Document:

Securities
PURCHASE AGREEMENT

 

SECURITIES PURCHASE
AGREEMENT (this “Agreement”), dated as of November 12, 2013, by and between EQM Technologies & Energy, Inc.,
a Delaware corporation (the “Company”), and Argentum Capital Partners II, L.P. (the “Purchaser”).

 

WITNESSETH:

 

WHEREAS, Purchaser
directly owns 952,381 shares (the “Series A Shares”) of the Company’s Series A Convertible Preferred Stock,
par value $0.001 per share (“Series A Stock”), which constitute all issued and outstanding shares of Series
A Stock; and

 

WHEREAS, subject to
the terms and conditions of this Agreement and pursuant to Section 4(2) of the Securities Act of 1933, as amended (the “Securities
Act”), the Company desires to issue and sell to Purchaser, and the Purchaser desires to purchase from the Company, 952,381
shares (the “Series B Shares”) of the Company’s Series B Convertible Preferred Stock, par value $0.001
per share (“Series B Stock”), which will constitute all issued and outstanding shares of Series B Stock.

 

NOW THEREFORE, in consideration
of the mutual promises and representations, warranties, covenants and agreements set forth herein, the parties hereto, intending
to be legally bound, hereby agree as follows:

 

1.  Purchase
and Sale of Series B Shares.

 

1.1  Purchase
and Sale. On the terms and subject to the conditions set forth in this Agreement, at the Closing (as defined below), (a) the
Company shall sell and the Purchaser shall purchase the Series B Shares in exchange for the Series A Shares, (b) the Company shall
deliver to the Purchaser an original stock certificate registered in Purchaser’s name evidencing the Series B Shares, and
(c) the Purchaser shall deliver to the Company an original stock certificate registered in the Purchaser’s name evidencing
the Series A Shares. From and after the Closing, the Purchaser shall cease to have any rights with respect to the Series A Shares
exchanged hereunder and the Series A Shares shall be cancelled and be of no further force or effect.

 

1.2  Closing.
On the terms and subject to the conditions set forth in this Agreement, the closing of the transactions contemplated by this Agreement
(the “Closing”) will take place at the offices of Olshan Frome Wolosky LLP and shall be deemed to have taken
place simultaneously with the execution and delivery of this Agreement and the satisfaction of the obligations of the parties under
Section 1.1.

 

1.3  Series
B Stock. The Company has adopted and filed with the Secretary of State of the State of Delaware a certificate of designations
in the form attached hereto as Exhibit A setting forth the designations, preferences, and relative, participating, optional
and other special rights of the Series B Stock (“Series B Certificate of Designations”).

 

2.  Representations
and Warranties of the Company. The Company represents and warrants to the Purchaser as follows:

 

2.1  Corporate
Organization. The Company is a corporation duly organized, validly existing and in good standing under the laws of the State
of Delaware, and has all requisite corporate power and authority to own, operate and lease its properties and to carry on its business
as and in the places where such properties are now owned, operated and leased or such business is now being conducted.

 

    	 

    	 

    

 

2.2  Capitalization.
The authorized capital of the Company consists, immediately prior to the Closing, of: (i) 70,000,000 shares of Common Stock, 41,473,570
shares of which are issued and outstanding immediately prior to the Closing; and (ii) 5,000,000 shares of Preferred Stock, of which
(a) 952,381 shares have been designated as Series A Stock, 952,381 shares of which are issued and outstanding immediately prior
to the Closing and (b) 952,381 shares have been designated as Series B Stock, no shares of which are issued and outstanding immediately
prior to the Closing.

 

2.3  Authorization.
The Company has the requisite power and authority to enter into and perform this Agreement and any other agreements, documents
and instruments delivered together with this Agreement or in connection herewith (the “Transaction Documents”)
and to perform its obligations hereunder and thereunder. The execution, delivery and performance of the Transaction Documents by
the Company and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary
corporate action, and no further consent or authorization of the Company’s Board of Directors (the “Board”)
or the Company’s stockholders is required. The Transaction Documents have been duly authorized, executed and delivered by
the Company and constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their
respective terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general
applicability relating to or affecting creditors’ rights generally and to general principles of equity.

