereon and all causes of action, claims and warranties now or hereafter held by the Company in respect of any of the items listed within
the definition of Collateral), and all books, correspondence, files and other Records, including, all tapes, desks, cards, Software,
data and computer programs in the possession or under the control of the Company or any other Person from time to time acting for the
Company, in each case, to the extent of the Company's rights therein, that at any time evidence or contain information relating to any
of the property described or listed within the definition of Collateral or which are otherwise necessary or helpful in the collection
or realization thereof; (W) all real property interests of the Company and the interest of the Company in fixtures related to such real
property interests; and (X) Proceeds, including all Cash Proceeds and Noncash Proceeds, and products of any or all of the foregoing,
in each case howsoever the Company's interest therein may arise or appear (whether by ownership, security interest, claim or otherwise).

 

(g)       "Event
of Default" shall mean any of the events described in Section 4 hereof.

 

(h)       "Obligations"
means all obligations and liabilities (monetary (including post-petition interest, allowed or not) or otherwise) of the Company under
this Agreement, the Purchase Agreement, the Note and any other Transaction Document which are owed to Secured Party, all in each case
howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent, now or hereafter existing, or due or to
become due.

 

3.       Security.

 

(a)       Grant of
Security Interest. As security for the full payment and performance of all of the Obligations, whether or not any instrument or agreement
relating to any Obligation specifically refers to this Agreement or the security interest created hereunder, the Company hereby assigns,
pledges and grants to Secured Party an unconditional, continuing, first priority security interest in all of the Collateral. Secured
Party's security interest shall continually exist until all Obligations have been indefeasibly satisfied and/or paid in full.

 

 

 

 

    	 	2	 

     

    

 

(b)        Representations,
Warranties, Covenants and Agreement of the  Company. The Company covenants, warrants and represents, for the benefit of the Secured
Party, as follows:

 

(i)       The Company
has the requisite power and authority to enter into this Agreement and otherwise to carry out its obligations hereunder. The execution,
delivery and performance by the Company of this Agreement and the filings contemplated herein have been duly authorized by all necessary
action on the part of the Company and no further action is required by the Company. This Agreement constitutes a legal, valid and binding
obligation

of the Company enforceable in accordance
with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
the enforcement of creditor's rights generally.

 

(ii)      The Company represents and warrants that it has no place of business or offices where their respective books of account and records
are kept or places where Collateral is stored or located, except for the Business Premises.

 

(iii)     The Company is the sole owner of the Collateral (except for nonexclusive licenses granted by the Company in the Company's Ordinary
Course of Business), free and clear of any and all Encumbrances. The Company is fully authorized to grant the security interests in and
to pledge the Collateral to Secured Party. There is not on file in any agency, land records or other office of any Governmental Authority,
an effective financing statement, security agreement, license or transfer or any notice of any of the foregoing (other than those that
have been filed in favor of the Secured Party pursuant to this Agreement) covering or affecting any of the Collateral. So long as this
Agreement shall be in effect, the Company shall not execute and shall not permit to be on file in any such agency, land records or other
office any such financing statement or other document or instrument (except to the extent filed or recorded in favor of the Secured Party
pursuant to the terms of this Agreement).

 

(iv)      No part of the Collateral has been judged invalid or unenforceable. No Claim, Proceeding or other notice or other similar item
has been received by the Company that any Collateral or the Company's use of any Collateral violates the rights of any Person. There has
been no adverse decision or claim to the Company's ownership rights in or exclusive rights to use the Collateral in any jurisdiction or
to the Company's right to keep and maintain such Collateral in full force and effect, and there is no Claim or Proceeding of any nature
involving said rights pending or, to the best knowledge of the Company, threatened, before any Governmental Authority.

 

(v)       The Company shall at all times maintain their books of account and records relating to their Collateral and maintain their Collateral at the Business Premises, and the Company shall not relocate such
books of account and records or its Collateral, except and unless: (A) Secured Party first approves of such relocation, which approval
may be withheld in Secured Party's sole and absolute discretion; (B) evidence that appropriate financing statements and other necessary
documents have been filed and recorded and other steps have been taken to create in favor of the Secured Party valid, perfected and continuing
liens in the Collateral; or (C) Collateral is moved or relocated in the Company's Ordinary Course of Business, provided, however, that
any permanent relocation of any of the Collateral shall require Secured Party's prior written approval in accordance with Subsection 3(b)(v)(A)
above.

 

(vi)      Upon
making the filings described in the immediately following sentence or by possession or control of such Collateral by Secured Party or
delivery of such Collateral to Secured Party, this Agreement creates, in favor of the Secured Party, a valid, perfected, first priority,
security interest in the Collateral. Except for the filing of financing statements on Form UCC-1 under the Code with the State of Nevada
no authorization or approval of, or filing with, or notice to any Governmental Authority is required either: (A) for the grant by the
Company of, or the effectiveness of, the security interest granted hereby or for the execution, delivery and performance of this Agreement
by the Company; or (B) for the perfection of or exercise by the Secured Party of its rights and remedies hereunder.

 

(vii)     Simultaneous with the execution of this Agreement, the Company hereby authorizes the Secured Party to file one or more UCC financing
statements, and any continuations, amendments, or assignments thereof with respect to the security interests on the Collateral granted
hereby, with the State of Nevada and in such other jurisdictions as may be requested or desired by the Secured Party.

