Document:

LOAN AGREEMENT	ДОГОВОР ЗАЙМА
	 	 
	Moscow	November 26, 2012	г. Москва	26 ноября 2012 года
	 	 
	
         This
        LOAN AGREEMENT (hereinafter, the "Agreement") is made and entered into this 26th day of November, 2012
        (the "Effective Date") by and between

         

        (i)Net
        Element International, Inc. (hereinafter, the "Lender"), represented by President Dmitry Kozko, and

         

        (ii)INFRATONT EQUITIES INC. (hereinafter, the "Borrower"),
        represented by Attorney-in-Fact Sergey Osipov (power of attorney dated 27.08.2012 effective to September 16, 2013).

         

        Further in the
        text Lender and Borrower shall be together referred to as – the “Parties” and individually – the
        “Party”.

          

        NOW THEREFORE,
        in consideration of the following premises and for other good and valuable consideration, the receipt and adequacy of which are
        hereby acknowledged, the Parties hereby agree as follows:

         

 

        1. Loan.
        Lender agrees to make a loan in the amount of USD 1,791,475.00 (the "Loan Amount") to the Borrower, due
        and payable on the Maturity Date (as defined below in Section 4 of the present Agreement) in accordance with the provisions hereof.

         

        2. Funding
        of Loan. Within five (5) business days from the Effective Date, Lender will disburse the Loan Amount by one or more wire transfers
        of immediately available funds to Borrower. The date upon which such wire transfer is completed and fully accumulated on the bank
        account of the Borrower will be the "Funding Date."

         

         

         

        (a) Lender’s
        funding instructions: bank wire using on-line banking system wire website. Any commissions, levies, duties and any other costs
        and payments incurred in respect of wire transfer of the Loan Amount from the Lender to the Borrower shall be covered by the Lender.

         

 

        (b) Purpose of
        Funding. The Borrower shall use the Loan Amount for working capital, development of its business, distribution of funds among its
        subsidiaries and placing the funds to deposit at a bank / credit institution.

         

         

         

        3. Interest. From the Funding Date the Loan Amount shall
        accrue interest at the rate of 1.75% per month, the interest to be accrued on a monthly basis except with respect to any
        prepayment of the Loan Amount, in which case the interest shall be calculated on the basis of each calendar day of the Loan Amount
        remains outstanding). The Loan Amount shall be repaid on the Maturity Date (as defined below in Section 4 of the present Agreement).
	
         Настоящий
        ДОГОВОР ЗАЙМА (далее «Договор»)
        заключен сегодня, 26 ноября
        2012 года (далее – «Дата заключения
        договора») между

         

         

        (i)Net
        Element International, Inc. (далее «Займодавец»)
        в лице Президента Дмитрия
        Козко, и

         

        

        (ii)INFRATONT
        EQUITIES INC. (далее
        «Заемщик») в лице
        Поверенного
        Осипова Сергея
        (доверенность от 27.08.2012,
        действует до 16.09.13).

         

        Далее
        по тексту Займодавец
        и Заемщик совместно именуются
        «Стороны», а по отдельности
        – «Сторона».

         

        НАСТОЯЩИМ,
        с учетом нижеследующих
        условий, а также эквивалентного
        и надлежащего встречного
        удовлетворения, получение
        и достаточность которого
        сим признается, Стороны
        заключили настоящий
        Договор:

         

        1. Заем.
        Займодавец соглашается
        предоставить заем в размере
        1.791.475,00 доллара США («Сумма
        займа») Заемщику сроком
        дo Даты погашения (как определено
        ниже в Статье 4 настоящего
        Договора) в соответствии
        с условиями данного Договора.

         

        2. Финансирование
        займа. В течение пяти
        (5) рабочих дней после Даты
        заключения договора
        Займодавец выплатит
        Сумму займа одним или
        несколькими банковскими
        переводами с немедленным
        зачислением средств
        на расчетный счет Заемщика.
        Дата, когда перевод Суммы
        займа будет выполнен
        полностью и сумма Займа
        будет в полном объеме
        зачислена на расчетный
        счет Заемщика, считается
        «Датой финансирования».