 

2.4  Approvals
and Consents. The Company is not required to obtain any consent, authorization or order of, or make any filing or registration
with, any court or governmental agency in order for it to execute, deliver or perform any of its obligations under the Transaction
Documents or to issue and sell the Series B Shares in accordance with the terms hereof, provided that for purposes of the representation
made in this sentence, the Company is assuming and relying upon the accuracy of the relevant representations and agreements of
the Purchaser herein.

 

2.5  Due
and Valid Issuance. The Series B Shares, when issued and fully paid for in accordance with the terms of the Transaction Documents,
will be validly issued, full paid and non-assessable. The shares of the Company’s common stock, par value $0.001 per share
(“Common Stock”), issued or issuable upon conversion of the Series B Shares (the “Conversion Shares”)
have been duly authorized and reserved for issuance upon such conversion, and when issued in accordance with the terms of the Series
B Certificate of Designations, will be validly issued, full paid and non-assessable.

 

2.6  Material
Compliance with Applicable Laws. Neither the Company nor any of its subsidiaries are in material violation of, and neither
the execution, delivery nor performance of any of the Transaction Documents has or will result in a violation of, any federal,
state, local or foreign law, rule, regulation, order, judgment or decree applicable to the Company or any of its subsidiaries.

 

    	2

    	 

    

 

2.7  Finders.
The Company has not retained any finder, broker, agent, financial advisor or other intermediary in connection with the transactions
contemplated by this Agreement and agrees to indemnify and hold harmless the Purchaser, its officers, directors, affiliates, subsidiaries,
employees and agents (as applicable) from liability for any compensation to any such intermediary retained by the Company and the
fees and expenses of defending against such liability or alleged liability.

 

2.8  Accurate
Information. All disclosure furnished by or on behalf of the Company to the Purchaser regarding the Company or any subsidiary,
its business and the transactions contemplated hereby, is true and correct in all material respects.

 

2.9  Survival.
The foregoing representations, warranties and agreements shall survive the execution of this Agreement indefinitely.

 

3.  Representations
and Warranties of the Purchaser. The Purchaser hereby represents and warrants to and agrees with the Company as follows:

 

3.1  Organization
of the Purchaser. The Purchaser is a limited partnership duly organized, validly existing and in good standing under the laws
of the jurisdiction of its organization and has the requisite entity power to own its assets and to carry on its business.

 

3.2  Authorization.
The Purchaser has the requisite power and authority to enter into and perform the Transaction Documents and to purchase the Series
B Shares being sold to it hereunder. The execution, delivery and performance of the Transaction Documents by the Purchaser and
the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary entity action,
and no further consent or authorization of the Purchaser or its Board of Directors, partners or members, as the case may be, is
required. The Transaction Documents have been duly authorized, executed and delivered by the Purchaser and constitute, or shall
constitute when executed and delivered, valid and binding obligations of the Purchaser enforceable against the Purchaser in accordance
with the terms thereof, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of
general applicability relating to or affecting creditors’ rights generally and to general principles of equity.

 

3.3  Approvals
and Consents. The Purchaser is not required to obtain any consent, authorization or order of, or make any filing or registration
with, any court or governmental agency in order for it to execute, deliver or perform any of its obligations under the Transaction
Documents or to purchase the Series B Shares in accordance with the terms hereof, provided that for purposes of the representation
made in this sentence, the Purchaser is assuming and relying upon the accuracy of the relevant representations and agreements of
the Company herein.

 

3.4  Ownership
of Series A Shares. The Purchaser is the owner of the Series A Shares, free and clear of all liens.

 

3.5  Investment.
The Purchaser is acquiring the Series B Shares for its own account as principal, not as a nominee or agent, for investment purposes
only, and not with a view to, or for, resale, distribution or fractionalization thereof in whole or in part and no other person
or entity has a direct or indirect beneficial interest in the Series B Shares. The Purchaser does not have any contract, undertaking,
agreement or arrangement with any person or entity to sell, transfer or grant participations to such person or entity or to any
third person or entity with respect to the Series B Shares.

