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  Exhibit 10.1

 

ASSET PURCHASE AGREEMENT

 

This
Asset Purchase Agreement (this “Agreement”) entered into
as of January 3, 2019, by and between Issuer Direct Corporation, a
Delaware corporation (the “Buyer”), and Onstream
Media Corporation, a Florida corporation (the “Seller”). The Buyer and
the Seller are referred to collectively herein as the
“Parties.”

 

BACKGROUND

 

This
Agreement contemplates a transaction in which the Buyer will
purchase certain assets related primarily to customer accounts,
intellectual property, fixed assets and facility leases and certain
existing contractual obligations related primarily to data
processing and storage, bandwidth and facility leases relating to
the webcasting business of the Seller (the “Business”) in return for
cash.

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the premises and the mutual promises
herein made, and in consideration of the representations,
warranties, and covenants herein contained, the Parties agree as
follows.

 

1.            

Definitions.

 

“Acquired Assets” means
all right, title, and interest in and to all of the assets relating
to the Business set forth on Schedule A attached
hereto.

 

“Adverse Consequences”
means all actions, suits, proceedings, hearings, investigations,
charges, complaints, claims, demands, injunctions, judgments,
orders, decrees, rulings, damages, dues, penalties, fines, costs,
amounts paid in settlement, Liabilities, obligations, Taxes, liens,
losses, expenses, and fees, including court costs and reasonable
attorney’s fees and expenses.

 

“Affiliate” has the
meaning set forth in Rule 12b-2 of the regulations promulgated
under the Securities Exchange Act.

 

“Affiliated Group” means
any affiliated group within the meaning of Code
§1504(a).

 

“Applicable Rate” means
the corporate base rate of interest publicly announced from time to
time by Wells Fargo Bank, N.A. plus 2% per annum.

 

“Assumed Liabilities”
means any Liability relating to the Business set forth on
Schedule B attached
hereto; provided, however,
that the Assumed Liabilities shall not include (i) any Liability
not specifically identified on Schedule B attached hereto,
(ii) any Liability of the Seller for unpaid Taxes for periods prior
to the Closing, (iii) any Liability of the Seller for income,
transfer, sales, use, and other Taxes arising in connection with
the consummation of the transactions contemplated hereby, (iv) any
Liability of the Seller for the unpaid Taxes of any Person other
than the Seller under Reg. §1.1502-6 (or any similar provision
of state, local, or foreign law), as a transferee or successor, by
contract or otherwise, (v) any obligation of the Seller to
indemnify any Person by reason of the fact that such Person was a
director, officer, employee, or agent of the Seller or was serving
at the request of the Seller as a partner, trustee, director,
officer, employee, or agent of another entity (whether such
indemnification is for judgments, damages, penalties, fines, costs,
amounts paid in settlement, losses, expenses, or otherwise and
whether such indemnification is pursuant to any statute, charter
document, bylaw, agreement, or otherwise), (vi) any Liability of
the Seller for costs and expenses incurred in connection with this
Agreement and the transactions contemplated hereby, or (vii) any
Liability or obligation of the Seller under this Agreement (or
under any side agreement between the Seller on the one hand and the
Buyer on the other hand entered into on or after the date of this
Agreement).

 

 

1

 

 

“Basis” means any past or
present fact, situation, circumstance, status, condition, activity,
practice, plan, occurrence, event, incident, action, failure to
act, or transaction that forms or could be reasonably expected to
form the basis for any specified consequence.

 

“Buyer” has the meaning
set forth in the preface above.

 

“Closing” has the meaning
set forth in §2(d) below.

 

“Closing Date” has the
meaning set forth in §2(d) below.

 

“Code” means the Internal
Revenue Code of 1986, as amended.

 

“Confidential Information”
means any information concerning the businesses and affairs of the
Business that is not already generally available to the public
provided further that confidential information shall not include
any information if it becomes available from a third party not
bound by an agreement of confidentiality.

 

“Consent and Assignment of
Lease” has the meaning set forth in §7(a)
below.

 

“Deferred Intercompany
Transaction” has the meaning set forth in Reg.
§1.1502-13.

 

“Disclosure Schedule” has
the meaning set forth in §3 below.

 

“Business” has the meaning
set forth in the recitals above.

 

“Employee Benefit Plan”
means any “employee benefit plan” (as such term is
defined in ERISA §3(3)) and any other material employee
benefit plan, program or arrangement of any kind.

 

“Employee Pension Benefit
Plan” has the meaning set forth in ERISA
§3(2).

 

“Employee Welfare Benefit
Plan” has the meaning set forth in ERISA
§3(1).

 

“Encumbrance” means any
mortgage, lien, security interest, security agreement, conditional
sale or other title retention agreement, pledge, option, right of
first refusal, right of first offer, charge, assessment,
restriction on transfer or any exception to or defect in title or
other ownership interest (including reservations, rights of way,
possibilities of reverter, encroachments, easements, rights of
entry, restrictive covenants, leases and licenses).

 

“Environmental, Health, and Safety
Requirements” shall mean all federal, state, local and
foreign statutes, regulations, ordinances and other provisions
having the force or effect of law, all judicial and administrative
orders and determinations, all contractual obligations and all
common law concerning public health and safety, worker health and
safety, and pollution or protection of the environment, including
without limitation all those relating to the presence, use,
production, generation, handling, transportation, treatment,
storage, disposal, distribution, labeling, testing, processing,
discharge, release, threatened release, control, or cleanup of any
hazardous materials, substances or wastes, chemical substances or
mixtures, pesticides, pollutants, contaminants, toxic chemicals,
petroleum products or byproducts, asbestos, polychlorinated
biphenyls, noise or radiation, each as amended and as now or
hereafter in effect.

 

“ERISA” means the Employee
Retirement Income Security Act of 1974, as amended.

 

“ERISA Affiliate” means
each entity which is treated as a single employer with the Seller
for purposes of Code §414.

 

 

2

 

 

“Excess Loss Account” has
the meaning set forth in Reg. §1.1502-19.

 

“Financial Statements” has
the meaning set forth in §3(f) below.

 

“GAAP” means United States
generally accepted accounting principles as in effect from time to
time.

 

“Indemnified Party” has
the meaning set forth in §8(d) below.

 

“Indemnifying Party” has
the meaning set forth in §8(d) below.

 

“Intellectual Property”
means all of the following in any jurisdiction throughout the
world: (a) all inventions (whether patentable or unpatentable and
whether or not reduced to practice), all improvements thereto, and
all patents, patent applications, and patent disclosures, together
with all reissuances, continuations, continuations-in-part,
revisions, extensions, and reexaminations thereof, (b) all
trademarks, service marks, trade dress, logos, slogans, trade
names, corporate names, Internet domain names, and rights in
telephone numbers, together with all translations, adaptations,
derivations, and combinations thereof and including all goodwill
associated therewith, and all applications, registrations, and
renewals in connection therewith, (c) all copyrightable works, all
copyrights, and all applications, registrations, and renewals in
connection therewith, (d) all mask works and all applications,
registrations, and renewals in connection therewith, (e) all trade
secrets and confidential business information (including ideas,
research and development, know-how, formulas, compositions,
manufacturing and production processes and techniques, technical
data, designs, drawings, specifications, customer and supplier
lists, pricing and cost information, and business and marketing
plans and proposals), (f) all computer software (including source
code, executable code, data, databases and related documentation),
(g) all advertising and promotional materials, (h) all other
proprietary rights, and (i) all copies and tangible embodiments
thereof (in whatever form or medium).

 

“Knowledge” means actual
knowledge of Randy S. Selman, Robert Tomlinson and any other
individual specifically referred to herein after reasonable
inquiry.

 

“Landlord Estoppel
Certificate” has the meaning set forth in §7(a)
below.

 

“Leased Real Property”
means all leasehold or subleasehold estates and other rights to use
or occupy any land, buildings, structures, improvements, fixtures
or other interest in real property held by the
Business.

 

“Leases” means all leases,
subleases, licenses, concessions and other agreements (written or
oral), including all amendments, extensions, renewals, guaranties
and other agreements with respect thereto, pursuant to which the
Business holds any Leased Real Property, including the right to all
security deposits and other amounts and instruments deposited by or
on behalf of the Business thereunder.

 

“Liability” means any
liability (whether known or unknown, whether asserted or
unasserted, whether absolute or contingent, whether accrued or
unaccrued, whether liquidated or unliquidated, and whether due or
to become due), including any liability for Taxes.

 

“Material Adverse Effect”
means any event, change, circumstance, effect or other matter that
has, or could reasonably be expected to have, either individually
or in the aggregate with all other events, changes, circumstances,
effects or other matters, with or without notice, lapse of time or
both, a material adverse effect on the Business, Acquired Assets,
Liabilities, Real Property, condition (financial or otherwise),
operating results, or operations of the Business except that a
Material Adverse Effect shall not be deemed to have incurred if it
caused by an event or events which impact other industry
participants who engage in activities sustainably similar to the
Business in a proportionate manner.

 

“Most Recent Fiscal Year
End” has the meaning set forth in §3(f)
below.

 

 

3

 

 

“Non-Compete Agreement”
has the meaning set forth in §7(a)(viii) below.

 

“Ordinary Course of
Business” means the ordinary course of business
consistent with past custom and practice (including with respect to
quantity and frequency).

