Document:

Exhibit 10.1

 

 

 

STOCK PURCHASE AGREEMENT

 

by and among

 

INFORMATIVE RESEARCH,

 

THE SHAREHOLDERS OF

INFORMATIVE RESEARCH,

 

SEAN BUCKNER, SOLELY IN
THE CAPACITY OF THE SHAREHOLDER

REPRESENTATIVE HEREUNDER

 

and

 

Stewart
Information Services Corporation

 

August 23, 2021

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

Page

 

	ARTICLE 1 - DEFINITIONS; INTERPRETATION	1

 

		1.1	Definitions	1

		1.2	Interpretation; Drafting	2

 

	ARTICLE 2 – PURCHASE AND SALE; CLOSING	2

 

		2.1	Purchase and Sale	2

		2.2	Purchase Price	2

		2.3	Payments at Closing	2

		2.4	Closing	3

		2.5	Closing Deliveries	3

		2.6	Estimated Company Statement	5

		2.7	Escrow	5

		2.8	Withholding	6

		2.9	Payment Allocations	6

 

	ARTICLE 3 - REPRESENTATIONS AND WARRANTIES IN RESPECT OF THE COMPANY	7

 

		3.1	Organization; Subsidiaries	8

		3.2	Authorization; Enforceability	8

		3.3	Capitalization	9

		3.4	No Conflicts; Consents and Approvals	9

		3.5	Financial Statements	10

		3.6	No Undisclosed Liabilities	11

		3.7	Absence of Changes	11

		3.8	Real Property; Personal Property	13

		3.9	Intellectual Property; IT Systems	14

		3.10	Tax Matters	17

		3.11	Litigation	20

		3.12	Employee Benefits Matters	20

		3.13	Material Contracts	22

		3.14	Insurance	24

		3.15	Employees	24

		3.16	Environmental Matters	25

		3.17	Compliance with Laws; Permits	25

		3.18	Privacy and Data Security Matters	26

		3.19	Affiliate Transactions	27

		3.20	Brokers and Finders	27

		3.21	Customers; Vendors	28

		3.22	Work-In-Process	28

		3.23	Orders Restricting Business Activities	28

		3.24	Foreign Corrupt Practices Act; Improper Payments	29

		3.25	Financial Accounts	29

		3.26	No Claims	29

		3.27	COVID-19 Matters	29

		3.28	PPP Loan	30

		3.29	No Other Representations or Warranties	30

 

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	ARTICLE 4 - REPRESENTATIONS AND WARRANTIES OF THE SHAREHOLDERS	31

 

		4.1	Authority of Such Shareholder	31

		4.2	No Conflicts	31

		4.3	Title to Shares	31

		4.4	Litigation	31

		4.5	No Claims	31

		4.6	Brokers and Finders	32

 

	ARTICLE 5 - REPRESENTATIONS AND WARRANTIES OF THE BUYER	32

 

		5.1	Organization of the Buyer	32

		5.2	Authorization; Enforceability	32

		5.3	No Conflicts; Consents and Approvals	32

		5.4	Litigation	32

		5.5	Brokers and Finders	32

		5.6	Financial Ability	33

		5.7	Investment Intent	33

		5.8	Other Transactions	33

		5.9	Independent Investigation; Disclaimer of Other Representations	33

 

	ARTICLE 6 - COVENANTS	34

 

		6.1	Cooperation; Efforts	34

		6.2	Notices and Consents	34

		6.3	Access	34

		6.4	Operation of Business Prior to Closing	35

		6.5	Directors’ and Officers’ Indemnification	36

		6.6	Employee Matters	 	36

		6.7	Notice of Certain Events	37

		6.8	R&W Policy	38

		6.9	Regulatory Matters	38

		6.10	No Solicitation of Transactions	40

		6.11	Confidentiality	40

		6.12	Releases and Waivers	41

		6.13	Non-Competition; Non-Solicitation	41

		6.14	Dissolution of Subsidiaries	43

		6.15	Key Contracts	43

		6.16	E&O and Cyber Policies and Tail Coverage	43

		6.17	Owned Real Property – Surveys, Inspections and Reports	44

		6.18	Section 280G	44

 

	ARTICLE 7 - CONDITIONS PRECEDENT TO OBLIGATIONS OF THE BUYER	45

 

		7.1	Accuracy of Representations and Warranties	45

		7.2	Compliance with Agreement and Covenants	45

		7.3	Injunctions	45

		7.4	Governmental Consents	46

		7.5	Deliveries by the Company	46

		7.6	No Material Adverse Effect	46

 

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	ARTICLE 8 - CONDITIONS PRECEDENT TO OBLIGATIONS OF THE COMPANY AND THE SHAREHOLDERS	46

 

		8.1	Accuracy of Representations and Warranties	46

		8.2	Compliance with Agreement and Covenants	46

		8.3	Injunctions	46

		8.4	Governmental Consents	47

		8.5	Deliveries by the Buyer	47

 

	ARTICLE 9 - TERMINATION	47

 

		9.1	Termination	47

		9.2	Effect of Termination	48

 

	ARTICLE 10 - INDEMNIFICATION	48

 

		10.1	Survival	48

		10.2	Indemnification by the Shareholders	49

		10.3	Indemnification by the Buyer	50

		10.4	Limitations on Liability of the Shareholders	50

		10.5	Net Losses; Mitigation	51

		10.6	Claims	51

		10.7	Third-Party Claims	51

		10.8	Settlement or Compromise	52

		10.9	Purchase Price Adjustments	52

		10.10	R&W Policy; Escrow	52

		10.11	Materiality	53

 

	ARTICLE 11 - TAX MATTERS	54

 

		11.1	Filing of Tax Returns; Payment of Taxes	54

		11.2	Proration of Taxes	56

		11.3	Cooperation on Tax Matters	56

		11.4	Refunds	57

		11.5	Audits and Contests with Respect to Taxes	57

		11.6	Transaction Tax Benefits	58

		11.7	Transfer Taxes	59

		11.8	Tax Allocation Agreements	59

 

	ARTICLE 12 - MISCELLANEOUS	59

 

		12.1	Expenses	59

		12.2	Amendment	59

		12.3	Notices	60

		12.4	Waivers	61

		12.5	Counterparts; Execution	61

		12.6	Assignment	61

		12.7	No Third Party Beneficiaries	62

		12.8	Governing Law	62

		12.9	Consent to Jurisdiction	62

		12.10	Exhibit A	62

		12.11	Complete Agreement	63

		12.12	Public Announcements	63

		12.13	Waiver of Jury Trial	63

		12.14	Specific Performance	63

		12.15	Shareholder Representative	64

		12.16	Provision Respecting Legal Representation	65

 

Exhibits

 

	Exhibit A	Schedule of Shareholders

 

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STOCK PURCHASE AGREEMENT

 

This STOCK PURCHASE AGREEMENT
(the “Agreement”) is entered into as of the 23rd day of August 2021 (the “Agreement Date”),
by, between and among Informative Research, a California corporation (the “Company”), the shareholders of the
Company listed on Exhibit A hereto (each, a “Shareholder” and collectively, the “Shareholders”),
Sean Buckner, solely in the capacity of the Shareholder Representative hereunder, and Stewart Information Services Corporation, a Delaware
corporation‎ (the “Buyer”).

 

RECITALS

 

A.           
The Shareholders own all of the issued and outstanding shares of common stock of the Company (collectively, the “Shares”),
which constitute all of the issued and outstanding capital stock of the Company.

 

B.           
The Company is engaged in the business of developing, aggregating, verifying, merging, and reselling consumer and credit data and
targeted analytics tools and information to mortgage lenders, banks, personal lending firms and loan servicers (the “Business”).

 

C.           
The Shareholders wish to sell to the Buyer, and the Buyer wishes to purchase from the Shareholders, all of the Shares, subject
to the terms and conditions set forth in this Agreement and the other Transaction Documents.

 

NOW, THEREFORE, in consideration
of the premises and the mutual promises herein contained, and for other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE
1.

DEFINITIONS; INTERPRETATION

 

1.1           
Definitions. Unless the context otherwise requires, terms with initial capitalized letters used in this Agreement will have
the meanings ascribed to such terms in Annex A attached hereto, which is incorporated herein and made a part hereof.

 

     

     

    

 

1.2           
Interpretation; Drafting. All Schedules, Annexes and Exhibits annexed hereto or referred to herein are hereby incorporated
in and made a part of this Agreement as if set forth in full herein. The headings preceding the text of Articles and Sections included
in this Agreement and the headings to Schedules, Annexes and Exhibits attached to this Agreement are for convenience only and will not
be deemed part of this Agreement or be given any effect in interpreting this Agreement. The use of the masculine, feminine or neuter
gender or the singular or plural form of words herein will not limit any provision of this Agreement. The use of the terms “including”
or “include” will in all cases herein mean “including, without limitation” or “include, without limitation,”
respectively. Reference to any Person includes such Person’s successors and assigns to the extent such successors and assigns are
permitted by the terms of this Agreement. Reference to a Person in a particular capacity excludes such Person in any other capacity or
individually. Reference to specific statutory or regulatory provisions or to any specific Governmental Authority means and includes any
successor statute or regulation, or successor Governmental Authority, as the case may be. References to the “U.S.” or “United
States” mean and refer to the United States of America. References in Article 3 to documents, information or other materials “provided”
or “made available” to the Buyer or similar phrases mean that such documents, information or other materials were made available
by the Company or its representatives via the posting of such items or information to the online data room hosted by americas.datasite.com
maintained by the Company for purposes of the transactions contemplated by this Agreement. Underscored references to Articles, Sections,
paragraphs, clauses, Schedules, Annexes or Exhibits will refer to those portions of this Agreement. The use of the terms “hereunder,”
 “hereof,” “hereto” and words of similar import will refer to this Agreement as a whole and not to any particular
Article, Section, paragraph or clause of, or Schedule, Annex or Exhibit to, this Agreement. The parties hereto have participated jointly
in the negotiation and drafting of this Agreement and, in the event an ambiguity or question of intent or interpretation arises, this
Agreement will be construed as jointly drafted by the parties hereto and no presumption or burden of proof will arise favoring or disfavoring
any party by virtue of the authorship of any provision of this Agreement.

 

ARTICLE
2.

PURCHASE AND SALE; CLOSING

 

2.1           
Purchase and Sale. Upon all of the terms and subject to all of the conditions of this Agreement, at the Closing, as more
particularly set forth below, the Shareholders will sell and transfer to the Buyer the Shares, free and clear of all Liens (other than
Liens arising under applicable securities Laws and Liens imposed by the Buyer), and the Buyer will purchase and acquire from the Shareholders,
all of the Shareholders’ right, title and interest in and to the Shares.

 

2.2           
Purchase Price. At the Closing, the aggregate consideration to be paid by the Buyer for the Shares will be an amount in
cash equal to (a) $192,000,000, less (b) the amount of Company Indebtedness, less (c) the amount of Company Transaction
Expenses (such result, the “Purchase Price”).

 

2.3           
Payments at Closing. Subject to the terms and conditions set forth herein, at the Closing:

 

(a)           
The Buyer will pay in full in cash, on behalf of the Company, all of the Company Indebtedness listed on Schedule 2.3(a)
(the “Paid Indebtedness”) to the holders of such Company Indebtedness listed on such Schedule by wire transfer
of immediately available funds in accordance with the wire transfer instructions delivered to the Buyer prior to the Closing Date pursuant
to Section 2.5(a)(x).

 

(b)          
The Buyer will pay, on behalf of the Company, all of the Company Transaction Expenses to the applicable service providers by wire
transfer of immediately available funds in accordance with the wire transfer instructions delivered to the Buyer prior to the Closing
Date.

 

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(c)            The
Buyer will pay the Indemnity Escrow Amount to the Escrow Agent, by wire transfer of immediately available funds in accordance with
the wire transfer instructions delivered to the Buyer prior to the Closing Date, to be held in escrow by the Escrow Agent in a
designated account (the “Indemnity Escrow Account”) as security for the Shareholders’
indemnification obligations under Article 10, in accordance with the terms of an escrow agreement, in an agreed form to be
entered into by the Buyer, the Shareholder Representative and the Escrow Agent as of the Closing Date (the “Escrow
Agreement”).

 

(d)           
The Buyer will pay to the Shareholder Representative the Shareholder Representative Fund Amount, in accordance with Section
12.15(c).

 

(e)           
The Buyer will pay to the Shareholders, by wire transfer of immediately available funds to the accounts and in the amounts designated
for each Shareholder on Exhibit A, which sets forth the number of Shares owned by each Shareholder and each Shareholder’s
Pro Rata Share, an amount in cash equal to each Shareholder’s Pro Rata Share of the sum of (i) with respect to Sean Buckner and
Randy Buckner the Purchase Price less those amounts paid pursuant to subsections (c) and (d) above and less $1,400,000 (ii)
with respect to all other Shareholders, the Purchase Price less those amounts paid pursuant to subsections (c) and (d) above and
plus $1,400,000 (the sum of the net amounts in (i) and (ii), the “Closing Consideration”). For the avoidance
of doubt, each Shareholder will be entitled to receive at the Closing an amount equal to the product of (A) the Per Share Amount multiplied
by (B) the number of Shares owned by such Shareholder at the Closing.

 

2.4          
Closing. The consummation of the transactions contemplated by this Agreement will occur at a closing (the “Closing”)
to be held via the electronic transmittal of executed documents on the date three (3) Business Days following the date on which all of
the conditions set forth in Article 7 and Article 8 have been satisfied or waived by the parties (other than those that by their terms
cannot be satisfied until the time of the Closing but subject to satisfaction of such conditions at the Closing), provided, however, that
such Closing Date (as defined below) shall occur on the earlier date to occur of the first (1st) day of the month or the fifteenth
(15th) day of the month (provided that such date is a Business Day, and if it is not, the next Business Day), or such other
date as is mutually agreed in writing by the Company, the Shareholder Representative and the Buyer (the date the Closing actually takes
place, the “Closing Date”). The parties agree that the Closing will be effective and deemed to have occurred
(a) as of 11:59 p.m., Central time, on the Closing Date for purposes of allocating expenses, revenues and Taxes arising in connection
with the transactions contemplated by this Agreement, and (b) as of 12:01 a.m., Central time, on the Closing Date for all other purposes,
including the passage of title and risk of loss.

 

2.5           
Closing Deliveries.

 

(a)           
At the Closing, the Company will deliver, or cause to be delivered, to the Buyer, the following:

 

(i)             original stock certificates evidencing the Shares, duly endorsed in blank or accompanied by duly executed stock powers in blank,
or duly executed affidavits of lost certificate evidencing the Shares, together with any other documents or instruments ‎necessary
or appropriate to vest in the Buyer good and valid right, title and interest in and to all of ‎the Shares, free and clear of any
and all Liens;

 

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(ii)           
 certificates of good standing for the Company and each Subsidiary from the Secretary of State of the State of such entity’s
incorporation, dated within ten (10) Business Days prior to the Closing Date;

 

(iii)          
a certificate, in form and substance reasonably acceptable to the Buyer, dated as of the Closing Date, duly executed by an authorized
officer the Company, certifying that the conditions to the Closing set forth in Section 7.1 and Section 7.2 have been satisfied
and attaching thereto (and certifying as to) (A) the Charter Documents of the Company and its Subsidiaries, and (B) the resolutions duly
adopted by the board of directors of the Company in respect of this Agreement and the transactions contemplated hereby;

 

(iv)         
the third-party consents listed on Schedule 2.5(a)(iv);

 

(v)          
duly executed resignation letters, effective at and subject to the Closing, of such officers and directors of the Company and its
Subsidiaries set forth on Schedule 2.5(a)(v);

 

(vi)         
a signature page to the Escrow Agreement, duly executed by the Shareholder Representative;

 

(vii)        
an executed IRS Form W-9 or W-8, as applicable, from each Shareholder;

 

(viii)      
‎ with respect to the Paid Indebtedness, payoff letters, each in form and substance reasonably acceptable to the Buyer, reflecting
all amounts required to be paid under or with respect to any subject Company Indebtedness to discharge such Company Indebtedness at Closing;

 

(ix)         
other than with respect to the Paid Indebtedness, releases, termination statements and/or satisfaction statements for all recorded
Liens ‎encumbering the assets of the Company arising from Company Indebtedness, each in form and substance reasonably acceptable
to the Buyer evidencing the payment in full of all such Company Indebtedness at or prior to the Closing;

 

(x)          
employment agreements evidencing the continuing employment of the individuals listed on Schedule 2.5(a)(x), each in form
and substance reasonably satisfactory to the Buyer, duly ‎executed by such individuals and the Company;

 

(xi)          
upon the Buyer’s reasonable determination not to acquire the Owned Real Property based on the results of its Testing Rights
in accordance with Section 6.17 hereof, a deed of sale transferring such Owned Real Property out of the Company and to the Shareholders
or an affiliate thereof;

 

(xii)         
all Parachute Payment Waivers;

 

(xiii)       
evidence, in the form and substance reasonably satisfactory to Buyer, that Scott Horn has assigned or transferred his rights in
and to all domain names currently in his name that are or were used or owned by the Company or its Subsidiaries in the Business; and

 

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(xiv)        
 any other items required to be delivered by the Company on or prior to the Closing under the terms and provisions of this Agreement.

 

(b)           
At the Closing, the Buyer will deliver, or cause to be delivered, to the Shareholders, the following:

 

(i)            
confirmations of the wire transfers required by Section 2.3;

 

(ii)          
a certificate, in form and substance reasonably acceptable to the Shareholder Representative, dated as of the Closing Date, duly
executed by an authorized officer the Buyer, certifying that the conditions to the Closing set forth in Section 8.1 and Section
8.2 have been satisfied;

 

(iii)          
a signature page to the Escrow Agreement, duly executed by the Buyer;

 

(iv)         
evidence of binding of the R&W Policy; and

 

(v)          
any other items required to be delivered by the Buyer on or prior to the Closing under the terms and provisions of this Agreement.

 

2.6          
Estimated Closing Statement. Prior to the Closing Date, the Company will deliver to the Buyer an unaudited statement (the
 “Estimated Closing Statement”) presenting the Company’s good-faith estimate of (a) the calculation of
the Company Indebtedness (the “Estimated Company Indebtedness”), and (b) a schedule of the Company Transaction
Expenses that will not have been paid prior to the Closing, in each case, calculated in accordance with the Accounting Principles. The
Buyer shall have the right to review the Estimated Closing Statement and such supporting documentation or data as the Buyer may reasonably
request and to discuss the Estimated Closing Statement with the Company; provided that the failure to include in the Estimated Closing
Statement any changes proposed by the Buyer, or the acceptance by the Buyer of the Estimated Closing Statement, or the consummation of
the Closing, shall not constitute a waiver or limit or otherwise affect the Buyer’s rights under this Agreement, including rights
to pursue a claim for indemnification in respect of Company Indebtedness or Company Transaction Expenses following the Closing (in accordance
with this Agreement), or constitute an acknowledgment by the Buyer of the accuracy of the Estimated Closing Statement.

 

2.7          
Escrow. The interest, earnings and income that accrue upon the Indemnity Escrow Amount, if any, during the period of time
during which they are held in the Indemnity Escrow Account shall be deemed to become part of the Indemnity Escrow Amount, respectively.
The release of funds from the Indemnity Escrow Account shall be governed by the Escrow Agreement and the terms of this Agreement (which,
for clarity, will control over the Escrow Agreement).