 

    	3

    	 

    

 

3.6  Exemption
From Registration. The Purchaser acknowledges that the sale of the Series B Shares is intended to be exempt from registration
under the Securities Act by virtue of Section 4(2) of the Securities Act. In furtherance thereof, the Purchaser represents and
warrants to the Company as follows:

 

(i)  The
Purchaser realizes that the basis for the exemption from registration under the Securities Act may not be present if, notwithstanding
any representation and/or warranty to the contrary contained in this Agreement, the Purchaser has in mind merely acquiring the
Series B Shares for a fixed or determinable period of time;

 

(ii)  The
Purchaser has the financial ability to bear the economic risk of its investment in the Series B Shares, has adequate means for
providing for its current needs and contingencies and has no need for liquidity with respect to its investment in the Company;
and

 

(iii)  The
Purchaser has such knowledge and experience in financial, and business matters as to be capable of evaluating the merits and risks
of an investment in the Series B Shares.

 

3.7  Accredited
Investor. The Purchaser is an “accredited investor,” as that term is defined in Rule 501 of Regulation D.

 

3.8  Available
Information. The Purchaser:

 

(i)  Has
been furnished by the Company in connection with the sale of the Series B Shares with all information regarding the Company, the
terms and conditions of the sale of the Series B Shares and any additional information that the Purchaser, its representative,
attorney and/or accountant has requested or desired to know for a reasonable time prior to the date hereof;

 

(ii)  Has
been provided an opportunity for a reasonable time prior to the date hereof to obtain additional information concerning the sale
of the Series B Shares, the Company and all other information to the extent the Company possesses such information or can acquire
it without unreasonable effort or expense;

 

(iii)  Has
been given the opportunity for a reasonable time prior to the date hereof to ask questions of, and receive answers from, the Company
or its representatives concerning the terms and conditions of the sale of the Series B Shares and other matters pertaining to an
investment in the Series B Shares, or that which was otherwise provided in order for them to evaluate the merits and risks of a
purchase of the Series B Shares to the extent the Company possesses such information or can acquire it without unreasonable effort
or expense;

 

    	4

    	 

    

 

(iv)  Has
not been furnished with any oral representation or oral information in connection with the sale of the Series B Shares; and

 

(v)  Has
determined that the Series B Shares are a suitable investment for the Purchaser and that at this time the Purchaser could bear
a complete loss of its investment in the Series B Shares.

 

3.9  Purchaser
Representative. The Purchaser is not relying on any statements or representations made by the Company or its affiliates or
any purchaser representative with respect to economic considerations involved in an investment in the Series B Shares.

 

3.10  Transfer
Restrictions. The Purchaser shall not sell or otherwise transfer the Series B Shares or any of the Conversion Shares without
registration under the Securities Act or an exemption therefrom, and the Purchaser fully understands and agrees that the Purchaser
must bear the economic risk of the Purchaser’s purchase because, among other reasons, neither the Series B Shares nor the
Conversion Shares have been registered under the Securities Act or under the securities laws of any state and, therefore, cannot
be resold, pledged, assigned or otherwise disposed of unless they are subsequently registered under the Securities Act and under
the applicable securities laws of such states, or unless exemptions from such registration requirements are available. In particular,
the Purchaser is aware that the Series B Shares are, and the Conversion Shares will be when issued, “restricted securities,”
as such term is defined in Rule 144 promulgated under the Securities Act. The Purchaser further understands that sale or transfer
of the Series B Shares and the Conversion Shares is further restricted by state securities laws and the provisions of this Agreement.

 

3.11  Entire
Agreement. No representation or warranty has been made to the Purchaser by the Company, or any officer, director, employee,
agent, affiliate or subsidiary of the Company other than those contained herein and in purchasing the Series B Shares the Purchaser
is not relying upon any representations other than those contained herein.

 

3.12  Purchaser
Information. Any information that the Purchaser has previously furnished, or is now furnishing to the Company with respect
to the Purchaser’s financial position and business experience is correct and complete as of the date of this Agreement and,
if there should be any material change in such information, the Purchaser will immediately furnish revised or corrected information
to the Company.

