Document:

Exhibit 10.1

 

Execution Version 

 

SECURITIES PURCHASE AGREEMENT

 

This Securities Purchase Agreement (this
 “Agreement”) is dated as of September 25, 2020, between Clarus Corporation, a Delaware corporation (the “Company”),
and each purchaser identified on the signature pages hereto (each, a “Purchaser” and collectively, the
 “Purchasers”).

 

WHEREAS, subject to the terms and conditions
set forth in this Agreement and pursuant to an effective registration statement under the Securities Act (as defined below), the
Company desires to issue and sell to each Purchaser, and each Purchaser, severally and not jointly, desires to purchase from the
Company, securities of the Company as more fully described in this Agreement.

 

NOW, THEREFORE,  in consideration
of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and adequacy of
which are hereby acknowledged, the Company and each Purchaser agree as follows:

 

ARTICLE I.

 

DEFINITIONS

 

1.1          
Definitions.  In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the
following terms have the meanings set forth in this Section 1.1:

  

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Board of Directors”
means the board of directors of the Company.

 

“Business Day”
means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which
banking institutions in the State of New York are authorized or required by law or other governmental action to close.

 

“Closing”
means the closing of the purchase and sale of the Shares pursuant to Section 2.1.

 

“Closing Date”
means the Trading Day on which this Agreement has been executed and delivered by the applicable parties thereto, and all conditions
precedent to (i) the Purchasers’ obligations to pay the Subscription Amount and (ii) the Company’s obligations
to deliver the Shares, in each case, have been satisfied or waived.

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Common Stock”
means the common stock of the Company, par value $0.0001 per share.

 

“Common Stock Equivalents”
means any securities of the Company which would entitle the holder thereof to acquire at any time Common Stock, including, without
limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable
or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

 

“Company Counsel”
means Kane Kessler, P.C., with offices located at 666 Third Avenue, 23rd Floor, New York, NY 10017.

 

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“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

   

“Liens” means
a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

  

“Material Adverse Effect”
shall have the meaning assigned to such term in Section 3.1(b).

 

“Per Share Purchase
Price” equals $12.75, subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations
and other similar transactions of the Common Stock that occur after the date of this Agreement and prior to the Closing.

 

“Person” means
an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial
proceeding, such as a deposition).

 

“Prospectus”
means the final base prospectus filed for the Registration Statement.

 

“Prospectus Supplement”
means the supplement to the Prospectus complying with Rule 424(b) of the Securities Act that is filed with the Commission
and delivered by the Company to each Purchaser at the Closing.

  

“Registration Statement”
means the Company’s effective registration statement with Commission file No. 333-218751.

 

“Required Approvals”
shall have the meaning ascribed to such term in Section 3.1(c).

 

“SEC Reports”
shall have the meaning ascribed to such term in Section 3.1(e).

 

“Securities Act”
means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Shares” means
the shares of Common Stock issued or issuable to each Purchaser pursuant to this Agreement.

 

“Subscription Amount”
means, as to each Purchaser, the aggregate amount to be paid for Shares purchased hereunder as listed on the Purchaser’s
signature page hereto and opposite such Purchaser’s name on the Schedule of Purchasers attached hereto as Exhibit A
in United States dollars and in immediately available funds.

 

“Subsidiary”
means any subsidiary of the Company as set forth in the SEC Reports, and shall, where applicable, also include any direct or indirect
subsidiary of the Company formed or acquired after the date hereof.

 

“Trading Day”
means a day on which the principal Trading Market is open for trading.

 

“Trading Market”
means the Nasdaq Global Select Market or such other market as the shares of Common Stock may then be listed.

 

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“Transfer Agent”
means American Stock Transfer & Trust Company, the current transfer agent of the Company, with a mailing address of 6201 15th
Avenue, Brooklyn, New York 11219, and any successor transfer agent of the Company.

 

ARTICLE II.

 

PURCHASE AND SALE

 

2.1          
Closing.  On the Closing Date, upon the terms and subject to the conditions set forth herein, the Company agrees to
sell, and each Purchaser, severally and not jointly, agrees to purchase, the number of Shares listed on the Purchaser’s
signature page hereto and opposite such Purchaser’s name on the Schedule of Purchasers attached hereto as Exhibit A.
Each Purchaser shall deliver to the Company via wire transfer of immediately available funds, the Subscription Amount, and the
Company shall deliver to each Purchaser its respective Shares.  The Company and each Purchaser shall each deliver the
other items set forth in Section 2.2 at the Closing.  The Closing shall occur at the offices of the Company Counsel,
or such other location as the parties shall mutually agree. 

 

2.2          
Deliveries.

 

(a)          
On or prior to the Closing Date, the Company shall deliver or cause to be delivered to each Purchaser the following:

 

(i)           
this Agreement duly executed by the Company;

  

(ii)          
the Company shall have provided each Purchaser with the Company’s wire transfer instructions;

 

(iii)          a
copy of the irrevocable instructions to the Transfer Agent instructing the Transfer Agent to deliver via The Depository Trust
Company Deposit or Withdrawal at Custodian system (“DWAC”) Shares equal to such Purchaser’s Subscription
Amount divided by the Per Share Purchase Price, registered in the name of such Purchaser; and

 

(iv)         
the Prospectus and Prospectus Supplement (which may be delivered in accordance with Rule 172 under the Securities Act).

 

(b)          
On or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the Company the following:

 

(i)           
this Agreement duly executed by such Purchaser, with all requested information on such Purchaser’s signature page hereto
completed;

 

(ii)          
such Purchaser’s Subscription Amount by wire transfer to the account specified by the Company; and

 

(iii)         
such other information as may reasonably be requested by the Company or the Transfer Agent for the Shares to be delivered via
DWAC to Purchaser’s designated account as set forth on the Purchaser’s signature page hereto.

 

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2.3          
Closing Conditions.

 

(a)          
The obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met:

 

(i)           
the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material
Adverse Effect, in all respects) when made and on the Closing Date of the representations and warranties of the Purchasers contained
herein (unless as of a specific date therein in which case they shall be accurate as of such date);

 

(ii)          
all obligations, covenants and agreements of each Purchaser required to be performed at or prior to the Closing Date shall have
been performed; and

 

(iii)         
the delivery by each Purchaser of the items set forth in Section 2.2(b) of this Agreement.

 

(b)          
The respective obligations of the Purchasers hereunder in connection with the Closing are subject to the following conditions
being met:

 

(i)           
the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material
Adverse Effect, in all respects) when made and on the Closing Date of the representations and warranties of the Company contained
herein (unless as of a specific date therein in which case they shall be accurate as of such date);

  

(ii)          
all obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been
performed;

 

(iii)         
the delivery by the Company of the items set forth in Section 2.2(a) of this Agreement; and

 

(iv)         
there shall have been no Material Adverse Effect with respect to the Company since the date hereof.

  

ARTICLE III.

REPRESENTATIONS AND WARRANTIES

 

3.1          
Representations and Warranties of the Company.  The Company hereby makes the following representations and warranties
to each Purchaser:

 

 

(a)          
Organization and Qualification.  The Company and each of the Subsidiaries is an entity duly incorporated or otherwise
organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with
the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted. 
Each of the Company and the Subsidiaries is duly qualified to conduct business and is in good standing as a foreign corporation
or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification
necessary, except where the failure to be so qualified or in good standing, as the case may be, could not have or reasonably be
expected to result in: (i) a material adverse effect on the legality, validity or enforceability of this Agreement, (ii) a
material adverse effect on the results of operations, assets, business or condition (financial or otherwise) of the Company and
the Subsidiaries, taken as a whole, or (iii) a material adverse effect on the Company’s ability to perform in any material
respect on a timely basis its obligations under this Agreement (any of (i), (ii) or (iii), a “Material Adverse Effect”).

 

(b)          
Authorization; Enforcement.  The Company has the requisite corporate power and authority to enter into and to consummate
the transactions contemplated by this Agreement and otherwise to carry out its obligations hereunder.   The execution and
delivery of this Agreement by the Company and the consummation by it of the transactions contemplated hereby have been duly authorized
by all necessary action on the part of the Company.

 

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(c)          
Filings, Consents and Approvals.  The Company is not required to obtain any consent, waiver, authorization or order
of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental
authority or other Person in connection with the execution, delivery and performance by the Company of this Agreement, other than:
(i)  the filing with the Commission of a Current Report on Form 8-K in accordance with the requirements of the Exchange Act
disclosing the material terms of this Agreement and the transactions contemplated hereby, (ii) the filing with the Commission
of the Prospectus Supplement, (iii) application(s) to the Trading Market for the listing of the Shares for trading thereon
in the time and manner required thereby, and (iv) such filings as are required to be made under applicable state securities
laws (collectively, the “Required Approvals”).

 

(d)          
Issuance of the Shares; Registration.  The Shares are duly authorized and, when issued and paid for in accordance
with this Agreement, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the
Company.  The Company has reserved from its duly authorized capital stock the maximum number of shares of Common Stock issuable
pursuant to this Agreement. The Company has prepared and filed the Registration Statement in conformity with the requirements
of the Securities Act, which became effective on December 22, 2017, including the Prospectus, and such amendments and supplements
thereto as may have been required to the date of this Agreement.  The Company currently is, and was at the time of the filing
of the Registration Statement, eligible to use Form S-3.   The Registration Statement is effective under the Securities
Act and no stop order preventing or suspending the effectiveness of the Registration Statement or suspending or preventing
the use of the Prospectus has been issued by the Commission and no proceedings for that purpose have been instituted or,
to the knowledge of the Company, are threatened by the Commission. 

 

(e)          
SEC Reports; Financial Statements.  The Company has filed all reports, schedules, forms, statements and other documents
required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or
15(d) thereof (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, together
with the Prospectus and the Prospectus Supplement, being collectively referred to herein as the “SEC Reports”)
on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration
of any such extension. 

 

3.2           Representations
and Warranties of the Purchasers.  Each Purchaser, severally and not jointly, hereby represents and warrants as of the
date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein, in which case they shall
be accurate as of such date):

 

(a)           Organization;
Authority.  Such Purchaser is an entity duly incorporated or formed, validly existing and in good standing under the
laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability company
or similar power and authority to enter into and to consummate the transactions contemplated by this Agreement and otherwise to
carry out its obligations hereunder. The execution and delivery of this Agreement and performance by such Purchaser of the transactions
contemplated hereby have been duly authorized by all necessary corporate, partnership, limited liability company or similar action,
as applicable, on the part of such Purchaser.  This Agreement has been duly executed by such Purchaser, and when delivered
by such Purchaser in accordance with the terms hereof, will constitute the valid and legally binding obligation of such Purchaser,
enforceable against it in accordance with its terms, except: (i) as limited by general equitable principles and applicable
bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’
rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other
equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

 

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(b)           Access
to Information. Such Purchaser acknowledges that it has had the opportunity to review this Agreement and the SEC Reports and
has been afforded, (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from,
representatives of the Company concerning the terms and conditions of the offering of the Shares and the merits and risks of investing
in the Shares; (ii) access to information about the Company and its financial condition, results of operations, business,
properties, management and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity to obtain
such additional information that the Company possesses or can acquire without unreasonable effort or expense that is necessary
to make an informed investment decision with respect to the investment.  Such Purchaser acknowledges that it is aware that
the United States securities laws prohibit any Person who has received from an issuer material, non-public information from purchasing
or selling securities of such issuer or from communicating such information to any other Person under circumstances in which it
is reasonably foreseeable that such Person may purchase or sell such securities, and such Purchaser agrees that it will comply
with all such laws, rules and regulations.