 

“Owned Real Property”
means all land, together with all buildings, structures,
improvements and fixtures located thereon, including all
electrical, mechanical, plumbing and other building systems, fire
protection, security and surveillance systems, telecommunications,
computer wiring and cable installations, utility installations,
water distribution systems, and landscaping, together with all
easements and other rights and interests appurtenant thereto
(including air, oil, gas, mineral and water rights, owned by the
Business).

 

“Parties” has the meaning
set forth in the preface above.

 

“PBGC” means the Pension
Benefit Guaranty Corporation.

 

“Person” means an
individual, a partnership, a corporation, an association, a joint
stock company, a trust, a joint venture, an unincorporated
organization, or a governmental entity (or any department, agency,
or political subdivision thereof).

 

“Purchase Price” has the
meaning set forth in §2(c) below.

 

“Real Property” has the
meaning set forth in §3(k) below.

 

“Reseller Agreements” has
the meaning set forth in §7(a)(vi) below.

 

“Securities Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

“Security Interest” means
any mortgage, pledge, lien, encumbrance, charge, or other security
interest, other than (a)
mechanics, materialmens, and similar liens, (b) liens for Taxes not
yet due and payable, (c) purchase money liens and liens securing
rental payments under capital lease arrangements, and (d) other
liens arising in the Ordinary Course of Business and not incurred
in connection with the borrowing of money.

 

“Seller” has the meaning
set forth in the preface above.

 

“Subordination, Non-Disturbance and
Attornment Agreement” has the meaning set forth in
§7(a) below.

 

“Subsidiary” means any
corporation with respect to which a specified Person (or a
Subsidiary thereof) owns a majority of the common stock or has the
power to vote or direct the voting of sufficient securities to
elect a majority of the directors.

 

 “Tax”
means any federal, state, local, or foreign income, gross receipts,
license, payroll, employment, excise, severance, stamp, occupation,
premium, windfall profits, environmental (including taxes under
Code §59A), customs duties, capital stock, franchise, profits,
withholding, social security (or similar), unemployment,
disability, real property, personal property, sales, use, transfer,
registration, value added, alternative or add-on minimum,
estimated, or other tax of any kind whatsoever, including any
interest, penalty, or addition thereto, whether disputed or
not.

 

“Tax Return” means any
return, declaration, report, claim for refund, or information
return or statement relating to Taxes, including any schedule or
attachment thereto, and including any amendment
thereof.

 

 

4

 

 

“Teleconferencing Reseller
Agreement” has the meaning set forth in
§7(a)(vii) below.

 

“Third Party Claim” has
the meaning set forth in §8(d) below.

 

“URL Agreement” has the
meaning set forth in §7(a)(xiv) below.

 

2.            

Basic Transaction.

 

(a)           Purchase
and Sale of Assets. On and subject to the terms and
conditions of this Agreement, the Buyer agrees to purchase from the
Seller, and the Seller agrees to sell, transfer, convey, and
deliver to the Buyer, all of the Acquired Assets at the Closing for
the consideration specified below in this §2.

 

(b)           Assumption
of Liabilities. On and subject to the terms and conditions
of this Agreement, the Buyer agrees to assume and become
responsible for all of the Assumed Liabilities at the Closing. The
Buyer will not assume or have any responsibility, however, with
respect to any other obligation or Liability of the Seller not
included within the definition of Assumed Liabilities.

 

(c)           Purchase
Price. The Buyer agrees to pay to the Seller at the Closing
$2,787,627.74 (the “Purchase Price”) in cash
payable by wire transfer or delivery of other immediately available
funds.

 

(d)           The
Closing. The closing of the transactions contemplated by
this Agreement (the “Closing”) shall take
place at 9:00 a.m. local time on the second business day following
the satisfaction or waiver of all conditions to the obligations of
the Parties to consummate the transactions contemplated hereby
(other than conditions with respect to actions the respective
Parties will take at the Closing itself) or such other date as the
Parties may mutually determine (the “Closing
Date”).

 

(e)           Deliveries
at the Closing. At the Closing, (i) the Seller will deliver
to the Buyer the various certificates, instruments, and documents
referred to in §7(a) below; (ii) the Buyer will deliver to the
Seller the various certificates, instruments, and documents
referred to in §7(b) below; (iii) the Seller will execute,
acknowledge (if appropriate), and deliver to the Buyer (A)
Assignment and Assumption Agreement in substantially the form
attached hereto as Exhibit A and such other assignment documents
(including the Intellectual Property Assignment and Assumption
Agreement in substantially the form attached hereto as Exhibit A-1)
in the forms reasonably acceptable to the Buyer and (B) such other
instruments of sale, transfer, conveyance, and assignment as the
Buyer and its counsel may request, including in substantially the
forms attached hereto as Exhibits A-2, A-3 and A-4; (iv) the Buyer
will execute, acknowledge (if appropriate), and deliver to the
Seller (A) an Assignment and Assumption Agreement in the form
attached hereto as Exhibit A and (B) such other instruments of
assumption as the Seller and its counsel may request, including in
substantially the forms attached hereto as Exhibits A-2, A-3 and
A-4; and (v) the Buyer will deliver to the Seller the consideration
specified in §2(c) above.

 

(f)           Allocation.
The Parties agree to allocate the Purchase Price (and all other
capitalizable costs) among the Acquired Assets for all purposes
(including financial accounting and tax purposes) pursuant to an
allocation schedule to be determined no later than seventy-five
(75) days after the Closing.

 

3.           Representations
and Warranties of the Seller. The Seller represents and
warrants to the Buyer that the statements contained in this §3
are correct and complete as of the date of this Agreement and will
be correct and complete as of the Closing Date (as though made then
and as though the Closing Date were substituted for the date of
this Agreement throughout this §3), except as set forth in the
disclosure schedule accompanying this Agreement (the
“Disclosure Schedule”). The Disclosure Schedule will
be arranged in paragraphs corresponding to the lettered and
numbered paragraphs contained in this §3. The disclosures in
any section of this Disclosure Schedule qualify any other
applicable sections of the Disclosure Schedule to the extent it is
reasonably apparent from a reading of the disclosure that such
disclosure is applicable to such other sections of the Disclosure
Schedule.

 

 

5

 

 

(a)           Organization
of the Seller. The Seller is a corporation duly organized,
validly existing, and in good standing under the laws of the
jurisdiction of its incorporation.

 

(b)           Authorization
of Transaction. The Seller has full power and authority
(including full corporate power and authority) to execute and
deliver this Agreement and to perform its obligations hereunder.
Without limiting the generality of the foregoing, the board of
directors of the Seller has duly authorized the execution,
delivery, and performance of this Agreement by the Seller. This
Agreement constitutes the valid and legally binding obligation of
the Seller, enforceable in accordance with its terms and
conditions.

 

(c)           Noncontravention.
Neither the execution and the delivery of this Agreement, nor the
consummation of the transactions contemplated hereby (including the
assignments and assumptions referred to in §2 above), will (i)
violate any constitution, statute, regulation, rule, injunction,
judgment, order, decree, ruling, charge, or other restriction of
any government, governmental agency, or court to which any of the
Seller and the Business is subject or any provision of the charter
or bylaws of any of the Seller or (ii) conflict with, result in a
breach of, constitute a default under, result in the acceleration
of, create in any party the right to accelerate, terminate, modify,
or cancel, or require any notice under any agreement, contract,
lease, license, instrument, or other arrangement to which any of
the Seller is a party or by which it is bound or to which any of
its assets is subject (or result in the imposition of any Security
Interest upon any of its assets). The Seller does not need to give
any notice to, make any filing with, or obtain any authorization,
consent, or approval of any government or governmental agency in
order for the Parties to consummate the transactions contemplated
by this Agreement (including the assignments and assumptions
referred to in §2 above).

 

(d)           Brokers
Fees. The Seller has no Liability or obligation to pay any
fees or commissions to any broker, finder, or agent with respect to
the transactions contemplated by this Agreement for which the Buyer
could become liable or obligated.

 

(e)           Title
to Assets. As of the Closing Date, the Seller will have good
and marketable title to, or a valid leasehold interest in, the
Acquired Assets, free and clear of all Security Interests. Except
as otherwise set forth in the Reseller Agreement, the Acquired
Assets are all the assets reasonably necessary to permit Buyer to
conduct the Business as the Business is currently being conducted
(except for the assets to which the Reseller Agreement shall
apply).

 

(f)           Financial
Statements. Attached hereto as Exhibit B are the following
financial statements (collectively the “Financial Statements”):
unaudited statements of revenues and direct expenses for the fiscal
years ended September 30, 2016, September 30, 2017 and September
30, 2018 (the latter being the “Most Recent Fiscal Year
End”) for the Business. The Financial Statements
present fairly the results of operations of the Business for such
periods, are correct and complete in all material respects, and are
consistent with the books and records of the Business (which books
and records are correct and complete). Notwithstanding this, the
Financial Statements do not reflect the allocation of any corporate
overhead but do include the allocation of certain costs, that are
considered to be direct in nature to the Business, on a judgement
basis between the Business and other operations of the Seller. The
Financial Statements also do not reflect any income tax
considerations and do not include explanatory
footnotes.

 

(g)           Events
Subsequent to Most Recent Fiscal Year End. Except as listed
in §3(g) of the Disclosure Schedule, since the Most Recent
Fiscal Year End, (i) there has been no Material Adverse Effect and
to the Sellers Knowledge no events or circumstances have occurred
which would reasonably be expected to have a Material Adverse
Effect with respect to the Acquired Assets or the Business;
(ii) the Seller has operated the Business only in the Ordinary
Course of Business; (iii) there has been no sale, assignment,
transfer or Encumbrance of any Acquired Assets, or, to the Sellers
Knowledge, any theft, damage, removal of property, destruction,
casualty loss or other diminution in value of the Assets that would
reasonably be expected to have a Material Adverse Effect to the
Acquired Assets; and (iv) the Seller has not agreed, committed
or offered (in writing or otherwise) to take any of the actions
referred to in clause (iii) above.