 

 

 

 

    	 	3	 

     

    

 

(viii)     The execution, delivery and performance of this Agreement, and the granting of the security interests contemplated hereby, will
not: (A) constitute a violation of, or conflict with the Certificate of Incorporation, Articles of Incorporation, Articles of Organization,
Certificate of Formation, Operating Agreement, Bylaws or any other organizational or governing documents of the Company; (B) constitute
a violation of, or a default or breach under (either immediately, upon notice, upon lapse of time, or both), or conflicts with, or gives
to any other Person any rights of termination, amendment, acceleration or cancellation of, any provision of any Contract or agreement
to which Company is a party or by which any of the Collateral may be bound; (C) constitute a violation of, or a default or breach under
(either immediately, upon notice, upon lapse of time, or both), or conflicts with, any Judgment of any Governmental Authority; (D) constitute
a violation of, or conflict with, any Law; or (E) result in the loss or adverse modification of, or the imposition of any fine, penalty
or other Encumbrance with respect to, any Permit granted or issued to, or otherwise held by or for the use of, the Company or any of the
Collateral. No Consent (including from stockholders or creditors of the Company) is required for the Company to enter into and perform
its obligations hereunder.

 

(ix)      The Company shall at all times maintain the liens and security interests provided for hereunder as valid and perfected liens and
security interests in the Collateral in favor of the Secured Party until this Agreement and the security interests hereunder shall terminate
pursuant to Section 8(o) below. The Company shall at all times safeguard and protect all Collateral, at its own expense, for the account
of the Secured Party. At the request of the Secured Party, the Company will sign and deliver to the Secured Party at any time, or from
time to time, one or more fmancing statements pursuant to the Code (or any other applicable statute) in form reasonably satisfactory to
the Secured Party and will pay the cost of filing the same in all public offices wherever filing is, or is deemed by the Secured Party
to be, necessary or desirable to effect the rights and obligations provided for herein. Without limiting the generality of the foregoing,
the Company shall pay all fees, taxes and other amounts necessary to maintain the Collateral and the security interests granted hereunder,
and the Company shall obtain and furnish to the Secured Party from time to time, upon demand, such releases and/or subordinations of claims
and liens which may be required to maintain the priority of the security interests hereunder.

 

(x)       The Company will not transfer, pledge, hypothecate, encumber, license,
sell or otherwise dispose of any of the Collateral without the prior written consent of the Secured Party, which consent may be withheld
in the Secured Party's sole and absolute discretion, except for transfers, sales or licenses made in the Company Ordinary Course of Business.

 

(xi)      The Company shall keep, maintain and preserve all of the Collateral in good condition, repair and order and the Company will use,
operate and maintain the Collateral in compliance with all Laws, and in compliance with all applicable insurance requirements and regulations.

 

(xii)     The Company shall, within five (5) days of obtaining knowledge thereof, advise the Secured Party promptly, in sufficient detail,
of any substantial or material change in the Collateral, and of the occurrence of any event which would have a Material Adverse Effect.

 

(xiii)    The Company shall promptly execute and deliver to the Secured Party such further deeds, mortgages, assignments, security agreements,
financing statements or other instruments, documents, certificates and assurances and take such further action as the Secured Party may
from time to time request and may in its sole discretion deem necessary to perfect, protect or enforce its security interest in the Collateral,
including, placing legends on Collateral or on books and records pertaining to Collateral stating that Secured Party has a security interest
therein.

 

(xiv)     The Company will take all steps reasonably necessary to diligently pursue and seek to preserve, enforce and collect any rights,
claims, causes of action and accounts receivable in respect of the Collateral.

 

(xv)      The Company shall promptly notify
the Secured Party in sufficient detail upon becoming aware of any Claim, Proceeding, or any other litigation, attachment, garnishment,
execution or other legal process levied against any Collateral or of any Claim, Proceeding or any other litigation, attachment, garnishment,
execution or other legal process which Company knows or has reason to believe is pending or threatened against it or the Collateral, and
of any other information received by the Company that may materially affect the value of the Collateral, the security interests granted
hereunder or the rights and remedies of the Secured Party hereunder.

 

 

 

 

    	 	4	 

     

    

 

(xvi)     All information heretofore, herein or hereafter supplied to the Secured Party by or on behalf of the Company with respect to the
Collateral is accurate and complete in all material respects as of the date furnished.

 

(xvii)    Company will promptly pay when due all Taxes and all transportation, storage, warehousing and all other charges and fees affecting or arising out of or relating to the Collateral and shall
defend the Collateral, at Company's expense, against all claims of any Persons claiming any interest in the Collateral adverse to Company
or Secured Party.

 

(xviii)   During normal business hours and subject to prior reasonable notice from Secured Party to the Company (which notice may be e-mail or telephonic notice), Secured Party and its agents and designees
may enter the Business Premises and any other premises of the Company and inspect the Collateral and all books and records of the Company
(in whatever form), and the Company shall pay the reasonable costs of such inspections.

 

(vii)     The Company shall maintain comprehensive casualty insurance on the Collateral against such risks, in such amounts, with such loss
deductible amounts and with such companies as may be reasonably satisfactory to the Secured Party, and each such policy shall contain
a clause or endorsement satisfactory to Secured Party naming Secured Party as loss payee and a clause or endorsement satisfactory to Secured
Party that such policy may not be canceled or altered and Secured Party may not be removed as loss payee without at least thirty (30)
days prior written notice to Secured Party. In all events, the amounts of such insurance coverages shall conform to prudent business practices
and shall be in such minimum amounts that Company will not be deemed a co-insurer under applicable insurance laws, policies or practices.
The Company hereby assigns to Secured Party and grants to Secured Party a security interest in any and all proceeds of such policies and
authorizes and empowers Secured Party to adjust or compromise any loss under such policies and to collect and receive all such proceeds.
The Company hereby authorizes and directs each insurance company to pay all such proceeds directly and solely to Secured Party and not
to the Company and Secured Party jointly. The Company authorizes and empowers Secured Party to execute and endorse in Company name all
proofs of loss, drafts, checks and any other documents or instruments necessary to accomplish such collection, and any persons making
payments to Secured Party under the terms of this subsection are hereby relieved absolutely from any obligation or responsibility to see
to the application of any sums so paid. After deduction from any such proceeds of all costs and expenses (including attorney's fees) incurred
by Secured Party in the collection and handling of such proceeds, the net proceeds shall be applied as follows: if no Event of Default
shall have occurred and be continuing, such net proceeds may be applied, at Company option, either toward replacing or restoring the Collateral,
in a manner and on terms satisfactory to Secured Party, or as a credit against such of the Obligations, whether matured or unmatured,
as Secured Party shall determine in Secured Party's sole discretion. In the event that Company may and does elect to replace or restore
any of the Collateral as aforesaid, then such net proceeds shall be deposited in a segregated account opened in the name and for the benefit
of Secured Party, and such net proceeds shall be disbursed therefrom by Secured Party in such manner and at such times as Secured Party
deems appropriate to complete and insure such replacement or restoration; provided, however, that if an Event of Default shall occur at
any time before or after replacement or restoration has commenced, then thereupon Secured Party shall have the option to apply all remaining
net proceeds either toward replacing or restoring the Collateral, in a manner and on terms satisfactory to Secured Party, or as a credit
against such of the Obligations, whether matured or unmatured, as Secured Party shall determine in Secured Party's sole discretion. If
an Event of Default shall have occurred prior to such deposit of the net proceeds, then Secured Party may, in its sole discretion, apply
such net proceeds either toward replacing or restoring the Collateral, in a manner and on terms satisfactory to Secured Party, or as a
credit against such of the Obligations, whether matured or unmatured, as Secured Party shall determine in Secured Party's sole discretion.