 

(c)           Certain
Transactions and Confidentiality.  Other than consummating the transactions contemplated hereunder, such Purchaser has
not, nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, directly or indirectly executed
any purchases or sales of the securities of the Company during the period commencing as of the time that such Purchaser first
received a term sheet (written or oral) from the Company or any other Person representing the Company setting forth the material
terms of the transactions contemplated hereunder and ending immediately prior to the execution hereof. Notwithstanding the foregoing,
in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions
of such Purchaser’s assets and the portfolio managers have no direct knowledge of the investment decisions made by
the portfolio managers managing other portions of such Purchaser’s assets, the representations set forth in this Section
3.2(c) shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision
to purchase the Shares covered by this Agreement.  Other than to other Persons party to this Agreement or to such Purchaser’s
representatives, including, without limitation, its officers, directors, partners, legal and other advisors, employees, agents
and Affiliates, such Purchaser has maintained the confidentiality of all disclosures made to it in connection with this transaction
(including the existence and terms of this transaction).

 

ARTICLE IV.

 

MISCELLANEOUS

 

4.1          
Fees and Expenses.  Except as expressly set forth in this Agreement to the contrary, each party shall pay the fees
and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident
to the negotiation, preparation, execution, delivery and performance of this Agreement.  The Company shall pay all Transfer
Agent fees (including, without limitation, any fees required for same-day processing of any instruction letter delivered by the
Company), stamp taxes and other taxes and duties levied in connection with the delivery of any Shares to the Purchasers.

 

4.2           Entire
Agreement.  This Agreement, the Prospectus and the Prospectus Supplement contain the entire understanding of the parties
with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written,
with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

 

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4.3           Successors
and Assigns.  This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted
assigns.  The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent
of each Purchaser (other than by merger).  No Purchaser may assign this Agreement or any rights or obligations hereunder
without the prior written consent of the Company.

 

4.4           Governing
Law.  All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be
governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles
of conflicts of law thereof.  Each party agrees that all legal Proceedings concerning the interpretations, enforcement and
defense of the transactions contemplated by this Agreement (whether brought against a party hereto or its respective affiliates,
directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal
courts sitting in the City and County of New York.  Each party hereby irrevocably submits to the exclusive jurisdiction of
the state and federal courts sitting in the City and County of New York for the adjudication of any dispute hereunder or in connection
herewith or with any transaction contemplated hereby (including with respect to the enforcement of this Agreement), and hereby
irrevocably waives, and agrees not to assert in any Proceeding, any claim that it is not personally subject to the jurisdiction
of any such court, that such Proceeding is improper or is an inconvenient venue for such Proceeding.  Each party hereby irrevocably
waives personal service of process and consents to process being served in any such Proceeding 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.  

 

4.5           Execution. 
This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to each other party, it being
understood that the parties need not sign the same counterpart.  In the event that any signature is delivered by facsimile
transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation
of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or
 “.pdf” signature page were an original thereof.

 

4.6           Independent
Nature of Purchasers’ Obligations and Rights.  The obligations of each Purchaser under this Agreement are several
and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance
or non-performance of the obligations of any other Purchaser under this Agreement.  Nothing contained herein, and no action
taken by any Purchaser pursuant hereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint
venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group
with respect to such obligations or the transactions contemplated hereby. Each Purchaser shall be entitled to independently protect
and enforce its rights including, without limitation, the rights arising out of this Agreement, and it shall not be necessary
for any other Purchaser to be joined as an additional party in any Proceeding for such purpose.  Each Purchaser has been
represented by its own separate legal counsel in its review and negotiation of this Agreement.   The Company has elected
to provide all Purchasers with the same terms for the convenience of the Company and not because it was required or requested
to do so by any of the Purchasers.  It is expressly understood and agreed that each provision contained in this Agreement
is between the Company and a Purchaser, solely, and not between the Company and the Purchasers collectively and not between and
among the Purchasers.

 

4.7           Saturdays,
Sundays, Holidays, etc.    If the last or appointed day for the taking of any action or the expiration
of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised
on the next succeeding Business Day.

 

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4.8           Construction.
The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise this Agreement
and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting
party shall not be employed in the interpretation of this Agreement.

 

4.9           WAIVER
OF JURY TRIAL.  IN ANY PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH
KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY
AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.

 

(Signature Pages Follow)

 

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IN WITNESS WHEREOF, the parties hereto have
caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first
indicated above.

 

	CLARUS CORPORATION	 	Address for Notice:
	 	 	Clarus Corporation
	By:	/s/ Aaron J. Kuehne	 	2084 East 3900 South
	 	Name: Aaron J. Kuehne	 	Salt Lake City, UT 84124
	 	Title: Chief Administrative Officer and Chief Financial Officer	 	Fax: (801) 278-5544
	 	 	 	E-mail: aaron.kuehne@claruscorp.com

 

	With a copy to (which shall not constitute notice):	 	 
	 	 	 
	Kane Kessler, P.C.	 	 
	666 Third Avenue, 23rd Floor	 	 
	New York, New York 10017	 	 
	Attention: Robert L. Lawrence, Esq.	 	 
	Facsimile: (212) 245-3009	 	 
	E-mail: rlawrence@kanekessler.com	 	 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

 

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[PURCHASER SIGNATURE PAGES TO CLARUS SECURITIES
PURCHASE AGREEMENT]

 

IN WITNESS WHEREOF, the undersigned have
caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first
indicated above.

 

	Name of Purchaser:	 
	 	 
	Signature of Authorized Signatory of Purchaser:	 
	 	 
	 	 
	 	 
	Name of Authorized Signatory:	 
	 	 
	Title of Authorized Signatory:  	 
	 	 
	Email Address of Authorized Signatory:  	 
	 	 
	Address for Notice to Purchaser:	 
	 	 
	DWAC for Shares	 
	 	 
	Subscription Amount: $ 	 
	 	 
	Shares:	 
	 	 
	Brokerage Firm Name:	 
	 	 
	Brokers DTC Number:Exhibit
10.1

 

LOAN
and Security AGREEMENT

[MAIN
STREET PRIORITY LOAN FACILITY]

 

THIS
LOAN AND SECURITY AGREEMENT (this “Agreement”), dated as of this 18th day of September, 2020, by and between
ARC FAT PATTY’S LLC, a Louisiana limited liability company, whose address is 1409 Kingsley Avenue, Unit #2, Orange Park,
Florida 32073 (the “Borrower”), and CITY NATIONAL BANK OF FLORIDA, its successors and/or assigns (the “Lender”),
whose address is 100 S.E. 2nd Street, 13th Floor, Miami, Florida 33131.

 

RECITALS

 

A.
Borrower has requested and Lender has agreed to make a term loan to Borrower in the original principal amount of FOUR MILLION
THREE HUNDRED SIXTY-NINE THOUSAND EIGHT HUNDRED SIXTY AND NO/100 DOLLARS ($4,369,860.00) (the “Loan”), to provide
additional credit assistance to the Borrower in order to maintain or reinstate ongoing operations and payroll as a result of the
COVID-19 pandemic, pursuant to the Main Street Priority Loan Facility as established by the Board of Governors of the Federal
Reserve System under Section 13(3) of the Federal Reserve Act, and subject to the terms and conditions contained in this Agreement.

 

B.
Borrower and Lender have negotiated the terms and conditions of, and wish to enter into, this Agreement in order to set forth
the terms and conditions of the Loan.

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements set forth below, Borrower and Lender agree as follows:

 

1.
DEFINITIONS. As used in this Agreement the terms listed below shall have the following meanings unless otherwise required
by the context:

 

(a)
Bank Product Obligations: Shall mean all obligations, liabilities, contingent reimbursement obligations, fees, and expenses
owing by an Obligor or any subsidiary of an Obligor to the Lender or any affiliate of the Lender pursuant to or evidenced by certain
cash management service agreements entered into from time to time by an Obligor or any subsidiary of an Obligor with the Lender
or any affiliate of the Lender concerning Bank Products and irrespective of whether for the payment of money, whether direct or
indirect, absolute or contingent, due or to become due, now existing or hereafter arising.

 

(b)
Bank Products: Shall mean any service or facility extended to an Obligor or any Subsidiary of an Obligor by the Lender
or any affiliate of the Lender, including: (a) credit cards, (b) credit card processing services, (c) debit cards, (d) purchase
cards, (e) ACH transactions, or (f) cash management, including controlled disbursement, accounts or services.

 

(c)
Borrower Certification: That certain Main Street Priority Loan Facility Borrower Certifications and Covenants dated as
of even date herewith, from Borrower in favor of Lender, as the same may be amended or modified from time to time.

 

(d)
CARES Act: The Coronavirus Aid, Relief, and Economic Security Act.

 

(e)
Change of Control: A change of ownership in excess of fifty-one percent (51%) of the ownership interests of Borrower.

 

(f)
Collateral: Shall have the meaning ascribed to such term in Section 4 hereof.

 

(g)
EBITDA: The sum of earnings before interest, taxes, depreciation, and amortization.

 

(h)
Facility: The Main Street Priority Loan Facility, which has been authorized under Section 13(3) of the Federal Reserve
Act.

 

    	 

     

    

 

(i)
FAQS: The Main Street Lending Program Frequently Asked Questions as published by the Board of Governors of the Federal
Reserve System, as the same may be amended or modified from time to time.

 

(j)
Financing Statement: The financing statement(s) from Borrower to Lender to perfect Lender’s security interest in
the Collateral.

 

(k)
GAAP: Generally accepted accounting principles consistently applied, as adopted in the United States, and as amended from
time to time.

 

(l)
Governmental Assignee: Shall have the meaning ascribed to such term in the instructions to the Borrower Certification.

 

(m)
Governmental Authority: Any governmental or quasi-governmental authority, agency, authority, board, commission, or governing
body authorized by federal, state or local laws or regulations as having jurisdiction over the Lender or the Borrower.

 

(n)
Loan: That certain term loan in the amount of FOUR MILLION THREE HUNDRED SIXTY-NINE THOUSAND EIGHT HUNDRED SIXTY AND NO/100
DOLLARS ($4,369,860.00), made pursuant to the Facility, as evidenced by the Note and other Loan Documents as provided herein.

 

(o)
Loan Documents: Any and all documents evidencing, securing, or executed in connection with the Loan, including, without
limitation, the Note, this Agreement, the Borrower Certification and the Financing Statement.

 

(p)
Mortgage Debt: Shall have the meaning given to such term in the FAQS.

 

(q)
Note: That certain Promissory Note dated as of even date herewith from Borrower in favor of Lender in the principal amount
of $4,369,860.00, as the same may be amended, restated, modified or replaced from time to time.

 

(r)
Obligations: Shall mean all loans, advances and other financial accommodations made or extended by Lender to an Obligor,
including, without limitation, those arising pursuant to the Note and the Loan Agreement, all interest accrued thereon (including
interest which would be payable as post-petition in connection with any bankruptcy or similar proceeding, whether or not permitted
as a claim thereunder), any fees due the Lender under the Loan Documents, any expenses incurred by the Lender under the Loan Documents
and any and all other liabilities and obligations of an Obligor to the Lender, including any reimbursement obligations of an Obligor
to Lender in respect of any letter of credit issued by the Lender for the account of an Obligor and surety bonds, and all Bank
Product Obligations of an Obligor, 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, together with any and all renewals or extensions thereof.