 

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2.8           Withholding.
Any of the Buyer or its Affiliates, or agents thereof, shall be entitled to deduct and withhold from the ‎Purchase Price or
any other amount payable pursuant to this Agreement such amount as ‎the Buyer or its Affiliates, or agents thereof, is
required to deduct and withhold with respect to any such ‎payments under the Code or any provision of state, local or foreign
Tax Law. If the Buyer reasonably determines that an amount is required to be deducted or withheld (other than with respect to
compensatory payments), the Buyer or its Affiliates or agents thereof, as applicable, will (a) provide reasonable (and no less than
two (2) Business Days’) advance notice of any anticipated deduction or withholding to the Person with respect to which the
withholding is to be made, (b) to the extent reasonably possible, provide such Person with sufficient opportunity to provide any
forms or other documentation or take such other steps in order to avoid such deduction or withholding, and (c) cooperate with such
Person to reduce or eliminate any such deduction or withholding. To the extent that any amounts are withheld by the Buyer or its
Affiliates, or agents thereof (as applicable), and timely delivered to the applicable Tax agency or authority, such withheld amounts
shall be treated for all purposes of this ‎Agreement as having been paid to the Person in respect of which such deduction and
 ‎withholding was made, and the Buyer or its Affiliates, or agents thereof (as applicable) shall disburse ‎such withheld
amounts to the applicable Governmental Authority.

 

2.9          
Payment Allocations. Each Shareholder acknowledges and agrees that the Buyer shall ‎have no liability with respect
to the actual allocation among the Shareholders of the Closing Consideration or ‎any other amount due to any Shareholder hereunder
provided that any such amount is paid in accordance with this Agreement.‎

 

2.10         
Company Cash.

 

(a)          
Immediately prior to the Closing, the Company shall have distributed to the Shareholders all of the ‎Company’s Cash
other than $3,500,000‎ of Cash, which shall be retained in the Company accounts (the “Required Cash ‎Balance”).
Thereafter, upon the completion of each full ‎calendar month of the ‎Company’s operations following the Closing, the
Buyer shall determine‎ in good faith the ‎Company Cash Flow (as defined below) for such one-month period (exclusive of the
 ‎Required Cash ‎Balance amount) and provide the Shareholder Representative with a statement (the “Cash Statement”)
of such ‎Company ‎Cash Flow for such one-month period. Upon written request by the Shareholder Representative, the Buyer will
make available ‎to the Shareholder Representative reasonably requested financial ‎information relevant to the Buyer’s
 ‎preparation of the Cash Statement and the calculation of Company Cash Flow. For purposes hereof, “Company Cash Flow”
means net Cash and shall be determined in accordance with GAAP and the ‎accounting principles and methodologies used in the Financial
Statements.

 

(b)          
At any time that a Cash Statement (as finally resolved pursuant to clauses (c) through (e) below) reflects Company ‎Cash
 ‎Flow that is positive for the applicable one-month period, the Buyer shall, within ten (10) Business Days thereof, pay to the Shareholder
Representative for distribution to the Shareholders the full amount of the ‎Required Cash Balance.‎

 

(c)           Within
thirty (30) days following the Buyer’s delivery of a Cash ‎Statement ‎and the receipt of any requested supporting
documentation in accordance with Section ‎‎2.10(a) , the Shareholder Representative ‎will complete his
examination thereof and will deliver to the Buyer ‎either (i) a written acknowledgement ‎accepting the calculation of
the Company Cash Flow or (ii) a ‎written notice of disagreement setting forth in reasonable detail ‎‎those items
or amounts set forth in ‎the Cash Statement as to which the Shareholder Representative ‎‎disagrees and the basis
for such disagreement (a “Cash Notice ‎of Disagreement”). For greater ‎‎certainty, the
only valid basis for a Cash Notice of Disagreement ‎shall be one or more of the ‎following: ‎‎(A) an
amount set forth in the Cash Statement is alleged to ‎have not been properly ‎calculated ‎in accordance with the
definition in clause (a) above; (B) there is ‎alleged to be a mathematical ‎or computational ‎error in the
recording of any amount included in the ‎Cash Statement; or (C) ‎an amount properly ‎belonging to Cash is alleged
to have been omitted from ‎the Cash ‎Statement. The Shareholder Representative shall be deemed to have agreed with and
not objected to all ‎other items ‎and ‎amounts set forth in the Cash Statement other than those specified in any
 ‎Cash Notice of ‎‎Disagreement. If the Shareholder Representative fails to deliver a Cash Notice of Disagreement
to the ‎Buyer within such thirty ‎‎(30) day period, the Buyer’s calculation of Company Cash Flow on the
applicable Cash ‎Statement shall be deemed to have been accepted by the Shareholder Representative and shall be final, binding
and conclusive ‎on the Parties.‎‎

 

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(d)           
During a period of thirty (30) days following the receipt by the Buyer of a Cash ‎Notice of ‎Disagreement, the Buyer
and the Shareholder Representative shall negotiate in good faith and use ‎commercially reasonable efforts ‎to resolve promptly
all of the disputed items specified in such ‎Cash Notice of Disagreement and to ‎revise the calculation of the Company Cash
Flow accordingly. ‎‎Any such disputed items that are resolved by a written ‎agreement between the Buyer and the ‎Shareholder
Representative shall be ‎final, binding and conclusive on ‎the parties.‎

 

(e)           
If the Buyer and the Shareholder Representative are unable to resolve all of the disputed ‎items specified in a Cash ‎Notice
of Disagreement during such thirty (30)-day period, either ‎the Buyer or the Shareholder Representative may submit the ‎unresolved
disputed items to the Accountant to ‎make the final determination with respect to the ‎correctness of the proposed adjustments
in the ‎Cash Notice of Disagreement, but only with respect to ‎those items in the Cash Notice of ‎Disagreement that
are still in dispute between the Buyer and the Shareholder Representative. To ‎that end, ‎the Buyer and the Shareholder Representative
shall jointly instruct the Accountant that: (i) the Accountant ‎shall act as an ‎expert in accounting and not as an arbitrator
to resolve the unresolved disputed ‎items specified in a ‎Cash Notice of Disagreement in accordance with the terms and definitions
 ‎of this Agreement, and (ii) ‎the Accountant may not determine an amount of a disputed item ‎greater than the greatest
value ‎claimed for such item by either party or less than the smallest ‎value claimed for such item by either ‎party.
Subject to the guidelines and limitations in the ‎immediately preceding sentence, the Accountant ‎shall deliver to the Buyer
and the Shareholder Representative, as promptly as practicable and in any event within thirty (30) days ‎following the ‎submission
of the unresolved disputed items to the Accountant, a written report setting ‎out its ‎calculation of Company Cash Flow, which
report shall be final, ‎‎binding and conclusive on the parties hereto. The Buyer and the Shareholder Representative will use
commercially ‎reasonable efforts to ‎aid the Accountant in rendering its decision, including by promptly ‎complying
with all reasonable ‎requests by the Accountant for information, books, records and ‎similar items. The costs and ‎expenses
of the Accountant pursuant to this Section 2.10(e) will be paid by ‎the Shareholder Representative (on behalf of the Shareholders),
on the one hand, and the Buyer, on the ‎other hand, in proportion to the dollar value of the ‎item(s) subject to the dispute
determined in ‎favor of the other party.

 

ARTICLE
3.

REPRESENTATIONS AND WARRANTIES IN RESPECT OF THE COMPANY

 

In order to induce the
Buyer to enter into this Agreement, the Company represents and warrants to ‎the Buyer that the statements contained in this Article
3 are true and correct as of the Agreement Date and as of the Closing Date, except as set forth on the disclosure schedules
delivered to the Buyer in connection herewith and which are attached hereto (the “Disclosure Schedules”).
The sections of the Disclosure Schedules are numbered and captioned to correspond to the Sections of this Agreement, and each
disclosure in the Disclosure Schedules will qualify the representations and warranties in the corresponding Section of this
Agreement and in any other Section of this Agreement to which such disclosure is cross-referenced or to which the relevance of such
disclosure is reasonably apparent on the face of such disclosure.

 

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3.1           
Organization; Subsidiaries.

 

(a)           
The Company is a corporation duly incorporated, validly existing and in good standing under the Laws of the State of California
and has all requisite corporate power and authority to own, lease, and operate its properties and carry on its business as now being conducted.
The Company is duly qualified to do business and is in good standing in each jurisdiction where the conduct of its business or ownership
of its properties requires such qualification, except where the failure to be so qualified or in good standing would not reasonably be
expected to have a Material Adverse Effect. A list of all such jurisdictions in which the Company is qualified or licensed to do business
is set forth on Section 3.1(a) of the Disclosure Schedules. True and complete copies of the Charter Documents of the Company have been
made available to the Buyer.

 

(b)          
Section 3.1(b) of the Disclosure Schedules sets forth: (i) the name of each Subsidiary, each of which is wholly owned by the Company
(free and clear of all Liens for each such Subsidiary), except for Mind Capital LLC, a Delaware limited liability company that is jointly
owned on a sixty percent (60%) / forty percent (40%) basis by each of Informative Research Data Solutions LLC and Ascension Data &
Analytics, LLC (free and clear of all Liens for Mind Capital, LLC), respectively; (ii) the jurisdiction of organization of each such Subsidiary;
and (iii) the name of each officer and director (or similar position) of each such Subsidiary. Other than the Subsidiaries listed on Section
3.1(b) of the Disclosure Schedules, the Company does not have any other Subsidiaries or any other controlling interest in any Person.
Each Subsidiary is an entity validly existing and in good standing under the laws of its jurisdiction of incorporation or organization
and has all requisite entity power and authority to own, lease, and operate its properties and carry on its business as now being conducted.
Each Subsidiary is duly qualified to do business and is in good standing in each jurisdiction where the conduct of its business or ownership
of its properties requires such qualification, except where the failure to be so qualified or in good standing would not reasonably be
expected to have a Material Adverse Effect. A list of all such jurisdictions in which any Subsidiary is qualified or licensed to do business
is set forth on Section 3.1(b) of the Disclosure Schedules. True and complete copies of the Charter Documents of each Subsidiary have
been made available to the Buyer. Each Subsidiary other than Informative Research Data Solutions LLC has not had any assets or operations
since formation or incorporation.

 

3.2          
Authorization; Enforceability. The Company has all requisite corporate power and authority to enter into this Agreement
and to carry out the transactions contemplated herein. The execution, delivery and performance by the Company of this Agreement have
been duly authorized by all necessary corporate action. This Agreement has been, and the other Transaction Documents to which the Company
is a party will be, duly and validly executed and delivered by the Company and, assuming that this Agreement is a valid and binding obligation
of the other parties hereto, constitutes the legal, valid and binding obligation of the Company, enforceable against the Company in accordance
with its terms, except as may be limited by (a) applicable bankruptcy, insolvency, moratorium, reorganization or similar Laws from time
to time in effect which affect creditors’ rights generally, or (b) legal and equitable limitations on the availability of specific
remedies.

 

    8

     

    

 

3.3           
Capitalization.

 

(a)           
The Shares constitute all of the outstanding equity interests of the Company. Each of the Shares is duly authorized, validly issued,
fully paid and nonassessable, and were issued in compliance with all applicable Laws and have not been issued in violation of any purchase
or call option, right of first refusal, subscription right, preemptive rights or other similar right. The Shareholders are the sole record
owners of, and have good and valid title to, all of the ‎‎Shares, as set forth on‎ Exhibit A, free and clear
of all Liens. There are no outstanding or authorized (i) options, warrants, purchase rights, subscription rights, conversion rights, exchange
rights, rights of first refusal, preemptive rights, or other Contracts or commitments that require the Company to issue, sell, or otherwise
cause to become outstanding any of its equity interests, or (ii) stock appreciation, phantom stock, profit participation or similar equity
participation rights with respect to the Company, and there is no agreement or arrangement not yet fully performed that would result in
the creation of any of the foregoing.

 

(b)          
The outstanding equity interests of each Subsidiary are duly authorized, validly issued, fully paid and nonassessable, and were
issued in compliance with all applicable Laws and have not been issued in violation of any purchase or call option, right of first refusal,
subscription right, preemptive rights or other similar right. All such equity interests in the Subsidiaries are owned by the Company free
and clear of any Liens. There are no outstanding or authorized (i) options, warrants, purchase rights, subscription rights, conversion
rights, exchange rights, rights of first refusal, preemptive rights, or other Contracts or commitments that require any Subsidiary or
the Company to issue, sell, or otherwise cause to become outstanding any of the equity interests of such Subsidiaries, or (ii) stock appreciation,
phantom stock, profit participation or similar equity participation rights with respect to any Subsidiary, and there is no agreement or
arrangement not yet fully performed that would result in the creation of any of the foregoing.

 

3.4           No
Conflicts; Consents and Approvals. Assuming the receipt of the consents, approvals and waivers listed in Section 3.4 of the
Disclosure Schedules, the execution and delivery by the Company of this Agreement and the other Transaction Documents to which the
Company is a party does not, and the consummation of the transactions contemplated hereby and thereby will not: (a) violate,
conflict with or result in a default under (or an event which, with notice or lapse of time or both, would constitute a default), or
require any consent, approval or waiver under, any term, condition or provision of (i) any Charter Documents of the Company or its
Subsidiaries, (ii) any Contract to which the Company or any of its Subsidiaries is a party or by which any of their assets are bound
or (iii) any Order or Law applicable to the Company or its Subsidiaries, except in the case of each of clause (ii) and (iii) as
would not be material and adverse to the Company or its Subsidiaries or the Business; or (b) give rise to a right of termination or
cancellation, or modification or acceleration in any material respects of any obligation, or loss of any material rights under, or
result in the imposition or creation of any material Lien upon, the Shares, the Company or its Subsidiaries, the Business or any of
the Company’s or its Subsidiaries’ material properties or assets (tangible or intangible). Except for the consents,
authorizations and approvals set forth in Section 3.4 of the Disclosure Schedules, no authorization, consent, or approval of, or
filing with, any Governmental Authority or any other Person is required to be obtained or made by the Company in connection with the
execution and delivery of, or performance of its obligations under, this Agreement, except pursuant to the Hart-Scott-Rodino Act or
as required pursuant to applicable federal or state securities Laws.

 

    9

     

    

 

3.5           
Financial Statements.

 

(a)           
The Company has made available to the Buyer copies of (a) the audited consolidated balance sheets of the Company and its Subsidiaries
as of December 31, 2019 and December 31, 2018, and the related audited consolidated statements of income, cash flows and Shareholder equity
for the twelve (12)-month periods then ended (the “Audited Financial Statements”) and (b) (i) the unaudited
consolidated balance sheet of the Company and its Subsidiaries as of December 31, 2020, and the related consolidated unaudited statements
of income, cash flows and Shareholder equity for the twelve (12)-month period then ended (the “2020 Financial Statements”),
and (ii) the unaudited consolidated balance sheet of the Company and its Subsidiaries as of June 30, 2021 (the “Latest Balance
Sheet”), and the related consolidated unaudited statements of income, cash flows and Shareholder equity for the six (6)-month
period then ended (together with the 2020 Financial Statements, the “Unaudited Financial Statements” and, collectively
with the Audited Financial Statements, the “Financial Statements”). Except as set forth in the notes thereto
or as set forth in Section 3.5(a) of the Disclosure Schedules, the Financial Statements (A) have been prepared in accordance with
GAAP applied on a consistent basis during the periods involved, (B) have been prepared from the books and records of the Company and its
Subsidiaries and (C) present fairly in all material respects the Company’s and its Subsidiaries’ financial condition and results
of operations as of the dates and for the periods indicated therein, subject, in the case of the Unaudited Financial Statements, to normal
and customary audit adjustments, the lack of footnotes and other presentation items (if any).

 

(b)          
Except as set forth on Section 3.5(b) of the Disclosure Schedules, the Company ‎and its Subsidiaries have no Indebtedness.‎

 

(c)         
‎The Company has maintained commercially reasonable systems of internal accounting controls designed, consistent with current
industry standards in which the Company operates, to provide reasonable assurance regarding the reliability of financial ‎reporting
and the ‎preparation of financial statements ‎and implemented commercially reasonable disclosure controls and procedures designed,
consistent with current industry standards in which the Company operates, to reduce the risk that material information is not made known
to the management of the Company by other employees within the Company.

 

(d)           
The Company has no off-balance sheet arrangements with any Person.

 

(e)            Except
as set forth on Section 3.5(e) of the Disclosure Schedules, all accounts receivable on the Latest ‎Balance Sheet and the
accounts receivable arising after the date thereof through the Closing Date: (i) are valid and, to the Company’s Knowledge,
collectible obligations ‎‎(net of the recorded amounts for the allowances for bad debts and sales returns and
 ‎allowances and any reserve for collectability with respect thereto reflected on the Latest Balance Sheet); (ii) to the
Company’s Knowledge, are not subject to any ‎offset or counterclaim; and (iii) have arisen from bona fide transactions
by the Company in ‎the Ordinary Course of Business. To the Company’s Knowledge, the ‎reserves for collectability
set forth on the Latest Balance Sheet are ‎reasonable. Since the date of the Latest Balance Sheet, there have been no
write-‎offs as uncollectible of any accounts receivable of the Company in amounts in excess of ‎‎$50,000 as to any
individual accounts receivable item or $250,000 in ‎the aggregate. ‎

 

    10

     

    

 

(f)           
All accounts payable on the Latest Balance Sheet and the accounts payable arising after the date ‎thereof through the Closing
Date have arisen from bona fide transactions by the Company in the Ordinary Course of Business. ‎Since the date of the Latest Balance
Sheet, the Company has operated in the Ordinary Course ‎of ‎Business with respect to the timing of payment of accounts payable.‎
 ‎

 

3.6           
No Undisclosed Liabilities. Except as set forth in Section 3.6 of the Disclosure Schedules, the Company and the Subsidiaries
do not have any liability of the type required to be reflected on a balance sheet prepared in accordance with GAAP except for liabilities
(i) reflected or reserved against on the liabilities side of the Latest Balance Sheet (rather than any notes thereto), (ii) incurred in
the Ordinary Course of Business since the date of the Latest Balance Sheet or that are executory obligations arising under Contracts entered
into in the Ordinary Course of Business (none of which is a liability resulting from breach of Contract, breach of warranty, tort, infringement,
claim, violation of applicable Law or environmental liability or clean-up obligation), (iii) that are incurred pursuant to the negotiation,
execution, delivery or performance of this Agreement, or (iv) that are liabilities for Company Transaction Expenses.