 

(xx)      The Company shall cooperate with Secured Party to obtain and keep in effect one or more control agreements in Deposit Accounts, Electronic
Chattel Paper, Investment Property and Letter-of-Credit Rights Collateral. In addition, the Company, at the Company expense, shall promptly:
(A) execute all notices of security interest for each relevant type of Software and other General Intangibles in forms suitable for filing
with any United States or foreign office handling the registration or filing of patents, trademarks, copyrights arid other intellectual
property and any successor office or agency thereto; and (B) take all commercially reasonable steps in any Proceeding before any such
office or any similar office or agency in any other country or any political subdivision thereof, to diligently prosecute or maintain,
as applicable, each application and registration of any Software, General Intangibles or any other intellectual property rights and assets
that are part of the Collateral, including filing of renewals, affidavits of use, affidavits of incontestability and opposition, interference
and cancellation proceedings.

 

(xxi)     Company shall not file any amendments, correction statements or termination statements concerning the Collateral without the prior
written consent of Secured Party.

 

 

 

    	 	5	 

     

    

 

(c)                 
Collateral Collections. After an Event of Default shall have occurred, Secured Party shall have the right at any and all
times to enforce the Company's rights against all Persons obligated on any of the Collateral, including the right to: (i) notify and/or
require the Company to notify any or all Persons obligated on any of the Collateral to make payments directly to Secured Party or in care
of a post office lock box under the sole control of Secured Party established at Company's expense, and to take any or all action with
respect to Collateral as Secured Party shall determine in its sole discretion, including, the right to demand, collect, sue for and receive
any money or property at any time due, payable or receivable on account thereof, compromise and settle with any Person liable thereon,
and extend the time of payment or otherwise change the terms thereof, without incurring any liability or responsibility to the Company
whatsoever; and/or (ii) require the Company to segregate and hold in trust for Secured Party and, on the day of Company receipt thereof,
transmit to Secured Party in the exact form received by the Company (except for such assignments and endorsements as may be required by
Secured Party), all cash, checks, drafts, money orders and other items of payment constituting any portion of the Collateral or proceeds
of the Collateral. Secured Party's collection and enforcement of Collateral against Persons obligated thereon shall be deemed to be commercially
reasonable if Secured Party exercises the care and follows the procedures that Secured Party generally applies to the collection of obligations
owed to Secured Party.

 

(d)                  Care
of Collateral. Company shall have all risk of loss of the Collateral. Secured Party shall have no liability or duty, either
before or after the occurrence of an Event of Default, on account of loss of or damage to, to collect or enforce any of its rights
against, the Collateral, to collect any income accruing on the Collateral, or to preserve rights against Persons with prior
interests in the Collateral. IfSecured Party actually receives any notices requiring action with respect to Collateral in Secured
Party's possession, Secured Party shall take reasonable steps to forward such notices to the Company. The Company is responsible for
responding to notices concerning the Collateral, voting the Collateral, and exercising rights and options, calls and conversions of
the Collateral. Secured Party's sole responsibility is to take such action as is reasonably requested by Company in writing,
however, Secured Party is not responsible to take any action that, in Secured Party's sole judgment, would affect the value of the
Collateral as security for the Obligations adversely. While Secured Party is not required to take certain actions, if action is
needed, in Secured Party's sole discretion, to preserve and maintain the Collateral, Company authorizes Secured Party to take such
actions, but Secured Party is not obligated to do so.

 

4.       Events
of Default. The occurrence of any one or more of the following events shall constitute an "Event of Default" hereunder:

 

(a)       Failure to Pay. The failure of any Credit Party to pay any sum due under or as part of the Obligations as and when due and
payable (whether by acceleration, declaration, extension or otherwise).

 

(b)       Covenants and Agreements. The failure of Company to perform, observe or comply with any and all of the covenants, promises
and agreements of the Company in this Agreement, which such failure is not cured by the Company within ten (10) days after receipt of
written notice thereof from Secured Party, except that there shall be no notice or cure period with respect to any failure to pay any
sums due under or as part of the Obligations.

 

(c)       Information, Representations and Warranties. If any material representation or warranty made herein, or if any information
contained in any financial statement, application, schedule, report or any other document given by the Company in connection with the
Obligations, with the Collateral, or with any Transaction Document, is not in all respects true, accurate and complete, or if the Company
omitted to state any material fact or any fact necessary to make such information not misleading.