 

 

6

 

 

(h)           Undisclosed
Liabilities. The Business has no Liability (and there is no
Basis for any present or future action, suit, proceeding, hearing,
investigation, charge, complaint, claim, or demand against any of
them giving rise to any Liability against the Business), except for
Liabilities set forth on §3(h) of the Disclosure
Schedule.

 

(i)           Legal
Compliance. Since January 1, 2014, the Seller and its
respective predecessors has complied in all material respects with
all applicable laws (including rules, regulations, codes, plans,
injunctions, judgments, orders, decrees, rulings, and charges
thereunder) of federal, state, local, and foreign governments (and
all agencies thereof) with respect to the operation of the
Business, and no action, suit, proceeding, hearing, investigation,
charge, complaint, claim, demand, or notice has been filed or
commenced against any of them alleging any failure so to comply
relating to the Business.

 

(j)           Tax
Matters. The Seller has received no notice of, nor does the
Seller have any knowledge of, any material deficiency, assessment,
audit, dispute or claim or proposed deficiency, assessment audit,
dispute or claim from any Governmental Authority which could affect
or result in the imposition of an Encumbrance upon the Acquired
Assets.

 

(k)           Real
Property. §3(k) of the Disclosure Schedule sets forth
the address of each parcel of Leased Real Property relating to the
Business, and a true and complete list of all Leases for each such
parcel of Leased Real Property. The Seller has delivered to the
Buyer a true and complete copy of each such Lease
document.

 

(l)           Intellectual
Property. §3(l) of the Disclosure Schedule identifies
each patent or registration which has been issued to any of the
Seller and its Subsidiaries with respect to any of its Intellectual
Property relating to the Business or the Acquired Assets,
identifies each pending patent application or application for
registration which any of the Seller and its Subsidiaries has made
with respect to any of its Intellectual Property relating to the
Business or the Acquired Assets, and identifies each material
license, agreement, or other permission which any of the Seller and
its Subsidiaries has granted to any third party with respect to any
of its Intellectual Property relating to the Business or the
Acquired Assets.

 

(m)           Contracts.
§3(m) of the Disclosure Schedule lists the following contracts
and other agreements or understandings to which the Seller is a
party which relate to the Business. The Seller has delivered to the
Buyer a correct and complete copy of each written agreement (as
amended to date) listed in §3(m) of the Disclosure Schedule
and a written summary setting forth the terms and conditions of
each oral agreement referred to in §3(m) of the Disclosure
Schedule. With respect to each such agreement: (A) the agreement is
legal, valid, binding, enforceable, and in full force and effect;
(B) the agreement will continue to be legal, valid, binding,
enforceable, and in full force and effect on identical terms
following the consummation of the transactions contemplated hereby;
(C) to Sellers Knowledge, no party is in breach or default, and no
event has occurred which with notice or lapse of time would
constitute a breach or default, or permit termination,
modification, or acceleration, under the agreement; and (D to
Sellers knowledge) no party has repudiated any provision of the
agreement.

 

(n)           Litigation.
There is no judgment or order outstanding, or any action, suit,
complaint, proceeding or to Sellers Knowledge investigation by or
before any Governmental Authority or any arbitrator pending, or to
the Sellers knowledge, threatened, involving or affecting all or
any part of the Business or the Acquired Assets or which, if
adversely determined, would delay, restrain or enjoin the
consummation of the transactions contemplated by this Agreement or
declare unlawful the transactions or events contemplated by this
Agreement or cause any of such transactions to be rescinded. To the
Sellers knowledge, no event has occurred, and no claim or dispute
exists, that could reasonably be expected to give rise to or serve
as a basis for the commencement of any such proceeding. There is no
order of any Governmental Authority to which any of the Acquired
Assets is subject.

 

 

 

7

 

 

(o)           Employee
Benefits.

 

(i)           All
contributions (including all employer contributions and employee
salary reduction contributions) which are due have been made to
each such Employee Benefit Plan which is an Employee Pension
Benefit Plan and relates to any of the Seller’s employees
described in Section 7(a)(ix) below. All premiums or other payments
which are due have been paid with respect to each such Employee
Benefit Plan which is an Employee Welfare Benefit Plan and relates
to any of the Seller’s employees described in Section
7(a)(ix) below.

 

(ii)         
With respect to each Employee Benefit Plan that any of the Seller
and its Subsidiaries or any ERISA Affiliate maintains or has
maintained during the prior six years or to which any of them
contributes relating to any of the Sellers employees described in
Section 7(a)(ix) below, or has been required to contribute during
the prior six years relating to any of the Sellers employees
described in Section 7(a)(ix) below:

 

(A)                 No
action, suit, proceeding, hearing, or investigation with respect to
the administration or the investment of the assets of any such
Employee Benefit Plan (other than routine claims for benefits) is
pending, except where the action, suit, proceeding, hearing, or
investigation would not have a material adverse effect on the
financial condition of the Seller and its Subsidiaries taken as a
whole.

 

(B)                 None
of the Seller and its Subsidiaries has incurred any liability to
the PBGC (other than PBGC premium payments) or otherwise under
Title IV of ERISA (including any withdrawal liability) with respect
to any such Employee Benefit Plan which is an Employee Pension
Benefit Plan.

 

(p)           Environmental,
Health, and Safety Matters.

 

(i)           To
the Sellers Knowledge, the Seller and its Subsidiaries are in
compliance with Environmental, Health, and Safety Requirements
relating to the Business and the Acquired Assets, except for such
noncompliance as would not have a material adverse effect on the
financial condition of the Seller and its Subsidiaries taken as a
whole relating to the Business and the Acquired
Assets.

 

(ii)           To
the Sellers Knowledge, the Seller and its Subsidiaries have not
received any written notice, report or other information regarding
any actual or alleged material violation of Environmental, Health,
and Safety Requirements, or any material liabilities or potential
material liabilities (whether accrued, absolute, contingent,
unliquidated or otherwise), including any investigatory, remedial
or corrective obligations, relating to the Seller or its
Subsidiaries or their facilities arising under Environmental,
Health, and Safety Requirements relating to the Business and the
Acquired Assets, the subject of which would have a material adverse
effect on the financial condition of the Business or the Acquired
Assets.

 

(iii)           This
§ 3(p) contains the sole and exclusive representations and
warranties of the Seller with respect to any environmental, health,
or safety matters, including without limitation any arising under
any Environmental, Health, and Safety Requirements.

 

(q)           Service
Warranty. All services provided or delivered by the Seller
relating to the Business have been in material conformity with all
applicable contractual commitments and all express and implied
warranties, and the Seller has no material Liability (and there is
no Basis for any present or future action, suit, proceeding,
hearing, investigation, charge, complaint, claim, or demand against
any of them giving rise to any material Liability) for damages in
connection therewith relating to the Business. To the Sellers
Knowledge, no service sold, provided, or delivered by the Seller
and its Subsidiaries and related to the Business is subject to any
indemnity by a client or customer against the Seller or a
Subsidiary that represents a material liability to the Business.
The Seller has made available to the Buyer the form of any material
agreements it has with customers for which the Seller or a
Subsidiary has provided services relating to the Business for the
past three years.

 

 

8

 

 

(r)           Service
Liability. To the Sellers Knowledge, neither the Seller nor
its Subsidiaries have any Liability (and there is no Basis for any
present or future action, suit, proceeding, hearing, investigation,
charge, complaint, claim, or demand against any of them giving rise
to any Liability) arising out of any injury or damage to property
as a result of the ownership, possession, or use of any services
sold, provided, or delivered by the Seller or its
Subsidiaries.

 

(s)           Employees.
To the Sellers Knowledge, no executive, key employee, or group of
employees who is materially involved in the direct operation of the
Business has any plans to terminate employment with Seller. With
respect to these employees, the Seller is not a party to or bound
by any collective bargaining agreement, nor has it experienced any
strikes, claims of unfair labor practices, or other collective
bargaining disputes. Since January 1, 2014, the Seller has not
committed any material unfair labor practice. To the Sellers
Knowledge, there is no organizational effort presently being made
or threatened by or on behalf of any labor union with respect to
employees of the Business.

 

(t)           Disclosure.
The representations and warranties contained in this §3 do not
contain any untrue statement of a material fact or knowingly omit
to state any material fact necessary in order to make the
statements and information contained in this §3 not
misleading.

 

4.           Representations
and Warranties of the Buyer. The Buyer represents and
warrants to the Seller that the statements contained in this
§4 are correct and complete as of the date of this Agreement
and will be correct and complete as of the Closing Date (as though
made then and as though the Closing Date were substituted for the
date of this Agreement throughout this §4), except as set
forth in the Disclosure Schedule. The Disclosure Schedule will be
arranged in paragraphs corresponding to the lettered and numbered
paragraphs contained in this §4. The disclosures in any
section of this Disclosure Schedule qualify any other applicable
sections of the Disclosure Schedule to the extent it is reasonably
apparent from a reading of the disclosure that such disclosure is
applicable to such other sections of the Disclosure
Schedule.

 

(a)           Organization
of the Buyer. The Buyer is a corporation duly organized,
validly existing, and in good standing under the laws of the
jurisdiction of its incorporation.