 

3.7           
Absence of Changes. Except as set forth in Section 3.7 of the Disclosure Schedules, since the date of the Latest Balance
Sheet, neither the Company nor any Subsidiary has:

 

(a)           
experienced any damage, destruction or loss involving at least $100,000 per occurrence (whether or not covered by insurance) to
any of its assets or property;

 

(b)           
(i) made any declaration or payment of, or set aside funds for, any distribution with respect to any of its equity interests; or
(ii) repurchased, redeemed, or otherwise acquired or cancelled any of its equity interests;

 

(c)          
(i) increased any benefits under any Benefit Plan or increased the compensation payable or paid, whether conditionally or otherwise,
to any Person (other than (x) any base salary increase adopted in the Ordinary Course of Business in respect of any such Person whose
annual base salary does not exceed $200,000 after giving effect to such increase or (y) any increase in benefits or other compensation
required by applicable Law or pursuant to the terms of an existing Benefit Plan disclosed hereunder), (ii) granted any entitlement to
severance, retention, change-in-control, or termination pay or benefits to any Person, (iii) established, adopted, or otherwise entered
into any employment, independent contractor, deferred compensation, severance, retirement, retention, change-in-control, bonus, profit-sharing,
retirement, compensation, equity compensation, or other similar agreement or arrangement (or amended or terminated any such existing agreement
or arrangement) with any or covering any Person or any Benefit Plan, in each case, except as required by applicable Law, or (iv) hired
or engaged, or terminated the employment or engagement of, any Person who earns or earned annual base compensation or annual aggregate
fees in excess of $250,000;

 

(d)            (i)
incurred, assumed, or otherwise became liable in respect of any Indebtedness in excess of $200,000 (except for borrowings in the
Ordinary Course of Business under existing credit facilities), (ii) permitted any of its material assets to become subject to a Lien
(other than a Permitted Lien) or (iii) provided for any increase in the amount payable by the Company or any Subsidiary under any
credit or loan agreement to which the Company or any Subsidiary is a party;

 

    11

     

    

 

(e)           
sold, leased, licensed, transferred, or assigned any of its assets or any interest or right thereon, whether tangible or intangible,
other than in the Ordinary Course of Business;

 

(f)            
made any capital investment in, or any acquisition of the securities or assets of, any other Person;

 

(g)           
made any capital expenditure outside of the Ordinary Course of Business;

 

(h)           
(i) amended its Charter Documents, (ii) effected any split, combination, reclassification, or similar action with respect to its
equity interests, or (iii) adopted or carried out any plan of complete or partial liquidation or dissolution;

 

(i)            
‎issued, sold, granted, or otherwise disposed of any of its equity interests ‎or other securities, or amended any term
of any of its outstanding equity interests or ‎other securities;

 

(j)            
‎repaid, prepaid, or otherwise discharged or satisfied any Indebtedness in excess of $100,000 or other material liabilities,
other than in the Ordinary Course of Business, or waived, cancelled, or assigned any claims or rights of material value;

 

(k)           
(i) merged or consolidated with any Person; (ii) acquired any material assets, except for acquisitions of inventory, equipment,
and materials in the Ordinary Course of Business; or (iii) made any loan, advance, or capital contribution to, acquired any equity interests
in, or otherwise made any investment in, any Person (other than loans and advances to employees in the Ordinary Course of Business and
reflected on the Latest Balance Sheet);

 

(l)           
entered into any Contract, become subject to any Order or Proceeding or become subject to any comparable obligation (i) restricting
the solicitation, hiring, or engagement of any Person, or (ii) limiting the freedom of the Company or any of its Subsidiaries or any of
their Affiliates to engage in any line of business or compete in any line of business, market or geographic area with any Person;

 

(m)          
made any material change in its methods of accounting or accounting practices (including ‎with respect to reserves); ‎

 

(n)          
settled, agreed to settle, waived, or otherwise compromised any pending or ‎threatened Proceeding involving equitable or
injunctive relief or the payment on behalf ‎of any of the Company or its Subsidiaries in excess of $200,000;‎

 

(o)          
opened any new bank or deposit accounts (or materially changed any existing ‎arrangements with respect to any existing bank
or deposit accounts) or granted any new ‎powers of attorney; ‎

 

(p)           
‎terminated or failed to renew any Material Contract ‎or ‎any Contract that would be a Material Contract if entered
into prior to the Closing Date; ‎

 

    12

     

    

 

(q)           
 made any Tax election, changed or revoked any Tax election or settled and/or compromised any ‎Tax liability, claim, or assessment;
prepared any Tax Returns in a manner that is ‎inconsistent with the past practices of the Company and its Subsidiaries with respect
to the treatment of ‎items on such Tax Returns; surrendered any right to any refund, offset, or other reduction ‎of Taxes;
entered into any Tax sharing or similar agreement with respect to Taxes; adopted or changed any ‎Tax accounting method or period;
incurred any liability for Taxes other ‎than in the Ordinary Course of Business; or filed an amended Tax Return or a claim for ‎refund
of Taxes‎; or

 

(r)            
entered into a binding agreement to do any of the foregoing.

 

3.8           
Real Property; Personal Property. 

 

(a)           
Except for the Owned Real Property, neither the Company nor any Subsidiary owns or has ever owned any real property. Section 3.8(a)
of the Disclosure Schedules lists all of the real property owned by the ‎Company or any Subsidiary (the “Owned Real
Property”). The Company has good and marketable fee simple, title to the Owned Real Property. With respect to the Owned
 ‎Real Property, the Company has delivered to Buyer true, complete and correct copies of the deeds ‎and other instruments (as
recorded) by which the Company or any Subsidiary acquired ‎such Owned Real Property, and copies of all title insurance policies,
opinions, abstracts and ‎surveys, each to the extent in the possession of the Company or any Subsidiary and ‎relating to the
Owned Real Property. To the Company’s Knowledge, the use and operation of the Owned Real Property in the ‎conduct of the Company’s
and the Subsidiaries’ Business do not violate any Law, ‎covenant, condition, restriction, easement, license, permit or agreement
in any material respect. ‎To the Company’s Knowledge, no material improvements constituting a part of the Owned Real Property
encroach on real ‎property owned or leased by a Person other than the Company or a Subsidiary. To the Company’s Knowledge,
(i) no condition with respect to the Owned Real Property exists requiring material repairs, alterations or corrections, and (ii) there
is no condemnation proceeding or eminent domain proceeding of any kind pending or against the Owned Real Property. To the Company’s
Knowledge, the Owned Real Property is supplied with utilities and other services (including gas, electricity, ‎water, ‎drainage,
storm water management, sanitary sewer, storm sewer, fire protection, and ‎telephone) ‎necessary for the operation of the
Owned Real Property in the Ordinary Course of Business.

 

(b)          
Section 3.8(b) of the Disclosure Schedules sets forth the address of each parcel of real property for which the Company or any
Subsidiary holds a leasehold or subleasehold interest (the “Leased Real Property”). The Company has made available
to the Buyer copies of the leases and all amendments thereto for all the Leased Real Property (each, a “Lease”).
Other than with respect to the Leased Real Property, neither the Company nor any Subsidiary is a party to any leases for real property.

 

    13

     

    

 

(c)            Except
as set forth in Section 3.8(c) of the Disclosure Schedules, with respect to each Lease: (i) such Lease constitutes a valid and
binding obligation of the Company or a Subsidiary, as applicable, enforceable against such Person in accordance with its terms,
except as may be limited by (A) applicable bankruptcy, insolvency, moratorium, reorganization or similar Laws from time to time in
effect which affect creditors’ rights generally, or (B) legal and equitable limitations on the availability of specific
remedies; (ii) to the Company’s Knowledge, the Company’s or, as applicable, its Subsidiary’s possession and quiet
enjoyment of the Leased Real Property under such Lease has not been disturbed and there are no disputes with respect to such Lease;
(iii) neither the Company nor any Subsidiary that is a party to such Lease nor, to the Company’s Knowledge, any other party to
such Lease is in breach or default under such Lease; (iv) neither the Company nor any Subsidiary has subleased, licensed or
otherwise granted any person the right to use or occupy the Leased Real Property that is the subject of such Lease or collaterally
assigned such Lease or any interest therein; (v) neither the Company nor any Subsidiary has received written notice that any
security deposit or portion thereof deposited with respect to such Lease has been applied in respect of a breach or default under
such Lease which has not been redeposited in full; (vi) neither the Company nor any Subsidiary currently owes any brokerage
commissions or finder’s fees with respect to such Lease or will owe following the Closing any such commissions of fees based
upon circumstances or actions arising on or before the Closing; and (vii) there are no Liens (other than Permitted Liens) on the
estate or interest created by such Lease. To the Company’s Knowledge, (i) no condition with respect to the Leased Real
Property exists requiring material repairs, alterations or corrections, and (ii) there is no condemnation proceeding or eminent
domain proceeding of any kind pending or against the Leased Real Property. To the Company’s Knowledge, the Leased Real
Property is supplied with utilities and other services (including gas, electricity, ‎water, ‎drainage, storm water
management, sanitary sewer, storm sewer, fire protection, and ‎telephone) ‎necessary for the operation of the facilities
in the Ordinary Course of Business.

 

(d)           
The Company and its Subsidiaries have good and valid title to all material items of tangible personal property owned by them and
a valid and enforceable right to use all material tangible items of personal property leased by or licensed to them (collectively, the
 “Personal Property”), in each case, free and clear of all Liens (other than Permitted Liens).

 

(e)          
All Personal Property used by the Company and its Subsidiaries in the Business are in adequate operating condition and repair,
normal wear and tear excepted.

 

(f)           
Section 3.8(f) of the Disclosure Schedules lists all of the Personal Property existing as of the Closing Date, with a gross book
value (individually or as aggregated with like-kind items) in excess of $10,000.

 

3.9           
Intellectual Property; IT Systems.

 

(a)           
Registered Intellectual Property. Section 3.9(a) of the Disclosure Schedules contains a true and complete list of all
Company Owned Intellectual Property that is Registered Intellectual Property along with all material nonregistered Marks and social media
accounts. Except as set forth in Section 3.9(a) of the Disclosure Schedules, all necessary registration, maintenance and renewal
fees currently due in connection with Registered Intellectual Property required to be identified on Section 3.9(a) of the Disclosure
Schedules have been paid and all necessary documents, recordations and certificates in connection with such Registered Intellectual Property
have been filed with the relevant Governmental Authorities for the purposes of prosecuting, establishing ownership and maintaining such
Registered Intellectual Property and no such payment or filing is in any grace, surcharge or extension of time period. There are no oppositions,
cancellations, invalidity proceedings, interferences or re-examination proceedings presently pending with respect to such Registered Intellectual
Property. All Registered Intellectual Property is in good standing, enforceable and, to the Company’s Knowledge valid.

 

    14

     

    

 

(b)          
 Licensed Software; Licensed Databases. Section 3.9(b) of the Disclosure Schedules contains a list of all Licensed
Software, Licensed Databases and other Licensed Company Intellectual Property other than database and related applications available without
charge via the Internet (e.g. Wikipedia, Facebook, LinkedIn etc.) and all Contracts relating thereto. Except as set forth on Section 3.9(b)
of the Disclosure Schedules the Licensed Software and Licensed Databases do not constitute, and to the Company’s Knowledge, the
Licensed Software and Licensed Databases do not include any, Open Source Software that requires, or could reasonably be expected to require,
as a condition of how the Company currently uses or has used such Licensed Software and Licensed Databases that any Computer Software
or Computer Databases or data incorporated into, derived from or distributed or used with such Licensed Software and Licensed Databases
be (i) disclosed or, in the case of Computer Software, distributed in source code form, (ii) be licensed for the purpose of
making derivative works, (iii) be redistributable at no charge, or (iv) be subject to any other material limitation, restriction
or condition on the right or ability of the Company to use or distribute the same. To the Company’s Knowledge, the Licensed Software
and Licensed Databases do not contain any substantial or material programming errors, any security vulnerabilities, or any Harmful Code.
Company and its Subsidiaries have applied all updates and patches made available by the owner of the Licensed Software and Licensed Databases
and have commercially reasonable policies and procedures to ensure that all future updates and patches that are made available are timely
applied. The Company and its Subsidiaries have adequate licenses for all Off-the-Shelf Software to cover all current uses and installations.

 

(c)           
Proprietary Software; Proprietary Databases. Section 3.9(c) of the Disclosure Schedules contains a list of all Proprietary
Software and Proprietary Databases and Open Source Software used therein. To the Company’s Knowledge, the Open Source Software used
in the Proprietary Software and Proprietary Databases does not have license or other usage terms that require, or could reasonably be
expected to require, as a condition of how the Company currently uses or has used the Proprietary Software and Proprietary Databases,
that any Computer Software or Computer Databases or data incorporated into, derived from or distributed with the Proprietary Software
and Proprietary Databases be (i) disclosed or, in the case of Computer Software, distributed in source code form, (ii) licensed for the
purpose of making derivative works, (iii) redistributable at no charge, or (iv) subject to any other material limitation, restriction
or condition on the right or ability of the Company to use or distribute the same. To the Company’s Knowledge, the Proprietary Software
and Proprietary Databases perform in accordance with their specifications and documentation and do not contain, and the Company and its
Subsidiaries have commercially reasonable policies and procedures to ensure they remain free from, any substantial or material programming
errors, any security vulnerabilities, or any Harmful Code. Other than as set forth on Section 3.9(c) of the Disclosure Schedules, no source
code for any Proprietary Software has been delivered, licensed or made available to any escrow agent or other Person and Company is not
under any duty or obligation (whether present, contingent or otherwise) to do so in the future.

 

    15

     

    

 

(d)           Ownership;
Non-Infringement. Except as set forth in Section 3.9(d) of the Disclosure Schedules, the Company owns all right, title and
interest in (and with respect to the Registered Intellectual Property is the record owner of) and has the right to use all Company
Owned Intellectual Property, free and clear of all Liens (except Permitted Liens). All employees, consultants and contractors of the
Company and its Subsidiaries who have solely or jointly, conceived, invented, developed or created any Intellectual Property in the
course of providing services to the Company or its Subsidiaries have entered into a written Contract assigning all rights, title and
interest in such Intellectual Property to the Company free and clear of all Liens. All Licensed Company Intellectual Property is
licensed to the Company pursuant to (i) valid, written license agreements, (ii) Open Source Software licenses, or
(iii) licenses for Off-the-Shelf Software. The Intellectual Property listed on Sections 3.9(a) through Section 3.9(c) of the
Disclosure ‎Schedules, along with all licenses to Off-the-Shelf Software, and the Intellectual Property Rights ‎therein,
comprise all of the Intellectual Property and Intellectual Property Rights used in or ‎necessary to conduct the Business in
the same manner as conducted by the Company ‎immediately prior to the Closing. ‎The consummation of the transactions
contemplated pursuant to this Agreement will not result in the loss of or impairment of, or require payment of any additional
amounts with respect to, any Business Intellectual Property or Company Owned Intellectual Property. The operation of the Business as
currently conducted does not and no product or ‎service marketed or sold by the Company or its Subsidiaries violates any
Contract or, to the Company’s Knowledge, infringes, misappropriates or ‎violates any Intellectual Property of any other
Person or constitute unfair competition. The Company has not received any written (or to Company’s Knowledge oral) notice or
claim from any Person alleging that the Company violates, infringes or misappropriates any Intellectual Property or Intellectual
Property Rights of such Person, challenging the right of the Company to own, use, or enforce any of the Business Intellectual
Property, or alleging the Company or its Subsidiaries has engaged in any unfair competition, and to the Company’s Knowledge
there are no bona fide ground for any such claim. There are no current Proceedings or threats of Proceedings in which the Company
has alleged the violation, misappropriation or infringement of any Business Intellectual Property by any Person, and, to the
Company’s Knowledge, there has been no violation, infringement or misappropriation by any Person of the Company Owned
Intellectual Property. The Company and its Subsidiaries are not subject to any Order that does or reasonably would be expected to
restrict or impair the use of any of the Company Owned Intellectual Property.

 

(e)          
Third Party Use. Except as set forth in Section 3.9(e) of the Disclosure Schedules or licensed to customers of the
Company and its Subsidiaries in the Ordinary Course of Business, the Company has not granted any other Person a license or other right
to use any Company Owned Intellectual Property or any Business Intellectual Property.

 

(f)            
Maintenance. Except as set forth on Section 3.9(f) of the Disclosure Schedules, the Company has taken reasonable actions
to maintain and protect all of the Company Owned Intellectual Property so as not to adversely affect the validity or enforceability thereof,
including protecting the security and confidentiality of all Trade Secrets and confidential information contained within the Company Owned
Intellectual Property.

 

(g)           
Trade Secrets. Except as set forth on Section 3.9(g) of the Disclosure Schedules, since January 1, 2016, the Company
has not received any written (or to Company’s Knowledge oral) notice asserting any claim with respect to, or challenging or questioning,
the ownership, validity of, or right to use any Trade Secrets used in or necessary to the conduct of the Business. To the Company’s
Knowledge, the Company and its Subsidiaries have not disclosed any Trade Secret or other confidential information to any employee, contractor,
consultant or other Person other than pursuant to a written confidentiality Contract that requires the protection of the confidentiality
of such Trade Secrets and other confidential information and, to the Company’s Knowledge, no such Person has breached or is currently
in breach of any such Contract.

 

    16

     

    

 

(h)          
 Sensitive Data. To the Company’s Knowledge, since January 1, 2016, there have not been any incidents of unauthorized
access, security breaches, or material attempts thereof with respect to the Computer Software, Computer Databases, websites, systems,
servers, network equipment and other information technology systems, (collectively “IT Systems”) in each case,
to the extent owned or controlled by the Company or its Subsidiaries. Company and its Subsidiaries have taken commercially reasonable
steps to ensure that all Trade Secrets, sensitive data and other confidential information are encrypted ‎using commercially reasonable
methods while in transit. The Company and its ‎Subsidiaries have each taken commercially reasonable steps, including providing ‎plans,
 ‎procedures and facilities, compliance with such plans and procedures, and ‎periodic testing of the ‎adequacy of such
plans, procedures and facilities‎ to protect and ‎provide, backup, security and disaster recovery for the IT Systems.

 

(i)            
Right of Use. The Company has sufficient rights to use all IT Systems as used by the Company in the Business as of the Closing,
all of which rights shall survive the ‎consummation of the transactions contemplated by this Agreement unchanged.

 

(j)           
IT Systems Function. The IT ‎Systems operate and perform substantially in accordance with their documentation and
 ‎functional specifications in connection with, and are sufficient for, the ‎operation of the Business by the Company as currently
conducted. To the Company’s Knowledge, the IT Systems do not contain, and the Company has employed commercially reasonable efforts
to ensure they remain free of any virus, worm, bomb, malware, spyware, “Trojan Horse,” faults, backdoor, disabling device,
material defect, undocumented bug, unauthorized code, corruption, or unpatched security vulnerability. The Company has implemented reasonable
 ‎backup, security, software patch and update, and disaster recovery technology, plans and procedures.‎ Except as set forth
in Section 3.9(j) of the Disclosure Schedules, and as has been or would have been compliant with the Company’s and its Subsidiaries’
required service level compliance obligations to customers, the IT Systems have not malfunctioned or ‎failed in any material respect
in the two (2) years prior to the Closing Date.

 

3.10         
Tax Matters. Except as set forth in Section 3.10 of the Disclosure Schedules:

 

(a)           
the Company and the Subsidiaries have filed, or have had filed on their behalf, all income and other material Tax Returns, including,
for the avoidance of doubt, any and all material sales and use Tax Returns and other transfer-related Tax Returns, required to have been
filed and have paid all Taxes due and owing by the Company and the Subsidiaries (whether or not included on such Tax Returns); provided,
however, that regardless of what may be reported on any such Tax Returns, the Company makes no representation regarding (i) any carryovers
of net operating losses, unused capital losses, Tax credits, or charitable contribution or other Tax benefits items that are available
to it or have been reported by the Company for any federal, state, or other Tax purposes, or (ii) any limitation on use of the Company’s
net operating losses, Tax credits, or charitable contribution or other Tax benefit carryovers that might apply after the Closing Date
under Code Sections 382 or 383 or any other applicable limitations under any Tax Laws.