 

(d)       Default en Other Obligations. The occurrence of any default under any other borrowing, Obligation or Contract of the Company,
if the result of such default would: (i) permit any Person which is a party to any such borrowing, Obligation or Contract, to accelerate
the maturity thereof, or to cancel or terminate such borrowing, Obligation, or Contract; (ii) cause or be reasonably expected to cause
a Material Adverse Effect; or (iii) materially and adversely affect, as determined by Secured Party in good faith, but in its sole discretion,
any of the Collateral, the value thereof, Secured Party’s rights and remedies to realize upon such Collateral as set forth herein,
or the Secured Party’s ability to comply with the Transaction Documents.

 

 

 

 

    	 	6	 

     

    

 

(e)       Insolvency. Company shall be or become insolvent or unable to pay its debts as they become due, or admits in writing to
such insolvency or to such inability to pay its debts as they become due.

 

(f)       Involuntary
Bankruptcy. There shall be filed against Company an involuntary petition or other pleading seeking the entry of a decree or
order for relief under the Bankruptcy Code or any similar foreign, federal or state insolvency or similar laws ordering: (i) the
liquidation of the Company; or (ii) a reorganization of Company or the business and affairs of Company; or (iii) the appointment of
a receiver, liquidator, assignee, custodian, trustee, or similar official for Company of the property of Company, and the failure to
have such petition or other pleading denied or dismissed within thirty (30) calendar days from the date of filing.

 

(g)       Voluntary Bankruptcy. The commencement by the Company of a voluntary case under the Bankruptcy Code or any foreign, federal
or state insolvency or similar laws or the consent by the Company to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian, or similar official for Company of any of the property of the Company or the making by the Company of an
assignment for the benefit of creditors, or the failure by the Company generally to pay its debts as the debts become due.

 

(h)       Judgments, Awards. The entry of any final and non-appealable Judgment or other determination or adjudication against the
Company and a determination by Secured Party, in good faith but in its sole discretion, that any such Judgment or other determination
or adjudication could have a Material Adverse Effect, or could otherwise adversely affect the prospect for Secured Party to fully and
punctually realize the full benefits conferred on Secured Party by this Agreement and the other Transaction Documents, or the prospect
of repayment of all the Obligations.

 

(i)       Injunction. The injunction or restraint of the Company in any manner from conducting its business in whole or in part and a determination
by Secured Party, in good faith but in its sole discretion, that the same could have a Material Adverse Effect, or could otherwise adversely
affect the prospect for Secured Party to fully and punctually realize the full benefits conferred on Secured Party by this Agreement and
the other Transaction Documents, or the prospect of repayment of all the Obligations.

 

(j)       Attachment by Other Parties. Any Assets of the Company shall be attached, levied upon, seized or repossessed, or come into
the possession of a trustee, receiver or other custodian and a determination by Secured Party, in good faith but in its sole discretion,
that the same could have a Material Adverse Effect, or could otherwise adversely affect the prospect for Secured Party to fully and punctually
realize the full benefits conferred on Secured Party by this Agreement and the other Transaction Documents, or the prospect of repayment
of all the Obligations.

 

(k)       Adverse Change in Financial Condition. The determination in good faith by Secured Party that an event has occurred, either
in the financial condition or operations of the Company, or the Collateral, or otherwise, which event could have a Material Adverse Effect,
or could otherwise adversely affect the prospect for Secured Party to fully and punctually realize the full benefits conferred on Secured
Party by this Agreement and the other Transaction Documents.

 

(l)       Adverse
Change in Value of Collateral. The determination in good faith by Secured Party that the security for the Obligations is or has become
inadequate.

 

(m)       Prospect
of Payment or Performance. The determination in good faith by Secured Party that the prospect for payment or performance of any
of the Obligations is impaired for any reason.

 

5.       Rights
and Remedies.

 

(a)       Rights
and Remedies of Secured Party. Upon and after the occurrence of an Event of Default, Secured Party may, without notice or demand,
exercise in any jurisdiction in which enforcement hereof is sought, the following rights and remedies, in addition to the rights and remedies
available to Secured Party under the Purchase Agreement and any other Transaction Documents, the rights and remedies of a secured party
under the Code, and all other rights and remedies available to Secured Party under applicable law or in equity, all such rights and remedies
being cumulative and enforceable alternatively, successively or concurrently:

 

 

 

 

    	 	7	 

     

    

 

(i)       Take absolute control of the Collateral including transferring into the Secured Party's name or into the name of its nominee or
nominees (to the extent the Secured Party has not theretofore done so) and thereafter receive, for the benefit of the Secured Party, all
payments made thereon, give all consents, waivers and ratifications in respect thereof and otherwise act with respect thereto as though
it were the outright owner thereof;

 

(ii)      Require the Company to, and the Company hereby agrees that it will at its expense and upon request of the Secured Party forthwith,
assemble all or part of the Collateral as directed by the Secured Party and make it available to the Secured Party at a place or places
to be designated by the Secured Party that is convenient to Secured Party, and the Secured Party may enter into and occupy the Business
Premises or any other premises owned or leased by the Company where the Collateral or any part thereof is located or assembled in order
to effectuate the Secured Party's rights and remedies hereunder or under law, including removing such Collateral therefrom, without any
obligation or liability to the Company in respect of such occupation, the Company HEREBY WAIVING ANY AND ALL RIGHTS TO PRIOR NOTICE AND
TO JUDICIAL HEARING WITH RESPECT TO REPOSSESSION OF COLLATERAL AND THE COMPANY HEREBY GRANTING TO SECURED PARTY AND ITS AGENTS AND REPRESENTATIVES
FULL AUTHORITY TO ENTER SUCH PREMISES;

 