 

(s)
Obligor: Shall mean the Borrower, any subsidiary of the Borrower, any guarantor, accommodation endorser, third party pledgor,
or any other party liable with respect to the Obligations.

 

(t)
Permitted Debt: Shall mean (i) the Loan, (ii) the endorsement of checks for collection in the ordinary course of business,
(iii) debt payable to suppliers and other trade creditors in the ordinary course of business on ordinary and customary trade terms
and which is not past due, (iv) Mortgage Debt, and (v) any existing debt owed by Borrower to Lender.

 

(u)
Permitted Liens: Shall mean (i) liens securing obligations under the Loan; (ii) liens on real property in connection with
loans with respect to which substantially all of the proceeds were used for acquisition, construction, fit-out, and/or renovation
of such property; (iii) liens securing permitted indebtedness that are junior or pari-passu to any lien securing the Loan; (iv)
liens on receivables assets and related assets incurred in connection with a receivables facility, provided that such debt is
secured only by the newly acquired property; (v) liens for taxes, fees, assessments or other government charges or levies, either
not delinquent or being contested in good faith; (vi) statutory liens securing claims or demands of materialmen, suppliers, producers,
mechanics, carriers, warehousemen, landlords and other Persons imposed without action of such parties; (vii) liens to secure payment
of workers’ compensation, employment insurance, old-age pensions, social security and other like obligations incurred in
the ordinary course of business (other than liens imposed by ERISA); (viii) liens that are rights of set-off, bankers’ liens
or similar non-consensual liens relating to deposit or securities accounts in favor of banks, other depositary institutions and
securities intermediaries arising in the ordinary course of business of Borrower; and (ix) liens on limited recourse equipment
financings (including equipment capital or finance leasing and purchase money equipment loans) secured only by the acquired equipment.

 

    	2

     

    

 

(v)
Person: A natural person, a partnership, a joint venture, an unincorporated association, a limited liability company, a
corporation, a trust, any other legal entity, or any Governmental Authority.

 

(w)
SPV: MS FACILITIES LLC, a Delaware limited liability company.

 

(x)
UCC: Shall mean the Uniform Commercial Code in effect in the State of Louisiana from time to time. Any term used in this
Agreement and in any Financing Statement filed in connection herewith which is defined in the UCC and not otherwise defined in
this Agreement or in any other Loan Document has the meaning given to the term in the UCC.

 

(y)
Unmatured Event of Default: Any event that, if it continues uncured, will, with lapse of time or notice, or both, constitute
an Event of Default hereunder and under the other Loan Documents.

 

2.
LOAN. All Loan proceeds under the Note shall be funded within three (3) business days of the date of the Commitment Letter
(as defined in Section 6(ff) below).

 

3.
EXPENSES: Borrower shall pay all fees and charges incurred in the procuring and making of the Loan and all other expenses
incurred by Lender during the term of the Loan, including without limitation, Florida Documentary Stamp Taxes, if applicable,
and the fees of the attorneys for Lender. The Borrower shall also pay any and all insurance premiums, taxes, assessments, and
other charges, liens and encumbrances upon the Collateral. Such amounts, unless sooner paid, shall be paid from time to time as
Lender shall request either to the Person to whom such payments are due or to Lender if Lender has paid the same.

 

4.
SECURITY AGREEMENT.

 

(a)
Security for Obligations. As security for the payment and performance of the Obligations, the Borrower does hereby pledge,
assign, transfer, deliver and grant to the Lender, for its own benefit and as agent for its affiliates, a continuing and unconditional
security interest in and to any and all property of the Borrower, of any kind or description, tangible or intangible, wheresoever
located and whether now existing or hereafter arising or acquired, including the following (all of which property, along with
the products and proceeds therefrom, are individually and collectively referred to as the “Collateral”):

 

(i)
all property of, or for the account of, the Borrower now or hereafter coming into the possession, control or custody of, or in
transit to, the Lender or any agent or bailee for the Lender or any parent, affiliate or subsidiary of the Lender or any participant
with the Lender in the Obligations (whether for safekeeping, deposit, collection, custody, pledge, transmission or otherwise),
including all earnings, dividends, interest, or other rights in connection therewith and the products and proceeds therefrom,
including the proceeds of insurance thereon; and

 

(ii)
the additional property of the Borrower, 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 Borrower’s books and records and recorded data relating thereto (regardless of the medium
of recording or storage), together with all of the Borrower’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, identified and set forth as follows:

 

    	3

     

    

 

1.
All Accounts and all Goods whose sale, lease or other disposition by the Borrower has given rise to Accounts and have been returned
to, or repossessed or stopped in transit by, the Borrower, or rejected or refused by an Account Debtor;

 

2.
All Inventory, including raw materials, work-in-process and finished goods;

 

3.
All Goods (other than Inventory), including embedded software, Equipment, vehicles, furniture and Fixtures;

 

4.
All Software and computer programs;

 

5.
All Securities, Investment Property, Financial Assets and Deposit Accounts;

 

6.
All Chattel Paper, Electronic Chattel Paper, Instruments, Documents, Letter of Credit Rights, all proceeds of letters of credit,
Health-Care-Insurance Receivables, Supporting Obligations, notes secured by real estate, Commercial Tort Claims and General Intangibles,
including Payment Intangibles; and

 

7.
All Proceeds (whether Cash Proceeds or Noncash Proceeds) of the foregoing property, including all insurance policies and proceeds
of insurance payable by reason of loss or damage to the foregoing property, including unearned premiums, and of eminent domain
or condemnation awards.

 

(b)
Possession and Transfer of Collateral. Until an Event of Default has occurred hereunder, the Borrower shall be entitled
to possession or use of the Collateral (other than Collateral required to be delivered to the Lender pursuant to this Section
4). The cancellation or surrender of any promissory note evidencing the Obligations, upon payment or otherwise, shall not affect
the right of the Lender to retain the Collateral for any other of the Obligations. The Borrower shall not sell, assign (by operation
of law or otherwise), license, lease or otherwise dispose of, or grant any option with respect to any of the Collateral, except
that the Borrower may sell inventory in the ordinary course of Borrower’s business.

 

(c)
Financing Statements. The Borrower shall, at the Lender’s request, at any time and from time to time, execute and
deliver to the Lender such financing statements, amendments and other documents and do such acts as the Lender deems necessary
in order to establish and maintain valid, attached and perfected security interests in the Collateral in favor of the Lender,
for its own benefit and as agent for its affiliates. The Borrower hereby irrevocably authorizes the Lender at any time, and from
time to time, to file in any jurisdiction any initial financing statements and amendments thereto without the signature of the
Borrower that (a) indicate the Collateral (i) is comprised of all assets of the Borrower or words of similar effect, regardless
of whether any particular asset comprising a part of the Collateral falls within the scope of Article 9 of the UCC, or (ii) as
being of an equal or lesser scope or within greater detail as the grant of the security interest set forth herein, and (b) contain
any other information required by Section 5 of Article 9 of the UCC. The Borrower further ratifies and affirms its authorization
for any financing statements and/or amendments thereto, executed and filed by the Lender in any jurisdiction prior to the date
of this Agreement. In addition, the Borrower shall make appropriate entries on its books and records disclosing the security interests
of the Lender, for its own benefit and as agent for its affiliates, in the Collateral.

 

(d)
Preservation of the Collateral. The Lender may, but is not required, to take such actions from time to time as the Lender
deems appropriate to maintain or protect the Collateral. The Lender shall have exercised reasonable care in the custody and preservation
of the Collateral if the Lender takes such action as the Borrower shall reasonably request in writing which is not inconsistent
with the Lender’s status as a secured party, but the failure of the Lender to comply with any such request shall not be
deemed a failure to exercise reasonable care; provided, however, the Lender’s responsibility for the safekeeping of the
Collateral shall (i) be deemed reasonable if such Collateral is accorded treatment substantially equal to that which the Lender
accords its own property, and (ii) not extend to matters beyond the control of the Lender, including acts of God, war, insurrection,
riot or governmental actions. In addition, any failure of the Lender to preserve or protect any rights with respect to the Collateral
against prior or third parties, or to do any act with respect to preservation of the Collateral, not so requested by the Borrower,
shall not be deemed a failure to exercise reasonable care in the custody or preservation of the Collateral. The Borrower shall
have the sole responsibility for taking such action as may be necessary, from time to time, to preserve all rights of the Borrower
and the Lender in the Collateral against prior or third parties. Without limiting the generality of the foregoing, where Collateral
consists in whole or in part of securities, the Borrower represents to, and covenants with, the Lender that the Borrower has made
arrangements for keeping informed of changes or potential changes affecting the securities (including rights to convert or subscribe,
payment of dividends, reorganization or other exchanges, tender offers and voting rights), and the Borrower agrees that the Lender
shall have no responsibility or liability for informing the Borrower of any such or other changes or potential changes or for
taking any action or omitting to take any action with respect thereto.

 

    	4

     

    

 

(e)
Other Actions as to any and all Collateral. The Borrower further agrees to take any other action reasonably requested by
the Lender to ensure the attachment, perfection and priority of, and the ability of the Lender to enforce, the security interest
of the Lender, for its own benefit and as agent for its affiliates, in any and all of the Collateral including (a) causing the
Lender’s name to be noted as secured party on any certificate of title for a titled good if such notation is a condition
to attachment, perfection or priority of, or ability of the Lender to enforce, the security interest of the Lender, for its own
benefit and as agent for its affiliates, in such Collateral, (b) complying with any provision of any statute, regulation or treaty
of the United States as to any Collateral if compliance with such provision is a condition to attachment, perfection or priority
of, or ability of the Lender to enforce, the security interest of the Lender, for its own benefit and as agent for its affiliates,
in such Collateral, (c) obtaining governmental and other third party consents and approvals, including any consent of any licensor,
lessor or other Person obligated on Collateral, (d) obtaining waivers from mortgagees and landlords in form and substance satisfactory
to the Lender, and (e) taking all actions required by the UCC in effect from time to time or by other law, as applicable in any
relevant UCC jurisdiction, or by other law as applicable in any foreign jurisdiction. The Borrower further agrees to indemnify
and hold the Lender harmless against claims of any Persons not a party to this Agreement concerning disputes arising over the
Collateral.

 

(f)
Collateral in the Possession of a Warehouseman or Bailee. If any of the Collateral at any time is in the possession of
a warehouseman or bailee, the Borrower shall promptly notify the Lender thereof, and shall promptly obtain a collateral access
agreement.

 

(g)
Letter-of-Credit Rights. If the Borrower at any time is a beneficiary under a letter of credit now or hereafter issued
in favor of the Borrower, the Borrower shall promptly notify the Lender thereof and, at the request and option of the Lender,
the Borrower shall, pursuant to an agreement in form and substance satisfactory to the Lender, either (i) arrange for the issuer
and any confirmer of such letter of credit to consent to an assignment to the Lender, for its own benefit and as agent for its
affiliates, of the proceeds of any drawing under the letter of credit, or (ii) arrange for the Lender, for its own benefit and
as agent for its affiliates, to become the transferee beneficiary of the letter of credit, with the Lender agreeing, in each case,
that the proceeds of any drawing under the letter to credit are to be applied as provided in this Agreement.