 

(b)           
there are no outstanding extensions of any statute of limitations filed with any Governmental Authority responsible for assessing
or collecting Taxes in respect of any Tax Return of the Company or any Subsidiary;

 

    17

     

    

 

(c)           
 neither the Company nor any of its Subsidiaries is currently the beneficiary of any ‎extension of time within which to file
any ‎Tax Returns;

 

(d)           
‎no written claim has ever been made to the Company or any of its Subsidiaries by any ‎Governmental Authority in a
jurisdiction where the Company or any of its Subsidiaries does not file a Tax Return that the ‎Company and/or any of its Subsidiaries
is or may be subject to Taxes by that jurisdiction that would be covered by or the ‎subject of such Tax Return;

 

(e)           
the unpaid Taxes of the Company and its Subsidiaries did not, as of the date of the Latest Balance Sheet ‎, ‎exceed
the reserve for Tax liability (rather than any reserve for deferred ‎Taxes established to ‎reflect timing differences between
book and Tax income) set forth on ‎the face of the most recent Financial Statements, and will not exceed that reserve as adjusted
in ‎the Ordinary Course of ‎Business through the Closing Date in accordance with the past ‎practices and customs of
the ‎Company and its Subsidiaries in filing Tax Returns;

 

(f)           
there is no Proceeding, investigation, audit, or assessment pending or, to the Company’s Knowledge, threatened with respect
to any liability for any Tax or with respect to any Tax Return of the Company or any Subsidiary;

 

(g)           
neither the Company nor any of its Subsidiaries has received any Tax rulings, made any written ‎requests for Tax rulings,
or ‎entered into any written closing agreements that could affect the liability ‎for Taxes of the ‎Company and/or its
Subsidiaries for any period (or portion of a period) after the Closing ‎Date;

 

(h)           
there are no outstanding Tax ‎deficiencies of any kind assessed against the Company or its Subsidiaries with respect to ‎any
Taxable Period ending ‎on or before the Closing Date‎;

 

(i)             
no Liens have been filed by any Governmental Authority with respect to any Taxes of the Company or any Subsidiary, except Permitted
Liens;

 

(j)           
the Company and its Subsidiaries have timely withheld and paid all Taxes required to have been withheld and paid in connection
with amounts paid or owing to any employee, independent contractor, creditor, stockholder of, or other third party with respect to, the
Company or any Subsidiary;

 

(k)           
neither the Company nor any Subsidiary (i) is, or has ever been, a member of a group of corporations with which it has filed (or
been required to file) consolidated, combined or unitary Tax Returns other than a group of which only the Company and its Subsidiaries
were members, (ii) has been a party to any Tax allocation or sharing agreement (other than any such agreement among the Company and its
Subsidiaries) or (iii) has any liability for the Taxes of any Person under Treasury Regulations Section 1.1502-6 ‎‎(or any
similar provision of state, local, or foreign Law), as a transferee or successor, or by contract‎, other than, in all such cases,
commercial contracts entered into in ‎the Ordinary Course of Business that do not primarily relate to Taxes;

 

    18

     

    

 

(l)             neither
the Company nor any of its Subsidiaries will be required to include any item of income in, or ‎exclude any item of deduction
from, any taxable income for any Tax Period (or ‎portion thereof) beginning after the Closing Date as a result of any (i)
change in ‎method of accounting for a Taxable Period ending on or prior to the Closing Date, (ii) ‎use of an improper
method of accounting for a Taxable Period ending on or prior ‎to the Closing Date, (iii) “closing agreement” as
described in Section 7121 of the ‎Code (or any corresponding or similar provision of state, local or foreign Tax Law)
 ‎executed on or prior to the Closing Date, (iv) installment sale or open transaction ‎disposition made on or prior to
the Closing Date, (v) deferred intercompany gain or any excess loss account described in Treasury ‎Regulations under Section
1502 of the Code (or any corresponding or similar ‎provision of state, local or foreign Tax Law), or (vi) prepaid amount
received on or ‎prior to the Closing Date;

 

(m)          
neither the Company nor any of its Subsidiaries is or has been a party to any “listed transaction” as defined in Section
6707A(c)(2) of the Code and Treasury Regulations Section 1.6011-4(b);

 

(n)          
none of the ‎properties of the Company or any of its Subsidiaries is subject to any tax partnership agreement or is ‎‎otherwise
treated, or required to be treated, as held in an arrangement requiring a ‎‎partnership income Tax Return to be filed under
Subchapter K of Chapter 1 of Subtitle A of ‎‎the Code;‎

 

(o)          
at no time was the Company or any of its Subsidiaries a “distributing corporation” or “controlled corporation”
within the meaning of Section 355(a)(1)(A) of the Code in any distribution intended to qualify under Section 355 of the Code;‎

 

(p)          
the Company has made available to the Buyer true, accurate and complete copies of all Tax ‎‎Returns, audit reports,
statements of deficiencies and examination reports of the Company and its Subsidiaries for ‎‎Taxable Periods beginning after
December 31, 2017, and neither the Company nor its Subsidiaries has received written ‎notice ‎that any Governmental Authority
intends to assess any additional Taxes for any ‎period for ‎which Tax Returns have been filed‎;

 

(q)           
neither the Company nor any of its Subsidiaries has (i) deferred any amount of the employer’s share of ‎any “applicable
employment taxes” under Section 2302 of the CARES Act, (ii) ‎claimed any Tax credits under Sections 7001 through 7005 of the
Families First ‎Coronavirus Response Act (Public Law 116-127 enacted in 2020) or Section 2301 of the CARES Act, or (iii) otherwise
 ‎deferred any Taxes (including the employee portion of any payroll Taxes) or ‎changed any material Tax practice or filed an
amended Tax Return under, or in ‎response to, any legislation or executive Order enacted or issued in response to ‎COVID-19;‎

 

(r)           
neither the Company nor any of its Subsidiaries is subject to Tax in any ‎jurisdiction, other than the country in ‎which
it is organized, by virtue of having, or being ‎deemed to have, a permanent ‎establishment, fixed place of business or similar
presence‎;

 

(s)           
neither the Company nor any of its Subsidiaries is, nor has it ever been at any time during the last five ‎‎(5) years,
a “United States real property holding corporation” within the meaning of Section ‎‎897 of the Code;

 

(t)           
the Company and its Subsidiaries has disclosed on its federal income Tax Returns all positions ‎taken therein that could
reasonably be expected to give rise to a substantial understatement ‎of federal income Tax within the meaning of Section 6662 of
the Code;

 

(u)            neither
the Company nor any of its Subsidiaries has entered into any agreement or arrangement with any ‎Governmental Authority with
respect to Taxes that requires the Company or any Subsidiary to take any action or ‎to refrain from taking any action, and
neither the Company nor any of its Subsidiaries is a party to any agreement with any ‎Governmental Authority with respect to
Taxes that would be terminated or adversely ‎affected as a result of the transactions contemplated by this Agreement;

 

    19

     

    

 

(v)          
each of the Company and its Subsidiaries has collected all material sales and use Taxes and other ‎transfer-related Taxes
 ‎required to be collected, and has remitted such amounts to the ‎appropriate ‎Governmental Authority, or has been furnished
properly completed exemption ‎‎certificates and has retained all such records and supporting documents in substantial compliance
with applicable sales and use Tax Laws and other transfer-related Tax Laws; and

 

(w)          
each of the Company and its Subsidiaries (other than Informative Research Data Solutions LLC) is, and has been at all times since
April 16, 1974, properly classified as a “C corporation” (as defined in Code Section 1361(a)(2)) for U.S. federal and applicable
 ‎state income Tax purposes. Information Research Data Solutions LLC is, and has been at all times since its formation, classified
as an entity disregarded from its owner for U.S. federal and applicable state income Tax purposes.

 

3.11         
Litigation. Except as set forth in Section 3.11 of the Disclosure Schedules, there is not and, within the three (3) years
prior to the Closing Date, there has not been, any Proceeding instituted, pending or, to the Company’s Knowledge, threatened against
the Company or the Subsidiaries, any officer, manager or director arising out of their relationship with the Company or any Subsidiary,
or relating to the assets, business or properties of the Company or any Subsidiary. Except as set forth in Section 3.11 of the Disclosure
Schedules, there are no (a) Orders (in each case whether court, administrative or consent) outstanding against the Company or any Subsidiary
or (b) Proceedings by the Company or any Subsidiary pending or which the Company or any Subsidiary, as applicable, intends to initiate,
nor to the Company’s Knowledge have there been any occurrences that would reasonably be expected to give rise to any material Proceeding,
including, without limitation, Proceedings involving the prior employment of any of the Company’s (or Subsidiary’s) employees
or consultants, their services provided in connection with the Business, or any information or techniques allegedly proprietary to any
of their former employers or consultants, or their obligations under any agreements with prior employers or consulting clients. There
is no Proceeding pending or, to the Company’s Knowledge, threatened, that questions the legality or propriety of the transactions
contemplated by this Agreement or that presents a claim to restrain, enjoin, prevent, hinder, delay, condition or prohibit the consummation
of the transactions contemplated by this Agreement.

 

3.12         
Employee Benefits Matters.

 

(a)          
Section 3.12(a) of the Disclosure Schedules sets forth a list of all Benefit Plans that are sponsored, maintained, contributed
to or participated in by the Company or its Subsidiaries or to which the Company or any Subsidiary is a party or has any direct or indirect
liability. Except as set forth in Section 3.12(a) of the Disclosure Schedules, neither the Company nor its Subsidiaries has any express
or implied ‎commitment to create, incur liability with respect to or cause to exist any Benefit Plan ‎or to modify any Benefit
Plan in a manner that would result in a material ‎increase in expense or funding obligations, other than as required by Law.‎

 

    20

     

    

 

(b)           
 The Company has made available to the Buyer the following documents with respect to each Benefit Plan, as applicable: (i) the
a complete and accurate copy of the governing plan documents for each written Benefit Plan, or if unwritten, a summary of each such Benefit
Plan; (ii) the most recent IRS favorable determination or opinion letter; (iii) the most recent annual report (Series 5500 and all
schedules thereto) required under ERISA or the Code for the past three (3) plan years; (iv) the most recent summary plan description
together with any summaries of material modifications thereto; and (v) all discrimination and qualification tests for the most the
three (3) most recent plan years.

 

(c)           
All of the Benefit Plans listed in Section 3.12(a) of the Disclosure Schedules (i) comply in form and operation in all material
respects with all applicable requirements of Law and (ii) have, for the past six (6) years, been administered in compliance in all material
respects with their terms and in all material respects with all applicable requirements of Law‎, and the Company and its Subsidiaries
have materially satisfied all of their ‎statutory, regulatory and contractual obligations with respect to each such ‎Benefit
Plan. All material reports required to be filed with any Governmental Authority in connection with such Benefit Plans have been filed
in accordance with all material requirements of Law.

 

(d)           
All Benefit Plans that are employee pension benefit plans, as defined in Section 3(2) of ERISA, and that are intended to comply
with Section 401(a) of the Code are the subject of a favorable determination letter from the IRS (or can rely on an opinion or advisory
letter obtained by a prototype or volume submitter plan sponsor), and, to the Company’s Knowledge, no event has occurred since the
date of the last such determination letter or pre-approval letter that would reasonably be expected to adversely affect the qualification
of any such Benefit Plan under Section 401(a) of the Code.

 

(e)          
To the Company’s Knowledge, there have not been any non-exempt “prohibited transactions” (as described in Section
406 of ERISA or Section 4975 of the Code) with respect to any of the Benefit Plans. Neither the Company nor any Subsidiary has incurred
any material ‎liability for any excise tax arising under the Code with respect to any Benefit ‎Plan.‎

 

(f)            
To the Company’s Knowledge, there are no actions, suits or claims pending involving any Benefit Plans (other than routine
claims for benefits in the ordinary course) and qualified domestic relations, medical or child support orders thereunder, and no Benefit
Plan has, within the three (3) years prior to the Closing Date, been subject to a formal audit by a Governmental Authority.

 

(g)          
Except as set forth in Section 3.12(g) of the Disclosure Schedules, none of the Benefit Plans is a multiemployer plan (as defined
in Section 3(37) of ERISA) or a defined benefit plan (as defined in Section 3(35) of ERISA).

 

(h)          
Except as set forth in Section 3.12(h) of the Disclosure Schedules, no Benefit Plan that is an employee welfare benefit plan promises
or provides benefits to any former employee of the Company or any Subsidiary except as required by Section 4980B of the Code or comparable
state Law.

 

    21

     

    

 

(i)             Except
to the extent set forth in Section 3.12(i) of the Disclosure Schedules, neither the execution or delivery of this Agreement nor the
consummation of the transactions contemplated hereby will (i) result in any payment becoming due to any current or former employee,
consultant, officer, director, manager, trustee or independent contractor of the Company or its Subsidiaries, or entitle any of the
forgoing Persons to severance pay, unemployment compensation or any other payment, (ii) accelerate the time of payment or vesting,
or increase the amount of payments or compensation due any such Person, (iii) increase any benefits otherwise payable under any
Benefit Plan, (iv) result in the acceleration of payment or vesting of any such benefits under such Benefit Plan, (v) result in any
 “excess parachute payment” as defined in Section 280G(b)(1) of the Code (an “Excess Parachute
Payment”), or (vi) limit the right of the Company to merge, amend, or terminate any Benefit Plan‎.

 

(j)           
Each Benefit Plan that constitutes in any part a nonqualified deferred compensation plan within the meaning of Section 409A of
the Code has been operated and maintained in all material respects in operational and documentary compliance with Section 409A of the
Code and applicable guidance thereunder. No payment to be made under any Benefit Plan is, or to the Company’s Knowledge, will be,
subject to the penalties of Section 409A(a)(1) of the Code.

 

(k)           
The Company has complied in all material respects with the applicable requirements of ‎the Affordable Care Act and any federal
regulations issued thereunder, including (i) the preparation and ‎timely annual distribution of a Summary of Benefits and Coverage
document (and any required ‎amendments thereto); (ii) proper classification of all workers who are common law employees within the
 ‎meaning of the Affordable Care Act and Section 4980H of the Code; (iii) timely and accurate filing of IRS Forms ‎‎1094-C
and 1095-C, as required by Section 6065 of the Code; and (iv) timely and accurate filing of IRS Form ‎‎720 to report and pay
the trust fund tax imposed under Section 4376 of the Code.

 

3.13         
Material Contracts.

 

(a)           
Section 3.13(a) of the Disclosure Schedules sets forth a list of all of the Contracts of the Company and its Subsidiaries that:

 

(i)            
involve individual or aggregate payments to or by the Company or any Subsidiary (A) in excess of $250,000 in either of the past
two (2) full fiscal years or (B) projected aggregate consideration in excess of $250,000 for the current fiscal year based on annualized
year-to-date consideration;

 

(ii)           
involve aggregate payments to or by the Company or any Subsidiary in excess of $200,000 and have a remaining term of more than
one (1) year from the date hereof (and cannot be terminated by the Company or any Subsidiary without material penalty);

 

(iii)          
concern the operation or establishment of a partnership, joint venture or similar arrangement;

 

(iv)         
create or guarantee any Indebtedness in excess of $250,000 or impose a Lien (other than a Permitted Lien) on any assets of the
Company or any Subsidiary;

 

(v)          
provide for the disposition of any material assets or properties of the Company or any Subsidiary (other than sales of inventory
in the Ordinary Course of Business) or any agreement for the acquisition of the assets or business of any other person (other than purchases
of inventory in the Ordinary Course of Business);

 

    22

     

    

 

(vi)        
 include any covenant binding on the Company or any Subsidiary in the nature of a non-competition or exclusivity agreement or that
otherwise limits or restricts the Company or any Subsidiary from competing or otherwise conducting the Business in any manner or place;

 

(vii)        
grant any Person a power of attorney;

 

(viii)        
involve the ownership, license, right to use, or restriction regarding the use of any Intellectual Property or Intellectual Property
Right other than those solely for Open Source Software and Off-the-Shelf Software;

 

(ix)         
are employment or other compensatory Contracts providing for (A) annual base compensation in excess of $200,000 and (B) either
severance provisions or a bonus formula that is not consistent with the Ordinary Course of Business, in each case, with or in respect
of any employee, officer, director or individual independent contractor (or, to the extent that the Company has continuing obligations
under any such Contract, any former employee, officer, director or individual independent contractor) of the Company;

 

(x)           
include, relate to or involve (A) indemnification by the Company of any Person (other than standard course of indemnification
given in the Ordinary Course of Business), ‎(B)‎ a restriction of the solicitation, hiring, or engagement of any Person or
the ‎solicitation of any customer of the Company or any Subsidiary, or (C) any Affiliate or any family member of any Shareholder;

 

(xi)          
relate to the settlement of any action or threatened action involving the Company at any time in the three (3) years prior to the
Closing Date in excess of $250,000;

 

(xii)         
are with a Governmental Authority; or

 

(xiii)       
were not entered into in the Ordinary Course of Business and which create an obligation of the Company or any Subsidiary in excess
of $250,000, (collectively, the “Material Contracts”).

 

(b)            True
and complete copies of each Material Contract and each Key Contract have been made available to the Buyer. Neither the Company nor
any Subsidiary is in breach in any material respect, or is in receipt of any written claim of breach, of any Material Contract or
any Key Contract, and, to the Company’s Knowledge, no other party to any Material Contract or any Key Contract is in material
breach of such Material Contract or Key Contract. To the Company’s Knowledge, no event has occurred that constitutes, or with
the lapse of time or ‎the giving of notice or both would constitute, a material default by the Company or any Subsidiary under
any ‎Material Contract or any Key Contract. There are no material disputes pending or, to the Company’s Knowledge,
threatened ‎under any Material Contract or any Key Contract, and neither the Company nor any Subsidiary has received written
(or to the Company’s Knowledge, oral) notice that any party to any Material Contract or any Key Contract ‎intends to
terminate, cancel or materially modify the terms of any such Material Contract or such Key Contract other than in ‎the
Ordinary Course of Business. Each of the Material Contracts and the Key Contracts is a valid and binding obligation of the Company
or a Subsidiary, as applicable, is in full force and effect, and, to the Company’s Knowledge, is enforceable by the Company or
a Subsidiary, as applicable, in accordance with its terms. Neither the Company nor any Subsidiary has assigned, delegated or
otherwise transferred any interests in any Material Contract or any Key Contract. Neither the Company nor any Subsidiary is
re-negotiating or currently requesting to re-negotiate, any Material Contract or any Key Contract, and, to the Company’s
Knowledge, no counterparty to any Material Contract or any Key Contract is re-negotiating or requesting to re-negotiate any Material
Contract, other than in the Ordinary Course of Business.

 

    23

     

    

 

3.14         
Insurance.

 

(a)          
Section 3.14(a) of the Disclosure Schedules sets forth a list of each insurance policy currently maintained by the Company and
its Subsidiaries. True and complete copies of all such insurance policies have been made available to the Buyer. Each such policy is in
full force and effect, and the Company and its Subsidiaries are not in default, whether as to the payment of premium or otherwise, in
any respect under the terms of any such policy. Neither the Company nor any Subsidiary has received any written notice from the insurer
with respect to the cancellation of any such insurance policy or any anticipated increase in any premium related thereto. All premiums
that are due and payable on such policies have been paid or accrued on the Financial Statements, and no insurer has questioned, denied
or disputed (or otherwise reserved its rights with respect to) the coverage of any claim pending under any such policy. At no time has
any insurance policy of the Company or its Subsidiaries been cancelled, and, except as was replaced with a different insurance policy,
no insurance provider has ever refused to renew an insurance policy of the Company or its Subsidiaries.

 

(b)           
Except as set forth in Section 3.14(b) of the Disclosure Schedules, there are no claims pending under any of such insurance policies,
and no such claim has been made under any of such insurance policies in the last three (3) years, including, but not limited to, all claims
denied by any insurance carrier of the Company or its Subsidiaries or being covered under a reservation of rights letter.

 

3.15         
Employees.

 

(a)           
Except as set forth in Section 3.15(a) of the Disclosure Schedules, (i) neither the Company nor any Subsidiary is a party
to a collective bargaining agreement having provisions covering its employees or is currently negotiating such an agreement and (ii) no
material complaint against the Company or any Subsidiary is currently pending or, to the Company’s Knowledge, threatened before
the National Labor Relations Board.