(iii)     Without
notice, except as specified below, and without any obligation to prepare or process the Collateral for sale: (A) sell the Collateral
or any part thereof in one or more parcels at public or private sale, at any of the Secured Party's offices or elsewhere, for cash,
on credit or for future delivery, and at such price or prices and upon such other terms as the Secured Party may deem commercially
reasonable; and/or (B) lease, license or dispose of the Collateral or any part thereof upon such terms as the Secured Party may deem
commercially reasonable. The Company agrees that, to the extent notice of sale or any other disposition of the Collateral shall be
required by law, at least ten (10) days' notice to the Company of the time and place of any public sale or the time after which any
private sale or other disposition of the Collateral is to be made shall constitute reasonable notification. The Secured Party shall
not be obligated to make any sale or other disposition of any Collateral regardless of notice of sale having been given. The Secured
Party may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor and such sale
may, without further notice, be made at the time and place to which it was so adjourned. The Company hereby waives any claims and
actions against the Secured Party arising by reason of the fact that the price at which any of the Collateral may have been sold at
a private sale was less than the price which might have been obtained at a public sale or was less than the aggregate amount of the
Obligations, even if the Secured Party accepts the first offer received and does not offer such Collateral to more than one offeree,
and waives all rights that the Company may have to require that all or any part of such Collateral be marshaled upon any sale
(public or private) thereof. The Company hereby acknowledges that: (X) any such sale of the Collateral by the Secured Party shall be
made without warranty; (Y) the Secured Party may specifically disclaim any warranties of title, possession, quiet enjoyment or the
like; and (Z) such actions set forth in clauses (X) and (Y) above shall not adversely affect the commercial reasonableness of any
such sale of Collateral. In addition to the foregoing: (1) upon written notice to the Company from the Secured Party after and
during the continuance of an Event of Default, the Company shall cease any use of any intellectual property or any trademark, patent
or copyright similar thereto for any purpose described in such notice; (2) the Secured Party may, at any time and from time to time
after and during the continuance of an Event of Default, license, whether general, special or otherwise, and whether on an exclusive
or non-exclusive basis, any of the Company's intellectual property, throughout the universe for such term or terms, on such
conditions, and in such manner, as the Secured P arty shall in its sole discretion determine; and (3) the Secured Party may, at any
time, pursuant to the authority granted under this Agreement (such authority being effective upon the occurrence and during the
continuance of an Event of Default), execute and deliver on behalf of the Company, one or more instruments of assignment of any
intellectual property (or any application or registration thereof), in form suitable for filing, recording or registration in any
country.

 

(iv)       Operate,
manage and control the Collateral (including use of the Collateral and any other property or assets of Company in order to continue or
complete performance of Company's obligations under any contracts of Company), or permit the Collateral or any portion thereof to remain
idle or store the same, and collect all rents and revenues therefrom.

 

(v)        Enforce
the Company's rights against any Persons obligated upon any of the Collateral.

 

(vi)       The Company hereby acknowledges that if the Secured Party complies with any applicable foreign, state, provincial or federal law
requirements in connection with a disposition of the Collateral, such compliance will not adversely affect the commercial reasonableness
of any sale or other disposition of the Collateral.

 

 

 

 

    	 	8	 

     

    

 

(vii)      The
Secured Party shall not be required to marshal any present or future collateral security (including, this Agreement and the
Collateral) for, or other assurances of payment of, the Obligations or any of them or to resort to such collateral security or other
assurances of payment in any particular order, and all of the Secured Party's rights hereunder and in respect of such collateral
security and other assurances of payment shall be cumulative and in addition to all other rights, however existing or arising. To
the extent that the Company lawfully may, the Company hereby agrees that it will not invoke any law relating to the marshaling of
collateral which might cause delay in or impede the enforcement of the Secured Party's rights under this Agreement or under any
other instrument creating or evidencing any of the Obligations or under which any of the Obligations is outstanding or by which any
of the Obligations is secured or payment thereof is otherwise assured, and, to the extent that it lawfully may, the Company hereby
irrevocably waives the benefits of all such laws.

 

(b)       Power of Attorney. Effective upon the occurrence of an Event of Default, Company hereby designates and appoints Secured
Party and its designees as attorney-in-fact of and for the Company, irrevocably and with full power of substitution, with authority to
endorse the Company's name on any notes, acceptances, checks, drafts, money orders, instruments or other evidences of payment or proceeds
of the Collateral that may come into Secured Party's possession; to execute proofs of claim and loss; to adjust and compromise any claims
under insurance policies; and to perform all other acts necessary and advisable, in Secured Party's sole discretion, to carry out and
enforce this Agreement and the rights and remedies conferred upon the Secured Party by this Agreement, the Purchase Agreement or any other
Transaction Documents. All acts of said attorney or designee are hereby ratified and approved by the Company and said attorney or designee
shall not be liable for any acts of commission or omission, nor for any error ofjudgment or mistake of fact or law. This power of attorney
is coupled with an interest and is irrevocable so long as any of the Obligations remain unpaid or unperformed or there exists any commitment
by Secured Party which could give rise to any Obligations.

 

(c)       Costs and Expenses. The Company agrees to pay to the Secured Party, upon demand, the amount of any and all costs and expenses,
including the reasonable fees, costs, expenses and disbursements of counsel for the Secured Party and of any experts and agents, which
the Secured Party may incur in connection with: (i) the preparation, negotiation, execution, delivery, recordation, administration, amendment,
waiver or other modification or termination of this Agreement; (ii) the custody, preservation, use or operation of, or the sale of, collection
from, or other realization upon, any Collateral; (iii) the exercise or enforcement of any of the rights of the Secured Party hereunder;
or (iv) the failure by the Company to perform or observe any of the provisions hereof. Included in the foregoing shall be the amount of
all expenses paid or incurred by Secured Party in consulting with counsel concerning any of its rights hereunder, under the Purchase Agreement
or under applicable law, as well as such portion of Secured Party's overhead as Secured Party shall allocate to collection and enforcement
of the Obligations in Secured Party's sole but reasonable discretion. All such costs and expenses shall bear interest from the date of
outlay until paid, at the highest rate set forth in the Note, or if none is so stated, the highest rate allowed by law. The provisions
of this Subsection shall survive the termination of this Agreement and Secured Party's security interest hereunder and the payment of
all Obligations.