 

(b)           Authorization
of Transaction. The Buyer has full power and authority
(including full corporate power and authority) to execute and
deliver this Agreement and to perform its obligations hereunder.
This Agreement constitutes the valid and legally binding obligation
of the Buyer, enforceable in accordance with its terms and
conditions.

 

(c)           Noncontravention.
Neither the execution and the delivery of this Agreement, nor the
consummation of the transactions contemplated hereby (including the
assignments and assumptions referred to in §2 above), will (i)
violate any constitution, statute, regulation, rule, injunction,
judgment, order, decree, ruling, charge, or other restriction of
any government, governmental agency, or court to which the Buyer is
subject or any provision of its charter or bylaws or (ii) conflict
with, result in a breach of, constitute a default under, result in
the acceleration of, create in any party the right to accelerate,
terminate, modify, or cancel, or require any notice under any
agreement, contract, lease, license, instrument, or other
arrangement to which the Buyer is a party or by which it is bound
or to which any of its assets is subject. The Buyer does not need
to give any notice to, make any filing with, or obtain any
authorization, consent, or approval of any government or
governmental agency in order for the Parties to consummate the
transactions contemplated by this Agreement (including the
assignments and assumptions referred to in §2
above).

 

(d)           Brokers
Fees. The Buyer has no Liability or obligation to pay any
fees or commissions to any broker, finder, or agent with respect to
the transactions contemplated by this Agreement for which the
Seller could become liable or obligated.

 

 

 

9

 

 

5.           Pre-Closing
Covenants. The Parties agree as follows with respect to the
period between the execution of this Agreement and the
Closing.

 

(a)           General.
Each of the Parties will use its reasonable best efforts to take
all action and to do all things necessary, proper, or advisable in
order to consummate and make effective the transactions
contemplated by this Agreement (including satisfaction, but not
waiver, of the Closing conditions set forth in §7
below).

 

(b)           Notices
and Consents. The Seller will give any notices to third
parties, and the Seller will use its reasonable best efforts to
obtain any third party consents, approvals and cooperation to
ensure that material agreements and relationships relating to the
Acquired Assets and Business, as set forth on the Disclosure
Schedule, are assigned and transferred to the Buyer. The Buyer
agrees and acknowledges that the Sellers agreements with its
customers relating to the Business are terminable at will by the
customer upon limited written notice.

 

(c)           Operation
of Business. The Seller will not cause or permit the
Business to engage in any practice, take any action, or enter into
any transaction outside the Ordinary Course of
Business.

 

(d)           Preservation
of Business. The Seller will use its reasonable best efforts
to cause to keep its business and properties substantially intact,
including its present operations, physical facilities, working
conditions, and relationships with lessors, licensors, suppliers,
customers, and employees.

 

(e)           Full
Access. The Seller will permit representatives of the Buyer
to have full access at all reasonable times and upon reasonable
advance notice and during normal business hours, and in a manner so
as not to interfere with the normal business operations of the
Business, to all premises, properties, personnel, books, records
(including Tax records), contracts, and documents of or pertaining
to the Business.

 

(f)           Notice
of Developments. Each Party will give prompt written notice
to the other Party of any material adverse development causing a
breach of any of its own representations and warranties in §3
and §4 above. No disclosure by any Party pursuant to this
§5(f), however, shall be deemed to amend or supplement the
Disclosure Schedule or to prevent or cure any misrepresentation,
breach of warranty, or breach of covenant.

 

(g)           Exclusivity.
Through January 15, 2018, the Seller will not (and the Seller will
not cause or permit the Business to) (i) solicit, initiate, or
encourage the submission of any proposal or offer from any Person
relating to the acquisition of any capital stock or other voting
securities, or any substantial portion of the assets, of the
Business (including any acquisition structured as a merger,
consolidation, or share exchange) or (ii) participate in any
discussions or negotiations regarding, furnish any information with
respect to, assist or participate in, or facilitate in any other
manner any effort or attempt by any Person to do or seek any of the
foregoing. The Seller will notify the Buyer immediately if any
Person makes any proposal, offer, inquiry, or contact with respect
to any of the foregoing.

 

(h)           Maintenance
of Real Property. The Seller will cause the Business to
maintain the Real Property, including all of the Improvements, in
substantially the same condition as of the date of this Agreement,
ordinary wear and tear excepted, and shall not demolish or remove
any of the existing Improvements, or erect new improvements on the
Real Property or any portion thereof, without the prior written
consent of the Buyer.

 

 

10

 

 

(i)           Leases.
The Seller will not and the Seller will not cause or permit the
Business to amend, modify, extend, renew or terminate any Lease,
nor shall the Business enter into any new lease, sublease, license
or other agreement for the use or occupancy of any real property,
without the prior written consent of the Buyer.

 

6.           Post-Closing
Covenants. The Parties agree as follows with respect to the
period following the Closing.

 

(a)           General.
In case at any time after the Closing any further action is
necessary or desirable to carry out the purposes of this Agreement,
each of the Parties will take such further action (including the
execution and delivery of such further instruments and documents)
as the other Party reasonably may request, all the sole cost and
expense of the requesting Party (unless the requesting Party is
entitled to indemnification therefor under §8 below). The
Seller acknowledges and agrees that from and after the Closing the
Buyer will be entitled to copies of all documents, books, records
(including Tax records), agreements, and financial data of any sort
relating to, and of continuing relevance to, the
Business.

 

(b)           Audits
and Other Filings. Subsequent to the Closing Date, in the
event the Buyer is required by any Governmental Authority to make
any regulatory filings and/or disclosures, which may include but is
not limited to the preparation and filing of audited statement of
revenue and direct expenses of the Seller as they relate to the
Acquired Assets for the fiscal year ended September 30, 2018 (an
“Audit”), the Seller will use its best efforts to
cooperate and make available to the Buyer and any independent
auditing firm, as applicable, such books and records of the Seller
as are requested in order for the Buyer to comply with its
regulatory obligations, including an Audit, on a timely basis. For
the avoidance of doubt, a failure of the Seller to use its best
efforts to cooperate and make such books and records available as
set forth above shall be a material breach of this Agreement. In
the event an Audit is required, the independent auditing firm to
perform the Audit will be selected by the Buyer. The Buyer will be
responsible for costs and expenses, including professional fees,
relating to an Audit up to $30,000.00 (regardless of whether such
costs and expenses are incurred prior or subsequent to the
Closing). The Seller will be responsible for costs and expenses,
including professional fees, relating to an Audit which are in
excess of $30,000.00 (regardless of whether such costs and expenses
are incurred prior or subsequent to the Closing). For the purposes
of clarity, the Seller shall be responsible for all costs and
expenses relating to the preparation of any statement of revenue
and direct expenses necessary for an Audit (regardless of whether
such costs and expenses are incurred prior or subsequent to the
Closing); provided,
however, the Buyer shall solely be responsible for all costs
and expenses relating to the preparation and Audit of any
statements of assets acquired and liabilities assumed which might
be required as part of the regulatory requirements relating to this
transaction.

 

(c)           Litigation
Support. In the event and for so long as any Party actively
is contesting or defending against any action, suit, proceeding,
hearing, investigation, charge, complaint, claim, or demand in
connection with (i) any transaction contemplated under this
Agreement or (ii) any fact, situation, circumstance, status,
condition, activity, practice, plan, occurrence, event, incident,
action, failure to act, or transaction on or prior to the Closing
Date involving the Business, the other Party will cooperate with
the contesting or defending Party and its counsel in the contest or
defense, make available its personnel, and provide such testimony
and access to its books and records as shall be necessary in
connection with the contest or defense, all at the sole cost and
expense of the contesting or defending Party (unless the contesting
or defending Party is entitled to indemnification therefor under
§8 below).

 

(d)           Transition.
The Seller will not take any action that is designed or intended to
have the effect of discouraging any lessor, licensor, customer,
supplier, or other business associate of the Business from
maintaining the same business relationships with the Buyer after
the Closing as it maintained with the Business prior to the
Closing. The Seller will refer all customer inquiries relating to
the Business to the Buyer from and after the Closing.

 

 

11

 

 

(e)           Confidentiality.
The Seller will treat and hold as such all of the Confidential
Information, refrain from using any of the Confidential Information
except in connection with this Agreement or for historical
accounting, regulatory and/or tax support. In the event that the
Seller is requested or required (by oral question or request for
information or documents in any legal proceeding, interrogatory,
subpoena, civil investigative demand, or similar process) to
disclose any Confidential Information, the Seller will notify the
Buyer promptly of the request or requirement so that the Buyer may
seek an appropriate protective order or waive compliance with the
provisions of this §6(e). If, in the absence of a protective
order or the receipt of a waiver hereunder, the Seller is, on the
advice of counsel, compelled to disclose any Confidential
Information to any tribunal or else stand liable for contempt, the
Seller may disclose the Confidential Information to the tribunal;
provided, however, that the
Seller shall use its best efforts to obtain, at the request of the
Buyer, an order or other assurance that confidential treatment will
be accorded to such portion of the Confidential Information
required to be disclosed as the Buyer shall designate.