         

        (а) Инструкции
        по финансированию для
        Займодавца: банковский
        перевод с использованием
        онлайновой банковской
        системы переводов. Все
        комиссии, сборы, прочие
        платежи, связанные с переводом
        денежных средств от Займодавца
        Заемщику относятся на
        счет Займодавца.

         

        (b) Цель
        финансирования. Заемщик
        обязуется использовать
        Сумму займа на пополнение
        оборотных средств, развитие
        бизнеса, распределение
        средств между дочерними
        обществами Заемщика
        и использование заемных
        денежных средств для
        помещения их на депозит
        в банке / кредитной организации.

         

        3. Проценты.
        Начиная с Даты финансирования,
        на Сумму займа начисляются
        проценты в размере 1,75% в
        месяц, начисление процентов
        происходит ежемесячно,
        кроме случая досрочного
        погашения задолженности
        по данному договору (когда
        начисление процентов
        производится из расчета
        за каждых календарный
        день пользования заемными
        средствами). Cумма займа
        в полном объеме должна
        быть возвращена Заемщиком
        Займодавцу в Дату погашения
        (как определено ниже в
        статье 4 данного договора).

 

 

    	 

    	 

    

 

	
         4.
        Loan Repayment. The Borrower shall repay the Loan Amount on November 15, 2013 (the "Maturity Date".
        The interest accrued shall be paid by the Borrower to the Lender every calendar quarter beginning on March 2013. It is understood
        that any payments made by the Borrower and received by the Lender under this Loan Agreement shall be considered as repayment of
        interest and then the repayment of the principal amount (the Loan Amount). The Maturity Date shall be deferred to the next 3 months
        if prior to the Maturity Date the Lender does not demand from the Borrower to repay the Loan Amount, and any interest accrued and
        unpaid thereon, and also if prior to the Maturity Date the Borrower does not repay Loan Amount, and any interest accrued and unpaid
        thereon. The Borrower shall be entitled to prepay the Loan Amount fully or partially at any time without penalty, compensation
        or charge.

         

         

        

         

        5. Collateral.
        In order to secure the obligations of the Borrower under the present Agreement the following сollateral shall be provided
        to the Creditor:

        - the Borrower’s accounts receivables
        (the amount due to the Borrower from the counteragents).

         

         

        

        6. Events of
        Default. The occurrence of any of the following shall constitute an "Event of Default" under this Loan Agreement:

         

         

        (a) If the Borrower:

         

        (i) applies for
        or consents to the appointment of a temporary manager, arbitration manager, receiver or liquidator of itself or of all or a substantial
        part of its property,

         

        (ii) admits in
        writing its inability to pay its debts generally as they mature,

         

 

        (iii) makes a
        general assignment for the benefit of any of its creditors,

         

        (iv) is voluntarily
        dissolved or liquidated,

         

        

        (v) commences a voluntary case or other proceeding seeking liquidation,
        reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency, or other similar law now or
        hereafter in effect or consents to any such relief or to the appointment of or taking possession of its property by any official
        in an involuntary case or other proceeding commenced against it,
	
         4.
        Погашение займа. Заемщик
        обязуется выплатить
        Сумму займа 15 ноября 2013 года
        («Дата погашения»). Начисленные
        проценты должны выплачиваться
        Заемщиком Займодавцу
        каждый календарный квартал,
        начиная с марта 2013 года.
        При этом какие-либо платежи
        Заемщика по настоящему
        договору займа, полученные
        Займодавцем, в первую
        очередь рассматриваются
        в качестве погашения
        процентов, а затем в качестве
        погашения суммы основного
        долга (Суммы займа). Дата
        погашения переносится
        на следующие 3 месяца, если
        до наступления Даты погашения
        Займодавец не потребовал
        от Заемщика выплаты Суммы
        займа, а также любых начисленных
        и невыплаченных процентов,
        а также если Должник не
        выплатил Сумму займа,
        а также любые начисленные
        и невыплаченные проценты.
        Заемщик имеет право на
        досрочное погашение
        Суммы займа полностью
        или частично и начисленных
        к тому моменту процентов
        в любое время без каких-либо
        штрафных санкций, компенсаций
        или уплаты пени. 