 

6.       Security
Interest Absolute. All rights of the Secured Party and all Obligations of the Company hereunder, shall be absolute and
unconditional, irrespective of: (i) any lack of validity or enforceability of this Agreement, the Purchase Agreement, and any other
Transaction Documents or any agreement entered into in connection with the foregoing, or any portion hereof or thereof; (ii) any
change in the time, manner or place of payment or performance of, or in any other term of, all or any of the Obligations, or any
other amendment or waiver of or any consent to any departure from the terms and provisions of the Purchase Agreement, any other
Transaction Documents, or any other agreement entered into in connection with the foregoing; (iii) any exchange, release or
non-perfection of any of the Collateral, or any release or amendment or waiver of or consent to departure from any other collateral
for, or any guaranty, or any other security, for all or any of the Obligations; (iv) any action by the Secured Party to obtain,
adjust, settle and cancel in its sole discretion any insurance claims or matters made or arising in connection with the Collateral;
or (v) any other circumstance which might otherwise constitute any legal or equitable defense available to the Company, or a
discharge of all or any part of the security interests granted hereby. Until the Obligations shall have been paid and performed in
full, the rights of the Secured Party shall continue even if the Obligations are barred for any reason, including, the running of
the statute of limitations or bankruptcy. In the event that at any time any transfer of any Collateral or any payment received by
the Secured Party hereunder shall be deemed by final order of a court of competent jurisdiction to have been a voidable preference
or fraudulent conveyance under the Bankruptcy Code or any other similar insolvency or bankruptcy laws of any jurisdiction , or shall
be deemed to be otherwise due to any party other than the Secured Party, then, in any such event, the Company's obligations
hereunder shall survive cancellation of this Agreement, and shall not be discharged or satisfied by any prior payment thereof and/or
cancellation of this Agreement, but shall remain a valid and binding obligation enforceable in accordance with the terms and
provisions hereof. The Company waives all right to require the Secured Party to proceed against any other Person or to apply any
Collateral which the Secured Party may hold at any time, or to pursue any other remedy. The Company waives any defense arising by
reason of the application of the statute of limitations to any obligation secured hereby.

 

 

 

 

    	 	9	 

     

    

 

7.       Indemnity. The Company agrees to defend, protect, indemnify and hold the Secured Party forever harmless from and against
any and all Claims of any nature or kind (including reasonable legal fees, costs, expenses, and disbursements of counsel) to the extent
that they arise out of, or otherwise result from, this Agreement (including, enforcement of this Agreement). This indemnity shall survive
termination of this Agreement.

 

8.       Miscellaneous.

 

(a)       Performance
for Company. The Company agrees and hereby authorizes that Secured Party may, in Secured Party's sole discretion, but Secured Party
shall not be obligated to, whether or not an Event of Default shall have occurred, advance funds on behalf of the Company, without prior
notice to the Company, in order to insure the Company's compliance with any covenant, warranty, representation or agreement of the Company
made in or pursuant to this Agreement, the Purchase Agreement, or any other Transaction Documents, to continue or complete, or cause
to be continued or completed, performance of the Company's obligations under any Contracts of the Company, or to preserve or protect
any right or interest of Secured Party in the Collateral or under or pursuant to this Agreement, the Purchase Agreement or any other
Transaction Documents, including, the payment of any insurance premiums or taxes and the satisfaction or discharge of any Claim, Obligation,
Judgment or any other Encumbrance upon the Collateral or other property or Assets of Company; provided, however, that the making of any
such advance by Secured Party shall not constitute a waiver by Secured Party of any Event of Default with respect to which such advance
is made, nor relieve the Company of any such Event of Default. The Company shall pay to Secured Party upon demand all such advances made
by Secured Party with interest thereon at the highest rate set forth in the Note, or if none is so stated, the highest rate allowed by
law. All such advances shall be deemed to be included in the Obligations and secured by the security interest granted Secured Party hereunder;
provided, however, that the provisions of this Subsection shall survive the termination of this Agreement and Secured Party's security
interest hereunder and the payment of all other Obligations.

 

(b)       Applications of Payments and Collateral. Except as may be otherwise specifically provided in this Agreement or the Purchase
Agreement, all Collateral and proceeds of Collateral coming into Secured Party's possession and all payments made by any Person to Secured
Party with respect to any Collateral may be applied by Secured Party (after payment of any amounts payable to the Secured Party pursuant
to Section 5(c) hereof) to any of the Obligations, whether matured or unmatured, as Secured Party shall determine in its sole, but reasonable
discretion. Any surplus held by the Secured Party and remaining after the indefeasible payment in full in cash of all of the Obligations
shall be paid over to whomsoever shall be lawfully entitled to receive the same or as a court of competent jurisdiction shall direct.
Secured Party may defer the application of Noncash Proceeds of Collateral, to the Obligations until Cash Proceeds are actually received
by Secured Party. In the event that the proceeds of any such sale, collection or realization are insufficient to pay all amounts to which
the Secured Party is legally entitled, the Company shall be liable for the deficiency, together with interest thereon at the highest rate
specified in the Note for interest on overdue principal thereof or such other rate as shall be fixed by applicable law, together with
the costs of collection and the reasonable fees, costs, expenses and other client charges of any attorneys employed by the Secured Party
to collect. such deficiency.

