Document:

Exhibit 10.1

 

TRANSITION SERVICES AGREEMENT

 

This TRANSITION
SERVICES AGREEMENT (this “Agreement”) is made and entered into as of the  2nd day of December,  2019 (the
“Effective Date”), by and between ASURE SOFTWARE, INC. (“Seller”), and FM:SYSTEMS
GROUP, LLC, a Delaware limited liability company (“Buyer”). All capitalized terms used but not defined
herein shall have the meanings ascribed to such terms in the Purchase Agreement (as defined below).

 

RECITALS

 

WHEREAS, Seller is
engaged in the Business;

 

WHEREAS, Buyer, Seller
and FMS Bidco UK Limited (“UK Buyer”) have entered into that certain Asset and Equity Purchase Agreement, dated
as of October 7, 2019, (the “Purchase Agreement”), pursuant to which Seller agreed to sell to Buyer, and Buyer
agreed to purchase from Seller, the Purchased Assets and Seller agreed to sell to UK Buyer, and UK Buyer agreed to purchase from
Seller, the Purchased Subsidiaries;

 

WHEREAS, it is a condition
to the Closing that this Agreement be executed; and

 

WHEREAS, in connection
with the purchase of the Purchased Assets by Buyer and the Purchased Subsidiaries by UK Buyer, Seller is willing to provide or
cause its Affiliates or Third Party service providers to provide to Buyer, or an Affiliate of Buyer, for purposes of operating
the Business, the services (referred to individually as a “Service” and collectively, as the “Services”)
set forth on Annex A hereto and made part of this Agreement, as may be amended or supplemented pursuant to the terms of this Agreement
(the “Services Annex”), in each case, on a transitional basis, and for the respective fees and subject to the
terms and conditions set forth herein.

 

NOW, THEREFORE, in
consideration of the foregoing, the representations, warranties, covenants and agreements set forth in this Agreement, and other
good and valuable consideration, the adequacy and receipt of which are hereby acknowledged, the parties hereto hereby agree as
follows:

 

ARTICLE
I

PROVISION OF SERVICES

 

Section 1.1           
Seller agrees to provide, or to cause its Affiliates or use commercially reasonable efforts to cause its Third Party service
providers to provide, the Services to Buyer (or to any Affiliate of Buyer specified in the Services Annex or otherwise designated
by Buyer) for the respective periods and on the other terms and conditions set forth in this Agreement and in the Services Annex.
The parties agree that, notwithstanding anything to the contrary in this Agreement, to the extent any obligations to provide Services
in this Agreement are to be undertaken by Affiliates of Seller or a Third Party, Seller will ensure that such Affiliates and Third
Party service providers comply with the applicable provisions of this Agreement, including without limitation any obligations under
ARTICLE VI of this Agreement.

 

     

     

    

 

Section 1.2           
Seller agrees that, except as specifically provided in the Services Annexes or as agreed in writing by the parties, the
Services shall be provided in a manner generally consistent with the historical provision of the Services to Buyer by Seller, its
Affiliates or Third Party service providers prior to the Closing Date. Without limiting the foregoing, Seller shall perform (or
shall cause its Affiliates or use commercially reasonable efforts to cause any Third Party service provider to perform) all Services
with at least the same degree (and no less than a reasonable degree) of care, diligence, skill and attention as historically provided
in connection with the Business prior to the Closing Date. Seller shall perform the Services (i) in a professional and workmanlike
manner, and (ii) in compliance with all applicable Laws.

 

Section 1.3           
Each party hereto agrees that all employees of any party or any of its Affiliates, when on the property of another party
or any of its Affiliates or when given access to any equipment, computer, software, network or files owned or controlled by another
party or any of its Affiliates, shall conform to the rules and regulations of such other party or its Affiliates concerning physical,
computer, and network health, safety and security which applied during the historical provision of the Services prior to the Closing
Date or which are made known to the applicable party in advance in writing.

 

Section 1.4           
It is understood and agreed that Seller has used, and will continue to use, Third Party service providers to provide some
of the Services to the Buyer. Seller shall have the right to hire other Third Party subcontractors to provide all or part of any
Service hereunder and to change the Third Party subcontractors providing all or part of any Service hereunder, provided
that (a) the standard of service provided by the subcontractor shall be consistent with Section 1.2, and (b) Seller shall consult
with Buyer in good faith to minimize any adverse effect thereof on the provision of the Services.

 

Section 1.5           
The parties hereto acknowledge that they may not have identified all of the services that may be necessary or appropriate
for the continued operation and to complete the transition of the Business to Buyer. Within sixty (60) days following the Effective
Date, the parties may add additional Services to the Service Annex upon mutual written agreement, including as to the terms and
conditions (including fees) applicable to such new Services (the “Additional Services”); provided, however,
that upon Buyer’s written request, Seller shall be required to provide any Additional Services that (a) were provided with
respect to the Business at any time during the six (6) month period prior to the Closing Date, or with respect to services with
are annual in nature, at any time during the twelve (12) month period prior to the Closing Date and (b) are reasonably necessary
to be provided to the Business, and if the parties cannot reasonably agree as to the fees to be paid to Seller for such Additional
Service, then an hourly rate shall apply with respect to Seller personnel work on such Additional Services calculated using the
same methodology used to determine the rates set forth in the Services Annex, and if it is necessary or appropriate for Seller
to engage any third-party to provide any such Additional Services, then Seller shall pass through the rates or other costs charged
by such third party. For the avoidance of doubt, in no event will any such Additional Services include any Services specifically
identified as excluded services on the Services Annex. It is further agreed and understood that, except with respect to this Section
1.5, any reference to a Service or Services shall also include an Additional Service or Additional Services provided hereunder,
as applicable. Notwithstanding the foregoing, any further assistance requested by Buyer under this Agreement that is ancillary
to and necessary for the delivery of a Service described in the Service Annex shall be considered as part of such Service and not
an Additional Service, and thus are not subject to the terms applicable to Additional Services in this Section 1.5.

 

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Section 1.6           
The Service Annex sets forth a representative of each of Seller and Buyer for each Service who will act as the primary contact
persons with respect to the performance of such Service (each, a “Service Coordinator”). Unless otherwise agreed
by the parties, all communications relating to a given Service shall be directed to the applicable Service Coordinator. The applicable
Service Coordinator for Buyer and Seller for each Service, including relevant contact information, are set forth on the Services
Annex. Either party may change any of its Service Coordinators at any time by providing notice to the other party in accordance
with Section 7.5 of this Agreement.

 

Section 1.7           
OTHER THAN IN THE CASE OF WILLFUL MISCONDUCT, FRAUD OR GROSS NEGLIGENCE BY SELLER OR ITS AFFILIATES, SELLER’S TOTAL
LIABILITY UNDER THIS AGREEMENT SHALL NOT EXCEED THE AGGREGATE AMOUNT PAYABLE BY BUYER HEREUNDER FOR THE SERVICES. EXCEPT AS EXPRESSLY
SET FORTH HEREIN, SELLER MAKES NO REPRESENTATIONS AND WARRANTIES OF ANY KIND, IMPLIED OR EXPRESSED, WITH RESPECT TO THE SERVICES,
INCLUDING (WITHOUT LIMITATION) WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT, OR TITLE, ALL
OF WHICH ARE SPECIFICALLY DISCLAIMED.

 

Section 1.8           
The parties acknowledge and agree that this Agreement does not create a fiduciary relationship, partnership, joint venture
or relationships of trust or agency between the parties and that all Services are provided by Seller as an independent contractor.

 

ARTICLE
II

RESPONSIBILITY FOR WAGES AND FEES

 

For such time as any
employees of Seller or any of its Affiliates are providing the Services to Buyer under this Agreement, (i) such employees will
remain employees of Seller or such Affiliate, as applicable, and shall not be deemed to be employees of the Buyer for any purpose,
and (ii) Seller or such Affiliate, as applicable, shall be solely responsible for the payment and provision of all wages, bonuses
and commissions, employee benefits, including, worker’s compensation and the withholding and payment of applicable taxes
relating to such employment.

 

ARTICLE
III

TERMS OF PAYMENT AND RELATED MATTERS

 

Section 3.1           
As more fully provided in the Services Annex and Section 3.3, as applicable, and subject to the terms and conditions therein
as well as Section 3.4: (i) Seller shall present to Buyer monthly invoices (“Invoices”), which shall set forth
in reasonable detail (with such supporting documentation as Buyer may reasonably request with respect to the amounts payable under
this Agreement); and (ii) payments pursuant to this Agreement shall be made within fifteen (15) days after the date of an Invoice
provided by Seller. Seller reserves the right to charge interest on any amount which has been due from Buyer for more than fifteen
(15) days (except for unpaid amounts that are the subject of a good faith dispute), at a rate equal to the prime lending rate (as
quoted in the Wall Street Journal on the last Business Day of the month of such overdue Invoice). Notwithstanding anything to the
contrary in this Agreement, Seller may suspend provision of any or all Services upon notice to Buyer if any Invoice remains unpaid
forty-five (45) days after receipt by Buyer, unless the unpaid amounts are the subject of a good faith dispute (as provided for
in Section 3.4). Invoices shall be sent to the representative of Buyer listed on Annex B hereto, by the methods set forth therein.
Buyer may change its representative listed on Annex B by notice to Seller provided in accordance with Section 7.5 of this Agreement.