         

        5. Обеспечение
        обязательств. В целях
        обеспечения обязательств
        Заемщика по настоящему
        Договору Заимодавцу
        предоставляется следующее
        обеспечение:

        - дебиторская
        задолженность Заемщика
        (сумма, причитающаяся
        к оплате Заемщику от контрагентов).

         

        6. Случаи
        невыполнения обязательств.
        Возникновение любого
        из нижеуказанных обстоятельств
        является «Случаем неисполнения»
        в соответствии с данным
        Договором:

         

        (а) Если
        Заемщик:

         

        (i) подал
        заявление или дал согласие
        на назначение временного
        управляющего, арбитражного
        управляющего, ликвидатора
        для всей или значительной
        части своей собственности;

         

        (ii) признал
        в письменном виде свою
        неспособность погасить
        долги, подлежащие уплате;

         

        (iii) выполнил
        общую уступку прав в пользу
        кого-либо из кредиторов;

         

        (iv) ликвидируется
        как юридическое лицо
        в добровольном;

         

        (v) начал
        добровольный процесс
        по ликвидации, реорганизации
        или иному освобождению
        от ответственности в
        отношении себя или своих
        долгов в соответствии
        с любым законом о банкротстве,
        несостоятельности, или
        другим действующим подобным
        законом, или дал согласие
        на любое подобное освобождение
        от ответственности или
        назначение официального
        лица в отношении Заемщика
        и его имущества в деле
        о принудительном признании
        банкротом, или в ходе других
        судебных процедур, возбужденных
        против Заемщика;

 

 

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         or
        

         

        (b) If the Borrower
        seeks the appointment of a temporary manager, arbitration manager, receiver or liquidator of the Borrower or of all or a substantial
        part of the property thereof, or an involuntary case or other proceedings seeking liquidation, reorganization, or other relief
        with respect to the Borrower or the debts thereof under any bankruptcy, insolvency, or other similar law or hereafter in effect
        shall be commenced and an order for relief entered or such proceeding shall not be dismissed or discharged within sixty (60) days
        of commencement; or

         

        

        (c) If the
        Borrower         fails to pay the Loan Amount and/or accrued interest when due and payable and such failure continues for
        sixty (60) business days from the date of receipt of written notice of such failure from the Lender.

         

         

 

        If, in
the case of a payment default, payment is not received, or, in the event of any other default, if such default is not cured within
sixty (60) calendar days following demand by Lender, then an Event of Default shall be deemed to have occurred and Lender may
accelerate repayment of the Loan Amount and may take any actions to obtain repayment of principal, interest and costs associated
with any collection effort.

         

         

         

        

        7. Governing
        Law. This Agreement shall be governed by and construed in accordance with the laws of the British Virgin Islands.

         

        8. Arbitration.

         

        (a) The Parties
        shall strive to settle any discrepancy or dispute arising out of and in connection with the present Agreement in amicable way by
        negotiations.

         

        

        (b) Any disputes
        and misunderstandings that cannot be resolved amicably by negotiations shall be transferred by the Parties to jurisdiction of the
        relevant court of the British Virgin Islands.

         

        9. Notices. All notices, requests, demands, and other
        communications required or permitted hereunder shall be in writing and shall be deemed to have been duly given when delivered personally
        or by verifiable facsimile transmission, unless such delivery is made on a day that is not a business day, in which case such delivery
        will be deemed to be made on the next succeeding business day and (ii) on the next business day after timely delivery to a reputable
        overnight courier, to the parties at the following addresses:
	
         или

         

        (b) Если
        Заемщик добивается назначения
        временного управляющего,
        арбитражного управляющего,
        ликвидатора для всей
        или значительной части
        своей собственности,
        или в отношении Заемщика
        возбуждено дело о признании
        Заемщика банкротом или
        к Заемщику применяются
        другие процедуры, целью
        которых является или
        может явиться ликвидация
        Заемщика, его реорганизация
        или иное освобождение
        от ответственности в
        соответствии с любым
        законом о банкротстве,
        несостоятельности, или
        другим действующим подобным
        законом.