 

(c)       Waivers by Company. The Company hereby waives, to the extent the same may be waived under applicable law: (i) notice of
acceptance of this Agreement; (ii) all claims and rights of the Company against Secured Party on account of actions taken or not taken
by Secured Party in the exercise of Secured Party's rights or remedies hereunder, under the Purchase Agreement, and other Transaction
Documents or under applicable law; (iii) all claims of the Company for failure of Secured Party to comply with any requirement of applicable
law relating to enforcement of Secured Party's rights or remedies hereunder, under the Purchase Agreement, under any other Transaction
Documents or under applicable law; (iv) all rights of redemption of the Company with respect to the Collateral; (v) in the event Secured
Party seeks to repossess any or all of the Collateral by judicial proceedings, any bond(s) or demand(s) for possession which otherwise
may be necessary or required; (vi) presentment, demand for payment, protest and notice of non-payment and all exemptions applicable to
any of the Collateral or the Company; (vii) any and all other notices or demands which by applicable law must be given to or made upon
the Company by Secured Party; (viii) settlement, compromise or release of the obligations of any Person primarily or secondarily liable
upon any of the Obligations; (ix) all rights of the Company to demand that Secured Party release account debtors or other Persons liable
on any of the Collateral from further obligation to Secured Party; and (x) substitution, impairment, exchange or release of any Collateral
for any of the Obligations. The Company agrees that Secured Party may exercise any or all of its rights and/or remedies hereunder, under
the Purchase Agreement, the other Transaction Documents and under applicable law without resorting to and without regard to any Collateral
or sources of liability with respect to any of the Obligations. Upon termination of this Agreement and Secured Party's security interest
hereunder and payment of all Obligations, within five (5) Business Days following the Company's request to Secured Party, Secured Party
shall release control of any security interest in the Collateral perfected by control and Secured Party shall send Company a statement
terminating any financing statement filed against the Collateral.

 

 

 

 

    	 	10	 

     

    

 

(d)       Waivers by Secured Party. No failure or any delay on the part of Secured Party in exercising any right, power or remedy
hereunder, under this Agreement, the Purchase Agreement, and other Transaction Documents or under applicable law, shall operate as a waiver
thereof.

 

(e)       Secured Party's Setoff. Secured Party shall have the right, in addition to all other rights and remedies available to it,
following an Event of Default, to set off against any Obligations due Secured Party, any debt owing to the Company by Secured Party.

 

(f)       Modifications, Waivers and Consents. No modifications or waiver of any provision of this Agreement, the Purchase Agreement,
or any other Transaction Documents, and no consent by Secured Party to any departure by the Company therefrom, shall in any event be effective
unless the same shall be in writing, and then such waiver or consent shall be effective only in the specific instance and for the purpose
for which given, and any single or partial written waiver by Secured Party of any term, provision or right of Secured Party hereunder
shall only be applicable to the specific instance to which it relates and shall not be deemed to be a continuing or future waiver of any
other right, power or remedy. No notice to or demand upon the Company in any case shall entitle Company to any other or further notice
or demand in the same, similar or other circumstances.

 

(g)       Notices. Except as otherwise provided herein, the Company waives all notices and demands in connection with the enforcement
of Secured Party's rights hereunder. All notices, requests, demands and other communications provided for hereunder shall be made in accordance
with the terms of the Purchase Agreement, and the Company agrees and acknowledges that notice to each of them may be sent and delivered
to the Company, as required under the Purchase Agreement, and such notice to the Company shall be deemed valid and effective notice to
Company hereunder.

 

(h)       Applicable Law and Consent to Jurisdiction. The Company and the Secured Party each irrevocably agrees that any dispute
arising under, relating to, or in connection with, directly or indirectly, this Agreement or related to any matter which is the subject
of or incidental to this Agreement (whether or not such claim is based upon breach of contract or tort) shall be subject to the exclusive
jurisdiction and venue of the state and/or federal courts located in the State of New York; provided, however, Secured Party may, at
its sole option, elect to bring any action in any other jurisdiction. This provision is intended to be a "mandatory" forum
selection clause and governed by and interpreted consistent with New York law. The Company and Secured Party each hereby consents to
the exclusive jurisdiction and venue of any state or federal court having its situs in the State of New York, and each waives any objection
based on forum non conveniens. The Company hereby waives personal service of any and all process and consent that all such service of
process may be made by certified mail, return receipt requested, directed to the Company, as set forth herein or in the manner provided
by applicable statute, law, rule of court or otherwise. Except for the foregoing mandatory forum selection clause, this Agreement shall
be construed in accordance with the laws of the State of Wyoming, without regard to the principles of conflicts of laws, except to the
extent that the validity and perfection or the perfection and the effect of perfection or non-perfection of the security interest created
hereby, or remedies hereunder, in respect of any particular Collateral are governed under the Code by the law of a jurisdiction other
than the State of Wyoming, in which case such issues shall be governed by the laws of the jurisdiction governing such issues under the
Code.

 

(i)       Survival: Successors and Assigns. All covenants, agreements, representations and warranties made herein shall survive the
execution and delivery hereof, shall survive Closing and shall continue in full force and effect until all Obligations have been paid
in full, there exists no commitment by Secured Party which could give rise to any Obligations and all appropriate termination statements
have been filed terminating the security interest granted Secured Party hereunder. Whenever in this Agreement any of the parties hereto
is referred to, such reference shall be deemed to include the successors and assigns of such party. In the event that Secured Party assigns
this Agreement and/or its security interest in the Collateral, Secured Party shall give written notice to the Company of any such assignment
and such assignment shall be binding upon and recognized by the Company (provided that failure to deliver any such written notice shall
not impair, negate or otherwise adversely affect any of the Secured Party's rights or remedies under this Agreement or any other Transaction
Documents). All covenants, agreements, representations and warranties by or on behalf of the Company which are contained in this Agreement
shall inure to the benefit of Secured Party, its successors and assigns. The Company may not assign this Agreement or delegate any of
its rights or obligations hereunder, without the prior written consent of Secured Party, which consent may be withheld in Secured Party's
sole and absolute discretion.

 

 

 

 

    	 	11	 

     

    

 

(j)       Severability. If any term, provision or condition, or any part thereof, of this Agreement shall for any reason be found
or held invalid or unenforceable by any court or governmental authority of competent jurisdiction, such invalidity or unenforceability
shall not affect the remainder of such term, provision or condition nor any other term, provision or condition, and this Agreement shall
survive and be construed as if such invalid or unenforceable term, provision or condition had not been contained therein.

 

(k)       Merger and Integration. This Agreement and the attached Schedules (if any), together with the Purchase Agreement and the
other Transaction Documents, contain the entire agreement of the parties hereto with respect to the matters covered and the transactions
contemplated hereby and thereby, and no other agreement, statement or promise made by any party hereto or thereto, or by any employee,
officer, agent or attorney of any party hereto, which is not contained herein or therein shall be valid or binding.