 

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Section 3.2           
The Services Annex sets forth for each of the Services the expected (as of the Effective Date) final date for the performance
of such Service (for each Service, the “Initial Target Date”), which final date applicable to each Service shall
be no later than the earlier of: (a) the date that is two times the duration of the period between the Effective Date and the Initial
Target Date and (b) nine (9) months after the Effective Date (the “Outside Date”); for illustration purposes,
if the Initial Target Date for a Service is (i) three (3) months after the Effective Date, then the Outside Date for such Service
would be six (6) months after the Effective Date, and (ii) five (5) months after the Effective Date, then the Outside Date for
such Service would be nine (9) months after the Effective Date. Upon the Initial Target Date for each Service or any later expiration
of the term of such Service, Buyer may extend the term of such Service for additional, successive
one (1) month terms upon Buyer’s written request provided to Seller at least fifteen (15) days prior to such Initial Target
Date or other expiration; provided, however, that Buyer agrees that the applicable fee for such Service during any period following
the Initial Target Date shall be one hundred and ten percent (110%) of the monthly fee set forth for such Service in the
Services Annex. In no event shall Seller be obligated to provide a Service after the applicable Outside Date, unless otherwise
agreed in writing by Seller.

 

Section 3.3           
In consideration for the Services, Buyer shall pay to Seller the monthly fees set forth in the Services Annex with respect
to each Service that Buyer receives. All fees shall be billed in arrears for Services previously performed. Buyer and Seller shall
negotiate in good faith an allocation of any third-party costs not reflected on the Services Annex incurred by the Seller in connection
with providing the Services to Buyer pursuant to this Agreement.

 

Section 3.4           
In the event of an Invoice dispute, Buyer shall deliver a written statement to Seller prior to the date payment is due on
the disputed Invoice listing all disputed items and providing a reasonably detailed description of the dispute. Amounts not so
disputed shall be deemed accepted and shall be paid, notwithstanding disputes on other items, within the period set forth in Section
3.1. The parties shall seek to resolve all such disputes expeditiously and in good faith.

 

Section 3.5           
The parties acknowledge and agree that Buyer may terminate any Service set out in the Services Annex for its convenience
upon twenty (20) days’ prior written notice to Seller (a “Service Reduction Notice”), provided that the
Services Annex may expressly limit the ability for Buyer to terminate or reduce certain Services while keeping other particular
Services (“Dependent Services”), in which case such Dependent Services may only be terminated together and not
independently of each other or only in part (or as otherwise prescribed in the Services Annex). If Buyer provides a Service Reduction
Notice, Seller shall use commercially reasonable efforts to reduce, to the extent designated by Buyer, the Services as soon as
practicable and the costs associated with the provision of the Services that are the subject of the Service Reduction Notice (the
“Discontinued Services”), and, subject to the following, Buyer shall not be responsible for any costs with respect
to any of the Discontinued Services after ten (10) days following the provision to Seller of the applicable Service Reduction Notice,
except that Buyer will remain responsible for paying to Seller any fees or costs for such Service (as set forth in the Services
Annex) that Seller incurs and cannot reasonably eliminate resulting from an extension of such Service beyond the Initial Target
Date. Notwithstanding the foregoing, Buyer shall continue to be liable hereunder to Seller for all costs associated with the provision
of Services that are not the Discontinued Services.

 

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Section 3.6           
Buyer shall comply with the applicable terms of all third party agreements relating to any of the Services provided hereunder
if and to the extent such agreements or the respective terms have been provided or otherwise disclosed in writing in advance to
Buyer.

 

Section 3.7           
Buyer shall be responsible for all sales or use Taxes imposed or assessed as a result of the provision of Services by Seller.

 

Section 3.8           
Reserved.

 

Section 3.9           
Seller shall, at its sole cost and expense, use commercially reasonable efforts to obtain all consents, authorizations,
waivers, and approvals from any Third Party that are required for Seller to perform the Services or Buyer to receive the Services
(“Consents”). To the extent that any Consent is required with respect to any Service, Seller shall not provide
such Service without obtaining such Consent, except as otherwise as agreed in writing by the parties. All license fees, temporary
right to use fees, royalties or other amounts payable to any Third Party that may be required for Seller to perform, or for Buyer
to receive, any of the Services, including obtaining any Consents shall be borne by the parties in the following proportion: fifty
percent (50%) of such fees, royalties, and other amounts borne by Seller, and the remaining fifty percent (50%) of such fees, royalties,
and other amounts borne by Buyer. Buyer shall have the right to approve any such amounts, and shall provide such approval or rejection
promptly. In the event Buyer does not approve such amounts, Seller shall be excused from performance of the corresponding Service(s)
without any further obligation or liability to the extent performing such Service(s) is prejudiced by such non-approval. Without
limiting the foregoing, if Seller is not able to obtain any such Consent (other than due to Buyer’s failure to approve related
costs), Seller shall promptly notify Buyer and each of Buyer and Seller shall work in good faith and use commercially reasonable
efforts to arrange as soon as practicable an alternative means of obtaining or providing, respectively, such Service that is the
same in all material respects as the benefit provided under or by the relevant Service for which the Consent was required and that
is reasonably satisfactory to Buyer (with any incremental cost associated with such alternative means borne equally by Seller and
Buyer). If Buyer and Seller are unable to arrange such an alternative means within twenty (20) Business Days after the Effective
Date, Buyer may terminate any affected Service, and Seller shall be excused from performance of the corresponding Service(s) without
any further obligation or liability.

 

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ARTICLE
IV

TERM

 

This Agreement shall
terminate upon the earliest to occur of any of the following: (a) termination or expiration (i.e., lapse of the Outside Dates for
each of the Services) of all Services, (b) the date that is nine (9) months after the Closing Date (except with respect to those
Services that have an Initial Target Date that exceeds nine (9) months, in which case the term of this Agreement shall terminate
with respect to such Service on the Initial Target Date of such Service), (c) thirty (30) days after Buyer submits written notice
of intent to terminate this Agreement to Seller, and (d) mutual written agreement by the parties to terminate this Agreement. Notwithstanding
the foregoing, to the extent that this Agreement is required in order to provide Buyer with the benefit of any non-assignable Contract
that constitutes a Purchased Asset, this Agreement shall remain in effect with respect to such Contract until the earlier of (a)
the applicable renewal date under such Contract or (b) the effective date of the termination of the Contract.

 

ARTICLE
V

FORCE MAJEURE

 

The obligations of
Seller, Buyer and their respective Affiliates under this Agreement shall be suspended during the period and to the extent that
such Person is prevented or hindered from complying therewith by any of the following causes beyond its reasonable control: (i)
acts of God, (ii) weather conditions, fire or explosion, (iii) war, invasion, riot or other civil unrest, (iv) order or regulation
of a Governmental Authority, (v) Legal Proceedings, embargoes or blockades in effect on or after the date of this Agreement, (vi)
Legal Proceeding by any Governmental Authority, (vii) national or regional emergency, (viii) strikes, labor stoppages or slowdowns
or other industrial disturbances, (ix) shortage of adequate power or transportation facilities, or (x) any other event which is
beyond the reasonable control of such Person. In such event, the party whose obligations are suspended shall give notice of suspension
as soon as reasonably practicable to the party to which such obligations are owed stating the date and extent of such suspension
and the cause thereof, and shall remove or otherwise address the impediment to action as soon as reasonably practicable and resume
the performance of such obligations as soon as reasonably practicable thereafter.

 

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ARTICLE
VI

CONFIDENTIALITY

 

Section 6.1           
From and after the date of this Agreement, Buyer shall not, and shall cause its Subsidiaries receiving Services hereunder
and their respective officers, managers, directors, employees, auditors and other agents (collectively, “Representatives”)
not to, disclose to any other Person (other than Buyer’s Affiliates) any Seller TSA Confidential Information; provided
that Buyer or its Subsidiaries may disclose Seller TSA Confidential Information (i) to the extent required by Law, in any report,
statement, testimony or other submission to any Governmental Authority having jurisdiction over Buyer or such Subsidiaries, as
applicable, (ii) as may be reasonably necessary in connection with any Tax Returns, accounting records or financial reporting obligations
or any audit or (iii) in order to comply with any Law applicable to Buyer or such Subsidiaries, as applicable, or as legally required
by any summons, subpoena or other legal process or formal or informal investigative demand issued to Buyer or such Subsidiaries,
as applicable, in the course of any litigation, investigation or administrative proceeding; provided, further, that,
if Buyer or any such Subsidiary becomes legally compelled by deposition, interrogatory, request for documents, subpoena, civil
investigative demand or similar judicial or administrative process to disclose any Seller TSA Confidential Information, Buyer or
such Subsidiaries, as applicable, shall (to the extent permitted by Law) provide Seller with prompt prior written notice of such
requirement and, to the extent reasonably practicable, cooperate with Seller and Seller’s Affiliates (at Seller’s expense)
to obtain a protective order or similar remedy to cause such Seller TSA Confidential Information not to be disclosed, including
interposing all available objections thereto. In the event that such protective order or other similar remedy is not obtained,
Buyer or its applicable Subsidiaries shall furnish only that portion of Seller TSA Confidential Information that has been legally
compelled, and shall exercise its reasonable best efforts to obtain assurance that confidential treatment will be accorded such
disclosed Seller TSA Confidential Information. Buyer hereby agrees, and shall cause its applicable Subsidiaries and Representatives,
to protect Seller TSA Confidential Information by using the same degree of care, but no less than a reasonable degree of care,
to prevent the unauthorized disclosure of Seller TSA Confidential Information as Buyer uses to protect its own confidential information
of a like nature. To the extent that an Affiliate of Buyer that is not a Subsidiary of Buyer is a recipient of Services pursuant
to Section 1.1, Buyer shall ensure that such Affiliate complies with the provisions of this Section 6.1 that are applicable to
a Subsidiary of Buyer.