 

(b)           
The Company has made available to the Buyer true and correct copies of all material written personnel policies of the Company and
its Subsidiaries. Section 3.15(b) of the Disclosure Schedules lists, as of the end of the month preceding the Agreement Date, (i) all
employees of the Company and its Subsidiaries, including those employees on approved leave of absence or vacation (the “Employees”),
and (ii) the position, annual base salary or rate of pay and employment commencement date of each such Employee. To the Company’s
Knowledge, no Employee at the level of Vice President or higher within the Company has notified the Company or any Subsidiary that such
Employee intends to resign or retire as a result of the transactions contemplated by this Agreement.

 

    24

     

    

 

(c)            Except
to the extent that such non-compliance would not reasonably be expected to have a Material Adverse Effect, (i) to the
Company’s Knowledge, the Company is in material compliance with all applicable Laws pertaining to employment and
employment practices with respect to each current Employee of the Company (including Laws regarding equal employment opportunity,
nondiscrimination, immigration, layoffs, the payment of wages (including minimum wage and overtime compensation), meal and rest
breaks, leaves of absence, benefits, and occupational safety and health) and (ii) the Company’s workforce is, and at all
times since January 1, 2019, has been, appropriately and correctly classified in material compliance with all Laws governing the
classification of employees, including the Fair Labor Standards Act, the Code and any other Law governing the payment of wages or
the withholding and payment of Taxes withheld from wages as required by applicable Law.

 

3.16         
Environmental Matters.

 

(a)           
The Company has disclosed and made available to the Buyer (i) all environmental reports, studies, audits, records, sampling data,
site assessments, risk assessments and other similar documents‎, including all Phase I reports, if any, in the possession of any
Shareholder, the Company or its Subsidiaries and (ii) all material records and correspondence in the possession of the Company or its
Subsidiaries, in each case created in the past three (3) years and relating to any material Environmental Matters with respect to the
Owned Real Property or Leased Real Property.

 

(b)          
Except as set forth in Section 3.16(b) of the Disclosure Schedules, neither the Company nor any Subsidiary has received written
notice within the last two (2) years alleging that the Company or any such Subsidiary might be potentially responsible for any material
Environmental Release with respect to the Owned Real Property or Leased Real Property or the Business or for any material costs arising
under Environmental Laws with respect thereto.

 

(c)           
Except as set forth in Section 3.16(c) of the Disclosure Schedules, there is no material non-compliance by the Company or any Subsidiary
with Environmental Laws or Environmental Permits that would reasonably be expected to result in any material costs under, or material
violation of, Environmental Laws.

 

(d)         
Neither the Company nor any Subsidiary has released Hazardous ‎Substances into the soil or groundwater at, under or from
the Owned Real Property or Leased ‎Real Property, or any real property previously operated or leased by the Company or any Subsidiary,
which requires investigation or remediation by the Company or any Subsidiary under applicable Environmental Laws.‎

 

(e)          
Neither the Company nor any of the Acquired Companies has retained or assumed any Liabilities or obligations of third parties under
Environmental Law.

 

3.17          Compliance
with Laws; Permits. Except as set forth in Section 3.17 of the Disclosure Schedules, the Company and its Subsidiaries are
currently, and have been for the past three (3) years, in compliance in all material respects with all Laws applicable to the
Business‎, including, but not limited to, the Fair Credit Reporting Act (15 U.S.C. §1681)
(“FCRA”) and ‎the Dodd-Frank Wall Street Reform and Consumer Protection Act (15 U.S.C.
 §780)‎. The Company and its Subsidiaries have not received, from any Person, Governmental Authority, ‎or any
regulatory or self-regulatory entity, any notice of any material claims of, or been charged with, the violation of any Laws
applicable to the Business, including but not limited to the FCRA, any assertion of bias or ‎discrimination based on protected
classes as listed in the Fair Housing Act (42 U.S.C. §2604), or material assertion of an unfair, deceptive or misleading trade
practice ‎related to the collection, access, storage, transfer, processing use or disclosure of consumer credit
 ‎information. ‎The Company and its Subsidiaries are in possession of all material Permits necessary for the current
operation of the Business and are in compliance in all material respects with the requirements and limitations included in such
Permits. Section 3.17 of the Disclosure Schedules lists all such Permits, and each such Permit is in full force and effect, and no
modification, termination, suspension or cancellation thereof is pending or threatened in writing. To the Company’s Knowledge,
no such Permit will be revoked, terminated or not renewed as a result of the consummation of the transactions contemplated by this
Agreement. There has been no material violation, cancellation, revocation or material default of any Permit. Neither the Company nor
any Subsidiary has received any written notice of, and to the Company’s Knowledge, neither the Company nor any Subsidiary is
under investigation with respect to, any purported material violation of, or any prospective obligation to take material remedial
action under, any Permits.

 

    25

     

    

 

3.18         
Privacy and Data Security Matters.

 

(a)           
The Company and the Subsidiaries have complied for the last three (3) years in all material respects with the Company’s publicly-available
privacy policies and applicable Privacy Laws. The Company and its Subsidiaries have reasonable physical, technical, organizational and
administrative ‎security measures and policies, which are designed, consistent with current industry standards in which the Company
operates, to comply with the requirements of the “Safeguards Rule” of the GLBA, including a publicly posted privacy policy
and a written ‎information security program (collectively “Data Policies”), in place to protect all Personal
 ‎Information collected by it or on its behalf from and against unauthorized access, modification, ‎use and/or disclosure that
are designed, consistent with current industry standards in which the Company operates, to comply with Privacy Laws and applicable Contracts.
The Data Policies include a requirement that all Personal Information be encrypted using commercially reasonable encryption methods both
while in transit and at rest. ‎The Company and its Subsidiaries have complied with its applicable Data Policies and applicable contractual
obligations governing the privacy and security of Personal Information. The execution of the transactions contemplated in connection with
this Agreement will not prevent the Company and its Subsidiaries’ from continuing to access, store, process, transfer and use after
the Closing any and all Personal Information collected prior to the Closing in the manner that it was accessed, stored, processed, transferred,
and used immediately prior to the Closing. The Company and its Subsidiaries do not, have not, and have not authorized any third party
to transfer, store, transmit or process any Personal Information outside of the United States. For the last three (3) years, the Company’s
and the Subsidiaries’ payment card processing has materially complied with, and has commercially reasonable policies to ensure continued
compliance with, applicable requirements of the Payment Card Industry Data Security Standard.

 

(b)            The
Company and its Subsidiaries have taken commercially reasonable steps designed, consistent with current industry standards in which
the Company operates, to ensure that third party vendors of the Company or its Subsidiaries that collect, access, process, store,
transfer or use Personal Information collected by or on behalf of the Company or the Subsidiaries have implemented and maintained,
commercially-reasonable safeguards to protect Personal Information in its possession or control against loss and against
unauthorized access, processing, use, modification, disclosure, or other misuse. To the extent a third party vendor accesses,
stores, processes, transfers or collects Personal Information on behalf of the Company or its Subsidiaries, the Company and its
Subsidiaries, as applicable, have entered into a Contract with such third party vendor requiring it to comply with Privacy Laws and
the Company’s privacy policies governing the Personal Information accessed, stored, processed, transferred or collected on
behalf of the Company or its Subsidiaries. To the Company’s Knowledge, no third party vendor is in material breach of any
obligation arising out of such Contract to comply with Privacy Laws with respect to Personal Information governed by such
Contract.

 

    26

     

    

 

(c)           
To the Company’s Knowledge, except as set forth in Section 3.18(c) of the Disclosure Schedules, within the last five (5)
years, there have been no data security breaches or unauthorized access to, use of, or disclosure of Personal Information, including any
that would require notification to a Person or Governmental Authority pursuant to applicable Laws. Except as set forth in Section 3.18(c)
of the Disclosure Schedules, the Company and its Subsidiaries have not received, from any Person, Governmental Authority, or any regulatory
or self-regulatory entity, any notice of any claims of, or been charged with, the violation of any Privacy Laws, or applicable provision
of a Contract to which the Company or a Subsidiary is a party that governs the privacy or data security of Personal Information, or assertion
of an unfair, misleading or deceptive trade practice regarding the collection, access, storage, transfer, processing, use or disclosure
of Personal Information by Company, its Subsidiaries or any third party vendor acting on behalf of or under the authority of Company or
its Subsidiaries.

 

3.19        
Affiliate Transactions. Except as set forth in Section 3.19 of the Disclosure Schedules, no Affiliate of the Company or
any Subsidiary (other than the Company or a Subsidiary), no Shareholder, and no Affiliate of a Shareholder: (a) owns any material
property or right, tangible or intangible, which is used in the Business; (b) owes any money to, or is owed any money by, the Company
or any Subsidiary (other than compensation and benefits owed by the Company or any Subsidiary to its respective employees in the Ordinary
Course of Business); or (c) provides services to the Company or any Subsidiary or is provided services by the Company or any Subsidiary
(other than services pursuant to employment by the Company or a Subsidiary). Except as set forth in Section 3.19 of the Disclosure Schedules,
there are no Contracts between the Company and its Subsidiaries, on the one hand, and any Shareholder or any Affiliate of a Shareholder
(other than the Company or its Subsidiaries), on the other hand, other than employment- and employee benefits-related Contracts.

 

3.20        
Brokers and Finders. Except for Marlin & Associates Securities L.L.C. and as set forth in Section 3.20 of the Disclosure
Schedules, the fees and expenses of which are included as a Company Transaction Expense, no broker or investment banker acting on behalf
of the Company or any Subsidiary is or will be entitled to any broker’s or finder’s fee or any other commission or similar
fee in connection with the transactions contemplated hereby.

 

    27

     

    

 

3.21         
Customers; Vendors.

 

(a)            Section
3.21(a) of the Disclosure Schedules sets forth a complete and accurate list of the top twenty (20) customers of the Company and its
Subsidiaries on a consolidated basis for the years ended December 31, 2019 and December 31, 2020 and for the interim period ending
on June 30, 2021, including sales to such customers during each such period, as measured by the aggregate revenue received by
Company (and its Subsidiaries) from such customers during such periods (the “Top Customers”). None of the
Top Customers has cancelled, terminated or otherwise materially altered its relationship with the Company or its Subsidiaries, and
none of the Top Customers has threatened in writing to, cancel, terminate or otherwise materially alter its relationship with the
Company or its Subsidiaries. There is no material dispute between the Company (or its Subsidiaries, as applicable) and any Top
Customer and, to the Company’s Knowledge, no Top Customer intends to terminate or materially limit or reduce its business
relations with the Company (or its Subsidiaries) or otherwise materially change its business relationship with the Company (or its
Subsidiaries).

 

(b)           
Section 3.21(b) of the Disclosure Schedules sets forth a complete and accurate list of the top twenty (20) suppliers of materials,
products or services of the Company and its Subsidiaries on a consolidated basis for the years ended December 31, 2019 and December 31,
2020 and for the interim period ending on June 30, 2021, including the Company’s (and its Subsidiaries’) aggregate purchases
therefrom during each such period, as measured by the aggregate purchases made by the Company (and its Subsidiaries) from such vendors
during such periods (the “Top Vendors”). None of the Top Vendors has cancelled, terminated or otherwise materially
altered its relationship with the Company (or its Subsidiaries) and none of the Top Vendors has threatened in writing to, cancel, terminate
or otherwise materially alter its relationship with the Company (or its Subsidiaries). There is no material dispute between the Company
(or its Subsidiaries) and any Top Vendor and, to the Company’s Knowledge, no Top Vendor intends to terminate or materially limit
or reduce its business relations with the Company (or its Subsidiaries) or otherwise materially change its business relationship with
the Company (or its Subsidiaries).

 

3.22         
Work-In-Process. All of the Work-In-Process consists of services rendered or being rendered and resultant work product saleable
by the Company and its Subsidiaries, as applicable, in the Ordinary Course of Business. All Work-In-Process consists of services provided
or work product delivered by the Company and its Subsidiaries in accordance with the applicable requirements under each respective Contract.
Except as set forth on Section 3.22 of the Disclosure Schedules, no Work-In-Process is subject to any material write-down or write-off
for which adequate reserves have not been included on the Unaudited Financial Statements.

 

3.23         
Orders Restricting Business Activities.

 

(a)           
Except as set forth on Section 3.23(a) of the Disclosure Schedules, there is no ‎Order specifically imposed on the Company
or its Subsidiaries that restricts, ‎has or would reasonably be expected to have, whether before or after consummation of this ‎Agreement,
the effect of restricting, any business practice of the Company or its Subsidiaries, ‎acquisition of property by the Company or
its Subsidiaries or the operation of the Business by ‎the Company or its Subsidiaries or limiting the freedom of the Company or
its Subsidiaries to ‎engage or participate, or compete with any other Person, in any line of business, market or ‎geographic
area.‎

 

(b)           
Except as set forth on Section 3.23(b) of the Disclosure Schedule, there are no Orders binding upon any Person that restricts the
conduct or operation of such ‎Person’s business in favor of the Company or its Subsidiaries.

 

    28

     

    

 

3.24         Foreign
Corrupt Practices Act; Improper Payments. None of the Company, its Subsidiaries, nor any of their directors, managers, officers,
employees or, to the Company’s Knowledge, agents, have, directly or indirectly, made, offered, promised or authorized any
payment or gift of any money or anything of value to or for the benefit of any “foreign official” (as such term is
defined in the U.S. Foreign Corrupt Practices Act of 1977, as amended (the “FCPA”)), foreign political
party or official thereof or candidate for foreign political office for the purpose of (i) improperly influencing any official act
or decision of such official, party or candidate, (ii) inducing such official, party or candidate to use his, her or its influence
to affect any act or decision of a foreign governmental authority, or (iii) securing any improper advantage, in the case of (i), (ii)
and (iii) above in order to assist the Company, any Subsidiary or any of their Affiliates in obtaining or retaining business
for or with, or directing business to, any Person. None of the Company, its Subsidiaries, nor any of their directors, managers,
officers, ‎employees or, to the Company’s Knowledge, agents, have made or authorized any bribe, rebate, ‎payoff,
influence payment, kickback or other unlawful payment of funds or received or retained ‎any funds in violation of any law,
rule or regulation. The Company and the Subsidiaries have maintained systems of internal controls (including, but not limited to,
 ‎accounting systems, purchasing systems and billing systems) and written policies to ensure ‎compliance with the FCPA or
any other applicable anti-bribery or anti-corruption Law. No ‎officers, managers, directors or employees of the Company or any
Subsidiary are the subject of ‎any allegation, voluntary disclosure, investigation, prosecution or other enforcement action
 ‎related to the FCPA or any other anti-corruption Law‎.

 

3.25         
Financial Accounts. Section 3.25 of the Disclosure Schedules sets forth a true and complete list, as of the Closing Date,
of (a) the names and locations of each bank, or similar financial institution, with which the Company and any Subsidiary has a bank,
investment, securities or brokerage account or safe deposit box and the numbers of such accounts and safe deposit boxes maintained by
the Company or any Subsidiary and (b) the names of all Persons authorized to draw on each account or to have access to each safe
deposit box.

 

3.26         
No Claims. Except as set forth on Section 3.26 of the Disclosure Schedules, to the Company’s Knowledge, no employee,
manager, officer or director of the Company or any Subsidiary, or any Shareholder or any of their Affiliates has any material claim of
any kind against the Company or any of its Subsidiaries, except in the case of any actual employee of the Company or any of its Subsidiaries
for accrued compensation and reimbursement of expenses that were incurred in the Ordinary Course of Business.

 

3.27         
COVID-19 Matters. Except as set forth in Section 3.27 of the Disclosure Schedules:

 

(a)          
Neither the Company nor any Subsidiary has claimed any Tax credit or deferral pursuant to any ‎COVID-19 ‎Law, or taken
any other action, that would, or would reasonably be expected to, ‎impair the ‎eligibility of Company, any Subsidiary or any
of their Affiliates to claim any payroll Tax credit or ‎deferral with ‎respect to the Business that is permitted by any COVID-19
Law.‎

 

(b)          
‎To the Company’s Knowledge, the Company and its Subsidiaries are in compliance in all material respects ‎‎with
any and all COVID-19 Measures applicable to any location in ‎which the Company or a Subsidiary ‎operates, and applicable COVID-19
employment leave Laws.‎

 

    29

     

    

 

(c)          
 ‎Neither the Company nor any Subsidiary has ‎implemented, or has plans to ‎implement, any material reductions
in hours, furloughs, or salary ‎reductions in connection with ‎COVID-19 that would (i) cause any employee currently classified
 ‎as “exempt” under federal ‎and state applicable Law to lose such “exempt” status, or (ii) cause ‎any
employee’s ‎compensation to fall below the applicable federal, state, or local minimum ‎wage.

 

3.28         
PPP Loan.

 

(a)           
The Company obtained a loan from PPP Lender in the initial principal amount of ‎‎$1,454,677.00 under ‎Section
 ‎‎36 of the SBA Act (as added to the SBA Act by ‎Section 1102 of the ‎CARES Act) ‎pursuant to ‎the
PPP Loan Documents (the “PPP Loan”), and accurate and complete ‎copies of which ‎have been ‎made
available to the Buyer. The PPP Loan is the only loan, financing ‎or grant provided to the‎ ‎Company or any of its Affiliates
under the CARES Act. As of the ‎Agreement Date, the outstanding principal ‎‎amount of the PPP Loan is $0.00. ‎

 

(b)           
‎‎The Company satisfied all of the criteria for the PPP Loan set forth in the CARES ‎Act, ‎‎including,
without limitation, that (i) the Company (if applicable, together with its affiliates as ‎‎‎defined under the CARES
Act) satisfied the size eligibility criteria for obtaining the PPP Loan, ‎‎‎‎(ii) the proceeds of the PPP Loan
were used solely ‎for ‎‎PPP Allowable Uses, (iii) the Company did not have an application pending for a loan under ‎‎‎subsection
7(a) of the SBA Act or the CARES Act for the same purposes and duplicative of ‎‎‎amounts applied for or received under
the PPP Loan, (iv) the Company has not received ‎amounts ‎under ‎subsection 7(a) of the SBA Act for the same purpose
and duplicative of ‎amounts applied ‎for or ‎received under the PPP Loan and (v) the PPP Loan constituted “covered
 ‎loans” as such ‎term is ‎defined in Section 7(a)(36) of the SBA Act. ‎

 

(c)           
‎At least sixty percent (60%) of the PPP Loan was used to ‎fund U.S. payroll of the ‎‎Company.‎

 

3.29         
No Other Representations or Warranties.

 

(a)           
Except for the representations and warranties expressly set forth in this Article 3, the Company makes no representation
or warranty of any kind whatsoever, express or implied, to the Buyer, and the Company hereby disclaims any such representation or warranty,
whether by or on behalf of the Company or any Subsidiary, and notwithstanding the delivery or disclosures to Buyer, or any of their representatives
or Affiliates of any documentation or other information by the Company or any of its representatives or Affiliates with respect to any
one or more of the foregoing.

 

(b)           
The Company makes no representation or warranty with respect to any projections, forecasts or other estimates, plans or budgets
of future revenues, expenses or expenditures, future results of operations (or any component thereof), future cash flows (or any component
thereof) or future financial condition (or any component thereof) of the Company or any Subsidiary or the future business, operations
or affairs of the Company or any Subsidiary heretofore or hereafter delivered to or made available to the Buyer or its representative
or Affiliates.