 

(h)
Commercial Tort Claims. If the Borrower shall at any time hold or acquire a Commercial Tort Claim, the Borrower shall immediately
notify the Lender in writing signed by the Borrower of the details thereof and grant to the Lender, for its own benefit and as
agent for its affiliates, in such writing a security interest therein and in the proceeds thereof, all upon the terms of this
Agreement, in each case in form and substance satisfactory to the Lender, and shall execute any amendments hereto deemed reasonably
necessary by the Lender to perfect the security interest of the Lender, for its own benefit and as agent for its affiliates, in
such Commercial Tort Claim.

 

(i)
Electronic Chattel Paper and Transferable Records. If the Borrower at any time holds or acquires an interest in any electronic
chattel paper or any “transferable record”, as that term is defined in Section 201 of the federal Electronic Signatures
in Global and National Commerce Act, or in Section 16 of the Uniform Electronic Transactions Act as in effect in any relevant
jurisdiction, the Borrower shall promptly notify the Lender thereof and, at the request of the Lender, shall take such action
as the Lender may reasonably request to vest in the Lender control under Section 9-105 of the UCC of such electronic chattel paper
or control under Section 201 of the federal Electronic Signatures in Global and National Commerce Act or, as the case may be,
Section 16 of the Uniform Electronic Transactions Act, as so in effect in such jurisdiction, of such transferable record. The
Lender agrees with the Borrower that the Lender will arrange, pursuant to procedures satisfactory to the Lender and so long as
such procedures will not result in the Lender ‘s loss of control, for the Borrower to make alterations to the electronic
chattel paper or transferable record permitted under Section 9-105 of the UCC or, as the case may be, Section 201 of the federal
Electronic Signatures in Global and National Commerce Act or Section 16 of the Uniform Electronic Transactions Act for a party
in control to make without loss of control.

 

    	5

     

    

 

All
capitalized words and phrases used in this Section 4 and not otherwise specifically defined in this Agreement shall have the respective
meanings assigned to such terms in the UCC, to the extent the same are used or defined therein.

 

5.
WARRANTIES AND REPRESENTATIONS. Borrower represents and warrants (which representations and warranties shall be deemed
continuing) as follows:

 

(a)
Organization Status. Borrower (i) is duly organized under the laws of the State of Louisiana, (ii) is in good standing
under the laws of the State of Louisiana, (iii) is qualified to do business in the State of Louisiana, and (iv) has membership
interests which have been duly and validly issued.

 

(b)
Place of Business. The principal place of business, and the location of all Collateral and books and records of the Borrower
is set forth in the preamble to this Agreement. The Borrower shall promptly notify the Lender of any change in such location.
The Borrower will not remove or permit the Collateral to be removed from such location without the prior written consent of the
Lender, except for inventory sold in the usual and ordinary course of the Borrower’s business.

 

(c)
Compliance with Laws. Borrower is in compliance with all laws, regulations, ordinances and orders of all Governmental Authorities.
Borrower is not engaged in any activity that is illegal under federal, state or local law.

 

(d)
Accurate Information. All information now and hereafter furnished to Lender is and will be true, correct and complete in
all material respects. Any such information relating to Borrower’s financial condition has and will accurately reflect such
financial condition as of the date(s) thereof, (including all contingent liabilities of every type), and Borrower further represent
that its financial condition has not changed materially or adversely since the date(s) of such documents, including Borrower’s
calculation of EBITDA for fiscal year end 2019.

 

(e)
Authority to Enter into Loan Documents. The Borrower has full power and authority to enter into the Loan Documents and
consummate the transactions contemplated hereby, and the facts and matters expressed or implied in the opinions of its legal counsel
are true and correct.

 

(f)
Validity of Loan Documents. The Loan Documents have been approved by those Persons having proper authority, and are in
all respects legal, valid and binding according to their terms.

 

(g)
Conflicting Transactions. The consummation of the transaction hereby contemplated and the performance of the obligations
of Borrower under and by virtue of the Loan Documents will not result in any breach of, or constitute a default under, any lease,
loan or credit agreement, or other instrument to which Borrower is a party or by which they may be bound or affected.

 

(h)
Pending Litigation. There are no actions, suits or proceedings pending against Borrower or the Collateral, or circumstances
which could lead to such action, suits or proceedings against or affecting Borrower or the Collateral, or involving the validity
or enforceability of any of the Loan Documents, before or by any Governmental Authority, except actions, suits and proceedings
which have been specifically disclosed to and approved by Lender in writing; and Borrower is not in default with respect to any
order, writ, injunction, decree or demand of any court or any Governmental Authority.

 

    	6

     

    

 

(i)
Condition of Collateral. The Collateral is not now damaged or injured as a result of any fire, explosion, accident, flood
or other casualty.

 

(j)
Discharge of Liens and Taxes. Borrower is current (or will be current with any Loan proceeds specified for eligible tax
payments) on all federal, state, and local taxes, including but not limited to income taxes, payroll taxes, real estate taxes,
and sales taxes. Borrower has duly filed, paid and/or discharged all other taxes or other claims that may become a lien on any
of its property or assets, except to the extent that such items are being appropriately contested in good faith and an adequate
reserve for the payment thereof is being maintained.

 

(k)
Sufficiency of Capital. Borrower is not, and after consummation of this Agreement and after giving effect to all indebtedness
incurred and liens created by Borrower in connection with the Note and any other Loan Documents, will not be, insolvent within
the meaning of 11 U.S.C. § 101, as in effect from time to time.

 

(l)
ERISA. Each employee pension benefit plan, as defined in Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
maintained by Borrower meets, as of the date hereof, the minimum funding standards of ERISA and all applicable regulations thereto
and requirements thereof, and of the Internal Revenue Code of 1986, as amended. No “Prohibited Transaction” or “Reportable
Event” (as both terms are defined by ERISA) has occurred with respect to any such plan.

 

(m)
No Default. Borrower is not in default in any material respect under any agreement or instrument to which it is a party
or by which it may be bound which would individually or in the aggregate have a material adverse effect on the financial condition
or business of Borrower.

 

(n)
EBITDA Leverage Condition. Borrower meets the EBITDA leverage condition of the Facility.

 

(o)
Eligible Borrower. Borrower represents and warrants to Lender that Borrower is an Eligible Borrower (as that term is defined
under the Facility), and that the Borrower:

 

(i)
is a Business (as defined in the Borrower Certification) that was established prior to March 13, 2020;

 

(ii)
is not an Ineligible Business, as that term is described under 13 CFR 120.110(b)-(j) and (m)-(s), as modified by regulations implementing
the Paycheck Protection Program (“PPP”) established by Section 1102 of the CARES Act on or before April 24, 2020;

 

(iii)
when aggregated with its affiliates (in accordance with the Instructions to the Borrower Certification), either: (i) has 15,000
employees or fewer, or (ii) had 2019 annual revenues of $5,000,000,000.00 or less;

 

(iv)
is created or organized in the United States or under the laws of the United States and has significant operations in and a majority
of its employees based in the United States, consistent with Section 4003(c)(3)(C) of the CARES Act;

 

(v)
does not and will not also participate in any other Main Street Lending Program loan or the Primary Market Corporate Credit Facility;
and

 

(vi)
has not received specific support pursuant to Subtitle A of Title IV of the CARES Act.

 

    	7

     

    

 

(p)
Other Indebtedness. Borrower represents and warrants to Lender that, as of the date hereof, (i) the Borrower has other
indebtedness, and (ii) the Borrower has obtained any required consents from the lenders of such other indebtedness to enter into
this Loan, or such consents have otherwise been waived or no such consents are required.

 

6.
COVENANTS. Borrower covenants and agrees with Lender as follows:

 

(a)
Taxes. Borrower certifies that it has filed or caused to be filed all federal, state and other tax returns which are required
to be filed, and have paid or caused to be paid all taxes as shown on said returns or in any manner due to be paid (including,
but not limited to, ad valorem and personal property taxes) or on any assessment received by Borrower and not being contested
in good faith, to the extent that such taxes have become due.

 

(b)
Notice of Litigation. Borrower shall promptly give Lender written notice of (a) a judgment entered against Borrower, or
(b) the commencement of any action, suit, claim, counterclaim or proceeding against or investigation of Borrower which, if adversely
determined, would materially adversely affect the business of Borrower, or which questions the validity of this Agreement or the
Note, or any other actions or agreements taken or to be made pursuant to any of the foregoing.

 

(c)
Notice of Default. Borrower shall promptly give Lender written notice of any act of default under any agreement with Lender
or under any other contract to which Borrower is a party and of any acceleration of indebtedness caused thereby which would have
a materially adverse affect to the business of Borrower.

 

(d)
Reports. Borrower shall promptly furnish Lender with copies of all governmental agency, and other special reports pertaining
to or affecting Borrower, which would materially adversely affect the business of Borrower.

 

(e)
Change of Control. Borrower shall not have a Change of Control without the prior written approval of the Lender, which
approval shall not be unreasonably withheld. Borrower shall promptly notify Lender of any change in ownership during the term
of the Loan. Borrower shall at all times comply with the Lender’s standard and customary “know your customer”
reviews and clearance in connection with any approved Change of Control.

 

(f)
Ownership of Borrower. Borrower and/or the direct and indirect owners of Borrower are not “Specially Designated Nationals”
by the Office of Foreign Asset Control. No owner of twenty (20%) or more of Borrower is (i) incarcerated, on probation or parole;
(ii) subject to an indictment, criminal arraignment or any other means of formal criminal charges brought in any jurisdiction;
or (iii) convicted of a felony in the last five (5) years.

 

(g)
Change in Fiscal Year. Borrower shall not change its fiscal year without the prior written consent of Lender. Borrower’s
fiscal year ends on December 31.

 

(h)
No Sale of Assets. Borrower shall not, during the term of the Loan, transfer any material portion of its assets unless
such transfer is in the ordinary course of Borrower’s business, for fair market value and such fair market value is given
to Borrower, in its sole name, and such transfer will not have a material adverse effect on the financial condition of Borrower
and/or its ability to perform the obligations hereunder, as determined by Lender in its sole and absolute discretion.

 

(i)
Title to Collateral. Borrower will deliver to Lender, on demand, any contracts, bills of sale, statements, receipted vouchers
or agreements under which Borrower claims title to any of the Collateral.

 

(j)
Payment of Debts. Borrower shall pay and discharge when due, and before subject to penalty or further charge, and otherwise
satisfy before maturity or delinquency, all obligations, debts, taxes, and liabilities of whatever nature or amount, except those
which Borrower in good faith disputes.

 

    	8

     

    

 

(k)
Collection of Insurance Proceeds. Borrower will cooperate with Lender in obtaining for Lender the benefits of any insurance
or other proceeds lawfully or equitably payable to it in connection with the transaction contemplated hereby and the collection
of any indebtedness or obligation of Borrower to Lender incurred hereunder.

 

(l)
Further Assurances and Preservation of Security. Borrower will do all acts and execute all documents for the better and
more effective carrying out of the intent and purposes of this Agreement, as Lender shall reasonably require from time to time,
and will do such other acts necessary or desirable to preserve and protect the Collateral at any time securing or intending to
secure the Note, as Lender may require.