 

Section 6.2           
From and after the date of this Agreement, Seller shall not, and shall cause its Affiliates and its and its Affiliates’
Representatives not to, use other than in the performance of the Services or disclose to any other Person (other than Seller’s
Affiliates or Third Party service providers in the performance of the Services) any Buyer TSA Confidential Information; provided
that Seller or its Affiliates may disclose Buyer TSA Confidential Information (i) to the extent required by Law, in any report,
statement, testimony or other submission to any Governmental Entity having jurisdiction over Seller or its Affiliates, as applicable,
(ii) as may be reasonably necessary in connection with any Tax Returns, accounting records or financial reporting obligations or
any audit or (iii) in order to comply with any Law applicable to Seller or its Affiliates, as applicable, or as legally required
by any summons, subpoena or other legal process or formal or informal investigative demand issued to Seller or its Affiliates,
as applicable, in the course of any litigation, investigation or administrative proceeding; provided, further, that,
if Seller or any of its Affiliates becomes legally compelled by deposition, interrogatory, request for documents, subpoena, civil
investigative demand or similar judicial or administrative process to disclose any Buyer TSA Confidential Information, Seller shall
(to the extent permitted by Law) provide Buyer with prompt prior written notice of such requirement and, to the extent reasonably
practicable, cooperate with Buyer or its respective Affiliates, as applicable (at Buyer’s expense) to obtain a protective
order or similar remedy to cause Buyer TSA Confidential Information not to be disclosed, including interposing all available objections
thereto. In the event that such protective order or other similar remedy is not obtained, Seller or its applicable Affiliates shall
furnish only that portion of Buyer TSA Confidential Information that has been legally compelled, and shall exercise its reasonable
best efforts to obtain assurance that confidential treatment will be accorded such disclosed Buyer TSA Confidential Information.
Seller hereby agrees, and shall cause its Affiliates and its and its Affiliates’ Representatives and its Third Party service
providers, to protect Buyer TSA Confidential Information by using the same degree of care, but no less than a reasonable degree
of care, to prevent the unauthorized disclosure of Buyer TSA Confidential Information as Seller uses to protect its own confidential
information of a like nature.

 

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Section 6.3           
“Seller TSA Confidential Information” means all non-public information disclosed under or in connection
with this Agreement by Seller or its Affiliates or their respective Representatives to Buyer or any of its Affiliates or their
respective Representatives regarding Seller or its Affiliates, and not constituting Buyer TSA Confidential Information; provided
that “Seller TSA Confidential Information” shall not include information which (i) is or becomes generally available
to the public (other than as a result of its disclosure in violation of Section 6.1 above), (ii) was already known to Buyer (other
than by previous disclosure by Seller or its Affiliates or their respective Representatives) as of the Effective Date and not subject
to any duty of confidentiality to Seller or its Affiliates, (iii) is independently developed by Buyer or its Affiliates without
reference to any Seller TSA Confidential Information or (iv) after the Closing Date, is lawfully made available or known to Buyer
or its Affiliates by a Person not known by Buyer to be subject to any duty of confidentiality to Seller or its Affiliates or their
respective Representatives. “Buyer TSA Confidential Information” means all non-public information related to
the Buyer and to the Business other than any information used in Seller’s or its Affiliates’ other businesses as of
the Closing Date, and any other non-public information disclosed under or in connection with this Agreement by Buyer or its Affiliates
or their respective Representatives; provided that “Buyer TSA Confidential Information” shall not include information
which (1) is or becomes generally available to the public (other than as a result of its disclosure in violation of Section 6.2
above), (2) after the Closing Date, is independently developed by Seller or its Affiliates without reference to any Buyer TSA Confidential
Information or (3) after the Closing Date, is lawfully made available or known to Seller or its Affiliates by a Person not known
by Seller to be subject to any duty of confidentiality to Buyer or its Affiliates or their Representatives.

 

ARTICLE
VII

MISCELLANEOUS

 

Section 7.1           
Survival. The following provisions shall survive expiration or earlier termination of this Agreement: ARTICLE III,
ARTICLE VI and ARTICLE VII.

 

Section 7.2           
Assignment; Binding Effect. This Agreement and the rights and obligations hereunder are not assignable by any party
unless such assignment is consented to in writing by the other parties; provided that a party may, without the consent of
the other party, assign its rights hereunder to one or more of its Affiliates; provided, further, that
Buyer may assign this Agreement or its rights hereunder, in whole or in part, to an acquirer in connection with the transfer or
sale of any or all of the business or assets of Buyer. Subject to the preceding sentence, this Agreement and all the provisions
hereof shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted
assigns. Notwithstanding the foregoing, each party and their direct and indirect Subsidiaries (or any or all of them) may assign
their respective rights and obligations pursuant to this Agreement to any of their lenders as collateral security.

 

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Section 7.3           
Choice of Law. This Agreement shall be governed by and construed in accordance with the Laws of the State of Delaware
applicable to agreements made and to be performed entirely within such State, without regard to the conflict of laws principles
of the State of Delaware.

 

Section 7.4           
Jurisdiction and Service of Process. With respect to any Legal Proceeding resulting from, relating to or arising
out of this Agreement, each of the parties hereto irrevocably and unconditionally submits to the exclusive jurisdiction of the
federal courts of the United States of America located in the state of Delaware or, if such court will not accept jurisdiction,
any court of competent civil jurisdiction sitting in the state of Delaware. In any such Legal Proceeding, each of the parties hereto
irrevocably and unconditionally waives and agrees not to assert by way of motion, as a defense or otherwise (i) any claim that
it is not subject to the jurisdiction of the above courts, (ii) that its property is exempt or immune from attachment or execution,
(iii) that such Legal Proceeding is brought in an inconvenient forum, (iv) that the venue of such Legal Proceeding is improper,
(v) that such Legal Proceeding should be transferred or removed to any court other than one of the above-named courts, or should
be stayed by reason of the pendency of some other proceeding in any other court other than one of the above-named courts, or that
this Agreement or the subject matter hereof may not be enforced in or by such courts. Each of the parties hereto hereby agrees
not to commence any such Legal Proceeding other than before one of the above-named courts. Each of the parties hereto also hereby
agrees that any final and unappealable judgment against a party in connection with any such Legal Proceeding shall be conclusive
and binding on such party and that such judgment may be enforced in any court of competent jurisdiction, either within or outside
of the United States. A certified or exemplified copy of such award or judgment shall be conclusive evidence of the fact and amount
of such award or judgment. With respect to any Legal Proceeding for which it has submitted to jurisdiction pursuant to this Section
7.4, each party irrevocably consents to service of process in the manner provided for the giving of notices pursuant to Section
7.5 of this Agreement. Nothing in this Section 7.4 shall affect the right of any party to serve process in any other manner permitted
by Law. The foregoing consent to jurisdiction shall not (a) constitute submission to jurisdiction or general consent to service
of process in the State of Delaware for any purpose except with respect to any Legal Proceeding resulting from, relating to or
arising out of this Agreement or (b) be deemed to confer rights on any Person other than the respective parties to this Agreement.

 

Section 7.5           
Notices. All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in
writing and shall be deemed to have been given (a) when delivered by hand (with written confirmation of receipt); (b) when
received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by
facsimile (with confirmation of transmission) or e-mail of a PDF document if sent during normal business hours of the recipient,
and on the next Business Day if sent after normal business hours of the recipient; or (d) on the third day after the date
mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective
Parties at the following addresses (or at such other address for a party as shall be specified in a notice given in accordance
with this ):

 

    	 	9	 

     

    

 

If to the Seller:

 

Asure Software, Inc.

3700 N. Capital of Texas Hwy, Suite
350

Austin, TX 78746

Attention: Pat Goepel

Email: pgoepel@asuresoftware.com

 

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

 

Messerli & Kramer, P.A.