 

(f)           Covenant
Not to Compete. For a period of five years from and after
the Closing Date, the Seller will not engage directly or indirectly
in any business that the Business conducts as of the Closing Date
in the United States; provided,
however, (i) the Sellers activity set forth in the Reseller
Agreement shall specifically not be a violation of this §6(f)
and (ii) that no owner of less than 1% of the outstanding stock of
any publicly traded corporation shall not be a violation of this
§6(f) solely by reason thereof. If the final judgment of a
court of competent jurisdiction declares that any term or provision
of this §6(f) is invalid or unenforceable, the Parties agree
that the court making the determination of invalidity or
unenforceability shall have the power to reduce the scope,
duration, or area of the term or provision, to delete specific
words or phrases, or to replace any invalid or unenforceable term
or provision with a term or provision that is valid and enforceable
and that comes closest to expressing the intention of the invalid
or unenforceable term or provision, and this Agreement shall be
enforceable as so modified after the expiration of the time within
which the judgment may be appealed.

 

7.            

Conditions to Obligation to
Close.

 

(a)           Conditions
to Obligation of the Buyer. The obligation of the Buyer to
consummate the transactions to be performed by it in connection
with the Closing is subject to satisfaction of the following
conditions:

 

(i)           the
representations and warranties set forth in §3 above shall be
true and correct in all material respects at and as of the Closing
Date;

 

(ii)         
the Seller shall have performed and complied with all of its
covenants hereunder in all material respects through the
Closing;

 

(iii)        
the Seller shall have procured all of the third party consents
specified in §5(b) above;

 

(iv)        
no action, suit, or proceeding shall be pending or threatened
before any court or quasi-judicial or administrative agency of any
federal, state, local, or foreign jurisdiction or before any
arbitrator wherein an unfavorable injunction, judgment, order,
decree, ruling, or charge would (A) prevent consummation of any of
the transactions contemplated by this Agreement, (B) cause any of
the transactions contemplated by this Agreement to be rescinded
following consummation, or (C) affect adversely the right of the
Buyer to own the Acquired Assets, to operate the former businesses
of the Business.

 

(v)         
the Seller shall have delivered to the Buyer a certificate to the
effect that each of the conditions specified above in
§7(a)(i)-(iv) is satisfied in all respects;

 

 

12

 

(vi)        
the Buyer and the Seller, and the Buyer and Seller’s
wholly-owned subsidiary shall have entered into those certain
Reseller Agreements which shall become effective simultaneously
with the Closing in substantially the form attached hereto as
Exhibits C-1 and C-2 (the “Reseller
Agreements”);

 

(vii)       
the Buyer and the Seller’s wholly owned subsidiary shall have
entered into that certain Teleconferencing Reseller Service
Agreement which shall become effective simultaneously with the
Closing in substantially the form attached hereto as Exhibit D (the
“Teleconferencing
Reseller Agreement”);

 

(viii)      
the Buyer and certain key members of the Sellers management to be
identified during the Buyers due diligence, and agreed to by
Seller, shall have entered into Non-Competition and
Non-Solicitation Agreements which shall become effective
simultaneously with the Closing in substantially the form attached
hereto as Exhibit E (the “Non-Compete
Agreement”);

 

(ix)        
the Buyer shall have entered into employee or consulting
arrangements with certain key employees of the Seller relating to
the Business to be identified during the Buyers due diligence, and
agreed to by Seller;

 

 (x)        
all actions to be taken by the Seller in connection with
consummation of the transactions contemplated hereby and all
certificates, instruments, and other documents required to effect
the transactions contemplated hereby will be satisfactory in form
and substance to the Buyer, including but not limited to the Seller
providing the Buyer satisfactory written documentation regarding
the full and complete release of any claims, liens, or any other
type of security interest regarding the Acquired
Assets;

 

 (xi)       
to the extent the Buyer has not entered into a separate lease
agreement with any of the landlords of the Leased Real Property
effective as of the Closing Date, the Seller shall have obtained
and delivered to the Buyer a written consent for the assignment of
each of the Leases (excepting any Leased Real Property located at
50 Hudson Street, New York, NY 10013) a waiver of landlord liens,
collateral assignment of lease or leasehold mortgage from the
landlord or other party whose consent thereto is required under
such Lease, in substantially the form attached hereto as Exhibit
F-1 (the “Consent
and Assignment of Lease”);

 

(xii)       
to the extent the Buyer has not entered into a separate lease
agreement with any of the landlords of the Leased Real Property
effective as of the Closing Date, the Seller shall have obtained
and delivered to the Buyer an estoppel certificate with respect to
each of the Leases (excepting any Leased Real Property located at
50 Hudson Street, New York, NY 10013), dated no more than 30 days
prior to the Closing Date, from the other party to such Lease, in
substantially the form attached hereto as Exhibit F-2 (the
“Landlord Estoppel
Certificate”);

 

(xiii)      
to the extent the Buyer has not entered into a separate lease
agreement with any of the landlords of the Leased Real Property
effective as of the Closing Date, the Seller shall have used its
best efforts to obtain and deliver to the Buyer a non-disturbance
agreement with respect to each of the Leases (excepting any Leased
Real Property located at 50 Hudson Street, New York, NY 10013) from
each lender encumbering any real property underlying the Leased
Real Property for such Lease, in substantially the form attached
hereto as Exhibit F-3 (the “Subordination, Non-Disturbance and
Attornment Agreement”);

 

(xiv)      
the Buyer and the Seller shall have entered into that certain URL
Assignment and Consent Agreement which shall become effective
simultaneously with the Closing in substantially the form attached
hereto as Exhibit G (the “URL Agreement”);
and

 

 

13

 

 

(xv)       
no damage or destruction or other change has occurred with respect
to any of the Real Property or any portion thereof that,
individually or in the aggregate, would have a material adverse
effect on the use or occupancy of the Real Property or the
operation of the Business as currently conducted
thereon.

 

The
Buyer may waive any condition specified in this §7(a) if it
executes a writing so stating at or prior to the
Closing.

 

(b)           Conditions
to Obligation of the Seller. The obligation of the Seller to
consummate the transactions to be performed by it in connection
with the Closing is subject to satisfaction of the following
conditions:

 

(i)           the
representations and warranties set forth in §4 above shall be
true and correct in all material respects at and as of the Closing
Date;

 

(ii)         
the Buyer shall have performed and complied with all of its
covenants hereunder in all material respects through the
Closing;

 

(iii)        
no action, suit, or proceeding shall be pending or threatened
before any court or quasi-judicial or administrative agency of any
federal, state, local, or foreign jurisdiction or before any
arbitrator wherein an unfavorable injunction, judgment, order,
decree, ruling, or charge would (A) prevent consummation of any of
the transactions contemplated by this Agreement or (B) cause any of
the transactions contemplated by this Agreement to be rescinded
following consummation (and no such injunction, judgment, order,
decree, ruling, or charge shall be in effect);

 

(iv)        
the Buyer shall have delivered to the Seller a certificate to the
effect that each of the conditions specified above in
§7(b)(i)-(iii) is satisfied in all respects;

 

(v)         
the Buyer and the Seller, and the Buyer and the Seller’s
wholly-owned subsidiary, shall have entered into those certain
Reseller Agreements which shall become effective simultaneously
with the Closing;

 

(vi)        
the Buyer and the Seller’s wholly owned subsidiary shall have
entered into that certain Teleconferencing Reseller Agreement which
shall become effective simultaneously with the Closing;
and

 

(viii)      
all actions to be taken by the Buyer in connection with
consummation of the transactions contemplated hereby and all
certificates, instruments, and other documents required to effect
the transactions contemplated hereby will be satisfactory in form
and substance to the Seller.

 

The
Seller may waive any condition specified in this §7(b) if it
executes a writing so stating at or prior to the
Closing.

 

8.            

Remedies for Breaches of This
Agreement.

 

(a)           Survival
of Representations and Warranties.  All of the representations and
warranties of the Buyer and the Seller contained in this Agreement
shall survive the Closing (even if the damaged Party knew or had
reason to know of any misrepresentation or breach of warranty at
the time of Closing) for a period of 24 months (subject to any
applicable statutes of limitations); provided; however, the
representations and warranties of the Seller contained in Sections
3(a), (b), (c), (e) and (k) shall survive the Closing (even if the
damaged Party knew or had reason to know of any misrepresentation
or breach of warranty at the time of Closing) for a period of 60
months. These limitations shall not apply in the event of any fraud
or willful misconduct of wither the Buyer of the
Seller.

 

 

14

 

 

(b)           Indemnification
Provisions for Benefit of the Buyer.

 

(i)           In
the event the Seller breaches (or in the event any third party
alleges facts that, if true, would mean the Seller has breached)
any of its representations, warranties, and covenants contained in
this Agreement, and, if there is an applicable survival period
pursuant to §8(a) above, provided that the Buyer makes a
written claim for indemnification against the Seller pursuant to
§10(g) below within such survival period, then the Seller
agrees to indemnify the Buyer from and against the entirety of any
Adverse Consequences the Buyer may suffer through and after the
date of the claim for indemnification (including any Adverse
Consequences the Buyer may suffer after the end of any applicable
survival period) resulting from, arising out of, relating to, in
the nature of, or caused by the breach (or the alleged
breach).

 

(ii)           The
Seller agrees to indemnify the Buyer from and against the entirety
of any Adverse Consequences the Buyer may suffer resulting from,
arising out of, relating to, in the nature of, or caused by any
Liability of the Seller which is not an Assumed
Liability

 

(c)           Indemnification
Provisions for Benefit of the Seller.