 

    30

     

    

 

ARTICLE 4.

REPRESENTATIONS AND WARRANTIES OF THE SHAREHOLDERS

 

In order to induce Buyer to
enter into this Agreement, each Shareholder, severally and not jointly, represents and warrants to the Buyer that the statements contained
in this Article 4 are true and correct as of the Agreement Date and as of the Closing Date.

 

4.1           
Authority of Such Shareholder. Such Shareholder has the capacity and all requisite legal power and authority to enter into
this Agreement and to carry out the transactions contemplated herein. This Agreement has been duly and validly executed and delivered
by such Shareholder and constitutes the legal, valid and binding obligation of such Shareholder, enforceable against such Shareholder
in accordance with its terms, except as may be limited by (a) applicable bankruptcy, insolvency, moratorium, reorganization or similar
Laws from time to time in effect which affect creditors’ rights generally, or (b) legal and equitable limitations on the availability
of specific remedies.

 

4.2          
No Conflicts. The execution and delivery by such Shareholder of this Agreement does not, and the consummation of the transactions
contemplated hereby and thereby will not, violate, conflict with or result in a default under (or an event which, with notice or lapse
of time or both, would constitute a default), or require any consent, approval or waiver under, any term, condition or provision of any
Contract to which such Shareholder is a party or by which such Shareholder is bound, require the consent, authorization or approval of,
or any filing with, any Governmental Authority or other Person or result in any violation of any Law applicable to such Shareholders or
its properties or assets.

 

4.3           
Title to Shares. Except as set forth in Section 4.3 of the Disclosure Schedules, such Shareholder is the sole record and
beneficial owner of the Shares set forth next to such Shareholder’s name on Exhibit A, which constitute all of the equity
interests of the Company held by such Shareholder. Such Shareholder has good and valid title to such Shares, free and clear of all Liens,
claims, demands and restrictions on transfer, and has full power, right and authority to transfer such Shares hereunder. The equity interests
reflected on Exhibit A represent such Shareholder’s entire ownership interest in the Company. Such Shareholder has the full
right, power and authority to transfer, convey and sell to the Buyer the Shares owned of record by such Shareholder, and upon execution
and delivery of the stock powers contemplated hereby, such Shareholder will transfer to the Buyer good and valid title to the Shares,
free and clear of all Liens.

 

4.4          
Litigation. There are no Proceedings pending against such Shareholder, at Law or in equity, by or before any Governmental
Authority, or by or on behalf of any third party with respect to execution of this Agreement or consummation by such Shareholder of the
transactions contemplated hereby.

 

4.5          
No Claims. Such Shareholder does not have a claim of any kind against the Company, except for accrued compensation and reimbursement
of expenses that were incurred in the Ordinary Course of Business, substantially consistent with past practice and which are set forth
with particularity as to such Shareholder in the Disclosure Schedules.

 

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4.6         
 Brokers and Finders. Except for Marlin & Associates Securities L.L.C. and as set forth in Section 4.6 of the Disclosure
Schedules, no broker or investment banker acting on behalf of such Shareholder is or will be entitled to any broker’s or finder’s
fee or any other commission or similar fee directly or indirectly in connection with any of the transactions contemplated hereby.

 

ARTICLE
5.

REPRESENTATIONS AND WARRANTIES OF THE BUYER

 

The Buyer represents and warrants
to the Company and the Shareholders that the statements contained in this Article 5 are true and correct as of the Agreement Date
and as of the Closing Date.

 

5.1          
Organization of the Buyer. The Buyer is a corporation duly incorporated, validly existing and in good standing under the
laws of its jurisdiction of organization. The Buyer has all requisite entity power and authority to own, lease and operate its properties
and carry on its business as now being conducted.

 

5.2          
Authorization; Enforceability. The Buyer has all requisite power and authority to enter into this Agreement and to carry
out the transactions contemplated herein. The execution, delivery and performance by the Buyer of this Agreement have been duly authorized
by all necessary corporate action. This Agreement has been duly and validly executed and delivered by the Buyer and constitutes the legal,
valid and binding obligation of the Buyer, enforceable against the Buyer in accordance with its terms, except as may be limited by (a)
applicable bankruptcy, insolvency, moratorium, reorganization or similar Laws from time to time in effect which affect creditors’
rights generally, or (b) legal and equitable limitations on the availability of specific remedies.

 

5.3          
No Conflicts; Consents and Approvals. The consummation of the transactions contemplated hereby and the performance by the
Buyer of its obligations hereunder will not: (a) violate or conflict with any Charter Documents of the Buyer, (b) result in a material
breach or constitute a material default under any material Contract to which the Buyer is a party or by which any of the Buyer’s
assets are bound, (c) result in any material violation of any Law applicable to the Buyer or (d) require the consent, authorization or
approval of, or require any notification to, any Person that is necessary for the consummation of the transactions contemplated hereby,
except pursuant to the Hart-Scott-Rodino Act or as required pursuant to applicable federal or state securities Laws.

 

5.4           
Litigation. There is no Proceeding pending, or to the knowledge of Buyer, threatened, that questions the legality or propriety
of the transactions contemplated by this Agreement or that would reasonably be expected to restrain, enjoin, prevent, hinder, delay, condition
or prohibit the consummation of the transactions contemplated hereby.

 

5.5          
Brokers and Finders. No broker or investment banker acting on behalf of the Buyer is or will be entitled to any broker’s
or finder’s fee or any other commission or similar fee directly or indirectly in connection with any of the transactions contemplated
hereby.

 

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5.6          
 Financial Ability. The Buyer acknowledges and agrees that its obligations under this Agreement are not subject to any condition
regarding Buyer’s ability to obtain financing for the consummation of the transactions contemplated by this Agreement or the satisfaction
of the terms of any financing. The Buyer has available, and at the Closing will have available and be in a position to deliver, sufficient
funds to pay in full the Purchase Price in cash as contemplated by, and on the terms and subject to the conditions set forth in, this
Agreement, and will have sufficient cash to pay all other amounts required to be paid by the Buyer under this Agreement (whether payable
on or after the Closing), and all related fees and expenses of the Buyer associated with the transactions contemplated by this Agreement.

 

5.7          
Investment Intent. The Buyer is purchasing the Shares for its own account, for investment only and not with a view to, or
any present intention of, effecting a distribution of such securities or any part thereof except pursuant to a registration or an available
exemption under applicable Law. The Buyer acknowledges that the Shares have not been registered under the Securities Act of 1933, as amended
(the “Securities Act”), or the securities laws of any state or other jurisdiction and cannot be disposed of
unless they are subsequently registered under the Securities Act and any applicable state laws or an exemption from such registration
is available.

 

5.8          
Other Transactions. To the Buyer’s Knowledge, the Buyer has not entered into any agreement for the acquisition, merger,
consolidation or purchase of any other entity, or a substantial portion of the assets thereof, that (i) could reasonably be expected to
materially increase the risk of any Governmental Authority prohibiting the consummation the transactions contemplated hereby or (ii) would
require Buyer to obtain, prior to the Outside Date, clearance under the Hart-Scott-Rodino Act and under any other applicable Antitrust
Law.

 

5.9            Independent
Investigation; Disclaimer of Other Representations. The Buyer has conducted its own independent investigation, review and
analysis of the Business, results of operations, condition (financial or otherwise) and assets of the Company and its Subsidiaries,
and acknowledges that it has been provided adequate access to the personnel, properties, assets, premises, books and records, and
other documents and data of the Company and the Subsidiaries for such purpose. The Buyer acknowledges and agrees that (a) in making
its decision to enter into this Agreement and to consummate the transactions contemplated hereby, it has relied solely upon its own
investigation and the express representations and warranties set forth in Article 3 and Article 4 of this Agreement
(including the related portions of the Disclosure Schedules), and (b) the representations and warranties made in Article 3
(and as a qualified by the Disclosure Schedules) are the exclusive representations and warranties made with respect to the Company,
its Business, or its assets, and (c) none of the Shareholders, the Company or any other Person has made any representation or
warranty as to the Company and its Subsidiaries or the Shareholders, except as expressly set forth in Article 3 and Article
4 of this Agreement (including the related portions of the Disclosure Schedules). The Buyer specifically disclaims that it is
relying upon or has relied upon any such other representations or warranties that may have been made by any Person, and acknowledges
that the Company and the Shareholders and their respective Affiliates hereby specifically disclaim any such other representation or
warranty made by any Person. The Company is not, directly or indirectly, and no other Person on behalf of the Company is, making,
and the Buyer specifically disclaims that it is relying on, any representations or warranties regarding any pro-forma financial
information, financial projections or other forward-looking prospects, risks or statements (financial or otherwise) of the Company
made, communicated or furnished (orally or in writing) to the Buyer or its Affiliates or their respective representatives (including
any opinion, information, projection or advice in any management presentation or the confidential information memorandum provided to
the Buyer and its Affiliates and their respective representatives), and the Company disclaims any and all liability and
responsibility for any such information and statements.

 

    33

     

    

 

ARTICLE
6.

COVENANTS

 

6.1           
Cooperation; Efforts. The Buyer and the Company agree to reasonably cooperate with each other in connection with any actions
reasonably required to be taken as part of their respective obligations under this Agreement and, except as otherwise provided in this
Agreement, use their commercially reasonable efforts to consummate the transactions contemplated by this Agreement as soon as practicable.

 

6.2           
Notices and Consents. Each of the Buyer and the Company will give any notices to, make any filings with, and use commercially
reasonable efforts to obtain any authorizations, consents and approvals of, any Governmental Authority or third party that are necessary
in connection with the transactions contemplated hereby.

 

6.3          
Access. The Company will, and the Company will cause the Subsidiaries to, afford to the Buyer and its representatives reasonable
access, during normal business hours upon reasonable notice throughout the period prior to the Closing, to the Company’s and the
Subsidiaries’ respective facilities, books, financial information (including working papers and data in the possession of the Company’s
independent public accountants), Contracts and records of the Company and the Subsidiaries and, during such period, will furnish such
information concerning the businesses, properties and personnel of the Company and the Subsidiaries as the Buyer may reasonably request;
provided, however, that (i) such investigation will not unreasonably disrupt the Company’s and the Subsidiaries’
operations; (ii) the Company and its Subsidiaries will not be required to disclose any information that would jeopardize attorney-client
privilege, contravene any applicable Law or violate any agreement binding on the Company or any Subsidiary as of the Agreement Date; and
(iii) such access to the Company’s or any Subsidiary’s facilities shall not extend to the taking of samples of the building
materials, groundwater, surface water, indoor or outdoor air, soil or soil vapor at the facilities without the Company’s prior written
consent, except for sampling on the Owned Real Property as provided for by Section 6.17. All nonpublic information provided to,
or obtained by, the Buyer in connection with the transactions contemplated hereby will be “Information” for purposes of the
Confidentiality Agreement dated March 15, 2021, among the Buyer and the Company (the “Confidentiality Agreement”),
the terms of which will continue in force until the Closing; provided, however, that the Buyer and the Company may disclose
such information as may be necessary in connection with seeking necessary consents and approvals as contemplated hereby.

 

    34

     

    

 

6.4           Operation
of Business Prior to Closing. Prior to the Closing Date, except as set forth in Section 6.4 of the Disclosure Schedules, the
Company and its Subsidiaries will not take any action or enter into any transaction outside the Ordinary Course of Business, except
(a) as otherwise contemplated, required or permitted by this Agreement and the Transaction Documents, (b) as required by applicable
Law, (c) as required by a Governmental Authority of competent jurisdiction, or (d) to the extent the Buyer otherwise consents in
writing (which consent will not be unreasonably withheld, delayed or conditioned). Notwithstanding the foregoing or anything else in
this Agreement to the contrary, any action taken or omitted to be taken by the Company that is necessary to comply with any
applicable Laws or Orders enacted or issued in response to COVID-19 will be deemed, without further action and without consent of
the Buyer, to comply with the Company’s covenants and agreements contained in this Agreement; provided, that, to the extent
reasonably practicable, the Company shall give notice to the Buyer with respect to any such action. Without limiting the generality
of the foregoing, except as (x) contemplated by or necessary to effectuate the transactions contemplated by this Agreement and the
Transaction Documents, (y) required by applicable Law, or (z) set forth in Section 6.4 of the Disclosure Schedules, during the
period from the Agreement Date to the Closing Date, without the prior written consent of the Buyer (which consent shall not be
unreasonably withheld, conditioned or delayed), the Company and its Subsidiaries will not (in each case, other than in the Ordinary
Course of Business):

 

(a)           
issue, sell, redeem or purchase any of the equity securities of the Company or any Subsidiary, or grant or enter into any options,
warrants, rights, agreements or commitments with respect to the issuance of the securities of the Company and its Subsidiaries, or amend
any terms of any such equity securities or agreements;

 

(b)           
effect any recapitalization, reorganization, stock split, stock combination, stock reclassification or any similar action or like
change in the capitalization of Company, or redeem, repurchase or otherwise acquire, directly or indirectly, any of its capital stock
or other equity interests;

 

(c)           
adjust, split, combine, subdivide or reclassify any shares of its capital stock or other equity interests, as the case may be,
or any option, warrant, preemptive right, call, or right relating thereto;

 

(d)           
(i) sell, lease, transfer or otherwise dispose of any of its material properties, assets or rights, other than (1) sales or licenses
in the Ordinary Course of Business consistent with past practice, (2) dispositions of obsolete or unsalable inventory or equipment or
(3) transfers of other material properties, assets or rights in an amount not to exceed $50,000 in value individually or $100,000 in the
aggregate; (ii) permit, allow or suffer any of its material properties or assets to be subjected to any Lien other than Permitted Liens;
(iii) acquire any properties, assets or rights in an amount in excess of $50,000 individually or $100,000 in the aggregate; or (iv) lease
any properties with annual base rent in excess of $50,000, other than renewals of existing leases in the Ordinary Course of Business;

 

(e)           
create, incur, assume or guarantee any Indebtedness in excess of $100,000;

 

(f)            
change any of the material accounting, financial reporting or Tax principles, practices or methods used by Company, except as may
be required in order to comply with changes in GAAP or applicable Law;

 

    35

     

    

 

(g)           
 acquire by merging or consolidating with, or by purchasing a substantial portion of the assets or equity securities of, or by
any other manner, any corporation, partnership, joint venture or other entity;

 

(h)           
make or authorize any capital expenditures or commitment for capital expenditures in excess of $100,000;

 

(i)            
effectuate a “plant closing” or “mass layoff” (as those terms are defined under the WARN Act) of employees
of the Company and its Subsidiaries;

 

(j)            
amend any of the Charter Documents of the Company and its Subsidiaries;

 

(k)           
permit the Company or any Subsidiary to dissolve, wind-up or liquidate;

 

(l)            
fail to renew or permit to lapse any insurance policy that is in effect as of the date hereof;

 

(m)          
apply for a loan or enter into any loan agreement, promissory note or similar arrangement under the PPP or other similar arrangement
under any COVID-19 Law, or take any other action in respect of any of the foregoing;

 

(n)           
make any Tax election inconsistent with prior practice (which “prior practice” involves the making of the same elections
that were made on the Tax Returns in the most recent prior Tax periods), revoke or change any written Tax election, change any annual
accounting period, make any change to its Tax accounting method, file any amendment of any Tax Return, enter into any closing agreement
relating to Taxes, make any settlement of or compromise any Tax claim or assessment, surrender any right to claim a Tax refund or consent
to any extension or waiver of the limitation period applicable to any Tax claim or assessment, or, except as required by applicable Tax
Laws, file any Tax Return inconsistent with past practice or prior positions;

 

(o)          
(i) hire or engage any Person who will earn annual base compensation or annual aggregate fees in excess of $200,000, (ii) terminate
the employment of any executive or officer of the Company, (iii) pay, or become liable for, a bonus, severance or other benefit to any
Person other than pursuant to the terms of an existing Benefit Plan disclosed hereunder or to the extent any such bonus will be included
in Company Transaction Expenses, (iv) change any benefits under any Benefit Plan or increase the compensation payable, whether conditional
or otherwise, to any Person (other than any increase in benefits or other compensation required by applicable Law or pursuant to the terms
of an existing Benefit Plan disclosed hereunder); or

 

(p)           
agree, whether in writing or otherwise, to do any of the foregoing.

 

Notwithstanding anything contained
in this Agreement to the contrary, (A) nothing contained herein shall give to the Buyer, directly or indirectly, the right to control
or direct the Business of the Company and its Subsidiaries prior to the Closing, and (B) the Shareholders may cause the Company and its
Subsidiaries, in each case, in its sole discretion to, and the Company and its Subsidiaries may, at any time or from time to time prior
to the Closing use any cash on hand for any purpose (including making distributions or dividends to the Shareholders or any of its Affiliates,
paying any Taxes (including estimated Taxes) or repaying any Indebtedness).

 

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6.5            Directors’
and Officers’ Indemnification. For a period of not less than six (6) years from the Closing Date, the Buyer will use its commercially
reasonable efforts to cause the Company and each of the Subsidiaries to exculpate, indemnify, advance expenses to and hold harmless all
of its past and present directors and officers for any acts or omissions occurring at or prior to the Closing, as provided in the Company’s
Charter Documents, subject to the liabilities or obligations of the Shareholders pursuant to the terms of this Agreement. In the event
that any claim for indemnification or advancement of expenses is asserted or made within such six (6) year period, all rights to indemnification
and advancement of expenses will continue until such claim is disposed of or all Orders of any Governmental Authority in connection with
such claim are fully satisfied. This Section 6.5 will survive the Closing, and is expressly intended to be for the benefit of,
and enforceable by, each of the former or present directors and officers of the Company and its Subsidiaries and their respective heirs
and legal representatives. In the event that the Company, any of its Subsidiaries or any of its their respective successors or assigns
(a) consolidates with or merges into any other Person and is not the continuing or surviving corporation or entity of such consolidation
or merger or (b) transfers or conveys all or a majority of its properties and assets to any Person, then, in each such case, proper provision
will be made so that the successors and assigns of the Company or such Subsidiary will expressly assume and succeed to the obligations
set forth in this Section 6.5.