100 South Fifth Street, Suite 1400

Minneapolis, MN 55402

Attention: Katheryn A. Gettman

Email: kgettman@messerlikramer.com

 

If to Buyer:

 

Accel-KKR

2500 Sand Hill Rd # 300

Menlo Park, CA 94025

Attention: Dean Jacobson

Attention: Joe Porten

Email: Dean@accel-kkr.com

Email: Jporten@accel-kkr.com

 

and to:

 

FM:Systems Group, LLC

2301 Sugar Bush Road Suite 500

Raleigh, NC 27612

Attention: Kurt Von Koch

Email: kvonkoch@fmsystems.com

 

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

 

Goodwin Procter LLP

601 Marshall Street

Redwood City, CA 94063

Attention: Scott B. Joachim

Email: SJoachim@goodwinlaw.com

 

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Section 7.6           
Headings. The headings contained in this Agreement are inserted for convenience only and shall not be considered
in interpreting or construing any of the provisions contained in this Agreement.

 

Section 7.7           
Entire Agreement. This Agreement, including all Services Annexes, constitutes the entire agreement between the parties
hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings between the parties with
respect to such subject matter.

 

Section 7.8           
Interpretation.

 

(a)           When a reference is made to an Article, Section, or Annex, such reference shall be to an Article, Section, or Annex to,
this Agreement unless otherwise indicated.

 

(b)           Whenever the words “include,” “includes” or “including” are used in this Agreement,
they shall be deemed to be followed by the words “without limitation.”

 

(c)           Unless the context requires otherwise, words using the singular or plural number also include the plural or singular number,
respectively, the use of any gender herein shall be deemed to include the other genders, words denoting natural persons shall be
deemed to include business entities and vice versa and references to a Person are also to its permitted successors and assigns.

 

(d)           References to “dollars” or “$” are to U.S. dollars.

 

(e)           References to “U.S.” are to the United States of America.

 

(f)            The terms “hereof,” “herein” “hereby,” “hereto” and derivative or similar
words refer to this entire Agreement.

 

(g)           References to any statute shall be deemed to refer to such statute as amended from time to time and to any rules or regulations
promulgated thereunder (provided that for purposes of any representations and warranties contained in this Agreement that
are made as of a specific date or dates, references to any statute shall be deemed to refer to such statute, as amended, and to
any rules or regulations promulgated thereunder, in each case, as of such date or dates).

 

Section 7.9           
Waiver and Amendment. This Agreement may be amended, modified or supplemented only by a written mutual agreement
executed and delivered by Seller and Buyer. Except as otherwise provided in this Agreement, any failure of any party to comply
with any obligation, covenant, agreement or condition herein may be waived by the party entitled to the benefits thereof only by
a written instrument signed by the party granting such waiver, but such waiver or failure to insist upon strict compliance with
such obligations, covenant, agreement or condition shall not operate as a waiver of, or estoppel with respect to, any subsequent
or other failure.

 

Section 7.10         
Third-Party Beneficiaries. This Agreement is for the sole benefit of the parties hereto and their permitted successors
and assigns, and nothing herein express or implied shall give or be construed to give to any Person, other than the parties hereto
and such permitted successors and assigns, any legal or equitable rights hereunder.

 

    	 	11	 

     

    

 

Section 7.11         
Severability. If any provision of this Agreement or the application of any such provision to any Person or circumstance
shall be held invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, such invalidity, illegality
or unenforceability shall not affect any other provision hereof.

 

Section 7.12         
Counterparts; Facsimile Signatures. This Agreement may be executed in any number of counterparts, each of which when
executed, shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument binding
upon each of the parties hereto notwithstanding the fact that all parties are not signatory to the original or the same counterpart.
For purposes of this Agreement, facsimile and pdf signatures shall be deemed originals.

 

Section 7.13         
Waiver
of Jury Trial. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW, THE PARTIES HEREBY WAIVE, AND COVENANT THAT THEY WILL NOT ASSERT,
ANY RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING IN WHOLE OR IN PART UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY
OF THE TRANSACTIONS CONTEMPLATED PURSUANT TO THE PURCHASE AGREEMENT, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING
IN CONTRACT, TORT OR OTHERWISE. THE PARTIES AGREE THAT ANY OF THEM MAY FILE A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN
EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED-FOR AGREEMENT AMONG THE PARTIES IRREVOCABLY TO WAIVE ITS RIGHT TO TRIAL BY JURY
IN ANY PROCEEDING WHATSOEVER BETWEEN THEM RELATING TO THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED PURSUANT TO THE PURCHASE
AGREEMENT.

 

[Signature page follows]

 

    	 	12	 

     

    

 

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

 

	 	ASURE SOFTWARE, INC.
	 	 	 
	 	 	 
	 	By:	/s/ Patrick Goepel
	 	 	Name:	Patrick Goepel
	 	 	Title:	Chief Executive Officer and President
	 	 	 
	 	 	 
	 	FM:SYSTEMS GROUP, LLC
	 	 	 
	 	 	 
	 	By:	/s/ Joe Porten
	 	 	Name:	Joe Porten
	 	 	Title:	Vice President

 

[Transition Services Agreement]

 

     

     

    

 

ANNEX A

SERVICES ANNEX

 

     

     

    

 

ANNEX B

DELIVERY OF INVOICESExhibit 10.1

 

BUSINESS LOAN AGREEMENT

 

	Principal	Loan Date	Maturity	Loan No	Call / Coll	Account	Officer	Initials
	$15,000,000.00	11-27-2019	07-05-2021	155354101	 	600714	7001	 

 

References in the boxes above are for
Lender's use only and do not limit the applicability of this document to any particular loan or item.

 

Any item above containing "***"
has been omitted due to text length limitations.

 

	Borrower:	
        Bisco Industries, Inc.

        1500 North Lakeview Loop

        Anaheim, CA 92807
	Lender:	
        Citizens Business Bank

        Plaza Business Financial Center

        77 Plaza Square

        Orange, CA 92866

 

THIS BUSINESS LOAN AGREEMENT
dated November 27, 2019, is made and executed between Bisco Industries, Inc. ("Borrower") and Citizens Business Bank
("Lender") on the following terms and conditions. Borrower has received prior commercial loans from Lender or has applied
to Lender for a commercial loan or loans or other financial accommodations, including those which may be described on any exhibit
or schedule attached to this Agreement. Borrower understands and agrees that: (A) in granting, renewing, or extending any Loan,
Lender is relying upon Borrower's representations, warranties, and agreements as set forth in this Agreement; (B) the granting,
renewing, or extending of any Loan by Lender at all times shall be subject to Lender's sole judgment and discretion; and (C) all
such Loans shall be and remain subject to the terms and conditions of this Agreement.

 

TERM. This Agreement
shall be effective as of November 27, 2019, and shall continue in full force and effect until such time as all of Borrower's Loans
in favor of Lender have been paid in full, including principal, interest, costs, expenses, attorneys' fees, and other fees and
charges, or until such time as the parties may agree in writing to terminate this Agreement.

 

LINE OF CREDIT. The
Indebtedness includes a revolving line of credit. Advances under the Indebtedness, as well as directions for payment from Borrower's
accounts, may be requested either orally or in writing by Borrower. Lender may, but need not require that all non-written requests
be confirmed in writing. Borrower agrees to be liable for all sums either: (A) advanced in accordance with the instructions of
an authorized person as described in the "Advance Authority" section below or (B) credited to any of Borrower's accounts
with Lender.

 

ADVANCE AUTHORITY.
The following person or persons are authorized to request advances and authorize payments under the line of credit until Lender
receives from Borrower, at Lender's address shown above, written notice of revocation of such authority: Glen F. Ceiley, Pres/CEO/CFO/Sec
of Bisco Industries, Inc.; Don Wagner, President /COO of Bisco Industries, Inc.; and Michael Narikawa, Controller & CFE of
Bisco Industries, Inc.

 

CONDITIONS PRECEDENT TO
EACH ADVANCE. Lender's obligation to make the initial Advance and each subsequent Advance under this Agreement shall be subject
to the fulfillment to Lender's satisfaction of all of the conditions set forth in this Agreement and in the Related Documents.

 

Loan Documents. Borrower
shall provide to Lender the following documents for the Loan: (1) the Note; (2) guaranties; (3) together with all such Related
Documents as Lender may require for the Loan; all in form and substance satisfactory to Lender and Lender's counsel.

 

Borrower's Authorization.
Borrower shall have provided in form and substance satisfactory to Lender properly certified resolutions, duly authorizing the
execution and delivery of this Agreement, the Note and the Related Documents. In addition, Borrower shall have provided such other
resolutions, authorizations, documents and instruments as Lender or its counsel, may require.

 

Payment of Fees and Expenses.
Borrower shall have paid to Lender all fees, charges, and other expenses which are then due and payable as specified in this Agreement
or any Related Document.

 

Representations and Warranties.
The representations and warranties set forth in this Agreement, in the Related Documents, and in any document or certificate delivered
to Lender under this Agreement are true and correct.

 

No Event of Default.
There shall not exist at the time of any Advance a condition which would constitute an Event of Default under this Agreement or
under any Related Document.