 

3.13  Legends.
The Purchaser understands and acknowledges that that the Series B Shares and each certificate representing the Conversion Shares
may be endorsed with substantially the following legends:

 

(i)  “THESE
SHARES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (“ACT”), OR UNDER ANY STATE SECURITIES
LAW AND THESE SHARES MAY NOT BE PLEDGED, SOLD, ASSIGNED OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT WITH
RESPECT THERETO UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAW, OR UNLESS THE COMPANY RECEIVES AN OPINION OF COUNSEL, SATISFACTORY
TO THE COMPANY, THAT SUCH REGISTRATION IS NOT REQUIRED.”; and

 

    	5

    	 

    

 

(ii)  any
other legends required by applicable state or federal securities laws or any applicable state laws regulating the Company’s
business.

 

3.14  Non-Marketable
Investments. The Purchaser’s overall commitment to investments that are not readily marketable is not disproportionate
to the Purchaser’s net worth, and an investment in the Series B Shares will not cause such overall commitment to become excessive.

 

3.15  Finders.
The Purchaser has not retained any finder, broker, agent, financial advisor or other intermediary in connection with the transactions
contemplated by this Agreement and agrees to indemnify and hold harmless the Company, its officers, directors, affiliates, subsidiaries,
employees and agents from liability for any compensation to any such intermediary retained by the Purchaser and the fees and expenses
of defending against such liability or alleged liability.

 

3.16  Survival.
The foregoing representations, warranties and agreements shall survive the execution of this Agreement indefinitely.

 

4.  Covenants.

 

4.1  Reporting
Requirements. The Company will furnish the following information to the Purchaser while the Series B Shares remains outstanding:

 

(i)  promptly
when available and in any event not later than 120 days after the end of each of the Company’s fiscal years, consolidated
financial statements showing its financial condition, the results of its operations, a balance sheet and related statements of
income, stockholders’ equity, and changes in its cash flows and financial position for the year then ended, all of which
financial statements must be audited in accordance with generally accepted auditing standards by an independent certified public
accounting firm selected by the Company and shall be prepared and presented in accordance with GAAP, consistently applied during
the periods involved (except as may be indicated therein or in the notes thereto), and shall be accompanied by an audit report
of the Company’s independent certified public accountants; and

 

(ii)  promptly
when available and in any event not later than 60 days after the end of each calendar quarter of the Company, a quarterly consolidated
income statement, balance sheet and changes in its cash flows, (A) showing the Company’s financial condition and the results
of the Company’s operations for the periods covered by such statements in reasonable detail, (B) prepared in accordance with
GAAP, consistently applied during the periods involved (except as may be indicated therein or in the notes thereto or as otherwise
disclosed to the Purchaser), and (C) containing all disclosures required to fully and accurately present the financial position
and results of operations of the Company (subject to normal year-end adjustments and the omission of footnotes) and to make such
statements not misleading under the circumstances.

 

    	6

    	 

    

 

Notwithstanding the foregoing, the Company
will not be required to furnish to the Purchaser the information described in clause (i) above with respect to a given fiscal year
or clause (ii) above with respect to a given calendar quarter, as applicable, if the Company has filed with the Securities and
Exchange Commission an Annual Report on Form 10-K or a Quarterly Report on Form 10-Q including the information otherwise required
to be furnished to the Purchaser under this Section 4.1 for the applicable period.

 

4.2  Purchaser
Indemnification. The Purchaser agrees to hold the Company and its directors, officers, employees, affiliates, controlling persons
and agents and their respective heirs, representatives, successors and assigns harmless and to indemnify them against all liabilities,
costs and expenses incurred by them as a result of (i) any sale or distribution of the Series B Shares or the Conversion Shares
by the Purchaser in violation of the Securities Act or any applicable state securities or “blue sky” laws; or (ii)
any false representation or warranty or any breach or failure by the Purchaser to comply with any covenant made by the Purchaser
in this Agreement or any other document furnished by the Purchaser to any of the foregoing in connection with this transaction.