         

        (с) Если
        Заемщик не в состоянии
        выплатить Сумму займа
        и/или начисленные проценты
        в установленный срок,
        и такое неисполнение
        продолжается в течение
        шестидесяти (60) рабочих
        дней с даты получения
        письменного уведомления
        от Займодавца о подобном
        нарушении обязательств.

         

        В случае
        неплатежa, если платеж
        не получен, или, в случае
        любогo другoгo Случая неисполнения,
        eсли дaннoе неисполнениeне
        исправлено в течение
        шестидесяти (60) календарных
        дней с момента письменного
        уведомления от Займодавца,
        то считается, что наступил
        Случай невыполнения
        обязательств и Займодавец
        может ускорить погашение
        Суммы займа и имеет право
        принимать любые меры
        по возмещению основной
        суммы долга, процентов
        и расходов, связанных
        с действиями, предпринимаемыми
        для возврата денег.

         

        7. Применимое
        право. Данный Договор
        регулируется и толкуется
        в соответствии с правом
        Британских Виргинских
        островов.

         

        8. Разрешение
        споров.

         

        (а) Стороны
        приложат все усилия, чтобы
        разрешить любые споры
        и разногласия, возникающие
        из и по поводу настоящего
        Договора, мирным путем
        посредством переговоров.

         

        (b) Споры
        и разногласия, которые
        Сторонам не удалось решить
        путем переговоров, должны
        быть переданы на рассмотрение
        соответствующего суда
        Британских Виргинских
        островов.

         

        9. Уведомления.
        Все уведомления, запросы,
        требования и другие сообщения,
        связанные с осуществлением
        Сторонами прав и исполнением
        из обязательств по настоящему
        Договору должны, оформляться
        в письменной форме и считаются
        предоставленными должным
        образом с момента их получения
        при личной доставке уполномоченному
        представителю соответствующей
        Стороны, которой они адресованы,
        или по факсу, если же такая
        доставка осуществляется
        в нерабочий день, то в этом
        случае такая доставка
        должна осуществляться
        на следующий рабочий
        день или (ii) на следующий
        рабочий день после своевременной
        доставки через курьера
        по следующим адресам:

 

 

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         (a)
        If to Lender, to:

        Net Element
        International, Inc.

        Attention: Jonathan
        New

        Address: 1450
        S. Miami Avenue

        Miami, FL 33130

        USA

        Phone: +1 305.588.0122

         

        or to such other
        Person or address as Lender shall furnish by notice to the other parties in writing.

         

        

        (b) If to the
        Borrower, to:

        INFRATONT EQUITIES
        INC.

        Attention: SergeyOsipov

        Address: P.O.
        Box 3321, Drake Chambers, Road Town, Tortola, BVI

         

        10. Attorneys
        Fees. In the event of a dispute between the parties, the prevailing party shall be entitled to all reasonable attorneys' fees
        and costs incurred in connection with any trial, arbitration, or other proceeding as well as all other relief granted in any suit
        or other proceeding.

         

         

         

        11. United
        States dollars Denominated. All transactions herein shall be in United States dollars.

         

        

        12. Entire
        Understanding. This Agreement contains the entire understanding between the parties hereto and supersedes any and all prior
        agreements, understandings and arrangements relating to the subject matter hereof. No amendment, modification or other change to,
        or waiver of any provision of this Agreement may be made unless such amendment, modification or change is set forth in writing
        and is signed by each of the parties hereto.

         

         

        

        13. Counterparts.
        This Agreement may be executed in several counterparts, each of which shall be deemed an original and all of which together shall
        constitute the same agreement. This Agreement, once executed by a party, may be delivered to the other party hereto by facsimile
        transmission.