 

(m)
No Assignment. Borrower shall not assign this Agreement or any interest therein and any such assignment is void and of
no effect. Lender may assign this Agreement and any other Agreements contemplated hereby, and all of its rights hereunder and
thereunder, and all provisions of this Agreement shall continue to apply to the Loan. Lender also shall have the right to participate
the Loan with any other lending institution.

 

(n)
Access to Books and Records. Borrower shall allow Lender, or its agents, after reasonable prior notice and during reasonable
normal business hours, to access Borrower’s books, records and such other documents, and allow Lender, at Borrower’s
expense, to inspect, audit and examine the same and to make extracts therefrom and to make copies thereof.

 

(o)
Business Continuity. Borrower shall conduct its business in substantially the same manner and locations as such business
is now and has previously been conducted during the term of the Loan.

 

(p)
Insurance.

 

(A)
Borrower shall obtain, maintain and keep in full force and effect during the term of the Loan adequate insurance coverage, with
all premiums paid thereon and without notice or demand, with respect to its properties and business against loss or damage of
the kinds and in the amounts customarily insured against by companies of established reputation engaged in the same or similar
businesses including, without limitation:

 

(i)
Public liability insurance insuring against all claims for personal or bodily injury, death, or property damage in an amount of
not less than $1,000,000.00 single limit coverage, and $2,000,000.00 in the aggregate. Such policy shall include an additional
insured endorsement naming the Lender as loss payee; and

 

(ii)
Insurance in such amounts and against such other casualties and contingencies as may from time to time be required by Lender.

 

(B)
All policies of insurance required hereunder shall: (i) be written by carriers which are licensed or authorized to transact business
in the State of Florida, and are rated “A” or higher, Class XII or higher, according to the latest published Best’s
Key Rating Guide and which shall be otherwise acceptable to Lender in all other respects, (ii) provide that the Lender shall receive
thirty (30) days’ prior written notice from the insurer before a cancellation, modification, material change or non-renewal
of the policy becomes effective, and (iii) be otherwise satisfactory to Lender.

 

(C)
Borrower shall not, without the prior written consent of Lender, take out separate insurance concurrent in form or contributing
with regard to any insurance coverage required by Lender.

 

(D)
At all times during the term of the Loan, Borrower shall have delivered to Lender the original (or a certified copy) of all policies
of insurance required hereby, together with receipts or other evidence that the premiums therefor have been paid.

 

    	9

     

    

 

(E)
Not less than thirty (30) days prior to the expiration date of any insurance policy, Borrower shall deliver to Lender the original
(or certified copy), or the original certificate, as applicable, of each renewal policy, together with receipts or other evidence
that the premiums therefor have been paid.

 

(F)
The delivery of any insurance policy and any renewals thereof, shall constitute an assignment thereof to Lender, and Borrower
hereby grants to Lender a security interest in all such policies, in all proceeds thereof and in all unearned premiums therefor.

 

(q)
Subordination of Debt. Borrower will fully subordinate all of the Borrower’s debts owed to third parties, including,
without limitation, officers, employees, stockholders, and affiliates, upon terms and conditions acceptable to Lender, other than
Permitted Debt.

 

(r)
Indemnification. Borrower hereby indemnifies and holds Lender, its directors, officers, agents, employees and attorneys
harmless from and against any liability, loss, expenses, damage of any nature, and claims, including, without limitation, brokers’
claims, arising in connection with the Loan.

 

(s)
Indebtedness. During the term of the Loan, Borrower shall not incur, create, assume or permit to exist any indebtedness
or liability on account of advances or deposits, any indebtedness or liability for borrowed money, any indebtedness constituting
the deferred purchase price of any property or assets, any indebtedness owed under any conditional sale or title retention agreement,
contingent obligations pursuant to guaranties, endorsements, letters of credit and other secondary liabilities, or any other indebtedness
or liability evidenced by notes, bonds, debentures or similar obligations without the prior written approval of Lender, except
for Permitted Debt.

 

(t)
Liens. Borrower will not, nor will it permit any subsidiary to, create, incur, assume or suffer to exist any lien upon
any of its property, assets or revenues, whether now owned or hereafter acquired, securing any debt for borrowed money or any
obligations evidenced by a bond, debenture, note, loan agreement or other similar instrument, or any guarantee of the foregoing,
other than Permitted Liens.

 

(u)
Cancellation or Reduction of Lines of Credit. Borrower will not seek to cancel or reduce any of its committed lines of
credit with the Lender or any other lender until (i) the Loan is repaid in full or (ii) neither the SPV nor a Governmental Assignee
holds an interest in the Loan in any capacity.

 

(v)
Solvency and Bankruptcy. The Borrower has a reasonable basis to believe that, as of the date of origination of the Loan,
and after giving effect to such Loan, the Borrower has the ability to meet its financial obligations for at least the next ninety
(90) days and does not expect to file for bankruptcy during that time period.

 

(w)
Compensation, Stock Repurchase, and Capital Distribution Restrictions. The Borrower will follow compensation, stock repurchase,
and capital distribution restrictions that apply to direct loan programs under Section 4003(c)(3)(A)(ii) of the CARES Act, including,
without limitation:

 

(i)
Until twelve (12) months after the Loan has been repaid, Borrower shall not buyback stock of equity securities listed on a national
securities exchange of Borrower or a parent of Borrower (exceptions for contractual obligations entered in to prior to March 27,
2020);

 

(ii)
Borrower shall not make dividend payments or capital distributions on common stock of Borrower (except that an S-corporation or
other tax pass-through entity that is a Borrower may make distributions to the extent reasonably required to cover its owners’
tax obligations in respect of the entity’s earnings); and

 

(iii)
From the date hereof until twelve (12) months after the Loan has been repaid, Borrower shall comply with the compensation limits
set out in Section 4004 of the CARES Act.

 

    	10

     

    

 

(x)
Eligible To Participate in the Facility. The Borrower is eligible to participate in the Facility, including in light of
the conflicts of interest prohibition in Section 4019(b) of the CARES Act. In addition, Borrower certifies to Lender that it has
not obtained, and will not obtain, (i) another loan under the Facility, (ii) any other Main Street Lending Program loan, or (iii)
a Primary Market Corporate Credit Facility.

 

(y)
Payroll Maintenance and Employee Retention. The Borrower will make commercially reasonable efforts to maintain its payroll
and retain its employees during the time the Loan is outstanding to the extent required by the CARES Act, the Facility and the
FAQs.

 

(z)
Priority of Loan. At the time of origination of the Loan and at all times during the term of the Loan, the Loan shall be
senior to, or pari passu with, in terms of priority and security, the Borrower’s other loans or debt instruments, other
than Mortgage Debt.

 

(aa)
Repayment of Other Indebtedness. Borrower will not repay the principal balance of, or pay any interest on, any debt unless
the principal or interest payment is mandatory and due, until (i) the Loan is repaid in full or (ii) neither the SPV nor a Governmental
Assignee holds an interest in the Loan in any capacity, provided that Borrower may, at the time of origination of the Loan, refinance
existing debt owed by the Borrower to a lender that is not the Lender.

 

With
respect to debt that predates the Loan, principal and interest payments are “mandatory and due”: (i) on the future
date upon which they were scheduled to be paid as of the date of origination of the Loan, or (ii) upon the occurrence of an event
that automatically triggers mandatory prepayments under a contract for indebtedness that the Borrower executed prior to the date
of origination of the Loan, except that any such prepayments triggered by the incurrence of new debt can only be paid (i) if such
prepayments are de minimis, or (ii) under the Facility at the time of origination of the Loan.

 

For
the avoidance of doubt, Borrower may continue to pay, and Lender may request that Borrowers pay, interest or principal payments
on outstanding debt on (or after) the payment due date, provided that the payment due date was scheduled prior to the date of
origination of the Loan. Borrower may not pay, and Lender may not request that Borrower pay, interest or principal payments on
such debt ahead of schedule during the life of the Loan, unless required by a mandatory prepayment clause as specifically permitted
above.

 

For
future debt incurred by the Borrower in compliance with the terms and conditions of the Facility, principal and interest payments
are “mandatory and due” on their scheduled dates or upon the occurrence of an event that automatically triggers mandatory
prepayments.

 

(bb)
Mandatory Prepayment. If, on any date (such date, a “Trigger Date”), the Board of Governors of the Federal
Reserve System or a designee thereof has, after consultation with Lender, notified Lender in writing that the Borrower has materially
breached, made a material misrepresentation with respect to or otherwise failed to comply with certifications in Section 2 (CARES
Act Borrower Eligibility Certifications and Covenants) or Section 3 (FRA and Regulation A Borrower Eligibility Certifications)
of the Borrower Certification in any material respect or that any such certification has failed to be true and correct in any
material respect, then Lender shall promptly so notify the Borrower and the Borrower shall, no later than two (2) business days
after such Trigger Date, prepay the Loan in full, along with any accrued and unpaid interest thereon.

 

(cc)
Compliance with Borrower Certification, the Facility and the CARES Act. At all times during the term of the Loan, Borrower
shall comply with all other covenants, terms and conditions set forth in the Borrower Certification, the Facility and/or the CARES
Act.

 

(dd)
Cooperation Agreement. In the event any of the documents evidencing and/or securing the Loan between Borrower and Lender
are misstated or inaccurately reflect the agreed upon, true and correct terms and provisions of the Loan and said misstatements
or inaccuracies are due to the unilateral mistake on the part of Lender, mutual mistake on the part of Lender and/or Borrower,
or clerical error, then in such event Borrower shall, upon reasonable request by Lender, and in order to correct such misstatement
or inaccuracy, or to comply with the Facility requirements or in Lender’s reasonable opinion, more accurately evidence the
Loan, execute such new documents or initial such corrected original documents as Lender may deem reasonably necessary to remedy
said inaccuracy or mistake or to comply with the Facility requirements or in Lender’s reasonable opinion, more accurately
evidence the Loan.

 

    	11

     

    

 

(ee)
Fees and Expenses. Upon the funding of the Loan, (i) Borrower shall pay to SPV a transaction fee in the amount of $43,698.60
in connection with the Loan, and (ii) Borrower shall pay to Lender an origination fee in the amount of $43,698.60 in connection
with the Loan. At Borrower’s option, the foregoing fees can be deducted from the Loan proceeds at closing. In addition to
the foregoing fees, Borrower agrees to pay all other fees and expenses incurred by Lender in connection with the Loan, as more
particularly described in Section 3 above, which shall include, but not be limited to, the legal fees and costs of Lender’s
counsel.

 

(ff)
Facility Commitment Letter. Borrower hereby acknowledges and agrees that Lender shall be under no obligation to close and
fund the Loan until the Lender has received a commitment letter (the “Commitment Letter”) from SPV that it will purchase
a participation interest in the amount of $4,151,367.00 of the aggregate principal amount of the Loan under the Facility in accordance
with the terms and guidelines of the Facility.