 

6.6           Employee Matters.

 

(a)           
Following the Closing, with the exception of the Company employees designated ‎‎by the Buyer to be offered employment
agreements upon mutually agreeable terms, the Buyer ‎shall, ‎or shall cause the Company to, provide those employees of Company
as of ‎‎immediately prior to the Agreement Date and as shall be further designated by the Buyer, in its ‎‎sole
discretion, to continue as employees of the Company following the Closing on an at-‎will ‎basis (each, a “Continuing
Employee”) with: (i) an initial compensation package ‎substantially ‎similar to that provided to each such Continuing
Employee by the Company immediately prior ‎‎to the Agreement Date to the extent the same is substantially equivalent to similarly
situated ‎‎employees of the Buyer; and (ii) upon the Buyer’s eventual integration of the Continuing ‎Employees
into the employee benefit ‎arrangements maintained by the Buyer or its controlling ‎Affiliate (each, a “Buyer
Employee ‎Benefit Arrangement”), eligibility to participate in such ‎Buyer Employee ‎Benefit Arrangements
on substantially the same basis as similarly situated ‎employees of ‎the Buyer or its Affiliates. Following the Closing, the
timing of the Buyer’s roll out of ‎offered participation in the Buyer Employee Benefit Arrangements to the Continuing ‎Employees,
shall be determined in Buyer’s sole discretion. ‎

 

(b)           
As of and following the Closing Date and, to the extent allowed ‎by applicable ‎Law and the terms of the subject Buyer
Employee Benefit Arrangement, ‎each such Continuing ‎Employee shall receive credit for all service for his or her period of
 ‎service with the Company ‎prior to the Closing Date under the Buyer Employee Benefit ‎Arrangements, including ‎eligibility
to participate, vesting and benefit accrual where length ‎of service is relevant; ‎provided, however, (i) that
such service need not be credited to the ‎extent that (A) it would result in ‎duplication of coverage or benefits, or (B)
it ‎was not recognized under the corresponding Benefit Plan, and (ii) the Buyer and its Affiliates shall not be required to recognize
such service for benefit accrual purposes ‎under any Buyer Employee Benefit Arrangement that is a defined benefit pension plan.‎

 

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(c)           
 ‎The Continuing Employees are not third-party beneficiaries of the provisions of ‎this Section 6.6, and nothing
herein expressed or implied will give or be construed to give ‎any Continuing ‎Employee or any other Person (other than the
parties hereto) any legal or ‎equitable rights hereunder. ‎Subject to any written employment or other Contracts to the ‎contrary,
nothing contained in this ‎Section 6.6, ‎however, will prohibit the Company or the Buyer ‎from terminating at
 ‎will any such Continuing ‎Employees for any reason or no reason ‎following the Closing. ‎Nothing in this ‎Section
6.6 will be construed as an amendment to ‎any Benefit Plan or Buyer Employer ‎Benefit Arrangement or any other ‎compensation
or benefit plans maintained by the Buyer, the ‎Company or its successor (or any ‎of their Affiliates) prior to or following
the Closing Date.‎

 

(d)          
Prior to the Closing Date, the Company shall execute a corporate resolution terminating ‎each of (i) the Informative Research
Deferred Compensation Plan (the “Deferred Compensation Plan”), and (ii)‎ the Informative Research 401(k)
Plan (the “401(k) Plan”) effective one day prior to the Closing Date, and such termination shall be contingent
upon the occurrence of the Closing. To the extent any participant’s account balance will not be distributed from the Deferred ‎Compensation
Plan in connection with the Closing, the corporate resolution described in the ‎preceding sentence shall provide that such participant’s
account balance shall be distributed ‎within thirty (30) days after the Closing Date. ‎Following the termination of the 401(k)
Plan, the Company shall cease all further contributions to the 401(k) Plan for compensation earned on or after the Closing Date and, to
the extent the 401(k) Plan provides for loans to participants, shall cease making any such additional loans to participants under the
401(k) Plan effective as of the 401(k) Plan termination date. Subject to and in accordance with the terms of the Buyer’s 401(k)
plan, Buyer agrees to cause Buyer’s 401(k) plan to allow each Continuing Employee to make a “direct rollover” to Buyer’s
401(k) plan of the account balances of such Continuing Employee under the Company’s 401(k) Plan.

 

(e)           
Effective from and after the Closing Date, the Buyer will be solely responsible for providing notice for any plant closing or mass
layoff in accordance with the WARN Act.

 

6.7            Notice of Certain Events.

 

(a)           
Prior to the Closing, the Company may elect at any time to notify the Buyer of any development causing a breach of or inaccuracy
in any of its representations and warranties contained in Article 3. Unless the Buyer has the right to terminate this Agreement
pursuant to Section 7.6 by reason of the development and exercises that right within ten (10) Business Days after receipt of a
written notice of the Company delivered pursuant to this Section 6.7(a), such notice will be deemed to have amended the applicable
Sections of the Disclosure Schedules, to have qualified the representations and warranties contained in Article 3, and to have
cured any misrepresentation or breach of warranty that otherwise might have existed hereunder by reason of the development.

 

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(b)          
The Company and the Buyer will promptly notify the other in writing upon becoming aware of any Order or any complaint praying for
an Order restraining, enjoining, preventing, prohibiting or challenging the consummation of the transactions contemplated by this Agreement
or upon receiving any notice from any Governmental Authority of its intention to institute an investigation into, or institute a Proceeding
to restrain, enjoin, prevent or prohibit the consummation of the transactions contemplated hereby.

 

6.8            R&W Policy. At Closing, the Buyer will obtain a R&W Policy with a coverage limit not to exceed $19,200,000 and
that contains terms and conditions that are mutually acceptable to the Buyer and the Shareholder Representative, including (a) coverage
of all representations and warranties ‎contained in Article 3 and Article 4, in each case, subject to any exclusions
and limitations ‎contained therein, (b) a ‎retention amount not to exceed One Million Nine Hundred Twenty Thousand Dollars
($1,920,000) and (c) terms to the effect that the R&W Insurer (i) waives, and agrees not to pursue, directly or indirectly, any subrogation
rights against the Shareholders with respect to any claim made by any insured thereunder (other than in the case of Fraud) and (ii) agrees
that the Buyer has no obligation to pursue any claim against the Shareholders or the Company in connection with any Loss, and the Buyer
will ensure that such terms are held by the Buyer in trust for the Shareholders. From and after the Agreement Date, the Buyer will not,
and will cause each of its Affiliates not to, amend, modify, terminate or otherwise waive any terms or conditions of the R&W Policy
so as to expand or enlarge the subrogation or contribution rights of the R&W Policy carrier under the R&W Policy without the prior
written consent of the Shareholder Representative. Notwithstanding that Buyer has obtained the R&W Policy and may have effected any
 ‎related advancements in connection therewith, fifty percent (50%) of all fees, costs and premiums, ‎including surplus lines
taxes, that are required to be paid to the insurer under the R&W Policy for ‎the full term of the R&W Policy and to the
insurance brokerage for arranging, negotiating and ‎placing the R&W Policy (collectively, the “R&W Premium”),
shall be borne by the Shareholders, as a Company ‎Transaction Expense and shall be paid at Closing.

 

6.9            Regulatory Matters.

 

(a)            Each
of the Buyer and the Company shall, and shall cause their respective Affiliates to, (i) as promptly as practicable but in no
event later than the third (3rd) Business Day following the date hereof, file or cause to be filed the filings required of it or any
of its Affiliates with any applicable Governmental Authority or required under applicable Law in connection with this Agreement and
the transactions contemplated hereby, which filings include, if available, a request for early termination of the applicable waiting
period under the Hart-Scott-Rodino Act; (ii) use commercially reasonable efforts to obtain the required consents from
Governmental Authorities, including antitrust clearance under the Hart-Scott-Rodino Act and under any other applicable Antitrust
Law, as promptly as practicable, and in any event prior to the Outside Date; (iii) at the earliest practicable date
substantially comply with (or properly reduce the scope of) any formal or informal request for additional information or documentary
material received by it or any of its Affiliates from any Governmental Authority; (iv) “withdraw and refile” the filings
required under the Hart-Scott-Rodino Act at the suggestion or recommendation of the Antitrust Division of the United States
Department of Justice or the United States Federal Trade Commission; and (v) consult in advance and cooperate with the other party
in connection with, and permit the other party to review and discuss in advance, and consider in good faith the views of the other
party in connection with, any communications, analyses, appearances, presentations, memoranda, briefs, arguments, opinions and
proposals to be made or submitted by or on behalf of any party in connection with any inquiry, investigation or Proceeding under or
relating to any applicable Laws. Each of the Buyer and the Company will (A) promptly inform the other party of the content and
status of any oral communication with, and promptly provide the other party copies of any written communication made to or received
by either the Buyer or the Company, as the case may be, from any Governmental Authority regarding any such filing or any of the
transactions contemplated hereby, and, subject to applicable Law, permit the other party to review and discuss in advance, and
consider in good faith the views of the other party in connection with, any proposed written communication to any such Governmental
Authority and incorporate the other parties’ reasonable comments; (B) not participate in any substantive meeting or discussion
with any such Governmental Authority in respect of any filing, investigation or inquiry concerning this Agreement or the
transactions contemplated hereby, or enter into any agreement with any Governmental Authority, unless, to the extent permitted by
applicable Law, it consults with the other party in advance and, to the extent permitted by such Governmental Authority, gives the
other party the opportunity to attend and/or participate; provided, however, that notwithstanding the foregoing, each
party may have individual ‎independent discussions with any Governmental Authority regarding (i) any request under the
Hart-Scott-Rodino ‎Act or other Antitrust Laws for additional information, documents or other materials received ‎by it
or any of its Affiliates from any Governmental ‎Authority or (ii) any matter involving confidential, proprietary or
competitively sensitive information; provided, further, however, that the Buyer may conduct such meetings or
discussions if the Buyer determines in good faith, taking into account the relevant facts and circumstances at the time, that the
taking of such action is reasonably likely to enhance the likelihood of obtaining any antitrust clearance under the
Hart-Scott-Rodino ‎Act or any other applicable Antitrust Law by the Outside Date; and (C) furnish the other party with copies
of all correspondence, filings, written communications between them and their Affiliates and their respective representatives on one
hand and any such Governmental Authority or its respective staff on the other hand, with respect to this Agreement and the
transactions contemplated hereby. Notwithstanding anything in this Section 6.9, materials may be redacted to (x) remove
references to valuation, (y) as necessary to comply with contractual requirements and applicable Laws and (z) as necessary to
address reasonable attorney-client work product or other confidentiality or privileged concerns.

 

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(b)           
Notwithstanding any advance of funds by Buyer related to the filing submission, the Buyer and the Company shall each be responsible
for the payment of fifty percent (50%) of the filing fee under the Hart-Scott-Rodino Act. Each party shall be responsible for the payment
of its and any of its respective Affiliates’ expenses, including reasonable legal fees and expenses, in complying with any request
for additional information or documentary material from any Governmental Authority.

 

(c)            Notwithstanding
the foregoing, nothing contained in this Agreement shall be construed so as ‎to require the Buyer or any of its respective
Affiliates, without the Buyer’s written consent, or the Company or any of its respective Affiliates, without both the
Company’s and the Buyer’s written consent, to (i) ‎sell, license, dispose of, hold separate or operate in any
specified manner any of its ‎respective assets, properties or businesses (or to agree or commit to any of the
 ‎foregoing), (ii) enter into any consent decree, Order or Contract with any Governmental Authority or other Person that alters
its ‎business or commercial practices in any way or that in any way limits or could ‎reasonably be expected to limit the
right of the Buyer to own, operate or retain all or ‎any portion of the Shares or all or any portion of the Buyer’s or
the Company’s assets, ‎properties or businesses or the Buyer’s freedom of action with respect thereto or to
 ‎otherwise receive the full benefits of this Agreement, (iii) contest, resist or defend any ‎investigation or
Proceeding instituted (or threatened to be instituted) by any ‎Governmental Authority or other Person challenging this
Agreement or the ‎transactions contemplated by this Agreement or (iv) have ‎vacated, lifted, reversed or overturned any
Order (whether temporary, preliminary or ‎permanent) or any Law that is effect and that enjoins, restrains, prevents,
prohibits or ‎makes illegal the consummation of the transactions contemplated by this Agreement. ‎Notwithstanding any
provisions of this Agreement to the contrary, the obligations of each party under Sections 6.2 and 6.9 of this
Agreement to use commercially reasonable ‎efforts shall be limited to compliance with the reporting provisions of the
Hart-Scott-‎Rodino Act and any other Antitrust Law and with its express obligations under this ‎Section
6.9‎.

 

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6.10         
No Solicitation of Transactions. Except as otherwise contemplated in this Agreement, the Shareholders shall not and shall
cause the Company and its Subsidiaries not to, directly or indirectly, take (and the Shareholders shall not authorize any of its or their
respective directors, managers, officers, employees, accountants, consultants, legal counsel, advisors, agents and other representatives
or, to the extent within the Company’s control, other Affiliates to take) any action to (a) solicit, initiate or facilitate any
Acquisition Proposal, (b) enter into any agreement with respect to any Acquisition Proposal or enter into any agreement requiring it to
abandon, terminate or fail to consummate the transactions contemplated by this Agreement or (c) participate in any way in negotiations
with, or furnish any information to, any Person in connection with the making of any proposal that constitutes an Acquisition Proposal.
Upon execution of this Agreement, the Shareholders shall, and shall cause the Company and its Subsidiaries to, cease immediately and cause
to be terminated any and all existing discussions or negotiations with any Persons conducted heretofore with respect to an Acquisition
Proposal other than in connection with the transactions contemplated hereby.

 

6.11         
Confidentiality.

 

(a)           
Each of the Shareholders shall keep confidential (i) all trade secrets of the Company for all time periods from and after the Closing
Date for so long as such trade secrets remain trade secrets and (ii) at all times during the Restricted Period any and all other proprietary
or confidential ‎information that pertains to the Company (“Protected Information”), except (A) pursuant
to any Order, as required in any ‎Proceeding, or as otherwise required by applicable Law; provided, that such Shareholder
shall notify ‎the Buyer promptly of such requirement so that the Buyer may seek an appropriate protective ‎order; provided,
further, that if such disclosure is required, such Shareholder shall use reasonable ‎best efforts to obtain, at the reasonable
request of the Buyer and at the Buyer’s sole expense, an Order or other assurance that ‎confidential treatment shall be accorded
to such portion of the Protected Information required ‎to be disclosed as the Buyer shall designate, (B) for information that is
or becomes generally ‎available to the public other than as a result of a breach of this Section 6.11, (C) to the ‎extent
that such information is, following the Closing Date, acquired by such Shareholder or an ‎Affiliate of such Shareholder on a non-confidential
basis other than as a result of a breach of this ‎Section 6.11 or (iv) information that is disclosed following receipt of
the written consent of ‎the Buyer to such disclosure being made. During the Restricted Period, each Shareholder shall refrain from
using any of the Protected Information, and, for all time periods from and after the Closing Date for so long as the Company’s trade
secrets remain trade secrets, each Shareholder and its Affiliates shall refrain from using any of such trade secrets, except in each case
in connection with ‎this Agreement or any related agreement or the transactions contemplated hereby or thereby or ‎as otherwise
required by applicable Law.‎

 

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(b)          
Notwithstanding anything contained in this Agreement to the contrary herein, the Shareholders and their respective Affiliates may
disclose this ‎Agreement and its terms on a confidential basis to its respective legal, financial and Tax ‎advisors, provided,
in each case, that such Persons have agreed or are under professional duties to keep confidential this ‎Agreement and its terms.‎

 

6.12          Releases and Waivers Except for (a) any claims arising under this Agreement or any Transaction Documents, (b) accrued compensation
and reimbursement of expenses that were incurred in the Ordinary Course of Business and claims for contingent indemnification obligations;
and (c) rights to indemnification and advancement of expenses under the provisions of the Charter Documents of the Company in a Shareholder’s
capacity as a manager, director, officer or employee (or similar capacity) or serving as fiduciaries, trustees or agents at the request
of the Company or under any errors and omissions insurance policy; effective upon the Closing, each Shareholder (on its behalf and on
behalf of its Affiliates) hereby waives and releases all rights, claims, debts, actions or causes of action, known or unknown, including
any claims arising out of any foreign, federal, state, or local applicable Law arising out of tort, Contract, or common law, existing
on or prior to the Closing Date that such Shareholder (or his or her Affiliates) has or might have against the Company or its representatives,
successors or assigns, and agrees not to bring or threaten to bring or otherwise join in any Proceeding relating to, arising out of or
in connection with any of the foregoing.

 

6.13         
Non-Competition; Non-Solicitation.

 

(a)           
‎Each of Joanne Ahmadi, Randy Buckner, Sean Buckner, and Karen Lorenz (each, a “Restricted Party”
and collectively, the “Restricted Parties”) hereby acknowledges that it is familiar with the Company’s
trade secrets and with other Protected Information. Each Restricted Party acknowledges and agrees that the Company and the Buyer would
be irreparably damaged if it were to provide services to or otherwise participate in the business of any Person competing with the Company
in a similar business in the Restricted Territories during the Restricted Period and that any such competition by any Restricted Party
would result in a significant loss of goodwill by the Company and the Buyer. Each Restricted Party further acknowledges and agrees that
the covenants and agreements set forth in this Section 6.13 were a material inducement to the Buyer to enter into this Agreement
and to perform its obligations hereunder, that the Buyer would not have entered into this Agreement but for the covenants and agreements
of the Restricted Parties set forth in this Section 6.13 and that the Buyer and its stockholders would not obtain the benefit of
the bargain set forth in this Agreement as specifically negotiated by the parties to this Agreement if any Restricted Party breached the
provisions of this Section 6.13.

 

(b)           
Each Restricted Party agrees that from the Closing Date until the five (5) year anniversary of the Closing (the “Restricted
Period”), he or she shall not, directly or indirectly, own any interest in, invest in, manage, control, finance, participate
in (whether as an officer, director, shareholder, employee, partner, agent, representative or otherwise), consult with, render services
for, or in any other manner engage anywhere in the Restricted Territories, in any business engaged directly or indirectly in the Business;
provided, that nothing herein shall prohibit the Restricted Parties or any of their Affiliates from being a passive owner of not
more than 5% of the outstanding stock of any class of a corporation which is publicly traded, so long as none of such Persons has any
active participation in the business of such corporation. Each Restricted Party acknowledges that the Company’s business has been
conducted or is presently proposed to be conducted throughout the Restricted Territories and that the geographic restrictions set forth
above are reasonable and necessary to protect the goodwill of the Company’s business being sold by the Restricted Parties pursuant
to this Agreement.

 

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(c)           
 Each Restricted Party agrees that during the Restricted Period, he or she shall not, directly or indirectly, through another Person,
(i) induce or attempt to induce any person who was an employee or independent contractor of the Company or its Affiliates as of the Closing
Date or at any time during the twelve (12) month period immediately prior to the Closing Date to leave the employ of or engagement by
the Company or its Affiliates, or in any way interfere with the relationship between the Company or its Affiliates and any such employee
or independent contractor thereof, (ii) hire or engage, offer to hire or engage or assist others to hire or engage or offer to hire or
engage any person who was an employee or independent contractor of the Company or its Affiliates as of the Closing Date or at any time
during the twelve (12) month period immediately prior to the Closing Date, or (iii) call on, solicit or service any Person that was a
customer or client of the Company or its Affiliates as of the Closing Date or at any time during the twelve (12)-month period immediately
prior to the Closing Date, induce or attempt to induce such Person to cease doing business with the Company or its Affiliates, or in any
way interfere with the relationship between any such Person and the Company or its Affiliates (including making any negative statements
or communications about the Company or its Affiliates) in a manner harmful to the Company or its Affiliates; provided, however, that
nothing in Section 6.13(c)(ii) will apply to: (A) any individual who responds to general mass solicitations of employment and generalized
employee searches by headhunter/search firms (in either case not specifically directed at any employee of the Company); or (B) in the
case of Section 6.13(c)(i) or (ii), hiring or inducing or assisting any other Person in hiring any individual that was an
employee of the Company after such individual has been terminated by the Company.

 

(d)            Each Restricted Party agrees that he or she shall not, except in good faith in any claim, suit, action or proceeding against the
Buyer or the Company, (i) make any public negative statement or communication regarding the Buyer, the Company or any of their respective
Affiliates or employees with the intent to harm the Company or the Buyer or (ii) make any public derogatory or disparaging statement or
communication regarding the Buyer, the Company or any of their respective Affiliates or employees. Nothing in this Section 6.13
shall limit any Restricted Party’s ability to make true and accurate statements or communications in connection with any disclosure
that is required pursuant to applicable Law.

 

(e)            The
Buyer agrees that it shall not, except in good faith in any claim, suit, action or proceeding against a Restricted Party, (i) make any
public negative statement or communication regarding any Restricted Party or any of his or her Affiliates with the intent to harm such
Restricted Party or (ii) make any public derogatory or disparaging statement or communication regarding any Restricted Party or any of
his or her Affiliates. Nothing in this Section 6.13 shall limit the Buyer’s ability to make true and accurate statements
or communications in connection with any disclosure that is required pursuant to applicable Law.