         

         

        14. Assignment. Upon the transfer of the debt pursuant
        to this Agreement or any portion thereof, the rights of Lender hereunder with respect to the debt or portion thereof so transferred
        shall be assigned automatically to the transferee thereof, and such transferee shall thereupon be deemed to be a party to this
        Agreement as though an original signatory hereto, as long as:
	
         (a)
        Займодавец:

        Net Element International, Inc.

        Получатель:
        Джонатан Нью

        Адрес:
        Address: 1450 S. Miami Avenue

        Miami, FL 33130

        USA

        Телефон:
        +1 305.588.0122

         

        или
        другому лицу на другой
        адрес, который Займодавец
        должен предоставить
        другой стороне в письменной
        форме.

         

        (b) Заемщик:

        INFRATONT EQUITIES
        INC.

        Получатель:
        Осипов Сергей

        Адрес:
        P.O. Box 3321, Drake Chambers, Road Town, Tortola, BVI

         

        10. Судебные
        издержки. В случае возникновения
        спора между Сторонами
        выигравшая Сторона имеет
        право на возмещение всех
        обоснованно понесенных
        судебных издержек и расходов,
        понесенных в связи с любым
        судом, арбитражным судом
        или другими процедурами
        так же как и расходов на
        средства правовой защиты,
        которые использовались
        в суде или в других процедурах.

         

        11. Валюта
        транзакций в долларах
        США. Все транзакции должны
        осуществляться в долларах
        США.

         

        12. Исчерпывающее
        согласие. Этот договор
        представляет исчерпывающее
        соглашение между сторонами
        к настоящему моменту
        и заменяет любые и все
        предыдущие соглашения,
        договоренности и сделки,
        касающиеся предмета
        настоящего Договора.
        Ни одна поправка, исправление,
        дополнение, другие изменения
        или отказ от любых положений
        настоящего Договора
        не могут быть совершены,
        если они не изложены в
        письменной форме и не
        подписаны каждой из Сторон
        или ее уполномоченным
        представителем.

         

        13. Дубликаты.
        Этот Договор может быть
        подписан в нескольких
        экземплярах, каждый из
        которых считается оригиналом,
        а все вместе составляют
        один и тот же Договор. Этот
        Договор, будучи подписанным
        одной из Сторон, должен
        быть доставлен другой
        Стороне незамедлительно
        по факсу.

         

        14. Уступки.
        В случае уступки прав
        кредитора полностью
        или в части в соответствии
        с настоящим Договором
        права Займодавца как
        кредитора по отношению
        к долгу или его части должны
        быть автоматически переданы
        правопреемнику. С этого
        момента правопреемник
        становится участником
        данного договора, послe
        удовлетворения нижеследующих
        условий:

 

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         (i)
        the Borrower is, within a reasonable period oftime following such transfer, furnished with written notice of the name and address
        ofsuch transferee, and 

         

        

        (ii) the transferee
        agrees in writing with the Borrower to be bound by all of the provisions hereof.

         

        

        15. Headings.
        The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

         

         

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

         

        In witness
        whereof, the parties hereto have executed this Agreement as of the day and year first above written.

         

         

        Lender:

        Net Element International, Inc.

        - legal entity under the U.S. law (State
        Delaware);

        - registration number 3762193;

        - registration date February 06, 2004;

        - location and mailing address: 1450
        Sauze Miami Avenue, Miami, FL-33130, United States of America

        - account number: 31033590

        - SWIFT: CHASGB2L

        - name of the bank: JP Morgan

        - address of the bank: 25 Bank Street
        Canary Wharf, London, United Kingdom

         

         

        By: _/s/ Dmitry
        Kozko____________

        Dmitry Kozko

         

         

        Borrower:

        INFRATONT EQUITIES
        INC.