 

7.
FINANCIAL AND REPORTING REQUIREMENTS.

 

(a)
Depository Relationship. At all times during the term of the Loan, the Borrower shall maintain with Lender (i) its primary
depository account(s), including its primary Operating Account(s), and (ii) its primary Treasury Management Services. As used
herein, “Operating Account(s)” shall mean bank accounts that facilitate the collection of sales, including accounts
receivable, and the payment of expenses and payroll disbursements; and “Treasury Management Services” shall mean commercial
banking platforms that facilitate the origination of wire transfers and ACH transactions, the transfer of funds between accounts,
positive pay decisioning, remote capture of check deposits and/or other electronic banking services. The Operating Accounts must
be opened, and the Treasury Management Services established prior to closing or funding of the Loan. In addition, at all times
during the term of the Loan, Borrower shall maintain a minimum deposit ledger balance with Lender in an amount equal to the lesser
of (i) $655,479.00, or (ii) fifteen percent (15%) of the outstanding principal balance of the Loan (based on the principal balance
in effect as of the end of each applicable quarter) (the “Minimum Deposit Relationship”), to be tested and applied
on a quarterly basis. Failure to maintain the Minimum Deposit Relationship will result in a fee payable to Lender equal to two
percent (2%) per annum of the amount of the deficiency (the “Deficiency Fee”), which Deficiency Fee shall be charged
automatically without any notice to Borrower. The Deficiency Fee shall not be deemed to be or constitute additional interest under
the Loan, as it relates specifically and directly to the required deposit balances. In the event Borrower fails to maintain the
required Minimum Deposit Relationship and the Deficiency Fee becomes due and payable by Borrower, Lender shall be entitled to
either (i) exercise its rights of setoff against the Borrower’s accounts held with Lender in order to collect the Deficiency
Fee, or (ii) send a written demand to Borrower that the Deficiency Fee be paid within ten (10) days of written notice thereof.
At Lender’s sole discretion, the Minimum Deposit Relationship may be satisfied not only with Borrower accounts, but also
with (a) accounts maintained with Lender by any guarantor of the Loan, and/or Borrower’s affiliates and shareholders, or
(b) any accounts owned or controlled by the Borrower, any guarantor of the Loan, and/or Borrower’s affiliates and shareholders
(collectively, the “Related Accounts”). To the extent such Related Accounts are included in the calculation of the
Minimum Deposit Relationship, Lender may exercise its right of setoff against any such Related Accounts along with any Borrower
accounts.

 

(b)
Borrower’s Annual Financial Statements. Within one hundred twenty (120) days after the end of each fiscal year, Borrower
shall provide Lender with an annual financial statement prepared on a consolidated basis in accordance with GAAP, with comparable
information for the year to date and the immediately preceding fiscal year, all certified (as to the consolidated financial statements)
by a recognized firm of certified public accountants. In addition, as soon as available, but in any event within sixty (60) days
after the end of each fiscal year of the Borrower, (i) the Borrower shall deliver to the Lender financial reporting applicable
for the Facility, in a form and substance reasonably acceptable to the Lender, setting forth the financial information, and where
applicable reasonably detailed calculations of the required data, set forth in Appendix C to the FAQs as at the end of such fiscal
year of the Borrower, which financial reporting and calculations, in each case, shall be true and accurate in all material respects
and, where applicable, present fairly in all material respects the financial condition of the Borrower for the period covered
thereby in accordance with GAAP, consistently applied, and (ii) such supporting documentation as Lender reasonably requests.

 

    	12

     

    

 

(c)
Borrower’s Quarterly Financial Reporting Requirements. As soon as available, but in any event within sixty (60) days
after the end of each fiscal quarter of the Borrower, (i) the Borrower shall deliver to the Lender financial reporting applicable
for the Facility, in a form and substance reasonably acceptable to the Lender, setting forth the financial information, and where
applicable reasonably detailed calculations of the required data, set forth in Appendix C to the FAQs as at the end of such fiscal
quarter of the Borrower, which financial reporting and calculations, in each case, shall be true and accurate in all material
respects and, where applicable, present fairly in all material respects the financial condition of the Borrower for the period
covered thereby in accordance with GAAP, consistently applied, and (ii) such supporting documentation as Lender reasonably requests.

 

(d)
Tax Returns. Within thirty (30) days of filing, Borrower shall supply Lender with a copy of its annual federal income tax
returns, including, without limitation, K-1 statements for all Partnerships and Sub Chapter S Corporations, or, if an extension
is filed for any tax return, within thirty (30) days after any permitted extension date.

 

(e)
Changes to Financial Reporting Requirements. Lender may, in its sole and absolute discretion, upon written notice to the
Borrower, do the following: (i) change the financial reporting requirements applicable to the Borrower with respect to the Facility
in accordance with any changes made to the financial reporting requirements of the Federal Reserve set forth on Appendix C to
the FAQs attached hereto as Exhibit “A”, (ii) change the frequency of delivery of the financial statements
and reports required to be provided to Lender by Borrower hereunder, (iii) change the method of preparation for the financial
statements required to be provided to Lender by Borrower hereunder, or (iv) require Borrower to provide additional financial statements,
reports or information regarding the Collateral, or the operation, business affairs or financial condition of Borrower. In the
event that Lender notifies the Borrower of a change to the financial reporting requirements hereunder, Borrower agrees (i) to
execute any and all documentation required by Lender to acknowledge such change, and (ii) to comply with Lender’s request
for the revised and/or additional financial reporting requirements.

 

(f)
Form of Financial Statements. The form and content of each financial statement as required above, shall be acceptable to
Lender in its sole discretion, shall be certified by each party to be correct and complete, and shall include a complete description
of all contingent liabilities, including, without limitation, all indebtedness guaranteed.

 

For
ease of reference and for the convenience of the parties, Appendix C to the FAQs is attached to this Agreement as Exhibit “A”
and is incorporated by reference as if fully set forth herein..

 

8.
DEFAULT. Upon the occurrence of any of the following events (each an “Event of Default” and collectively, the
“Events of Default”), Lender may at its option exercise any of its remedies set forth herein:

 

(a)
Borrower fails to perform any obligation under the Note when due, whether on the scheduled due date or upon acceleration, maturity
or otherwise; or

 

(b)
Borrower fails to perform any other obligation under the Loan Documents beyond any applicable notice and cure periods; or

 

(c)
Borrower fails to perform any obligations under this Agreement (other than the items set forth in subsection (d) through (p) below
for which there will be no grace periods other than as specifically stated therein) and such failure continues for thirty (30)
days after written notice thereof shall have been given to Borrower, provided that if such breach cannot reasonably be cured within
such thirty (30) day period and Borrower shall commence to cure such breach with such thirty (30) day period and thereafter diligently
and expeditiously proceeds to cure same, the thirty (30) day period shall be extended for so long as it shall reasonably require
Borrower in the exercise of its best efforts to cure such breach, it being agreed that no such extension shall be for a period
in excess of sixty (60) days after written notice of such breach; or

 

    	13

     

    

 

(d)
Borrower fails to pay or perform any other obligation, liability or indebtedness to any other party beyond the expiration of any
applicable notice and cure period; or

 

(e)
A “Default” or an “Event of Default” (as defined in each respective document) occurs (beyond any applicable
notice and cure period) under any of the Loan Documents; or

 

(f)
If any warranty or representation made by Borrower in this Agreement or pursuant to the terms hereof shall at any time be false
or misleading in any material respect, or if Borrower shall fail to keep, observe or perform any of the terms, covenants, representations
or warranties contained in this Agreement, the Note or any other document given in connection with the Loan, or is unwilling to
meet its obligations thereunder; or

 

(g)
The dissolution of, termination of existence of, loss of good standing status by Borrower, its subsidiaries or affiliates, if
any, or any party to the Loan Documents; or

 

(h)
Borrower becomes the subject of any bankruptcy or other voluntary or involuntary proceeding, in or out of court, for the adjustment
of debtor-creditor relationships, and, in the case of any involuntary proceeding, such proceeding is not discharged within ninety
(90) days of the filing thereof; or

 

(i)
The entry of a judgment against Borrower that would reasonably be expected to have a material adverse effect on Borrower’s
business or financial condition in Lender’s reasonable discretion; or

 

(j)
The seizure or forfeiture of, or the issuance of any writ of possession, garnishment or attachment, or any turnover order for
any property of Borrower; or

 

(k)
A material alteration in the kind or type of Borrower’s prospects or business, financial or otherwise, or in the financial
condition of the Borrower, is made without the prior written consent of Lender, such consent not to be unreasonably withheld;
or

 

(l)
(i) Borrower or any subsidiary of Borrower shall fail to make any payment when due (whether by scheduled maturity, required prepayment,
acceleration, demand, or otherwise) in respect of any Indebtedness (other than the Loan) owing to the Lender or any commonly controlled
affiliate of the Lender, in each case beyond the applicable grace period with respect thereto, if any; or (ii) Borrower or any
subsidiary of Borrower shall fail to observe or perform any other agreement or condition relating to any such Indebtedness or
contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which
failure to make a payment, default or other event described in clause (i) or (ii) is to cause such Indebtedness to become due
or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or
redeem such Indebtedness to be made, prior to its stated maturity; provided that clause (ii) shall not apply to secured Indebtedness
that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness, if such sale
or transfer is permitted hereunder and under the documents providing for such Indebtedness and such Indebtedness is repaid when
required under the documents providing for such Indebtedness. As used in this Section 8(l), “Indebtedness” shall mean
all debt for borrowed money and any obligations evidenced by a bond, debenture, note, loan agreement or other similar instrument,
and any guarantee of any of the foregoing; or

 

(m)
A Change of Control occurs; or

 

(n)
The failure of Borrower to timely provide any of the information as required in Section 7 above; or

 

(o)
The failure of the Borrower’s business to materially comply with any law or regulation controlling its operation, and such
failure continues for more than thirty (30) days after Borrower becomes aware thereof; or

 

    	14

     

    

 

(p)
The failure of Borrower to comply with the terms and conditions of Section 6(t) through Section 6(bb), or any other terms and
conditions of the Borrower Certification, the Facility or the CARES Act.

 

9.
REMEDIES OF LENDER. Upon the happening of an Event of Default, then Lender may, at its option, upon written notice to Borrower:

 

(a)
Commence an appropriate legal or equitable action to enforce performance of this Agreement;

 

(b)
Accelerate the payment of the Note and the Loan, apply all or any portion of any equity funds toward payment of the Loan, and
commence appropriate legal and equitable action to collect all such amounts due Lender; or

 

(c)
Exercise any other rights or remedies Lender may have under the Loan Documents referred to in this Agreement or executed in connection
with the Loan or which may be available under applicable law.

 

10.
GENERAL TERMS. The following shall be applicable throughout the period of this Agreement or thereafter as provided herein:

 

(a)
Rights of Third Parties. All conditions of the Lender hereunder are imposed solely and exclusively for the benefit of Lender
and its successors and assigns, and no other Person shall have standing to require satisfaction of such conditions or be entitled
to assume that Lender will make advances in the absence of strict compliance with any or all thereof, and no other Person shall,
under any circumstances, be deemed to be a beneficiary of this Agreement or the Loan Documents, any provisions of which may be
freely waived in whole or in part by the Lender at any time if, in its sole discretion, it deems it desirable to do so.

 

(b)
Borrower is not Lender’s Agent. Nothing in this Agreement, the Note or any other Loan Document shall be construed
to make the Borrower the Lender’s agent for any purpose whatsoever, or the Borrower and Lender partners, or joint or co-venturers,
and the relationship of the parties shall, at all times, be that of debtor and creditor.