 

5.  General
Provisions.

 

5.1  Entire
Agreement; Amendment and Waiver. This Agreement constitutes the entire agreement between the parties hereto with respect to
the subject matter contained herein and supersedes all prior oral or written agreements, if any, between the parties hereto with
respect to such subject matter, and, except as otherwise expressly provided herein, is not intended to confer upon any other person
any rights or remedies hereunder. Any failure by the Company or the Purchaser to enforce any rights hereunder shall not be deemed
a waiver of such rights. This Agreement may not be amended or modified or the provisions hereof waived (either generally or in
a particular instance and either retroactively or prospectively) without the prior written consent of the party against whom such
amendment, modification, or waiver is sought to be enforced.

 

5.2  Notices.
All notices and other communications hereunder shall be in writing and shall be deemed given when delivered personally, one day
after being delivered to a nationally recognized overnight courier or on the business day received (or the next business day if
received after 5 p.m. local time or on a weekend or day on which banks are closed) when sent via facsimile (with a confirmatory
copy sent by overnight courier) to the parties at the following addresses (or at such other address for a party as shall be specified
by like notice):

 

If to the Purchaser:

 

Argentum Capital Partners II,
L.P.

60 Madison Avenue, Suite 701

New York, NY 10010

Attention: Walter H. Barandiaran

Fax: (212) 949-8294

 

    	7

    	 

    

 

If to the Company:

 

EQM Technologies & Energy, Inc.

1800 Carillon Boulevard

Cincinnati, Ohio 45240

Attention: Robert Galvin

Fax No.: (513) 825-7495

 

with a copy to:

 

Olshan Frome Wolosky LLP

Park Avenue Tower

65 East 55th Street

New York, NY 10022

Attention: Adam W. Finerman, Esq.

Fax No.: (212) 451-2222

 

5.3  Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without giving
effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would
cause the application of the laws of any jurisdiction other than the State of Delaware.

 

5.4  Binding
Effect; Assignment. This Agreement and the various rights and obligations arising hereunder shall inure to the benefit of and
be binding upon the Company and the Purchaser and each of their respective successors and assigns. Neither this Agreement nor any
of the rights, interests or obligations hereunder shall be transferred or assigned (by operation of law or otherwise) by any of
the parties hereto without the prior written consent of the other parties hereto; provided, that the Purchaser shall be permitted
to transfer or assign any of its rights, interests or obligations hereunder to any member or affiliate of the Purchaser (collectively,
the “Permitted Transferees” and, individually, a “Permitted Transferee”) without the prior
written consent of the Company; provided, that any such Permitted Transferee shall have provided its prior written consent to be
bound by the terms and conditions of this Agreement as a Purchaser hereunder. Any transfer or assignment of any of the rights,
interests or obligations hereunder in violation of the terms hereof shall be void and of no force or effect.

 

5.5  Expenses.
All costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the
party incurring such costs and expenses.

 

5.6  Headings.
The headings or captions contained in this Agreement are for reference purposes only and shall not affect in any way the meaning
or interpretation of this Agreement.

 

5.7  Pronouns.
Whenever the pronouns “it” or “its” are used herein, they shall also be deemed to mean “he”
or “his” or “she” or “hers” whenever applicable. Words in the singular shall be read and construed
as though in the plural and words in the plural shall be read and construed as though in the singular in all cases where they would
so apply.

 

    	8

    	 

    

 

5.8  Severability.
If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law or public
policy, all other terms, conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long
as the economic and legal substance of the transactions contemplated hereby are not affected in any manner materially adverse to
any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties
shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible
in a mutually acceptable manner in order that the transactions contemplated by this Agreement may be consummated as originally
contemplated to the fullest extent possible.

 

5.9  Information
Confidential. The Purchaser acknowledges that the information received by it pursuant hereto may be confidential and is for
its use only. The Purchaser agrees that it will not use such information in violation of the Exchange Act, or reproduce, disclose
or disseminate such information to any other person, unless the Company has made such information available to the public generally.

 

5.10  Counterparts.
This Agreement may be executed in counterparts, all of which shall be considered one and the same agreement, and shall become effective
when one or more counterparts have been signed by each of the parties and delivered to the other parties.