        P.O. Box 3321,
        Drake Chambers, Road Town, Tortola, BVI

        Bank: AO “Aizkraukles
        Banka”:

        IBAN: LV 29AIZK0001140079833

        Bank Address:
        Elizabetes iela 23, Riga, LV-1010,Latvija

        S.W.I.F.T.: AIZK
        LV 22

         

         

        By: _/s/ Sergey
        Osipov __________

        Attorney-in-Fact
        Sergey Osipov

        (power of attorney dated August 27, 2012 effective to September
        16, 2013)
	
         (i)
        Заемщик в течение обоснованного
        периода времени после
        такой передачи прав должен
        получить письменное
        уведомление с именем
        и адресом правопреемника,
        и

         

        (ii) правопреемник
        соглашается в свою очередь
        в письменной форме на
        обязательность для него
        всех положений Договора.

         

        15. Заголовки.
        Заголовки в настоящем
        Договоре используются
        для удобства и не должны
        ограничивать или иным
        образом влиять на смысл
        Договора.

         

        16. Третьи
        лица. Настоящий договор
        предназначен для пользы
        сторон, подписавших его
        и их наследников и правопреемников,
        а не для выгоды третьих
        лиц.

         

         

        В подтверждение
        чего, стороны подписали
        данный договор в день
        и год указанные выше.

         

         

        

        Займодавец:

        Net Element International, Inc.

        - юридическое
        лицо по праву США (штат
        Делавэр);

        - регистрационный
        номер 3762193;

        - дата регистрации
        06.02.2004;

        - место
        нахождения и почтовый
        адрес: 1450 Сауз Майами Авеню,
        Майами, FL-33130, Соединенные
        Штаты Америки

        - номер
        счета: 31033590

        - SWIFT: CHASGB2L

        - наименование
        банка: JP Morgan

        - адрес
        банка: 25 Bank Street, Canary Wharf, Лондон, Соединенное
        Королевство

         

 

        Подпись:
        _/s/ Dmitry Kozko____________

        Дмитрий
        Козко

         

         

        Заемщик:

        INFRATONT EQUITIES
        INC.

        P.O. Box 3321,
        Drake Chambers, Road Town, Tortola, BVI

        Bank: AO “Aizkraukles
        Banka”:

        IBAN: LV 29AIZK0001140079833

        Bank Address:
        Elizabetes iela 23, Riga, LV-1010, Latvija

        S.W.I.F.T.: AIZK
        LV 22

         

         

        Подпись:
        _/s/ Sergey Osipov __________

        Поверенный
        Осипов Сергей

        (доверенность
        от 27.08.2012, действует до 16.09.2013)

 

 

    	5AMENDMENT TO LOAN AGREEMENT AND NOTE

 

This amendment (the "Amendment”),
dated as of the date specified below, is by and between the borrower (the "Borrower”) and the bank
(the "Bank”) identified below.

 

RECITALS

 

A.     The
Borrower and the Bank have executed a Loan Agreement (the "Agreement”) datedNOVEMBER 4,
2009 and the Borrower has executed a Note (the "Note”), dated NOVEMBER
4, 2009, either or both which may have been amended and replaced from time to time, and the
 Borrower (and
if applicable, certain third parties) have executed the collateral documents which may or may not be identified in the
Agreement and certain other related documents (collectively the "Loan Documents"), setting forth the terms
and conditions upon which the Borrower may obtain loans from the Bank from time to time in the stated amount of $ 2,500,000.00 may
be amended from time to time.

 

B.    
The Borrower has requested that the Bank permit certain modifications to the Agreement and Note as described below.

 

C.
    The Bank has agreed to such modifications, but only upon the terms and conditions outlined in this Amendment. 

 

TERMS
OF AGREEMENT

 

In consideration of the mutual
covenants contained herein, and for other goad and valuable consideration, the Borrower and the Bank agree as follows:

 

x
Change in Maturity Date. If checked here, any references
in the Agreement or Note to the maturity date or date of final payment are hereby deleted and replaced with " -            NOVEMBER
30, 2013     ”.

 

x
   Change in Maximum Loan Amount. If checked here, all references in the Agreement and in the Note (whether or not numerically)
to the maximum loan amount are hereby deleted and replaced with "$ 1,000,000.00_________________________________________”,
which evidences an additional $ _______________________available to be advanced subject to the terms and conditions of the Agreement
and Note.