 

(c)
Loan Expense/Enforcement Expense. Borrower agrees to pay to Lender on demand all reasonable costs and expenses incurred
by Lender in seeking to enforce Lender’s rights and remedies under this Agreement, including court costs, costs of alternative
dispute resolution and reasonable attorneys’ fees and costs, whether or not suit is filed or other proceedings are initiated
hereon.

 

(d)
Evidence of Satisfaction of Conditions. Lender shall, at all times, be free independently to establish to its good faith
and satisfaction, and in its absolute discretion, the existence or nonexistence of a fact or facts which are disclosed in documents
or other evidence required by the terms of this Agreement.

 

(e)
Headings. The headings of the sections, paragraphs and subdivisions of this Agreement are for the convenience of reference
only, and shall not limit or otherwise affect any of the terms hereof.

 

(f)
Invalid Provisions to Affect No Others. If performance of any provision hereof or any transaction related hereto is limited
by law, then the obligation to be performed shall be reduced accordingly; and if any clause or provision herein contained operates
or would prospectively operate to invalidate this Agreement in part, then the invalid part of said clause or provision only shall
be held for naught, as though not contained herein, and the remainder of this Agreement shall remain operative and in full force
and effect. In addition, if any clause or provision herein contained is deemed to violate the governmental restrictions affecting
the Facility, then the portion of such clause that violates the terms of the Facility shall be deemed void ab initio, as though
not contained herein, and the remainder of the terms and conditions of this Agreement shall remain operative and in full force
and effect.

 

    	15

     

    

 

(g)
Application of Interest to Reduce Principal Sums Due. In the event that any charge, interest or late charge is above the
maximum rate provided by law, then any excess amount over the lawful rate shall be applied by Lender to reduce the principal sum
of the Loan or any other amounts due Lender hereunder.

 

(h)
Governing Law. The laws of the State of Florida shall govern the interpretation and enforcement of this Agreement.

 

(i)
Number and Gender. Whenever the singular or plural number, masculine or feminine or neuter gender is used herein, it shall
equally include the others and shall apply jointly and severally.

 

(j)
Prior Agreement. To the extent necessary, this Agreement shall be deemed to be an amendment to any prior loan agreement
between Borrower and Lender, and in the event of a conflict between the terms of this Agreement or any such prior agreement, the
terms of this Agreement shall govern.

 

(k)
Waiver. If Lender shall waive any provisions of the Loan Documents, or shall fail to enforce any of the conditions or provisions
of this Agreement, such waiver shall not be deemed to be a continuing waiver and shall never be construed as such; and Lender
shall thereafter have the right to insist upon the enforcement of such conditions or provisions. Furthermore, no provision of
this Agreement shall be amended, waived, modified, discharged or terminated, except by instrument in writing signed by the parties
hereto.

 

(l)
Notices. All notices from the Borrower to Lender and Lender to Borrower required or permitted by any provision of this
Agreement shall be in writing and sent by registered or certified mail or nationally recognized overnight delivery service and
addressed as follows:

 

	 	TO
    LENDER:	CITY
    NATIONAL BANK OF FLORIDA
	 	 	100
    S.E. 2nd Street, 13th Floor
	 	 	Miami,
    Florida 33131 
	 	 	Attention:
    Legal Department
	 	 	 
	 	 TO
    BORROWER:	ARC
    FAT PATTY’S LLC
	 	 	1409
    Kingsley Avenue, Unit #2
	 	 	Orange
    Park, Florida 32073 
	 	 	Attention:
    Seenu G. Kasturi, Manager

 

Such
addresses may be changed by such notice to the other party. Notice given as hereinabove provided shall be deemed given on the
date of its deposit in the United States Mail and, unless sooner actually received, shall be deemed received by the party to whom
it is addressed on the third calendar day following the date on which said notice is deposited in the mail, or if a courier system
is used, on the date of delivery of the notice.

 

(m)
Successors and Assigns. This Agreement shall inure to the benefit of and be binding on the parties hereto and their heirs,
legal representatives, successors and assigns.

 

(n)
USA Patriot Act Notice. Lender hereby notifies Borrower that pursuant to the requirements of the USA Patriot Act (Title
III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), Lender is required to obtain, verify and record
information that identifies Borrower, which information includes the name and address of Borrower and other information that will
allow Lender to identify Borrower in accordance with the Act.

 

(o)
Counterparts, Facsimiles and Electronic Signatures. This Agreement may be executed in counterparts. Each executed counterpart
of this Agreement will constitute an original document, and all executed counterparts, together, will constitute the same agreement.
Any counterpart evidencing signature by one party that is delivered by facsimile by such party to the other party hereto shall
be binding on the sending party when such facsimile is sent, and such sending party shall within ten (10) days thereafter deliver
to the other parties a hard copy of such executed counterpart containing the original signature of such party or its authorized
representative. This Agreement may be executed and delivered by electronic signature, and such electronic signature(s) shall be
deemed an original signature for purposes of this Agreement and all matters related thereto, with such electronic signature(s)
having the same legal effect as an original signature.

 

    	16

     

    

 

(p)
No Marshaling. The Lender 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. To the extent that it lawfully may, the Borrower 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 Lender’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 Borrower hereby irrevocably waives the benefits of all such laws.

 

(q)
WAIVER OF JURY TRIAL. LENDER AND BORROWER HEREBY KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVE THE RIGHT ANY MAY HAVE
TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS AGREEMENT AND
ANY AGREEMENT TO BE CONTEMPLATED TO BE EXECUTED IN CONJUNCTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS
(WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR LENDER ENTERING INTO THIS AGREEMENT.

 

(r)
Consent to Jurisdiction; Forum. Borrower hereby irrevocably submits generally and unconditionally for itself and in respect
of their property to the jurisdiction of any state court or any United States federal court sitting in Miami-Dade County, Florida.
Borrower hereby irrevocably waives, to the fullest extent permitted by law, any objection that Borrower may now or hereafter have
to the laying of venue in any such court and any claim that any such court is an inconvenient forum. Borrower hereby agrees and
consents that, in addition to any methods of service of process provided for under applicable law, all service of process in any
such suit, action or proceeding in any state court or any United States federal court sitting in the state specified in the governing
law section of this Agreement may be made by certified or registered mail, return receipt requested, directed to Borrower, at
its address for notice set forth in this Agreement, or at a subsequent address of which Lender received actual notice from Borrower,
in accordance with the notice section of this Agreement, and service so made shall be complete five (5) days after the same shall
have been so mailed. Nothing herein shall affect the right of Lender to serve process in any manner permitted by law or limit
the right of Lender to bring proceedings against Borrower in any other court or jurisdiction.

 

[CONTINUES
ON THE FOLLOWING PAGE]

 

    	17

     

    

 

IN
WITNESS WHEREOF, Borrower and Lender have caused this Agreement to be executed on the date first above written.

 

	 	BORROWER:
	 	 	 
	 	ARC
    FAT PATTY’S LLC, a Louisiana limited liability company
	 	 	 
	 	By:	/s/
    Seenu G. Kasturi
	 	 	Seenu
    G. Kasturi, Manager
	 	 	 
	 	LENDER:
	 	 	 
	 	CITY
    NATIONAL BANK OF FLORIDA 
	 	 	 
	 	By:
    	/s/
    Lance Aylsworth
	 	 	Lance​
    Aylsworth, Senior Vice President 

 

    	18

     

    

 

Exhibit
“A”

 

Appendix
C to the FAQs: Required Financial Reporting

 

[see
attached]

 

    	19

     

    

 

Effective:
September 18, 2020

 

Appendix
C: Required Financial Reporting

 

Each
Main Street loan should contain a financial reporting covenant requiring the regular delivery of certain financial information
and calculations. The items listed in Table I below must be provided by each Main Street borrower to their Eligible Lender at
least annually. The items listed in Table II must be provided by each Main Street borrower to their Eligible Lender at least quarterly;
the quarterly requirements vary based on the Main Street facility in which the borrower is participating. Eligible Lenders will
specify the required reporting standards and forms for each Eligible Borrower.

 

	Table
    I: Data Required Annually from All Main Street Borrowers
	Required
    Data	 	Definition
	Total
    Assets	 	The
    sum of current assets, fixed assets, and other non-current assets (including, but not limited to, intangible assets, deferred
    items, investments, and advances).
	Current
    Assets	 	Cash,
accounts receivable, inventory, and other short-term assets that are likely to be converted into cash, used, sold, exchanged,
or otherwise expensed in the normal course of business within one year.

	Cash
    & Marketable Securities	 	Cash,
    depository accounts, and marketable securities that can be easily sold and readily converted into cash.
	Tangible
    Assets	 	Assets
having a physical existence, measured as total assets less intangible assets. Tangible assets are distinguished from intangible
assets, such as trademarks, copyrights, and goodwill.

	Total
    Liabilities	 	The
    total amount of all outstanding obligations, both current and noncurrent.
	Current
    Liabilities	 	Short
    term debt, accounts payable, and other current liabilities that are due within one year.
	Total
Debt (Incl. Undrawn Available Lines of Credit)
	 	Existing
    outstanding and committed debt (including any undrawn available amounts).
	Total
    Equity	 	Measured
    as total assets minus total liabilities.
	Total
    Revenue	 	Total
    income generated by the sale of goods or services from ongoing operations. Total Revenue excludes any non-recurring sales
    or gains.
	Net
    Income	 	The
    income (or loss) after expenses and losses have been subtracted from all revenues and gains for the fiscal period, including
    discontinued operations.
	Unadjusted
    EBITDA	 	Earnings
    before interest expense, income tax expense, depreciation expense, and amortization expense. The starting point is net income.
	Adjusted
    EBITDA	 	Unadjusted
    EBITDA adjusted for any non-recurring, one-time, or irregular items. The Adjusted EBITDA measurement should align with the
    relevant facility’s term sheet.

 

    	 

     

    

 

Effective:
September 18, 2020

 

	Table
    I: Data Required Annually from All Main Street Borrowers
	Required
    Data	 	Definition
	Depreciation
    Expense	 	Non-cash
    expense measured based on the use of fixed assets, recognized over the useful life of the fixed assets.
	Amortization
    Expense	 	Non-cash
    expense measured based on the use of intangible assets, recognized over the life of the intangible asset.
	Interest
    Expense	 	The
    periodic finance expense of short term and long term debt.
	Tax
    Expense	 	Federal,
    state and local income tax expenses.
	Rent
    Expense	 	The
    contractual costs of occupying leased real estate.
	Dividends
    / Equity Distributions	 	Distributions
    to equity owners.
	Accounts
    Receivable (net of allowances)	 	Amounts
    owed to the borrower resulting from providing goods and/or services. Accounts receivable will be net of any allowances for
    uncollectible amounts.
	Inventory
    (net of reserves)	 	Value
of the raw materials, work in process, supplies used in operations, finished goods, and merchandise bought which are intended
to be sold in the ordinary course of business. Inventory should be net of reserves.

	Fixed
    Assets, Gross	 	Tangible
    property used in the business and not for resale, including buildings, furniture, fixtures, equipment, and land. Report fixed
    assets gross of depreciation.
	Accumulated
    Depreciation	 	Cumulative
    depreciation of all fixed assets up to the Date of Financial Information.
	Accounts
    Payable (A/P)	 	The
obligations owed to the borrower’s creditors arising from the entity’s ongoing operations, including the purchase
of goods, materials, supplies, and services. Accounts payable excludes short term and long term debt.