 

REPRESENTATIONS AND WARRANTIES.
Borrower represents and warrants to Lender, as of the date of this Agreement, as of the date of each disbursement of loan proceeds,
as of the date of any renewal, extension or modification of any Loan, and at all times any Indebtedness exists:

 

Organization. Borrower
is a corporation for profit which is, and at all times shall be, duly organized, validly existing, and in good standing under and
by virtue of the laws of the State of Illinois. Borrower is duly authorized to transact business in the State of California and
all other states in which Borrower is doing business, having obtained all necessary filings, governmental licenses and approvals
for each state in which Borrower is doing business. Specifically, Borrower is, and at all times shall be, duly qualified as a foreign
corporation in all states in which the failure to so qualify would have a material adverse effect on its business or financial
condition. Borrower has the full power and authority to own its properties and to transact the business in which it is presently
engaged or presently proposes to engage. Borrower maintains an office at 1500 North Lakeview Loop, Anaheim, CA 92807. Unless Borrower
has designated otherwise in writing, the principal office is the office at which Borrower keeps its books and records including
its records concerning the Collateral. Borrower will notify Lender prior to any change in the location of Borrower's state of organization
or any change in Borrower's name. Borrower shall do all things necessary to preserve and to keep in full force and effect its existence,
rights and privileges, and shall comply with all regulations, rules, ordinances, statutes, orders and decrees of any governmental
or quasi-governmental authority or court applicable to Borrower and Borrower's business activities.

 

Assumed Business Names.
Borrower has filed or recorded all documents or filings required by law relating to all assumed business names used by Borrower.
Excluding the name of Borrower, the following is a complete list of all assumed business names under which Borrower does business:
None. 

     

     

    

Authorization. Borrower's
execution, delivery, and performance of this Agreement and all the Related Documents have been duly authorized by all necessary
action by Borrower and do not conflict with, result in a violation of, or constitute a default under (1) any provision of (a) Borrower's
articles of incorporation or organization, or bylaws, or (b) any agreement or other instrument binding upon Borrower or (2) any
law, governmental regulation, court decree, or order applicable to Borrower or to Borrower's properties.

 

Financial Information.
Each of Borrower's financial statements supplied to Lender truly and completely disclosed Borrower's financial condition as of
the date of the statement, and there has been no material adverse change in Borrower's financial condition subsequent to the date
of the most recent financial statement supplied to Lender. Borrower has no material contingent obligations except as disclosed
in such financial statements.

 

Legal Effect. This Agreement
constitutes, and any instrument or agreement Borrower is required to give under this Agreement when delivered will constitute legal,
valid, and binding obligations of Borrower enforceable against Borrower in accordance with their respective terms.

 

Properties. Except as
contemplated by this Agreement or as previously disclosed in Borrower's financial statements or in writing to Lender and as accepted
by Lender, and except for property tax liens for taxes not presently due and payable, Borrower owns and has good title to all of
Borrower's properties free and clear of all Security Interests, and has not executed any security documents or financing statements
relating to such properties. All of Borrower's properties are titled in Borrower's legal name, and Borrower has not used or filed
a financing statement under any other name for at least the last five (5) years.

 

Hazardous Substances.
Except as disclosed to and acknowledged by Lender in writing, Borrower represents and warrants that: (1) During the period of Borrower's
ownership of the Collateral, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened
release of any Hazardous Substance by any person on, under, about or from any of the Collateral. (2) Borrower has no knowledge
of, or reason to believe that there has been (a) any breach or violation of any Environmental Laws; (b) any use, generation, manufacture,
storage, treatment, disposal, release or threatened release of any Hazardous Substance on, under, about or from the Collateral
by any prior owners or occupants of any of the Collateral; or (c) any actual or threatened litigation or claims of any kind by
any person relating to such matters. (3) Neither Borrower nor any tenant, contractor, agent or other authorized user of any of
the Collateral shall use, generate, manufacture, store, treat, dispose of or release any Hazardous Substance on, under, about or
from any of the Collateral; and any such activity shall be conducted in compliance with all applicable federal, state, and local
laws, regulations, and ordinances, including without limitation all Environmental Laws. Borrower authorizes Lender and its agents
to enter upon the Collateral to make such inspections and tests as Lender may deem appropriate to determine compliance of the Collateral
with this section of the Agreement. Any inspections or tests made by Lender shall be at Borrower's expense and for Lender's purposes
only and shall not be construed to create any responsibility or liability on the part of Lender to Borrower or to any other person.
The representations and warranties contained herein are based on Borrower's due diligence in investigating the Collateral for hazardous
waste and Hazardous Substances. Borrower hereby (1) releases and waives any future claims against Lender for indemnity or contribution
in the event Borrower becomes liable for cleanup or other costs under any such laws, and (2) agrees to indemnify, defend, and hold
harmless Lender against any and all claims, losses, liabilities, damages, penalties, and expenses which Lender may directly or
indirectly sustain or suffer resulting from a breach of this section of the Agreement or as a consequence of any use, generation,
manufacture, storage, disposal, release or threatened release of a hazardous waste or substance on the Collateral. The provisions
of this section of the Agreement, including the obligation to indemnify and defend, shall survive the payment of the Indebtedness
and the termination, expiration or satisfaction of this Agreement and shall not be affected by Lender's acquisition of any interest
in any of the Collateral, whether by foreclosure or otherwise.

 

Litigation and Claims.
No litigation, claim, investigation, administrative proceeding or similar action (including those for unpaid taxes) against Borrower
is pending or threatened, and no other event has occurred which may materially adversely affect Borrower's financial condition
or properties, other than litigation, claims, or other events, if any, that have been disclosed to and acknowledged by Lender in
writing.

 

Taxes. To the best of
Borrower's knowledge, all of Borrower's tax returns and reports that are or were required to be filed, have been filed, and all
taxes, assessments and other governmental charges have been paid in full, except those presently being or to be contested by Borrower
in good faith in the ordinary course of business and for which adequate reserves have been provided.

 

Lien Priority. Unless
otherwise previously disclosed to Lender in writing, Borrower has not entered into or granted any Security Agreements, or permitted
the filing or attachment of any Security Interests on or affecting any of the Collateral directly or indirectly securing repayment
of Borrower's Loan and Note, that would be prior or that may in any way be superior to Lender's Security Interests and rights in
and to such Collateral.

 

Binding Effect. This
Agreement, the Note, all Security Agreements (if any), and all Related Documents are binding upon the signers thereof, as well
as upon their successors, representatives and assigns, and are legally enforceable in accordance with their respective terms.

 

AFFIRMATIVE COVENANTS.
Borrower covenants and agrees with Lender that, so long as this Agreement remains in effect, Borrower will:

 

Notices of Claims and Litigation.
Promptly inform Lender in writing of (1) all material adverse changes in Borrower's financial condition, and (2) all existing and
all threatened litigation, claims, investigations, administrative proceedings or similar actions affecting Borrower or any Guarantor
which could materially affect the financial condition of Borrower or the financial condition of any Guarantor.

 

Financial Records. Maintain
its books and records in accordance with GAAP, applied on a consistent basis, and permit Lender to examine and audit Borrower's
books and records at all reasonable times.

 

Financial Statements.
Furnish Lender with the following:

 

Additional Requirements.

 

Annual Statements.
As soon as available, but in no event later than one-hundred-twenty (120) days after the end of each fiscal year on a consolidating
basis, Borrower’s balance sheet and income statement for the year ended, prepared by Borrower.

 

Interim Statements.
As soon as available, but in no event later than forty-five (45) days after the end of each fiscal quarter, Borrower’s balance
sheet and profit and loss statement for the period ended, prepared by Borrower, on a consolidating basis.

 

Brokerage Statements.
Borrower to submit brokerage statements as soon as available, but in no event later than 45 days after the end of each fiscal quarter.

 

All financial reports required
to be provided under this Agreement shall be prepared in accordance with GAAP, applied on a consistent basis, and certified by
Borrower as being true and correct.

 

Additional Information.
Furnish such additional information and statements, as Lender may request from time to time. 

     

     

    

Insurance. Maintain
fire and other risk insurance, public liability insurance, and such other insurance as Lender may require with respect to Borrower's
properties and operations, in form, amounts, coverages and with insurance companies acceptable to Lender. Borrower, upon request
of Lender, will deliver to Lender from time to time the policies or certificates of insurance in form satisfactory to Lender, including
stipulations that coverages will not be cancelled or diminished without at least ten (10) days prior written notice to Lender.
Each insurance policy also shall include an endorsement providing that coverage in favor of Lender will not be impaired in any
way by any act, omission or default of Borrower or any other person. In connection with all policies covering assets in which Lender
holds or is offered a security interest for the Loans, Borrower will provide Lender with such lender's loss payable or other endorsements
as Lender may require.

 

Insurance Reports. Furnish
to Lender, upon request of Lender, reports on each existing insurance policy showing such information as Lender may reasonably
request, including without limitation the following: (1) the name of the insurer; (2) the risks insured; (3) the amount of the
policy; (4) the properties insured; (5) the then current property values on the basis of which insurance has been obtained, and
the manner of determining those values; and (6) the expiration date of the policy. In addition, upon request of Lender (however
not more often than annually), Borrower will have an independent appraiser satisfactory to Lender determine, as applicable, the
actual cash value or replacement cost of any Collateral. The cost of such appraisal shall be paid by Borrower.