 

(i)           In
the event the Buyer breaches (or in the event any third party
alleges facts that, if true, would mean the Buyer has breached) any
of its representations, warranties, and covenants contained in this
Agreement, and, if there is an applicable survival period pursuant
to §8(a) above, provided that the Seller makes a written claim
for indemnification against the Buyer pursuant to §10(g) below
within such survival period, then the Buyer agrees to indemnify the
Seller from and against the entirety of any Adverse Consequences
the Seller may suffer through and after the date of the claim for
indemnification (including any Adverse Consequences the Seller may
suffer after the end of any applicable survival period) resulting
from, arising out of, relating to, in the nature of, or caused by
the breach (or the alleged breach).

 

(ii)         
The Buyer agrees to indemnify the Seller from and against the
entirety of any Adverse Consequences the Seller may suffer
resulting from, arising out of, relating to, in the nature of, or
caused by any Assumed Liability.

 

(d)           Matters
Involving Third Parties.

 

(i)           If
any third party shall notify any Party (the “Indemnified Party”) with
respect to any matter (a “Third Party Claim”) which
may give rise to a claim for indemnification against the other
Party (the “Indemnifying Party”)
under this §8, then the Indemnified Party shall promptly
notify the Indemnifying Party thereof in writing; provided, however, that no delay on the
part of the Indemnified Party in notifying the Indemnifying Party
shall relieve the Indemnifying Party from any obligation hereunder
unless (and then solely to the extent) the Indemnifying Party
thereby is prejudiced.

 

(ii)           The
Indemnifying Party will have the right to defend the Indemnified
Party against the Third Party Claim with counsel of its choice
reasonably satisfactory to the Indemnified Party so long as (A) the
Indemnifying Party notifies the Indemnified Party in writing within
15 days after the Indemnified Party has given notice of the Third
Party Claim that the Indemnifying Party will indemnify the
Indemnified Party from and against any Adverse Consequences the
Indemnified Party may suffer resulting from, arising out of,
relating to, in the nature of, or caused by the Third Party Claim,
(B) the Indemnifying Party provides the Indemnified Party with
evidence acceptable to the Indemnified Party that the Indemnifying
Party will have the financial resources to defend against the Third
Party Claim and fulfill its indemnification obligations hereunder,
(C) the Third Party Claim involves only money damages and does not
seek an injunction or other equitable relief, (D) settlement of, or
an adverse judgment with respect to, the Third Party Claim is not,
in the good faith judgment of the Indemnified Party, likely to
establish a precedential custom or practice adverse to the
continuing business interests of the Indemnified Party, and (E) the
Indemnifying Party conducts the defense of the Third Party Claim
actively and diligently.

 

 

15

 

 

(iii)           So
long as the Indemnifying Party is conducting the defense of the
Third Party Claim in accordance with §8(d)(ii) above, (A) the
Indemnified Party may retain separate co-counsel at its sole cost
and expense and participate in the defense of the Third Party
Claim, (B) the Indemnified Party will not consent to the entry of
any judgment or enter into any settlement with respect to the Third
Party Claim without the prior written consent of the Indemnifying
Party, and (C) the Indemnifying Party will not consent to the entry
of any judgment or enter into any settlement with respect to the
Third Party Claim without the prior written consent of the
Indemnified Party.

 

(iv)           In
the event any of the conditions in §8(d)(ii) above is or
becomes unsatisfied, however, (A) the Indemnified Party may defend
against, and consent to the entry of any judgment or enter into any
settlement with respect to, the Third Party Claim in any manner it
may deem appropriate (and the Indemnified Party need not consult
with, or obtain any consent from, the Indemnifying Party in
connection therewith), (B) the Indemnifying Party will reimburse
the Indemnified Party promptly and periodically for the costs of
defending against the Third Party Claim (including attorney’s
fees and expenses), and (C) the Indemnifying Party will remain
responsible for any Adverse Consequences the Indemnified Party may
suffer resulting from, arising out of, relating to, in the nature
of, or caused by the Third Party Claim to the fullest extent
provided in this §8.

 

(e)           Determination
of Adverse Consequences. The Parties shall take into account
the time cost of money (using the Applicable Rate as the discount
rate) in determining Adverse Consequences for purposes of this
§8. All indemnification payments under this §8 shall be
deemed adjustments to the Purchase Price.

 

(f)           Certain
Limitations. The indemnification provided for in Section 8
shall be subject to the following limitations:

 

(i)            The
Indemnifying Party shall not be liable to the Indemnified Party for
indemnification under Section 8 until the aggregate amount of all
losses in respect of indemnification under Section 8 exceeds
$50,000 (the “Deductible”), in which event the
Indemnifying Party shall only be required to pay or be liable for
losses in excess of the Deductible.

 

(ii)           The
aggregate amount of all losses for which an Indemnifying Party
shall be liable pursuant to Section 8 shall not exceed $2,000,000.
This limitation shall not apply to any claim for fraud or willful
misconduct.

 

(iii)      
   Payments by an Indemnifying Party pursuant to Section
8 in respect of any loss shall be limited to the amount of any
liability or damage that remains after deducting therefrom any
insurance proceeds and any indemnity, contribution or other similar
payment received or reasonably expected to be received by the
Indemnified Party in respect of any such claim. The Indemnified
Party shall use its commercially reasonable efforts to recover
under insurance policies or indemnity, contribution or other
similar agreements for any losses prior to seeking indemnification
under this Agreement.

 

(iv)         
Payments by an Indemnifying Party pursuant to Section 8 in respect
of any loss shall be reduced by an amount equal to any tax benefit
realized or reasonably expected to be realized as a result of such
loss by the Indemnified Party.

 

(v)           In
no event shall any Indemnifying Party be liable to any Indemnified
Party for any punitive, incidental, consequential, special or
indirect damages, including loss of future revenue or income, loss
of business reputation or opportunity relating to the breach or
alleged breach of this Agreement, or diminution of value or any
damages based on any type of multiple.

 

 

16

 

 

(vi)           Each
Indemnified Party shall take, and cause its affiliates to take, all
reasonable steps to mitigate any Loss upon becoming aware of any
event or circumstance that would be reasonably expected to, or
does, give rise thereto, including incurring costs only to the
minimum extent necessary to remedy the breach that gives rise to
such loss.

 

(g)           Other
Indemnification Provisions. The foregoing indemnification
provisions are in addition to, and not in derogation of, equitable
remedy (but not any statutory or common law remedy) any Party may
have for breach of representation, warranty, or covenant (including
without limitation any such remedy arising under Environmental,
Health, and Safety Requirements) any Party may have with respect to
the Business or the transactions contemplated by this Agreement.
The limitations of this provision shall not apply to any claim for
fraud or willful misconduct.

 

9.            

Termination.

 

(a)           Termination
of Agreement. Certain of the Parties may terminate this
Agreement as provided below:

 

(i)           the
Buyer and the Seller may terminate this Agreement by mutual written
consent at any time prior to the Closing;

 

(ii)           the
Buyer may terminate this Agreement prior to the Closing by giving
written notice to the Seller on or before the 30th day following
the date of this Agreement if the Buyer is not satisfied with the
results of its continuing business, legal, environmental, and
accounting due diligence regarding the Business and provided that
Buyer identifies in writing as a basis for such termination the
material and relevant finding not previously disclosed to Buyer as
of the date of this Agreement;

 

(iii)           the
Buyer may terminate this Agreement by giving written notice to the
Seller at any time prior to the Closing (A) in the event the Seller
has breached any material representation, warranty, or covenant
contained in this Agreement in any material respect, the Buyer has
notified the Seller of the breach, and the breach has continued
without cure for a period of 15 days after the notice of breach or
(B) if the Closing shall not have occurred on or before December
31, 2018 by reason of the failure of any condition precedent under
§7(a) hereof (unless the failure results primarily from the
Buyer itself breaching any representation, warranty, or covenant
contained in this Agreement); and

 

(iv)           the
Seller may terminate this Agreement by giving written notice to the
Buyer at any time prior to the Closing (A) in the event the Buyer
has breached any material representation, warranty, or covenant
contained in this Agreement in any material respect, the Seller has
notified the Buyer of the breach, and the breach has continued
without cure for a period of 15 days after the notice of breach or
(B) if the Closing shall not have occurred on or before December
31, 2018, by reason of the failure of any condition precedent under
§7(b) hereof (unless the failure results primarily from the
Seller itself breaching any representation, warranty, or covenant
contained in this Agreement).

 

(b)           Effect
of Termination. If any Party terminates this Agreement
pursuant to §9(a) above, all rights and obligations of the
Parties hereunder shall terminate without any Liability of any
Party to the other Party (except for any Liability of any Party
then in breach).

 

10.            

Miscellaneous.

 

 

 

17

 

 

(a)           Press
Releases and Public Announcements. No Party shall issue any
press release or make any public announcement relating to the
subject matter of this Agreement prior to the Closing without the
prior written approval of the other Party; provided, however, that any Party may
make any public disclosure it believes in good faith is required by
applicable law or any listing or trading agreement concerning its
publicly-traded securities (in which case the disclosing Party will
use its best efforts to advise the other Party prior to making the
disclosure).

 

(b)           No
Third-Party Beneficiaries. This Agreement shall not confer
any rights or remedies upon any Person other than the Parties and
their respective successors and permitted assigns.

 

(c)           Entire
Agreement. This Agreement (including the documents referred
to herein) constitutes the entire agreement between the Parties and
supersedes any prior understandings, agreements, or representations
by or between the Parties, written or oral, to the extent they have
related in any way to the subject matter hereof.