 

[Signature
Page FollowS]

 

    	9

    	 

    

 

[SIGNATURE
PAGE TO SECURITIES PURCHASE AGREEMENT]

 

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be executed as of the day and year first above written.

 

	 	EQM Technologies & Energy, Inc.
	 	 
	 	 
	 	By:	
        /s/ Robert
        R. Galvin

	 	 	Name:	Robert R. Galvin
	 	 	Title:	Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	ARGENTUM CAPITAL PARTNERS II, L.P.
	 	 
	 	By:	Argentum Partners II, LLC,

	 	 	 its General Partner
	 	 	 
	 	By:	Argentum Investments, LLC,
	 	 	 its Managing Member
	 	 	 
	 	 	 
	 		By:	/s/ Walter H. Barandiaran
	 	 		Walter H. Barandiaran, Managing Member

  

    	10

    	 

    

 

Exhibit A

 

Series B Convertible Preferred Stock
Certificate of DesignationsExhibit 10.19

 

LOAN AGREEMENT

 

 

This Loan Agreement (the “Agreement”),
dated November 12, 2013, is entered into by and between Ridgefield Acquisition Corp., a Nevada corporation, with offices located
at 225 N.E. Mizner Boulevard, Suite 400 Boca Raton, Florida 33432 (“Borrower”) and Steven N. Bronson, having a business
address at 225 N.E. Mizner Boulevard, Suite 400 Boca Raton, Florida 33432 (the “Lender”).

 

WHEREAS, the Lender has loaned
and advanced the Borrower monies (each a “Principal Advance” and collectively the “Principal Advances”)
in the aggregate amount of $7,200.00 (the “Loan”), as follows:

 

		1.	$1,200.00 on August 5, 2013;

		2.	$5,000.00 on August 23, 2013; and

		3.	$1,000.00 on September 20, 2013.

 

WHEREAS, each of the Principal
Advances accrues interest at the rate of ten percent (10%) per year from the date of the Principal Advance.

 

WHEREAS, the parties hereto
desire to memorialize the Loan and mutually agree that the Loan shall be shall be subject to the following terms and conditions.

 

NOW, THEREFORE, in consideration
of the mutual promises set forth herein, the parties hereto agree as follows:

 

1.Principal. The principal amount of the Loan
is $7,200.00. The principal amount and all accrued interest on the Loan is due and payable within ten (10) business days following
Borrower’s receipt of a written demand for payment from Payee or immediately upon the occurrence of an Event of Default,
as defined herein (the “Maturity Date”). The obligations of the Borrower to make payments provided for in this Agreement
are absolute and unconditional and not subject to any defense, set-off, counterclaim, rescission, recoupment or adjustment whatsoever.
Upon payment in full of all principal and interest payable hereunder, this Agreement shall be surrendered to the Borrower for cancellation.

 

2.Interest. The Loan shall bear interest on the
outstanding principal amount from the date of each Principal Advance until such amounts are repaid to Lender in full, at the rate
of 10% per annum. In the event any payment due hereunder shall not be paid on the Maturity Date,
then the outstanding principal amount shall bear interest at the lesser of 15% per annum or the highest lawful rate permitted
under applicable law, from the date when such payment was due until paid. Additionally, Borrower’s failure to tender
a payment, or any part thereof, in accordance with this Agreement above shall constitute an Event of Default. If an Event of Default
shall occur due to the Borrower’s failure to make a payment on the required date, Payee shall have no obligation to serve
a notice of default. In the event the Borrower fails to remedy the default within five (5) business days after the Event of Default
(the “Default Date”), then all outstanding principal and accrued interest shall automatically accelerate and become
immediately due and owing (the “Accelerated Debt”). The Accelerated Debt shall accrue interest at the rate of 15%
per annum from the Default Date until the Accelerated Debt is paid in full. Payee shall have no obligation to provide notice
to Borrower concerning the Default Date, the acceleration of the debt or the interest rate on the Accelerated Debt.