 

Guaranties. Prior
to disbursement of any Loan proceeds, furnish executed guaranties of the Loans in favor of Lender, executed by the guarantor named
below, on Lender's forms, and in the amount and under the conditions set forth in those guaranties.

 

	Name of Guarantor	Amount
	EACO Corporation	Unlimited

 

Other Agreements.
Comply with all terms and conditions of all other agreements, whether now or hereafter existing, between Borrower and any other
party and notify Lender immediately in writing of any default in connection with any other such agreements.

 

Loan Proceeds. Use
all Loan proceeds solely for Borrower's business operations, unless specifically consented to the contrary by Lender in writing.

 

Taxes, Charges and Liens.
Pay and discharge when due all of its indebtedness and obligations, including without limitation all assessments, taxes, governmental
charges, levies and liens, of every kind and nature, imposed upon Borrower or its properties, income, or profits, prior to the
date on which penalties would attach, and all lawful claims that, if unpaid, might become a lien or charge upon any of Borrower's
properties, income, or profits. Provided however, Borrower will not be required to pay and discharge any such assessment, tax,
charge, levy, lien or claim so long as (1) the legality of the same shall be contested in good faith by appropriate proceedings,
and (2) Borrower shall have established on Borrower's books adequate reserves with respect to such contested assessment, tax, charge,
levy, lien, or claim in accordance with GAAP.

 

Performance. Perform
and comply, in a timely manner, with all terms, conditions, and provisions set forth in this Agreement, in the Related Documents,
and in all other instruments and agreements between Borrower and Lender. Borrower shall notify Lender immediately in writing of
any default in connection with any agreement.

 

Operations. Maintain
executive and management personnel with substantially the same qualifications and experience as the present executive and management
personnel; provide written notice to Lender of any change in executive and management personnel; conduct its business affairs in
a reasonable and prudent manner.

 

Environmental Studies.
Promptly conduct and complete, at Borrower's expense, all such investigations, studies, samplings and testings as may be requested
by Lender or any governmental authority relative to any substance, or any waste or by-product of any substance defined as toxic
or a hazardous substance under applicable federal, state, or local law, rule, regulation, order or directive, at or affecting any
property or any facility owned, leased or used by Borrower.

 

Compliance with Governmental
Requirements. Comply with all laws, ordinances, and regulations, now or hereafter in effect, of all governmental authorities
applicable to the conduct of Borrower's properties, businesses and operations, and to the use or occupancy of the Collateral, including
without limitation, the Americans With Disabilities Act. Borrower may contest in good faith any such law, ordinance, or regulation
and withhold compliance during any proceeding, including appropriate appeals, so long as Borrower has notified Lender in writing
prior to doing so and so long as, in Lender's sole opinion, Lender's interests in the Collateral are not jeopardized. Lender may
require Borrower to post adequate security or a surety bond, reasonably satisfactory to Lender, to protect Lender's interest.

 

Inspection. Permit
employees or agents of Lender at any reasonable time to inspect any and all Collateral for the Loan or Loans and Borrower's other
properties and to examine or audit Borrower's books, accounts, and records and to make copies and memoranda of Borrower's books,
accounts, and records. If Borrower now or at any time hereafter maintains any records (including without limitation computer generated
records and computer software programs for the generation of such records) in the possession of a third party, Borrower, upon request
of Lender, shall notify such party to permit Lender free access to such records at all reasonable times and to provide Lender with
copies of any records it may request, all at Borrower's expense.

 

Compliance Certificates.
Unless waived in writing by Lender, provide Lender at least annually, with a certificate executed by Borrower's chief financial
officer, or other officer or person acceptable to Lender, certifying that the representations and warranties set forth in this
Agreement are true and correct as of the date of the certificate and further certifying that, as of the date of the certificate,
no Event of Default exists under this Agreement.

 

Environmental Compliance
and Reports. Borrower shall comply in all respects with any and all Environmental Laws; not cause or permit to exist, as a
result of an intentional or unintentional action or omission on Borrower's part or on the part of any third party, on property
owned and/or occupied by Borrower, any environmental activity where damage may result to the environment, unless such environmental
activity is pursuant to and in compliance with the conditions of a permit issued by the appropriate federal, state or local governmental
authorities; shall furnish to Lender promptly and in any event within thirty (30) days after receipt thereof a copy of any notice,
summons, lien, citation, directive, letter or other communication from any governmental agency or instrumentality concerning any
intentional or unintentional action or omission on Borrower's part in connection with any environmental activity whether or not
there is damage to the environment and/or other natural resources.

 

Additional Assurances.
Make, execute and deliver to Lender such promissory notes, mortgages, deeds of trust, security agreements, assignments, financing
statements, instruments, documents and other agreements as Lender or its attorneys may reasonably request to evidence and secure
the Loans and to perfect all Security Interests. 

     

     

    

LENDER'S EXPENDITURES. If any
action or proceeding is commenced that would materially affect Lender's interest in the Collateral or if Borrower fails to comply
with any provision of this Agreement or any Related Documents, including but not limited to Borrower's failure to discharge or
pay when due any amounts Borrower is required to discharge or pay under this Agreement or any Related Documents, Lender on Borrower's
behalf may (but shall not be obligated to) take any action that Lender deems appropriate, including but not limited to discharging
or paying all taxes, liens, security interests, encumbrances and other claims, at any time levied or placed on any Collateral and
paying all costs for insuring, maintaining and preserving any Collateral. All such expenditures incurred or paid by Lender for
such purposes will then bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date of
repayment by Borrower. All such expenses will become a part of the Indebtedness and, at Lender's option, will (A) be payable on
demand; (B) be added to the balance of the Note and be apportioned among and be payable with any installment payments to become
due during either (1) the term of any applicable insurance policy; or (2) the remaining term of the Note; or (C) be treated as
a balloon payment which will be due and payable at the Note's maturity.

 

NEGATIVE COVENANTS. Borrower
covenants and agrees with Lender that while this Agreement is in effect, Borrower shall not, without the prior written consent
of Lender:

 

Continuity of Operations.
(1) Engage in any business activities substantially different than those in which Borrower is presently engaged, (2) cease operations,
liquidate, merge or restructure as a legal entity (whether by division or otherwise), consolidate with or acquire any other entity,
change its name, convert to another type of entity or redomesticate, dissolve or transfer or sell Collateral out of the ordinary
course of business, or (3) pay any dividends on Borrower's stock (other than dividends payable in its stock), provided, however
that notwithstanding the foregoing, but only so long as no Event of Default has occurred and is continuing or would result from
the payment of dividends, if Borrower is a "Subchapter S Corporation" (as defined in the Internal Revenue Code of 1986,
as amended), Borrower may pay cash dividends on its stock to its shareholders from time to time in amounts necessary to enable
the shareholders to pay income taxes and make estimated income tax payments to satisfy their liabilities under federal and state
law which arise solely from their status as Shareholders of a Subchapter S Corporation because of their ownership of shares of
Borrower's stock, or purchase or retire any of Borrower's outstanding shares or alter or amend Borrower's capital structure.

 

Loans, Acquisitions and
Guaranties. (1) Loan, invest in or advance money or assets to any other person, enterprise or entity, (2) purchase, create
or acquire any interest in any other enterprise or entity, or (3) incur any obligation as surety or guarantor other than in the
ordinary course of business.

 

Agreements. Enter
into any agreement containing any provisions which would be violated or breached by the performance of Borrower's obligations under
this Agreement or in connection herewith.

 

CESSATION OF ADVANCES. If Lender
has made any commitment to make any Loan to Borrower, whether under this Agreement or under any other agreement, Lender shall have
no obligation to make Loan Advances or to disburse Loan proceeds if: (A) Borrower or any Guarantor is in default under the terms
of this Agreement or any of the Related Documents or any other agreement that Borrower or any Guarantor has with Lender; (B) Borrower
or any Guarantor dies, becomes incompetent or becomes insolvent, files a petition in bankruptcy or similar proceedings, or is adjudged
a bankrupt; (C) there occurs a material adverse change in Borrower's financial condition, in the financial condition of any Guarantor,
or in the value of any Collateral securing any Loan; or (D) any Guarantor seeks, claims or otherwise attempts to limit, modify
or revoke such Guarantor's guaranty of the Loan or any other loan with Lender.

 

RIGHT OF SETOFF. To the extent
permitted by applicable law, Lender reserves a right of setoff in all Borrower's accounts with Lender (whether checking, savings,
or some other account). This includes all accounts Borrower holds jointly with someone else and all accounts Borrower may open
in the future. However, this does not include any IRA or Keogh accounts, or any trust accounts for which setoff would be prohibited
by law. Borrower authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums owing on the debt against
any and all such accounts.

 

DEFAULT. Each of the following
shall constitute an Event of Default under this Agreement:

 

Payment Default.
Borrower fails to make any payment when due under the Loan.