 

(d)           Succession
and Assignment. This Agreement shall be binding upon and
inure to the benefit of the Parties named herein and their
respective successors and permitted assigns. No Party may assign
either this Agreement or any of its rights, interests, or
obligations hereunder without the prior written approval of the
other Party; provided
however, that the Buyer may (i) assign any or all of its
rights and interests hereunder to one or more of its Affiliates and
(ii) designate one or more of its Affiliates to perform its
obligations hereunder (in any or all of which cases the Buyer
nonetheless shall remain responsible for the performance of all of
its obligations hereunder).

 

(e)           Counterparts.
This Agreement may be executed in one or more counterparts, each of
which shall be deemed an original but all of which together will
constitute one and the same instrument.

 

(f)           Headings.
The section headings contained in this Agreement are inserted for
convenience only and shall not affect in any way the meaning or
interpretation of this Agreement.

 

(g)           Notices.
All notices, requests, demands, claims, and other communications
hereunder will be in writing. Any notice, request, demand, claim,
or other communication hereunder shall be deemed duly given if (and
then two business days after) it is sent by registered or certified
mail, return receipt requested, postage prepaid, and addressed to
the intended recipient as set forth below:

 

(i)           if
to Buyer:

 

Issuer
Direct Corporation

500
Perimeter Park Drive  Suite
D

Morrisville, North
Carolina 27560

Attention: Brian R.
Balbirnie

Facsimile No.:
646.225.7104

 

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

 

Quick
Law Group PC

1035
Pearl Street

Suite
403

Boulder, Colorado
80302

Attention: Jeffrey
M. Quick

Facsimile No.:
303.845.7315

 

 

18

 

 

(ii)         
if to the Seller, to:

 

Onstream Media
Corporation

1451
West Cypress Creek Road

Suite
204

Fort
Lauderdale, FL 33309

Attention: Randy
Selman

Facsimile No.:
954-917-6660

 

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

 

Dickinson Wright
PLLC

350
East Las Olas Blvd, Suite1750

Ft
Lauderdale, FL 33301

Attention: Joel
Mayersohn

Facsimile No.:
844-670-6009

 

Any
Party may send any notice, request, demand, claim, or other
communication hereunder to the intended recipient at the address
set forth above using any other means (including personal delivery,
expedited courier, messenger service, telecopy, telex, ordinary
mail, or electronic mail), but no such notice, request, demand,
claim, or other communication shall be deemed to have been duly
given unless and until it actually is received by the intended
recipient. Any Party may change the address to which notices,
requests, demands, claims, and other communications hereunder are
to be delivered by giving the other Party notice in the manner
herein set forth.

 

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

 

(i)           Amendments
and Waivers. No amendment of any provision of this Agreement
shall be valid unless the same shall be in writing and signed by
the Buyer and the Seller. No waiver by any Party of any default,
misrepresentation, or breach of warranty or covenant hereunder,
whether intentional or not, shall be deemed to extend to any prior
or subsequent default, misrepresentation, or breach of warranty or
covenant hereunder or affect in any way any rights arising by
virtue of any prior or subsequent such occurrence.

 

(j)           Severability.
Any term or provision of this Agreement that is invalid or
unenforceable in any situation in any jurisdiction shall not affect
the validity or enforceability of the remaining terms and
provisions hereof or the validity or enforceability of the
offending term or provision in any other situation or in any other
jurisdiction.

 

(k)           Expenses.
Except for as specifically set forth in §6(b), each of the
Buyer and the Seller will bear its own costs and expenses
(including legal fees and expenses) incurred in connection with
this Agreement and the transactions contemplated hereby. Without
limiting the generality of the foregoing, all transfer,
documentary, sales, use, stamp, registration and other such Taxes,
and all conveyance fees, recording charges and other fees and
charges (including any penalties and interest) incurred in
connection with the consummation of the transactions contemplated
by this Agreement shall be paid one half by Seller and one half by
Buyer when due, and the Seller will, at an expense shared one half
by Seller and one half by Buyer, file all necessary Tax Returns and
other documentation with respect to all such Taxes, fees and
charges, and, if required by applicable law, the Parties will, and
will cause their affiliates to, join in the execution of any such
Tax Returns and other documentation.

 

 

19

 

 

(l)           Construction.
The Parties have participated jointly in the negotiation and
drafting of this Agreement. In the event an ambiguity or question
of intent or interpretation arises, this Agreement shall be
construed as if drafted jointly by the Parties and no presumption
or burden of proof shall arise favoring or disfavoring any Party by
virtue of the authorship of any of the provisions of this
Agreement. Any reference to any federal, state, local, or foreign
statute or law shall be deemed also to refer to all rules and
regulations promulgated thereunder, unless the context requires
otherwise. The word “including” shall mean including
without limitation. Nothing in the Disclosure Schedule shall be
deemed adequate to disclose an exception to a representation or
warranty made herein unless the Disclosure Schedule identifies the
exception with particularity and describes the relevant facts in
detail. Without limiting the generality of the foregoing, the mere
listing (or inclusion of a copy) of a document or other item shall
not be deemed adequate to disclose an exception to a representation
or warranty made herein (unless the representation or warranty has
to do with the existence of the document or other item itself). The
Parties intend that each representation, warranty, and covenant
contained herein shall have independent significance. If any Party
has breached any representation, warranty, or covenant contained
herein in any respect, the fact that there exists another
representation, warranty, or covenant relating to the same subject
matter (regardless of the relative levels of specificity) which the
Party has not breached shall not detract from or mitigate the fact
that the Party is in breach of the first representation, warranty,
or covenant.

 

(m)         
Incorporation of Exhibits
and Schedules. The Exhibits and Schedules identified in this
Agreement are incorporated herein by reference and made a part
hereof.

 

(n)           Specific
Performance. Each of the Parties acknowledges and agrees
that the other Party would be damaged irreparably in the event any
of the provisions of this Agreement are not performed in accordance
with their specific terms or otherwise are breached. Accordingly,
each of the Parties agrees that the other Party shall be entitled
to an injunction or injunctions to prevent breaches of the
provisions of this Agreement and to enforce specifically this
Agreement and the terms and provisions hereof in any action
instituted in any court of the United States or any state thereof
having jurisdiction over the Parties and the matter (subject to the
provisions set forth in §10(o) below), in addition to any
other remedy to which it may be entitled, at law or in
equity.

 

(p)           Submission
to Jurisdiction. Each of the Parties submits to the
jurisdiction of any state or federal court sitting in Wilmington,
Delaware in any action or proceeding arising out of or relating to
this Agreement and agrees that all claims in respect of the action
or proceeding may be heard and determined in any such court. Each
Party also agrees not to bring any action or proceeding arising out
of or relating to this Agreement in any other court. Each of the
Parties waives any defense of inconvenient forum to the maintenance
of any action or proceeding so brought and waives any bond, surety,
or other security that might be required of any other Party with
respect thereto. Any Party may make service on any other Party by
sending or delivering a copy of the process (i) to the Party to be
served at the address and in the manner provided for the giving of
notices in §9(h) above. Nothing in this §9(p), however,
shall affect the right of any Party to bring any action or
proceeding arising out of or relating to this Agreement in any
other court or to serve legal process in any other manner permitted
by law or at equity. Each Party agrees that a final judgment in any
action or proceeding so brought shall be conclusive and may be
enforced by suit on the judgment or in any other manner provided by
law or at equity.

 

(q)           Bulk
Law Sales. The Parties hereby waive compliance with the
provisions of any bulk sales, bulk transfer or similar laws of any
jurisdiction that may otherwise be applicable with respect to the
sale of any or all of the Acquired Assets to Buyer.

 

 

 

* * * *
*

 

 

 

20

 

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement on
the date first above written.

 

 

 

 

 

Buyer:

 

 

 

ISSUER
DIRECT CORPORATION

 

 

 

By: /s/ Brian R.
Balbirnie          

Name:
Brian R. Balbirnie

Title:
Chief Executive Officer

 

 

 

Seller:

 

 

 

ONSTREAM
MEDIA CORPORATION

 

 

 

By: /s/ Randy S.
Selman          

Name:
Randy S. Selman

Title:
Chief Executive Officer

 

 

 

 

 

 

 

 

21Exhibit

EXHIBIT 10.1
DEED OF AMENDMENT
Date:    31  December 2018
Between:
(1)  Citibank Europe plc (“Bank”);
(2)  Renaissance Reinsurance Ltd.; 
(3)  DaVinci Reinsurance Ltd.; (the “Original Companies”) 
(4)  RenaissanceRe Specialty U.S. Ltd.; 
(5)  Renaissance Reinsurance of Europe; and
(6)  Renaissance Reinsurance U.S. Inc. (formerly Platinum Underwriters Reinsurance, Inc.) (the “Additional Companies”)
(parties (2), (3), (4), (5) and (6) together known as the “Companies”)”). 
1. Background
1.1 On 17 September 2010 a Committed Facility Letter for Issuance of Payment Instruments was signed between Bank and the Companies, as amended by Letters of Amendment dated 14 July 2011, 1 October, 2013, 23 December 2014, 31 March 2015, 30 December 2015, 14 January 2016, 31 December 2016, .and 29 December 2017 (the “Committed Facility Letter”). 
1.2 The Parties have agreed to certain further amendments to the Committed Facility Letter as detailed in this deed.   
1.3 Terms and expressions defined in the Committed Facility Letter shall have the same meanings when used in this deed unless the context otherwise requires or the contrary is otherwise indicated. 
1.4 The parties to this deed  hereby agree that from the Effective Date (as defined below) the rights and obligations of the parties under the Committed Facility Letter and the terms of the Committed Facility Letter shall be amended as specifically set out below.  
2. Effective Date
The following amendments shall take effect on and from 31 December 2018 (“Effective Date”). 
3. Amendments
With effect from the Effective Date, the following amendments shall be made to the Committed Facility Letter:
		
	(i)
	Clause 1.1 of the Facility Letter shall be amended and restated in its entirety as follows:

“Further to recent conversations, Citibank Europe plc (the “Bank”) is pleased to provide a committed letter of credit issuance facility (the “Facility”) up until 31 December 2020 (the “Termination Date”) to the Companies subject to the terms and conditions set out in this Letter. Unless otherwise defined herein, capitalised terms used in this Letter are as defined in Clause 14.”