 

 

    	1

    	 

    

  

This paragraph shall not be deemed to extend or
otherwise modify or amend the date when such payments are due hereunder. The obligations of the
Borrower under this Agreement are subject to the limitation that payments of interest shall
not be required to the extent that the charging of or the receipt of any such payment by the holder of this Agreement would
be contrary to the provisions of law applicable to the holder of this Agreement limiting
the maximum rate of interest which may be charged or collected by the holder of this Agreement. In
no event shall any interest to be paid hereunder exceed the maximum rate permitted by law. In any such event, this
Agreement shall automatically be deemed amended to permit interest charges at an amount equal to, but no greater than, the
maximum rate permitted by law.

 

3.Representations and Warranties. The Borrower
represents and warrants as follows:

 

(a)The Borrower has all requisite power
and authority to enter into this Agreement and to consummate the transactions contemplated hereby. This Agreement has been duly
executed and delivered by the Borrower and constitutes a valid and binding obligation of the Borrower, enforceable in accordance
with its terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general
application affecting enforcement of creditors’ rights generally and (b) as limited by laws relating to the availability
of specific performance, injunctive relief or other equitable remedies.

 

(b) This Agreement is the legal,
valid and binding obligation of the Borrower, enforceable in accordance with its terms, except as limited by applicable bankruptcy,
insolvency, and other similar laws affecting creditors’ rights generally.

 

4.Events of Default.

 

The principal amount and
all accrued interest on this Loan is due and payable upon the Maturity Date, as defined above. Additionally, the principal amount
and all accrued interest on this Loan shall automatically become immediately due and payable upon the occurrence of any of the
following events, each of which shall be deemed an “Event of Default”:

 

(a) When there is any misstatement
or false statement in connection with, noncompliance with or nonperformance of any of the Borrower’s obligations, representation,
warranties or covenants under or emanating from this Agreement;

 

(b)If the Borrower shall
make an assignment for the benefit of creditors or shall admit in writing his inability to pay his debts as they become due or
if the Borrower shall file a voluntary petition in bankruptcy, or shall be adjudicated a bankrupt or insolvent, or shall file
any petition or answer seeking any reorganization arrangement, composition, readjustment, liquidation, dissolution, or similar
relief under the present or any future federal bankruptcy code or other applicable federal, state or similar statute, law or regulation,
or shall seek or consent to or acquiesce in the appointment of any trustee, receiver or liquidator of the Borrower or of all or
any substantial part of its properties.

 

5.
Notices. Any notice, other communication or payment required or permitted hereunder shall be in writing and shall
be delivered personally or sent by FedEx mail or similar overnight delivery, postage prepaid to the parties at the addresses set
forth above. Each of the above addressees may change its address for purposes of this paragraph by giving to the other addressee
notice of such new address in conformance with this paragraph.

 

6.Waivers. The Borrower hereby
waives presentment, demand for performance, notice of non-performance, protest, notice of protest and notice of dishonor. No delay
on the part of Lender in exercising any right hereunder shall operate as a waiver of such right or any other right. This Agreement
is being delivered in and shall be construed in accordance with the laws of the State of Florida, without regard to the conflicts
of laws provisions thereof.

 

 

    	2

    	 

    

 

 

7.Attorneys’
Fees. If the indebtedness represented by this Agreement or any part thereof is collected in bankruptcy, receivership or other
judicial proceedings or if this Loan is placed in the hands of attorneys for collection after default, the Borrower agrees to pay,
in addition to the principal payable hereunder, the reasonable attorneys’ fees and collection costs incurred by Lender in
attempting to collect the Loan.

 

8.No Changes. This Agreement
may not be changed or terminated orally, but only by an agreement in writing signed by the party against whom enforcement of any
change, modification, termination, waiver, or discharge is sought.

 

IN WITNESS
WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

 

 

BORROWER
– Ridgefield Acquisition Corp.

 

/s/
Leonard Hagan

__________________________

Leonard
Hagan, Director

 

 

 

LENDER
– Steven N. Bronson

 

/s/
Steven N. Bronson

_____________________________

Steven
N. Bronson

 

 

    	3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00223-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00223-of-00352.parquet"}]]