 

q 
   Temporary Increase in Maximum Loan Amount. If checked here, notwithstanding the maximum principal amount that may
be borrowed from time to time under the Agreement and Note, the maximum principal amount that may be borrowed thereunder shall
increase from $__________ to $_________ effective _______________________through_________________________annually. On_____________________________through____________
annually, the maximum principal amount that may be borrowed thereunder shall revert to $ _____________________ and any loans outstanding
in excess of that amount will be immediately due and payable without further demand by the Bank.

 

q
     Change in Multiple Advance Termination Date. If checked here, all references in the Agreement and in the Note
to the termination date for multiple advances are hereby deleted and replaced with "_________________________”.

 

q
     Change in Payment Schedule. If checked here, effective upon
the date of this Amendment, any payment terms are amended as follows: 

 

    	 

    	 

    

 

q
     Change In Late Payment Fee. If checked here, subject to applicable law, if any payment is not made on or before its
due date, the Bank may collect a delinquency charge of_______.% of the unpaid amount. Collection of the late payment fee shall
not be deemed to be a waiver of the Bank's right to declare a default hereunder.

 

q
     Change in Closing Fee. If checked here and subject to applicable law, the Borrower will pay the Bank a closing fee
of $ _____________ (apart from any prior closing fee) contemporaneously with the execution of this Amendment. This fee is in
addition to all other fees, expenses and other amounts due hereunder.

 

q
     Change in Paid-In-Full Period. If checked here, all revolving loans under the Agreement and the Note must
be paid in full for a period of at least __________consecutive days during each fiscal year. Any previous Paid-in-Full provision
is hereby replaced with this provision.

 

Default Interest
Rate. Notwithstanding any provision of this Note to the contrary, upon any default or at any time during the continuation thereof
(including failure to pay upon maturity), the Bank may, at its option and subject to applicable law, increase the interest rate
on this Note to a rate of 5% per annum plus the interest rate otherwise payable hereunder. Notwithstanding the foregoing and subject
to applicable law, upon the occurrence of a default by the Borrower or any guarantor involving bankruptcy, insolvency, receivership
proceedings or an assignment for the benefit of creditors, the interest rate on this Note shall automatically increase to a rate
of 5% per annum plus the rate otherwise payable hereunder.

 

Effectiveness of
Prior Documents. Except as specifically amended hereby, the Agreement, the Note and the other Loan Documents shall remain in
full force and effect in accordance with their respective terms. All warranties and representations contained in the Agreement
and the other Loan Documents are hereby reconfirmed as of the date hereof. All collateral previously provided to secure the Agreement
and/or Note continues as security, and all guaranties guaranteeing obligations under the Loan Documents remain in full force and
effect. This is an amendment, not a novation.

 

Preconditions to Effectiveness. This
Amendment shall only become effective upon execution by the Borrower and the Bank, and approval by any other third party required
by the Bank.

 

No Waiver of Defaults; Warranties. This
Amendment shall not be construed as or be deemed to be a waiver by the Bank of existing defaults by the Borrower, whether known
or undiscovered. All agreements, representations and warranties made herein shall survive the execution of this Amendment.

 

Counterparts. This Amendment may
be signed in any number of counterparts, each of which shall be considered an original, but when taken together shall constitute
one document.

 

Authorization. The Borrower represents
and warrants that the execution, delivery and performance of this Amendment and the documents referenced herein are within the
authority of the Borrower and have been duly authorized by all necessary action.

 

Transferable Record.
The agreement and note, as amended, is a "transferable record" as defined in applicable law relating to electronic
transactions. Therefore, the holder of the agreement and note, as amended, may, on behalf of Borrower, create a microfilm or optical
disk or other electronic image of the agreement and note, as amended, that is an authoritative copy as defined in such law. The
holder of the agreement and note, as amended, may store the authoritative copy of such agreement and note, as amended, in its electronic
form and then destroy the paper original as part of the holder's normal business practices. The holder, on its own behalf, may
control and transfer such authoritative copy as permitted by such law.