	Short
    Term Debt	 	Debt
    obligations of the borrower due with a term of less than one year, including the current portion of any Long Term Debt.
	Long
    Term Debt	 	Debt
    obligations of the borrower that are due in one year or more, excluding the current portion that is otherwise captured in
    Short Term Debt.
	Description
    of EBITDA Adjustments	 	Description
    of items that are added to Unadjusted EBITDA to determine Adjusted EBITDA.
	Total
    Expenses	 	All
money spent and costs incurred, both recurring and non-recurring, to generate revenue. Expenses exclude items capital in nature
(i.e., expenses that are allowed to be capitalized and included in the cost basis of a fixed asset).

	Operating
    Expenses	 	Money
    spent and costs incurred related to normal business operations including selling, general & administrative expenses, depreciation,
    and amortization (i.e., total expenses less non-recurring expenses). Exclude capital expenditures.
	Operating
    Income	 	Profit
(or loss) realized from continuing operations (i.e., revenue less operating expenses).

	Fixed
    Charges	 	Expenses
    that recur on a regular basis, regardless of the volume of business (i.e., lease payments, rental payments, loan interest
    payments, or insurance payments).
	Capitalized
    Expenditures	 	Non-operating
    expenditures capitalized to fixed assets.
	Guarantor
    Net Assets	 	Total
    assets less total liabilities of the guarantor (also referred to as net worth).
	Sr.
    Debt Balance	 	Debt
    amount ranking senior to the Main Street loan.
	Additional
    Pari Passu Debt Balance	 	Debt
    amount ranking pari passu to the Main Street loan.
	Collateral
    Type (Non-Real Estate)	 	If
                                                                              the loan is secured by collateral that is not predominantly real estate, including if the collateral provided is different
                                                                              types, report the predominant type of collateral (e.g., inventory, receivables, securities, etc.) by aggregate
                                                                              value.

 

    	 

     

    

 

Effective:
September 18, 2020

 

	Table
    I: Data Required Annually from All Main Street Borrowers
	Required
    Data	 	Definition
	Collateral
    Type (Real Estate)	 	If
    the loan is secured by real estate collateral, indicate the property type (e.g., hotel, multifamily, residential, industrial,
    etc.). If the loan is secured by multiple real estate property types, report the predominant property type by aggregate value.
	Collateral
Value Reporting
	 	For
                                                                              loans that require ongoing or periodic valuation of the collateral, report the market value of the collateral as of the
                                                                              reporting date.

	Collateral
    Value Date	 	Define
    the as-of date that corresponds with the Collateral Value Reporting field.
	Covenant
    Status (Pass / Fail)	 	Yes/no,
    indicating if the facility has satisfied covenant tests.
	Date
    of Covenant Default	 	If
    applicable, report the date when borrower defaulted covenants.
	Nature
of Covenant Default
	 	If
applicable, describe the covenant default (i.e., missing financial statements, ratio trigger).

	Date
    of Covenant Cure	 	If
    applicable, report the date when borrower cured previous defaults.

 

	Table
    II: Data Required Quarterly from Main Street Borrowers by Main Street Facility
	Required
    Data	 	MSELF	 	MSNLF	 	MSPLF	 	Definition
	Total
    Assets	 	Yes	 	Yes	 	Yes	 	The
                                                                              sum of current assets, fixed assets, and other non- current assets (including, but not limited to, intangible assets,
                                                                              deferred items, investments, and advances).

	Current
    Assets	 	Yes	 	Yes	 	Yes	 	Cash,
    accounts receivable, inventory, and other short term assets that are likely to be converted into cash, used, sold, exchanged,
    or otherwise expensed in the normal course of business within one year.
	Cash
    & Marketable Securities	 	Yes	 	Yes	 	Yes	 	Cash,
    depository accounts, and marketable securities that can be easily sold and readily converted into cash.
	Tangible
    Assets	 	Yes	 	No	 	No	 	Assets
having a physical existence measured as total assets less intangible assets. Tangible assets are distinguished from intangible
assets, such as trademarks, copyrights, and goodwill.

	Total
    Liabilities	 	Yes	 	Yes	 	Yes	 	The
total amount of all outstanding obligations, both current and noncurrent.

	Current
    Liabilities	 	Yes	 	Yes	 	Yes	 	Short
    term debt, accounts payable, and other current liabilities that are due within one year.
	Total
Debt (Incl. Undrawn Available Lines of Credit)
	 	Yes	 	Yes	 	Yes	 	Existing
    outstanding and committed debt (including any undrawn available amounts).
	Total
    Equity	 	Yes	 	Yes	 	Yes	 	Measured
    as total assets minus total liabilities.
	Total
    Revenue	 	Yes	 	Yes	 	Yes	 	Total
income generated by the sale of goods or services from ongoing operations. Total Revenue excludes any non-recurring sales or gains.

	Net
    Income	 	Yes	 	Yes	 	Yes	 	The
    income (or loss) after expenses and losses have been subtracted from all revenues and gains for the fiscal period, including
    discontinued operations.
	Unadjusted
    EBITDA	 	Yes	 	Yes	 	Yes	 	Earnings
                                                                              before interest expense, income tax expense, depreciation expense and amortization expense. The starting point is net
                                                                              income.

 

    	 

     

    

 

Effective:
September 18, 2020

 

	Table
    II: Data Required Quarterly from Main Street Borrowers by Main Street Facility
	Required
    Data	 	MSELF	 	MSNLF	 	MSPLF	 	Definition
	Adjusted
    EBITDA	 	Yes	 	Yes	 	Yes	 	Unadjusted
    EBITDA adjusted for any non-recurring, one- time or irregular items. The Adjusted EBITDA measurement should align with the
    relevant facility’s term sheet.
	Depreciation
    Expense	 	Yes	 	No	 	No	 	Non-cash
    expense measured based on the use of fixed assets, recognized over the useful life of the fixed assets.
	Amortization
    Expense	 	Yes	 	No	 	No	 	Non-cash
    expense measured based on the use of intangible assets, recognized over the life of the intangible asset.
	Interest
    Expense	 	Yes	 	Yes	 	Yes	 	The
    periodic finance expense of short term and long term debt.
	Tax
    Expense	 	Yes	 	No	 	No	 	Federal,
    state and local income tax expenses.
	Rent
    Expense	 	Yes	 	No	 	No	 	The
    contractual costs of occupying leased real estate.
	Dividends
    / Equity Distributions	 	Yes	 	Yes	 	Yes	 	Distributions
    to equity owners.
	Accounts
                                                         Receivable (net of allowances)
	 	Yes	 	No	 	No	 	Amounts
                                                                              owed to the borrower resulting from providing goods and/or services. Accounts receivable will be net of any allowances for
                                                                              uncollectible amounts.

	Inventory
    (net of reserves)	 	Yes	 	No	 	No	 	Value
of the raw materials, work in process, supplies used in operations, finished goods, and merchandise bought which are intended
to be sold in the ordinary course of business. Inventory should be net of reserves.

	Fixed
    Assets, Gross	 	Yes	 	No	 	No	 	Tangible
                                                                              property used in the business and not for resale, including buildings, furniture, fixtures, equipment, and land. Report fixed
                                                                              assets gross of depreciation.

	Accumulated
    Depreciation	 	Yes	 	No	 	No	 	Cumulative
    depreciation of all fixed assets up to the Date of Financial Information.
	Accounts
    Payable (A/P)	 	Yes	 	No	 	No	 	The
obligations owed to the borrower’s creditors arising from the entity’s ongoing operations, including the purchase
of goods, materials, supplies, and services. Accounts payable excludes short term and long term debt.

	Short
    Term Debt	 	Yes	 	No	 	No	 	Debt
                                                                              obligations of the borrower due with a term of less than one year, including the current portion of any Long Term
                                                                              Debt.

	Long
    Term Debt	 	Yes	 	No	 	No	 	Debt
    obligations of the borrower that are due in one year or more, excluding the current portion that is otherwise captured in
    Short Term Debt.
	Description
of EBITDA Adjustments
	 	Yes	 	No	 	No	 	Description
    of items that are added to Unadjusted EBITDA to determine Adjusted EBITDA.
	Total
    Expenses	 	Yes	 	No	 	No	 	All
money spent and costs incurred, both recurring and non- recurring, to generate revenue. Expenses exclude items capital in nature
(i.e., expenses that are allowed to be capitalized and included in the cost basis of a fixed asset).

	Operating
    Expenses	 	Yes	 	Yes	 	Yes	 	Money
spent and costs incurred related to normal business operations, including selling, general & administrative expenses, depreciation,
and amortization (i.e. total expenses less non-recurring expenses). Exclude capital expenditures.

        

 

    	 

     

    

 

Effective:
September 18, 2020

 

	Table
    II: Data Required Quarterly from Main Street Borrowers by Main Street Facility
	Required
    Data	 	MSELF	 	MSNLF	 	MSPLF	 	Definition
	Operating
    Income	 	Yes	 	Yes	 	Yes	 	Profit
    (or loss) realized from continuing operations (i.e., revenue less operating expenses).
	Fixed
    Charges	 	Yes	 	No	 	No	 	Expenses
                                                                              that recur on a regular basis, regardless of the volume of business (i.e., lease payments, rental payments, loan interest
                                                                              payments, or insurance payments).

	Capitalized
                                                         Expenditures
	 	Yes	 	Yes	 	Yes	 	Non-operating
    expenditures capitalized to fixed assets.
	Guarantor
    Net Assets	 	Yes	 	No	 	No	 	Total
    assets less total liabilities of the guarantor (also referred to as net worth).
	Sr.
    Debt Balance	 	Yes	 	Yes	 	Yes	 	Debt
    amount ranking senior to the Main Street loan.
	Additional
    Pari Passu Debt Balance	 	Yes	 	Yes	 	Yes	 	Debt
    amount ranking pari passu to the Main Street loan.
	Collateral
    Type (Non-Real Estate)	 	Yes	 	No	 	No	 	If
                                                                              the loan is secured by collateral that is not predominantly real estate, including if the collateral provided is different
                                                                              types, report the predominant type of collateral (e.g., inventory, receivables, securities, etc.) by aggregate
                                                                              value.

	Collateral
    Type (Real Estate)	 	Yes	 	No	 	No	 	If
                                                                              the loan is secured by real estate collateral, indicate the property type (e.g., hotel, multifamily, residential, industrial,
                                                                              etc.). If the loan is secured by multiple real estate property types, report the predominant property type by aggregate
                                                                              value.

	Collateral
    Value Reporting	 	Yes	 	No	 	No	 	For
    loans that require ongoing or periodic valuation of the collateral, report the market value of the collateral as of the reporting
    date.
	Collateral
Value Date
	 	Yes	 	No	 	No	 	Define
the as-of date that corresponds with the Collateral Value Reporting field.

	Covenant
    Status (Pass / Fail)	 	Yes	 	Yes	 	Yes	 	Yes/no,
    indicating if the facility has satisfied covenant tests.
	Date
    of Covenant Default	 	Yes	 	Yes	 	Yes	 	If
    applicable, report the date when borrower defaulted covenants.
	Nature
of Covenant Default
	 	Yes	 	Yes	 	Yes	 	If
applicable, describe the covenant default (i.e., missing financial statements, ratio trigger).

	Date
    of Covenant Cure	 	Yes	 	Yes	 	Yes	 	If
    applicable, report the date when borrower cured previous defaults.

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