		
	(ii)
	A new Clause 18 (Data Protection) shall be inserted in the Committed Facility Letter as follows:

“18. Data Protection
18.1  Compliance with law.    Each party will comply with applicable data protection and privacy laws in processing personal data in connection with its activities under this Committed Facility Letter.  Without limiting the foregoing, the Companies warrant that: (i) any personal data that it provides to the Bank has been processed fairly and lawfully, is accurate and is relevant for the purposes for which it is provided to the Bank; (ii)  if any 

1

such personal data is provided to the Bank, it shall provide notice to, and shall seek consent from (and promptly upon the Bank’s request shall provide evidence to the Bank of having provided such notices and/or obtained such consents), data subjects regarding the Bank’s processing of their personal data in each case to the extent required by applicable data protection or privacy laws; and (iii) each of the Companies acknowledges receipt of the relevant TTS EEA Privacy Statement accessible at https://www.citibank.com/tts/sa/tts-privacy-statements/index.html (or such other URL or statement as the Bank may notify to the Companies from time to time).  
18.2  Mutual cooperation.    Each party will promptly notify, and reasonably cooperate with and provide information to, the other party in respect of any data subject requests, communications from supervisory authorities, or material security incidents relating to the processing of personal data under this Committed Facility Letter, in each case to the extent reasonably necessary to enable the other party to meet its obligations to data subjects and/or supervisory authorities.
18.3  Definitions.  The terms ‘personal data’, ‘processing’, ‘data subject’ and ‘supervisory authority’ shall have the respective meanings set forth in the General Data Protection Regulation (EU) 2016/679, as amended or superseded from time-to-time.”
4. Costs and expenses
Each party to this deed shall bear its own costs and expenses in relation to the amendments agreed pursuant to the terms of this deed. 
5. Affirmation and acceptance
5.1 With effect from the Effective Date, the terms and conditions of the Committed Facility Letter shall be read and construed by reference to this deed and all references to the Committed Facility Letter shall be deemed to incorporate the relevant amendments contained within this deed and all references in the Committed Facility Letter to “this Committed Facility Letter” shall with effect from the Effective Date be references to the Committed Facility Letter as amended by this deed.
5.2 In the event of any conflict between the terms of this deed and the Committed Facility Letter, the terms of this deed shall prevail. 
5.3 For the avoidance of doubt, except as amended by the terms of this deed, all of the terms and conditions of the Committed Facility Letter shall continue to apply and remain in full force and effect. 
5.5 The Companies shall, at the request of Bank, do all such acts necessary or desirable to give effect to the amendments effected or to be effected pursuant to the terms of this deed. 
6. Continuation of Security
The Companies confirm that, on and after the Effective Date:
(a) notwithstanding the amendments made to the Committed Facility Letter pursuant to this deed, 
(i) the Amended and Restated Pledge Agreement dated 25 November 2014 between Renaissance Reinsurance Ltd., and Bank, as amended by Letter of Amendment dated 22 November 2016 and as of the date of this deed, (the “RRL Pledge Agreement”) and any security granted under it continue in full force and effect; 
(ii) the Amended and Restated Pledge Agreement dated 25 November 2014 between DaVinci Reinsurance Ltd., and Bank, as amended by Letter of Amendment dated 22 November 2016 and as of the date of this deed, (the “DaVinci Pledge Agreement”) and any security granted under it continue in full force and effect;
(iii) the Amended and Restated Pledge Agreement dated 25 November 2014 between RenaissanceRe Specialty U.S. Ltd., and Bank, as amended by Letter of Amendment dated 22 November 2016 and as of the date of this deed, (the “RSUS Pledge Agreement”) and any security granted under it continue in full force and effect; 

2

(iv) the Amended and Restated Pledge Agreement dated 25 November 2014 between Renaissance Reinsurance of Europe, and Bank, as amended by Letter of Amendment dated 22 November 2016 and as of the date of this deed, (the “ROE Pledge Agreement”) and any security granted under it continue in full force and effect;
(v)  the Pledge Agreement dated 31 March 2015 between Renaissance Reinsurance U.S. Inc. (formerly Platinum Underwriters Reinsurance Inc.), and Bank, as amended by Letter of Amendment dated 22 November 2016 and as of the date of this deed, (the “RRUS Pledge Agreement”) and any security granted under it continue in full force and effect;
(vi) the RRL Pledge Agreement, ROE Pledge Agreement, DaVinci Pledge Agreement, RRUS Pledge Agreement, and together with RSUS Pledge Agreement, the “Pledge Agreements”
(vii) the Amended and Restated Pledge Agreement dated 25 November 2014 between Renaissance Reinsurance Ltd., and Bank, as amended by Letter of Amendment dated 22 November 2016 and as of the date of this deed, (the “RRL Control Agreement”) and any security granted under it continue in full force and effect; 
(viii) the Amended and Restated Account Control Agreement dated 25 November 2014 between DaVinci Reinsurance Ltd., and Bank, as amended by Letter of Amendment dated 22 November 2016 and as of the date of this deed, (the “DaVinci Control Agreement”) and any security granted under it continue in full force and effect;
(ix)  the Amended and Restated Account Control Agreement dated 25 November 2014 between RenaissanceRe Specialty U.S. Ltd., and Bank, as amended by Letter of Amendment dated 22 November 2016 and as of the date of this deed, (the “RSUS Control Agreement”) and any security granted under it continue in full force and effect; 
(x) the Amended and Restated Account Control Agreement dated 25 November 2014 between Renaissance Reinsurance of Europe, and Bank, as amended by Letter of Amendment dated 22 November 2016 and as of the date of this deed, (the “ROE Control Agreement”) and any security granted under it continue in full force and effect;
(xii) the Account Control Agreement dated 31 March 2015 between Renaissance Reinsurance U.S. Inc. (formerly Platinum Underwriters Reinsurance Inc.), and Bank, as amended by Letter of Amendment dated 22 November 2016 and as of the date of this deed, (the “RRUS Control Agreement”) and any security granted under it continue in full force and effect; and
(xii) the RRL Control Agreement, ROE Control Agreement, DaVinci Control Agreement, RRUS Control Agreement, and together with RSUS Control Agreement, the “Control Agreements”
(b) such Pledge Agreements, Control Agreements and security extend to the Committed Facility Letter, as amended pursuant to this deed.
7. Counterparts
This deed may be executed in counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same agreement.  This amendment shall take effect as a deed notwithstanding it is signed under hand by Bank.
8. Third party rights
No person shall have any right to enforce any provision of this deed under the Contracts (Rights of Third Parties) Act 1999. 
9. Governing law
This deed (and any non-contractual obligation, dispute, controversy, proceedings or claim of whatever nature arising out of it or in any way relating to this deed or its formation) shall be governed by and construed in accordance with English law. 

3

Signatories to the deed of amendment
	
		
	

EXECUTED AS A DEED BY RENAISSANCE REINSURANCE LTD. 
acting by a director

In the presence of

EXECUTED AS A DEED BY DAVINCI REINSURANCE LTD. 
acting by a director

In the presence of

EXECUTED AS A DEED BY RENAISSANCERE SPECIALITY U.S. LTD. 
acting by a director

In the presence of

EXECUTED AS A DEED BY RENAISSANCE REINSURANCE OF EUROPE LTD. 
acting by a director

In the presence of

EXECUTED AS A DEED BY RENAISSANCE REINSURANCE U.S. INC. 
acting by a director

In the presence of

 
	

Signed      /s/ James Fraser

Name      James Fraser

Title      Director

Signature of Witness    /s/ Stephen Troake

Name of Witness   Stephen Troake

Address 12 Crow Lane, Pembroke, HM 19, Bermuda

Signed      /s/ Aditya K. Dutt

Name      Aditya K. Dutt

Title      Director

Signature of Witness    /s/ Phelecia Barnett

Name of Witness   Phelecia Barnett

Address 12 Crow Lane, Pembroke, HM 19, Bermuda

Signed      /s/ James Fraser

Name      James Fraser

Title      Director

Signature of Witness    /s/ Phelecia Barnett

Name of Witness    Phelecia Barnett

Address 12 Crow Lane, Pembroke, HM 19, Bermuda

Signed      /s/ Sean Brosnan

Name      Sean Brosnan

Title      Director

Signature of Witness    /s/ Phelecia Barnett

Name of Witness    Phelecia Barnett

Address 18th Floor, 125 Old Broad Street, London, EC2N 1AR, UK

Signed      /s/ James M. Conway

Name      James M. Conway

Title      Director

Signature of Witness    /s/ Linsey M. Routledge

Name of Witness   Linsey M. Routledge

Address 140 Broadway, Suite 4200, New York, NY, 10005, USA

	 
	 

4

WE HEREBY CONFIRM OUR ACCEPTANCE ON BEHALF OF BANK:

By:    /s/ Niall Tuckey
Name:  Niall Tucky
Title:  Director

5

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