 

Transfers, Indebtedness
and Liens. Borrower, without the prior written consent of Lender, fails to continue to own all of Borrower's assets, except
for routine transfers, use or depletion in the ordinary course of Borrower's business; Borrower, without the prior written consent
of Lender, creates or grants to any person, except Lender, any lien, security interest, encumbrance, cloud on title, mortgage,
pledge or similar interest in any of Borrower's property, even in the ordinary course of Borrower's business; or, Borrower, without
the prior written consent of Lender, sells, conveys, grants leases, gives, contributes, assigns, or otherwise transfers any of
Borrower's assets, except for sales of inventory or leases of goods in the ordinary course of Borrower's business. (Initial
Here _______ )

 

Other Defaults. Borrower
fails to comply with or to perform any other term, obligation, covenant or condition contained in this Agreement or in any of the
Related Documents or to comply with or to perform any term, obligation, covenant or condition contained in any other agreement
between Lender and Borrower.

 

Default in Favor of Third
Parties. Borrower or any Grantor defaults under any loan, extension of credit, security agreement, purchase or sales agreement,
or any other agreement, in favor of any other creditor or person that may materially affect any of Borrower's or any Grantor's
property or Borrower's or any Grantor's ability to repay the Loans or perform their respective obligations under this Agreement
or any of the Related Documents.

 

False Statements.
Any warranty, representation or statement made or furnished to Lender by Borrower or on Borrower's behalf under this Agreement
or the Related Documents is false or misleading in any material respect, either now or at the time made or furnished or becomes
false or misleading at any time thereafter.

 

Insolvency. The dissolution
or termination of Borrower's existence as a going business, the insolvency of Borrower, the appointment of a receiver for any part
of Borrower's property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding
under any bankruptcy or insolvency laws by or against Borrower.

 

Defective Collateralization.
This Agreement or any of the Related Documents ceases to be in full force and effect (including failure of any collateral
document to create a valid and perfected security interest or lien) at any time and for any reason. 

     

     

    

Creditor or Forfeiture
Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession
or any other method, by any creditor of Borrower or by any governmental agency against any collateral securing the Loan. This includes
a garnishment of any of Borrower's accounts, including deposit accounts, with Lender. However, this Event of Default shall not
apply if there is a good faith dispute by Borrower as to the validity or reasonableness of the claim which is the basis of the
creditor or forfeiture proceeding and if Borrower gives Lender written notice of the creditor or forfeiture proceeding and deposits
with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion,
as being an adequate reserve or bond for the dispute.

 

Events Affecting Guarantor.
Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or any Guarantor dies or becomes incompetent,
or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness.

 

Change in Ownership.
Any change in ownership of twenty-five percent (25%) or more of the common stock of Borrower.

 

Adverse Change. A
material adverse change occurs in Borrower's financial condition, or Lender believes the prospect of payment or performance of
the Loan is impaired.

 

Right to Cure. If
any default, other than a default on Indebtedness, is curable and if Borrower or Grantor, as the case may be, has not been given
a notice of a similar default within the preceding twelve (12) months, it may be cured if Borrower or Grantor, as the case may
be, after Lender sends written notice to Borrower or Grantor, as the case may be, demanding cure of such default: (1) cure the
default within fifteen (15) days; or (2) if the cure requires more than fifteen (15) days, immediately initiate steps which Lender
deems in Lender's sole discretion to be sufficient to cure the default and thereafter continue and complete all reasonable and
necessary steps sufficient to produce compliance as soon as reasonably practical.

 

EFFECT OF AN EVENT OF DEFAULT.
If any Event of Default shall occur, except where otherwise provided in this Agreement or the Related Documents, all commitments
and obligations of Lender under this Agreement or the Related Documents or any other agreement immediately will terminate (including
any obligation to make further Loan Advances or disbursements), and, at Lender's option, all Indebtedness immediately will become
due and payable, all without notice of any kind to Borrower, except that in the case of an Event of Default of the type described
in the "Insolvency" subsection above, such acceleration shall be automatic and not optional. In addition, Lender shall
have all the rights and remedies provided in the Related Documents or available at law, in equity, or otherwise. Except as may
be prohibited by applicable law, all of Lender's rights and remedies shall be cumulative and may be exercised singularly or concurrently.
Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or
to take action to perform an obligation of Borrower or of any Grantor shall not affect Lender's right to declare a default and
to exercise its rights and remedies.

 

COUNTERPARTS. This document
may be executed in any number of counterparts and by different parties on separate counterparts, each of which when executed and
delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same agreement.

 

REVOLVING REQUIREMENT. (Borrower's
Initials: __________________) I agree the line of credit will revolve during the term of the loan.

 

MISCELLANEOUS PROVISIONS. The
following miscellaneous provisions are a part of this Agreement:

 

Amendments. This
Agreement, together with any Related Documents, constitutes the entire understanding and agreement of the parties as to the matters
set forth in this Agreement. No alteration of or amendment to this Agreement shall be effective unless given in writing and signed
by the party or parties sought to be charged or bound by the alteration or amendment.

 

Arbitration. Borrower
and Lender agree that all disputes, claims and controversies between them whether individual, joint, or class in nature, arising
from this Agreement or otherwise, including without limitation contract and tort disputes, shall be arbitrated pursuant to the
financial services rules of J.A.M.S. or its successor in effect at the time the claim is filed, upon request of either party. No
act to take or dispose of any Collateral shall constitute a waiver of this arbitration agreement or be prohibited by this arbitration
agreement. This includes, without limitation, obtaining injunctive relief or a temporary restraining order; invoking a power of
sale under any deed of trust or mortgage; obtaining a writ of attachment or imposition of a receiver; or exercising any rights
relating to personal property, including taking or disposing of such property with or without judicial process pursuant Article
9 of the Uniform Commercial Code. Any disputes, claims, or controversies concerning the lawfulness or reasonableness of any act,
or exercise of any right, concerning any Collateral, including any claim to rescind, reform, or otherwise modify any agreement
relating to the Collateral, shall also be arbitrated, provided however that no arbitrator shall have the right or the power to
enjoin or restrain any act of any party. Borrower and Lender agree that in the event of an action for judicial foreclosure pursuant
to California Code of Civil Procedure Section 726, or any similar provision in any other state, the commencement of such an action
will not constitute a waiver of the right to arbitrate and the court shall refer to arbitration as much of such action, including
counterclaims, as lawfully may be referred to arbitration. Judgment upon any award rendered by any arbitrator may be entered in
any court having jurisdiction. Nothing in this Agreement shall preclude any party from seeking equitable relief from a court of
competent jurisdiction. The statute of limitations, estoppel, waiver, laches, and similar doctrines which would otherwise be applicable
in an action brought by a party shall be applicable in any arbitration proceeding, and the commencement of an arbitration proceeding
shall be deemed the commencement of an action for these purposes. The Federal Arbitration Act shall apply to the construction,
interpretation, and enforcement of this arbitration provision.

 

Attorneys' Fees; Expenses.
Borrower agrees to pay upon demand all of Lender's costs and expenses, including Lender's attorneys' fees and Lender's legal expenses,
incurred in connection with the enforcement of this Agreement. Lender may hire or pay someone else to help enforce this Agreement,
and Borrower shall pay the costs and expenses of such enforcement. Costs and expenses include Lender's attorneys' fees and legal
expenses whether or not there is a lawsuit, including attorneys' fees and legal expenses for bankruptcy proceedings (including
efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated post-judgment collection services.
Borrower also shall pay all court costs and such additional fees as may be directed by the court.

 

Caption Headings. Caption
headings in this Agreement are for convenience purposes only and are not to be used to interpret or define the provisions of this
Agreement. 

     

     

    

Consent to Loan Participation.
Borrower agrees and consents to Lender's sale or transfer, whether now or later, of one or more participation interests in the
Loan to one or more purchasers, whether related or unrelated to Lender. Lender may provide, without any limitation whatsoever,
to any one or more purchasers, or potential purchasers, any information or knowledge Lender may have about Borrower or about any
other matter relating to the Loan, and Borrower hereby waives any rights to privacy Borrower may have with respect to such matters.
Borrower additionally waives any and all notices of sale of participation interests, as well as all notices of any repurchase of
such participation interests. Borrower also agrees that the purchasers of any such participation interests will be considered as
the absolute owners of such interests in the Loan and will have all the rights granted under the participation agreement or agreements
governing the sale of such participation interests. Borrower further waives all rights of offset or counterclaim that it may have
now or later against Lender or against any purchaser of such a participation interest and unconditionally agrees that either Lender
or such purchaser may enforce Borrower's obligation under the Loan irrespective of the failure or insolvency of any holder of any
interest in the Loan. Borrower further agrees that the purchaser of any such participation interests may enforce its interests
irrespective of any personal claims or defenses that Borrower may have against Lender.

 

Governing Law. This Agreement
will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State of
California without regard to its conflicts of law provisions. This Agreement has been accepted by Lender in the State of California.

 

Choice of Venue.
If there is a lawsuit, Borrower agrees upon Lender's request to submit to the jurisdiction of the courts of Orange County, State
of California.