 

(1)       WAIVER
OF JURY TRIAL. THE COMPANY HEREBY: (a) COVENANTS AND AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY A JURY;
AND (b) WAIVES TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO WHICH THE COMPANY AND SECURED PARTY MAY BE PARTIES, ARISING OUT OF, IN CONNECTION
WITH OR IN ANY WAY PERTAINING TO THIS AGREEMENT, THE PURCHASE AGREEMENT AND/OR ANY TRANSACTIONS, OCCURRENCES, COMMUNICATIONS, OR UNDERSTANDINGS
(OR THE LACK OF ANY OF THE FOREGOING) RELATING IN ANY WAY TO DEBTOR-CREDITOR RELATIONSHIP BETWEEN THE PARTIES. IT IS UNDERSTOOD AND AGREED
THAT THIS WAIVER CONSTITUTES A WAIVER OF TRIAL BY JURY OF ALL CLAIMS AGAINST ALL PARTIES TO SUCH ACTIONS OR PROCEEDINGS, INCLUDING CLAIMS
AGAINST PARTIES WHO ARE NOT PARTIES TO THIS SECURITY AGREEMENT. THIS WAIVER OF JURY TRIAL IS SEPARATELY GIVEN, KNOWINGLY, WILLINGLY AND
VOLUNTARILY MADE BY THE COMPANY AND THE COMPANY HEREBY AGREES THAT NO REPRESENTATIONS OF FACT OR OPINION HAVE BEEN MADE BY ANY INDIVIDUAL
TO INDUCE THIS WAIVER OF TRIAL BY JURY OR TO IN ANY WAY MODIFY OR NULLIFY ITS EFFECT. SECURED PARTY IS HEREBY AUTHORIZED TO SUBMIT THIS
AGREEMENT TO ANY COURT HAVING JURISDICTION OVER THE SUBJECT MAT l'ER AND THE COMPANY AND SECURED PARTY, SO AS TO SERVE AS CONCLUSIVE EVIDENCE
OF SUCH WAIVER OF RIGHT TO TRIAL BY JURY. THE COMPANY REPRESENTS AND WARRANTS THAT IT HAS BEEN REPRESENTED IN THE SIGNING OF THIS AGREEMENT
AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL, SELECTED OF ITS OWN FREE WILL, AND/OR THAT IT HAS HAD THE OPPORTUNITY TO
DISCUSS THIS WAIVER WITH COUNSEL.

 

(m)       Execution. This Agreement may be executed in one or more counterparts, all of which taken together shall be deemed and considered
one and the same Agreement, and same shall become effective when counterparts have been signed by each party and each party has delivered
its signed counterpart to the other party. In the event that any signature is delivered by facsimile transmission or by e-mail delivery
of a ".pdf' format file or other similar format file, such signature shall be deemed an original for all purposes and shall create
a valid and binding obligation of the party executing same with the same force and effect as if such facsimile or ".pdf' signature
page was an original thereof

 

(n)       Headings. The headings and sub-headings contained in the titling of this Agreement are intended to be used for convenience
only and shall not be used or deemed to limit or diminish any of the provisions hereof.

 

(o)       Termination.
This Agreement and the security interests hereunder shall terminate on (i) the date on which all Obligations have been indefeasibly
paid or discharged in full and there are no commitments outstanding for Secured Party to advance any funds to the Company and/or
Company, either under the Purchase Agreement, the Transaction Documents or any other Contract; or (ii) the date on which the Company
has secured listing for its common stock on The Nasdaq Stock Market, the New York Stock Exchange,
or other national securities exchange. Upon such termination, the Secured Party, at the request and at the expense of the Company,
will join in executing any termination statement with respect to any financing statement executed and filed pursuant to this
Agreement.

 

(p)       Gender and Use of Singular and Plural. All pronouns shall be deemed to refer to the masculine, feminine, neuter, singular
or plural, as the identity of the party or parties or their personal representatives, successors and assigns may require.

 

 

 

 

    	 	12	 

     

    

 

(q)       Further Assurances. The parties hereto will execute and deliver such further instruments and do such further acts and things
as may be reasonably required to carry out the intent and purposes of this Agreement.

 

(r)       Time is of the Essence. The parties hereby agree that time is of the essence with respect to performance of each of the
parties' obligations under this Agreement. The parties agree that in the event that any date on which performance is to occur falls on
a Saturday, Sunday or state or national holiday, then the time for such performance shall be extended until the next business day thereafter
occurring.

 

(s)       Joint Preparation. The preparation of this Agreement has been a joint effort of the parties and the resulting documents
shall not, solely as a matter of judicial construction, be construed more severely against one of the parties than the other.

 

(t)       Increase in Obligations. It is the intent of the parties to secure payment of the Obligations, as the amount of such Obligations
may increase from time to time in accordance with the terms and provisions of the Purchase Agreement, and all of the Obligations, as so
increased from time to time, shall be and are secured hereby. Upon the execution hereof, the Company shall pay any and all documentary
stamp taxes and/or other charges required to be paid in connection with the execution and enforcement of the Purchase Agreement and this
Agreement, and if, as and to the extent the Obligations are increased from time to time in accordance with the terms and provisions of
the Note, then the Company shall immediately pay any additional documentary stamp taxes or other charges in connection therewith.

 

[signature page follows]

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	13	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have duly
executed this Security Agreement as of the day and year first above written.

 

COMPANY:

 

TRIBAL RIDES INTERNATIONAL CORP.

 

 

By: /s/ Joseph Grimes                                                             

Name: Joseph Grimes

Title: CEO

 

 

 

SECURED PARTY:

 

AJB Capital Investments, LLC

 

 

By: /s/ Ari Blaine                                                                 

Name: Ari Blaine

Title: Partner

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	14

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