 

Attachments. All documents attached hereto,
including any appendices, schedules, riders, and exhibits to this Amendment, are hereby expressly incorporated herein by reference.

 

[SIGNATURE(S) ON NEXT PAGE]

 

    	 

    	 

    

 

Dated as of November 20, 2012

 

Borrower name (Organization)

 

Itex Corporation

a Nevada Corporation

 

By: /s/ Steven White

Name and Title Steven M. White, Chairman of the Board

 

Agreed to:

U.S. BANK N.A.

 

By:/s/ Timothy J. Flynn

Name and Title Timothy J. Flynn, Vice President

 

    	 

    	 

    
 

ADDENDUM TO REVOLVING CREDIT AGREEMENT
AND NOTE

 

This Addendum is made part of the Revolving Credit Agreement
and Note (the "Agreement") made and entered into by and between the undersigned borrower (the "Borrower") and
the undersigned bank (the "Bank") as of the date identified below. The warranties, covenants and other terms described
below are hereby added to the Agreement.

 

Amendments to Financial Covenants. Financial covenants
set forth in the Agreement are modified, added, deleted or restated as more specifically set forth below. Financial covenants which
are not modified, restated or deleted below shall remain in full force and effect. Financial terms used in the Amendment which
are not specifically defined in the Amendment shall have the meanings ascribed to them under generally accepted accounting principles.
For any Borrower or Guarantor who does not have a separate fiscal year end for tax reporting purposes, the fiscal year will be
deemed to be the calendar year.

 

Modification of Borrower Financial Covenants. All Borrower
financial covenants, whether set forth below or in the Agreement, will be maintained by Borrower (for purposes of all existing,
new and amended financial covenants, the "Subject Party").

 

Additional or Modified Financial Covenants. The following
covenants are hereby added or restated:

 

Tangible Net Worth at all times in the amount of at least
$5,000,000.00.

 

"Tangible Net Worth" shall mean the total of
all assets properly appearing on the balance sheet of the Subject Party in accordance with generally accepted accounting principles,
less the sum of the following:

 

(i) the book amount of all such assets which would
be treated as intangibles under generally accepted accounting principles, including, without limitation, all such items as goodwill,
trademarks, trademark rights, trade names, trade name rights, brands, copyrights, patents, patent rights, licenses, deferred charges
and unamortized debt discount and expense;

 

(ii) any write-up in the book value of any such assets
resulting from a revaluation thereof subsequent to the date of the Agreement;

 

(iii) all reserves which have not already been deducted
in calculating total assets on the Subject Party’s balance sheet, including reserves for depreciation, obsolescence, depletion,
insurance, and inventory valuation, but excluding contingency reserves not allocated for any particular purpose and not deducted
from assets;

 

(iv) the amount, if any, at which any shares of stock
of the Subject Party appear on the asset side of such balance sheet;

 

(v) all liabilities of the Subject Party shown on
such balance sheet;

 

(vi) all investments in foreign affiliates and non-consolidated
domestic affiliates; and

 

(vii) all accounts or notes due to the Subject Party
from any shareholder, director, officer, employee or affiliate of the Subject Party or from any relative of such party.

 

    	 

    	 

    
 

	(Individual)	 	(Non-Individual)	 
	 	 	 	 
	______________________________	 	ITEX Corporation	 
	Borrower Name N/A	 	a/an Nevada Corporation	 
	 	 	 	 
	______________________________	 	 	 
	Borrower Name N/A	 	By: /s/ Steven White 	 
	 	 	Name and Title: Steven M. White, Chief Executive Officer	 
	 	 	 	 
	 	 	By: _________________________	 
	 	 	Name and Title N/A	 
	 	 	 	 
	 	 	 	 
	 	 	Agreed to:	 
	 	 	U.S. BANK N.A.	 
	 	 	 	 
	 	 	By: /s/ Timothy J. Flynn 	 
	 	 	Name and Title Timothy J. Flynn, Vice President

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