 

No Waiver by Lender.
Lender shall not be deemed to have waived any rights under this Agreement unless such waiver is given in writing and signed by
Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other
right. A waiver by Lender of a provision of this Agreement shall not prejudice or constitute a waiver of Lender's right otherwise
to demand strict compliance with that provision or any other provision of this Agreement. No prior waiver by Lender, nor any course
of dealing between Lender and Borrower, or between Lender and any Grantor, shall constitute a waiver of any of Lender's rights
or of any of Borrower's or any Grantor's obligations as to any future transactions. Whenever the consent of Lender is required
under this Agreement, the granting of such consent by Lender in any instance shall not constitute continuing consent to subsequent
instances where such consent is required and in all cases such consent may be granted or withheld in the sole discretion of Lender.

 

Notices. Any notice
required to be given under this Agreement shall be given in writing, and shall be effective when actually delivered, when actually
received by telefacsimile (unless otherwise required by law), when deposited with a nationally recognized overnight courier, or,
if mailed, when deposited in the United States mail, as first class, certified or registered mail postage prepaid, directed to
the addresses shown near the beginning of this Agreement. Any party may change its address for notices under this Agreement by
giving formal written notice to the other parties, specifying that the purpose of the notice is to change the party's address.
For notice purposes, Borrower agrees to keep Lender informed at all times of Borrower's current address. Unless otherwise provided
or required by law, if there is more than one Borrower, any notice given by Lender to any Borrower is deemed to be notice given
to all Borrowers.

 

Severability. If
a court of competent jurisdiction finds any provision of this Agreement to be illegal, invalid, or unenforceable as to any circumstance,
that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other circumstance. If feasible,
the offending provision shall be considered modified so that it becomes legal, valid and enforceable. If the offending provision
cannot be so modified, it shall be considered deleted from this Agreement. Unless otherwise required by law, the illegality, invalidity,
or unenforceability of any provision of this Agreement shall not affect the legality, validity or enforceability of any other provision
of this Agreement.

 

Subsidiaries and Affiliates
of Borrower. To the extent the context of any provisions of this Agreement makes it appropriate, including without limitation
any representation, warranty or covenant, the word "Borrower" as used in this Agreement shall include all of Borrower's
subsidiaries and affiliates. Notwithstanding the foregoing however, under no circumstances shall this Agreement be construed to
require Lender to make any Loan or other financial accommodation to any of Borrower's subsidiaries or affiliates.

 

Successors and Assigns.
All covenants and agreements by or on behalf of Borrower contained in this Agreement or any Related Documents shall bind Borrower's
successors and assigns and shall inure to the benefit of Lender and its successors and assigns. Borrower shall not, however, have
the right to assign Borrower's rights under this Agreement or any interest therein, without the prior written consent of Lender.

 

Survival of Representations
and Warranties. Borrower understands and agrees that in extending Loan Advances, Lender is relying on all representations,
warranties, and covenants made by Borrower in this Agreement or in any certificate or other instrument delivered by Borrower to
Lender under this Agreement or the Related Documents. Borrower further agrees that regardless of any investigation made by Lender,
all such representations, warranties and covenants will survive the extension of Loan Advances and delivery to Lender of the Related
Documents, shall be continuing in nature, shall be deemed made and redated by Borrower at the time each Loan Advance is made, and
shall remain in full force and effect until such time as Borrower's Indebtedness shall be paid in full, or until this Agreement
shall be terminated in the manner provided above, whichever is the last to occur.

 

Time is of the Essence.
Time is of the essence in the performance of this Agreement.

 

Waive Jury. To the extent
permitted by applicable law, all parties to this Agreement hereby waive the right to any jury trial in any action, proceeding,
or counterclaim brought by any party against any other party.

 

DEFINITIONS. The following
capitalized words and terms shall have the following meanings when used in this Agreement. Unless specifically stated to the contrary,
all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words and terms used in the
singular shall include the plural, and the plural shall include the singular, as the context may require. Words and terms not otherwise
defined in this Agreement shall have the meanings attributed to such terms in the Uniform Commercial Code. Accounting words and
terms not otherwise defined in this Agreement shall have the meanings assigned to them in accordance with generally accepted accounting
principles as in effect on the date of this Agreement:

 

Advance. The word
"Advance" means a disbursement of Loan funds made, or to be made, to Borrower or on Borrower's behalf on a line of credit
or multiple advance basis under the terms and conditions of this Agreement.

 

Agreement. The word
"Agreement" means this Business Loan Agreement, as this Business Loan Agreement may be amended or modified from time
to time, together with all exhibits and schedules attached to this Business Loan Agreement from time to time.

 

Borrower. The word
"Borrower" means Bisco Industries, Inc. and includes all co-signers and co-makers signing the Note and all their successors
and assigns.

 

Collateral. The word
"Collateral" means all property and assets granted as collateral security for a Loan, whether real or personal property,
whether granted directly or indirectly, whether granted now or in the future, and whether granted in the form of a security interest,
mortgage, collateral mortgage, deed of trust, assignment, pledge, crop pledge, chattel mortgage, collateral chattel mortgage,
chattel trust, factor's lien, equipment trust, conditional sale, trust receipt, lien, charge, lien or title retention contract,
lease or consignment intended as a security device, or any other security or lien interest whatsoever, whether created by law,
contract, or otherwise. 

     

     

    

Environmental Laws.
The words "Environmental Laws" mean any and all state, federal and local statutes, regulations and ordinances relating
to the protection of human health or the environment, including without limitation the Comprehensive Environmental Response, Compensation,
and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. ("CERCLA"), the Superfund Amendments and Reauthorization
Act of 1986, Pub. L. No. 99-499 ("SARA"), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq.,
the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., Chapters 6.5 through 7.7 of Division 20 of the California
Health and Safety Code, Section 25100, et seq., or other applicable state or federal laws, rules, or regulations adopted pursuant
thereto.

 

Event of Default.
The words "Event of Default" mean any of the events of default set forth in this Agreement in the default section of
this Agreement.

 

GAAP. The word "GAAP"
means generally accepted accounting principles.

 

Grantor. The word
"Grantor" means each and all of the persons or entities granting a Security Interest in any Collateral for the Loan,
including without limitation all Borrowers granting such a Security Interest.

 

Guarantor. The word
"Guarantor" means any guarantor, surety, or accommodation party of any or all of the Loan.

 

Guaranty. The word
"Guaranty" means the guaranty from Guarantor to Lender, including without limitation a guaranty of all or part of the
Note.

 

Hazardous Substances.
The words "Hazardous Substances" mean materials that, because of their quantity, concentration or physical, chemical
or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when improperly
used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled. The words "Hazardous Substances"
are used in their very broadest sense and include without limitation any and all hazardous or toxic substances, materials or waste
as defined by or listed under the Environmental Laws. The term "Hazardous Substances" also includes, without limitation,
petroleum and petroleum by-products or any fraction thereof and asbestos.

 

Indebtedness. The
word "Indebtedness" means the indebtedness evidenced by the Note or Related Documents, including all principal and interest
together with all other indebtedness and costs and expenses for which Borrower is responsible under this Agreement or under any
of the Related Documents.

 

Lender. The word
"Lender" means Citizens Business Bank, its successors and assigns.

 

Loan. The word "Loan"
means any and all loans and financial accommodations from Lender to Borrower whether now or hereafter existing, and however evidenced,
including without limitation those loans and financial accommodations described herein or described on any exhibit or schedule
attached to this Agreement from time to time.

 

Note. The word "Note"
means and includes without limitation all of Borrower's promissory notes and/or credit agreements evidencing Borrower's loan obligations
in favor of Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of and substitutions
for promissory notes or credit agreements.

 

Related Documents.
The words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental agreements,
guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments, agreements
and documents, whether now or hereafter existing, executed in connection with the Loan.

 

Security Agreement.
The words "Security Agreement" mean and include without limitation any agreements, promises, covenants, arrangements,
understandings or other agreements, whether created by law, contract, or otherwise, evidencing, governing, representing, or creating
a Security Interest.

 

Security Interest. The
words "Security Interest" mean, without limitation, any and all types of collateral security, present and future, whether
in the form of a lien, charge, encumbrance, mortgage, deed of trust, security deed, assignment, pledge, crop pledge, chattel mortgage,
collateral chattel mortgage, chattel trust, factor's lien, equipment trust, conditional sale, trust receipt, lien or title retention
contract, lease or consignment intended as a security device, or any other security or lien interest whatsoever whether created
by law, contract, or otherwise. 

     

     

    

BORROWER ACKNOWLEDGES HAVING READ
ALL THE PROVISIONS OF THIS BUSINESS LOAN AGREEMENT AND BORROWER AGREES TO ITS TERMS. THIS BUSINESS LOAN AGREEMENT IS DATED NOVEMBER
27, 2019.

 

	BORROWER:
	 	 
	 	 
	BISCO
    INDUSTRIES, INC.
	 	 	 	 
	By:	 	/s/ Glen
    F. Ceiley  	 
	 	 	Glen
    F. Ceiley,

    Pres/CEO/CFO/Sec of Bisco Industries, Inc.	 
	 	 
	 	 
	LENDER:
	 
	 	 	 	 
	CITIZENS
    BUSINESS BANK
	 	 	 	 
	By:	 	 /s/
     	 
	 	 	Authorized
    Officer

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