 

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(f)             If,
at the time of enforcement of the covenants contained in this Section 6.13 (the “Restrictive
Covenants”), a court shall hold that the duration, scope or area restrictions stated herein are unreasonable under
circumstances then existing, the parties to this Agreement agree that the maximum duration, scope or area reasonable under such
circumstances shall be substituted for the stated duration, scope or area and that the court shall be allowed and directed to revise
the restrictions contained herein to cover the maximum period, scope and area permitted by applicable Law. Each Restricted Party has
had the opportunity to consult with legal counsel regarding the Restrictive Covenants and has determined and hereby acknowledges
that the Restrictive Covenants are reasonable in terms of duration, scope and area restrictions and are necessary to protect the
goodwill of the Company’s business and the substantial investment in the Company made by the Buyer hereunder.

 

(g)           
If any Restricted Party breaches, or threatens to commit a breach of, any of the Restrictive Covenants, the Buyer and the Company
shall have the right and remedy of seeking an injunction, to seek to have the Restrictive Covenants specifically enforced ‎and/or
other equitable relief by any court of competent jurisdiction, without the necessity ‎of proving actual harm or posting a bond or
other security therefor, it being agreed that ‎any breach or threatened breach of the Restrictive Covenants would cause irreparable
 ‎injury to the Company and Buyer and that money damages would not ‎provide an adequate remedy to the Company or Buyer.

 

(h)           
The rights and remedies set forth in this Section 6.13 shall be in addition to, and not in lieu of, any other rights and
remedies available to the Buyer, the Company or any of their respective Affiliates at law or in equity.

 

(i)            
In the event of any breach or violation by a Restricted Party of any of the ‎Restrictive Covenants, the time period of such
covenant shall be tolled with respect to such Restricted Party until such breach ‎or violation is resolved.

 

6.14        
Dissolution of Subsidiaries. Effective at or before the Closing, the Shareholders shall cause the Company to dissolve or
cause to be dissolved each of its Subsidiaries other than Informative Research Data Solutions LLC. Evidence, in form and substance reasonably
satisfactory to the Buyer, of such dissolutions shall be provided to the Buyer prior to the Closing Date.

 

6.15         
Key Contracts. Between the Agreement Date and the Closing Date, the Shareholders shall cause the Company to, and the Company
shall, use commercially reasonable efforts to, provide the Buyer with confirmation that each of the Contracts listed on Schedule 6.15
(the “Key Contracts”) denoted with asterisks will remain in ‎effect and not terminate solely as a result
of the change of control of the Company as a result of the acquisition of the Company by the Buyer and the consummation of the transactions
hereunder. 

 

6.16         
E&O and Cyber Policies and Tail Coverage. Between the Agreement Date and the Closing Date, the Shareholders shall cause
the Company to and the Company shall, use commercially reasonable efforts to cause the insurers under each of the Company’s errors
and omissions ‎insurance and cyber policies to formally waive any “change in control” clauses under such policies in
connection with the acquisition of the Company by the Buyer and the consummation of the transactions hereunder. Effective at or before
the Closing, the Shareholders shall cause the Company to and the Company shall, obtain for the Company, the Subsidiaries and the Buyer
a “tail” or extended-reporting period endorsement to ‎the each of the Company’s errors and omissions ‎insurance
and cyber policies extending from the period within which ‎claims can be made to a date not ‎sooner than twelve (12) months
following the otherwise scheduled expiration of the underlying policies (“‎Tail Coverage”). Fifty percent
(50%) of the expense of such Tail Coverage will be paid by the Buyer, and fifty percent (50%) of the expense of such Tail Coverage shall
be a ‎Company Transaction Expense if unpaid by the Company as of the Closing or if not reserved on ‎the Latest Balance Sheet.‎

 

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6.17          Owned
Real Property – Surveys, Inspections and Reports. Between the Agreement Date and the Closing Date, the Company shall allow
the Buyer and its authorized representatives, upon reasonable advance notice to the Company, to enter upon any Owned Real Property
during normal business hours, to make such reasonable investigations and conduct such reasonable tests as the Buyer deems necessary
or advisable, including, but not limited to a property inspection, an asbestos report and a Phase I report (the “Testing
Rights”), subject to the following limitations: (i) the Buyer shall give the Company written or telephonic notice at
least one (1) Business Day before conducting any non-invasive inspections on any Owned Real Property, and give written notice at
least five (5) Business Days before conducting any invasive testing or environmental sampling on any Owned Real Property, and a
representative of the Company shall have the right to be present when the Buyer or its representatives conducts any of its or their
investigations or reports on any Owned Real Property; (ii) neither the Buyer nor its representatives shall materially interfere with
the use, occupancy or enjoyment of any Owned Real Property by the Company nor materially interfere with any of the Company’s
operations; and (iii) copies of any assessments, sampling or other environmental reports generated on behalf of Buyer shall be
delivered only to counsel for the Shareholder Representative, rather than directly to the Shareholders or the Shareholder
Representative.

 

6.18         
Section 280G.

 

(a)          
The Company ‎shall deliver to the ‎Buyer a copy of a customary analysis with respect to each “disqualified individual”
within ‎the meaning of Section 280G of the Code and ‎the Treasury Regulations promulgated ‎thereunder (each a “Disqualified
Individual”) with respect to the Company and any payment(s) ‎or benefit(s) that would reasonably be expected to constitute
 “parachute payments” within ‎the ‎meaning of Section 280G of the Code and the Treasury Regulations promulgated
 ‎‎thereunder (each a “Parachute Payment”) in connection with the transactions contemplated by this
Agreement (including any potential payments or benefits, that are not reasonably expected to be “reasonable compensation”
for services to be rendered or on or after the Closing as described in Section 280G(b)(4) of the Code and Treasury Regulations Section
1.280G-1 Q/A-5(a)(5) and Q/A-40, pursuant to any plans, agreements, or other arrangements of the Buyer or its Affiliates, the material
terms of which will be provided to the Company no later than twenty (20) days after the Agreement Date), which identifies whether any
Disqualified Individual would receive an Excess Parachute Payment. ‎

 

(b)           
On the Closing Date and prior to the Closing, (i) the Company ‎shall use commercially reasonable efforts to obtain a
Parachute Payment Waiver, in the form approved by the Buyer, ‎from each Disqualified Individual who would reasonably be expected
to receive any Excess Parachute ‎Payments in connection with the transaction resulting from this Agreement, and (ii) with respect
to each Parachute Payment Waiver received, if ‎any, as soon as practicable following the ‎receipt of the Parachute Payment
Waivers (if any), the Company shall submit the ‎payments waived under the Parachute Payment Waivers to the holders ‎of the
Shareholders for approval, in each case, in accordance with the requirements of ‎‎Section 280G(b)(5)(B) of the Code and the
Treasury Regulations promulgated ‎‎thereunder ‎‎(the foregoing actions, a “280G Vote”).
Prior to the Closing Date, if Parachute ‎Payment Waivers ‎are obtained and a 280G Vote is taken, the Company shall deliver
to the Buyer evidence reasonably satisfactory to the Buyer, (A) that a ‎‎280G Vote was ‎solicited and (B) the
result of such 280G Vote. The Company shall provide ‎drafts to the Buyer of the form of the Parachute ‎Payment Waiver, the
disclosure statement, and ‎any other materials to be submitted to the Shareholders in connection with the ‎‎280G Vote
prior to soliciting the Parachute Payment Waivers.

 

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ARTICLE 7.

CONDITIONS PRECEDENT
TO OBLIGATIONS OF THE BUYER

 

The obligations of the Buyer
under this Agreement to consummate the Closing are subject to satisfaction of each of the following conditions precedent on or before
the Closing Date, any one or more of which may be waived at the option of the Buyer:

 

7.1          
Accuracy of Representations and Warranties. The representations and warranties of the Company set forth in Article 3
and the representations and warranties of the Shareholders set forth in Article 4 (in each case determined without regarding to
any qualification therein as to materiality or Material Adverse Effect) shall be true and correct in all respects on and as of the Closing
Date (or in the case of representations and warranties that are made as of a specified date, will be true and correct as of such specified
date), except in each case for any failure of such representations or warranties to be true and correct that individually or in the aggregate
would not cause or would not be reasonably likely to result in a Material Adverse Effect. The Fundamental Representations in Article
3 and Article 4 shall be true and correct in all ‎respects on and as ‎of the Closing Date with the same effect
as ‎though such ‎representations and warranties had been ‎made on and as of the Closing Date (or in the case of representations
and warranties that are made as of a specified date, will be true and correct as of such specified date), other than any de minimis
inaccuracies.

 

7.2          
Compliance with Agreement and Covenants. The Company, the Shareholders and the Shareholder Representative shall have performed
and complied with, in all material respects, all of its agreements, covenants and obligations contained in this Agreement to be performed
and complied with by it on or prior to the Closing Date.

 

7.3          
Injunctions. There shall not be instituted or pending any Proceeding in which a Governmental Authority of ‎competent
jurisdiction is seeking (a) an Order challenging or seeking to make illegal, to delay ‎materially or otherwise directly or indirectly
to restrain, enjoin, prevent or prohibit the ‎consummation of the transactions contemplated hereby or (b) to (i) prohibit, limit,
restrain or ‎impair the Buyer’s ability to own, control, direct, manage or operate or to retain or change all or a ‎material
portion of the assets, licenses, operations, rights, product lines, businesses or interest ‎therein of the Company or any of its
Subsidiaries or other Affiliates from and after the Closing or any of the assets, licenses, operations, rights, product lines, businesses
or interest therein ‎of the Buyer or its Subsidiaries or Affiliates (including by requiring any sale, divestiture, transfer, license,
 ‎lease, disposition of or encumbrance or hold separate arrangement with respect to any such ‎assets, licenses, operations,
rights, product lines, businesses or interest therein) or (ii) prohibit or ‎limit in any respect the Buyer’s ability to vote,
transfer, receive dividends or otherwise exercise ‎full ownership rights with respect to the Shares, and no Governmental Authority
of competent ‎jurisdiction shall have enacted, issued, promulgated, enforced or entered any Law deemed ‎applicable to the
transactions contemplated hereby individually or in the aggregate resulting in, or ‎that is reasonably likely to result in, any
of the foregoing.‎

 

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7.4           
Governmental Consents. Any waiting periods (including any extensions thereof) under the Hart-Scott-Rodino Act with respect
to the transactions contemplated by this Agreement must have expired or been terminated. Any other applicable waiting periods (or any
extension thereof), filings or approvals under any applicable Laws must have expired, been terminated, been made or been obtained.

 

7.5           
Deliveries by the Company. The Company shall have delivered the deliveries required pursuant to Section 2.5(a).

 

7.6           
No Material Adverse Effect. No event shall have occurred since the Agreement Date that individually or in the aggregate
has had a Material Adverse Effect on the Company and its Subsidiaries taken as a whole.

 

ARTICLE
8.

CONDITIONS PRECEDENT TO OBLIGATIONS OF THE COMPANY AND THE SHAREHOLDERS

 

The obligations of the Company
and the Shareholders under this Agreement to consummate the Closing are subject to the satisfaction of each of the following conditions
precedent on or before the Closing Date, any one or more of which may be waived at the option of the Company:

 

8.1          
Accuracy of Representations and Warranties. The representations and warranties of the Buyer contained in Article 5
(in each case determined without regarding to any qualification therein as to materiality or Material Adverse Effect) shall be true and
correct in all respects on and as of the Closing Date (or in the case of representations and warranties that are made as of a specified
date, will be true and correct as of such specified date), except in each case for any failure of such representations or warranties to
be true and correct that individually or in the aggregate would not cause or would not be reasonably likely to have a material adverse
effect on the ability of the Buyer to consummate the transactions contemplated hereby and perform its obligations hereunder. The Fundamental
Representations in ARTICLE 5 shall be true and correct in all ‎respects on and as ‎of the Closing Date with the same
effect as ‎though such ‎representations and warranties had been ‎made on and as of the Closing Date (or in the case
of representations and warranties that are made as of a specified date, will be true and correct as of such specified date), other than
any de minimis inaccuracies.

 

8.2          
Compliance with Agreement and Covenants. The Buyer shall have performed and complied, in all material respects, with all
of its agreements, covenants and obligations contained in this Agreement to be performed and complied with by it on or prior to the Closing
Date.

 

8.3          
Injunctions. There shall not be instituted or pending any Proceeding in which a Governmental Authority of ‎competent
jurisdiction is seeking an Order challenging or seeking to make illegal, to delay ‎materially or otherwise directly or indirectly
to restrain, enjoin, prevent or prohibit the ‎consummation of the transactions contemplated hereby, and no Governmental Authority
of competent ‎jurisdiction shall have enacted, issued, promulgated, enforced or entered any Law deemed ‎applicable to the
transactions contemplated hereby individually or in the aggregate resulting in, or ‎that is reasonably likely to result in, any
of the foregoing.‎

 

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8.4         
 Governmental Consents. Any waiting periods (including any extensions thereof) under the Hart-Scott-Rodino Act with respect
to the transactions contemplated by this Agreement must have expired or been terminated. Any other applicable waiting periods (or any
extension thereof), filings or approvals under any applicable Laws must have expired, been terminated, been made or been obtained.

 

8.5           
Deliveries by the Buyer. The Buyer shall have delivered the deliveries required pursuant to Section 2.5(b), each
in form and substance reasonably satisfactory to the Shareholder Representative.

 

ARTICLE
9.

TERMINATION

 

9.1           
Termination. This Agreement will terminate prior to Closing:

 

(a)           
upon the mutual written agreement of the Company, the Shareholder Representative and the Buyer;

 

(b)           
upon written notice by either Buyer to the Company, on the one hand, or the Company to the Buyer, on the other hand, if following
the Agreement Date, any Governmental Authority issues, enacts, promulgates, or enforces any Law or Order (that is final and non-appealable
and that has not been vacated, withdrawn or overturned) restraining, enjoining, or otherwise prohibiting or making illegal the transactions
contemplated hereby; provided, however, that no party may terminate this Agreement pursuant to Section 9.1(b)
if the issuance of the foregoing was due to a material breach of such party of its obligations under this Agreement;

 

(c)           
upon written notice by either Buyer to the Company, on the one hand, or the Company to the Buyer, on the other hand, if the Closing
has not occurred on or before October 31, 2021 (the “Outside Date”), except that no party may terminate this
Agreement pursuant to this Section 9.1(c) if such party is in material breach of this Agreement as of such time;

 

(d)           
upon written notice from the Buyer to the Company and the Shareholder Representative if the Company has breached any of its
representations, warranties, covenants or obligations contained in this Agreement that would give rise to a failure of any condition precedent
set forth in Article 7 (excluding conditions that by their nature are to be satisfied at the Closing) which breach has not
been waived by the Buyer and cannot be or has not been cured within twenty (20) days after the giving of notice by the Buyer specifying
such breach and on the condition that such failure does not result from any breach by the Buyer of its representations, warranties, covenants
or agreements contained in this Agreement;

 

(e)            upon
written notice from the Company or the Shareholder Representative to the Buyer if the Buyer has breached any of its representations,
warranties, covenants or obligations contained in this Agreement that would give rise to a failure of any condition precedent set
forth in Article 8 (excluding conditions that by their nature are to be satisfied at the Closing), which breach has not been
waived by the Company and the Shareholder Representative and cannot be or has not been cured within twenty (20) days after the
giving of notice by the Company or the Shareholder Representative specifying such breach, so long as the failure does not result
from any breach by the Company or any Shareholder of its representations, warranties, covenants or agreements contained in this
Agreement; or

 

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(f)            
upon written notice from the Company to the Buyer if (i) all of the conditions set forth in Article 7 have been satisfied
or waived by Buyer (excluding conditions that by their nature are to be satisfied at the Closing), (ii) the Company has confirmed in writing
to Buyer that it is ready, willing and able to effect the Closing and (iii) the Buyer does not consummate the Closing by the date the
Closing is required to occur pursuant to Section 2.4.

 

9.2           
Effect of Termination. If this Agreement is terminated pursuant to Section 9.1, all further obligations of the parties
under this Agreement will become null and void and of no further force or effect, except that (a) the provisions of Article 12,
Section 6.9(b), this Section 9.2, the definitions set forth in Annex A and the Confidentiality Agreement between
the parties will survive, and (b) if this Agreement is terminated by a party because of the breach of this Agreement by the other party
or because one or more of the conditions to the terminating party’s obligations under this Agreement is not satisfied as a result
of the other party’s failure to comply with its obligations under this Agreement, the terminating party’s right to pursue
all legal remedies will survive such termination unimpaired (including, for the avoidance of doubt, such terminating party’s right
to bring or maintain any Proceeding for injunction or specific performance as provided in Section 12.14).

 

ARTICLE
10.

INDEMNIFICATION

 

10.1         
Survival. The representations and warranties of the parties contained in this Agreement will survive the Closing for a
period of twelve (12) months following the Closing Date; provided, however, that the representations and warranties set
forth in Section 3.1(a) (Organization), Section 3.2 (Authorization; Enforceability), Section 3.3 (Capitalization),
Section 3.10 (Tax Matters), Section 3.20 (Brokers and Finders), Section 4.1 (Authority of Such Shareholder), Section
4.3 (Title to Shares), Section 4.6 (Brokers and Finders), Section 5.1 (Organization of the Buyer), Section 5.2
(Authorization; Enforceability) and Section 5.5 (Brokers and Finders) (collectively, the “Fundamental Representations”)
will survive the Closing for a period equal to sixty (60) days after the applicable statute of limitations and the representations and
warranties set forth in Section 3.16 (Environmental Matters) (collectively, the “Extended Representations”)
shall survive for a period of two (2) years following the Closing Date. None of the Buyer or the Shareholders will have any liability
with respect to claims first asserted in connection with any breach of or any inaccuracy in any representation or warranty after the
end of the applicable survival period; provided, however, that if an indemnification claim is asserted in writing prior
to the expiration of the applicable survival period of the representation or warranty that is the basis for such claim, then such representation
or warranty shall survive until, but only for the purpose of, the resolution of such claim (including through the date that such claim
is finally concluded under the R&W Policy). All covenants and agreements in this Agreement will expire when so stated in accordance
with their express terms or, ‎if no such term is expressed, indefinitely; provided, however, that for the avoidance
of doubt, the Tax covenants under Article 11 and any Tax indemnification under Section 10.2(c) shall survive until sixty
(60) days after the applicable statutes of limitations have expired with respect to each such matter addressed therein. Notwithstanding
the foregoing, the parties hereto acknowledge and agree that the survival periods set forth in this Section 10.1 are applicable
to the Buyer Indemnified Parties’ right to indemnification against the Shareholders in accordance with this Agreement, but are
not intended to, and shall not, modify or limit the Buyer Indemnified Parties’ right to recovery under the R&W Policy in accordance
with its terms.

 

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10.2         
Indemnification by the Shareholders. Subject to Section 10.4 and the other terms, conditions and limitations set
forth in this Article 10, from and after the Closing, each Shareholder will severally (and not jointly and severally) indemnify
the Buyer and its Affiliates and their successors and assigns (the “Buyer Indemnified Parties”) against, and
hold the Buyer Indemnified Parties harmless from, any and all Losses suffered or incurred by any Buyer Indemnified Party to the extent
arising out of or resulting from any of the following:

(a)           
any breach of or any inaccuracy in any representation or warranty made by the Company in Article 3 of this Agreement (which
will be indemnified by each Shareholder up to such Shareholder’s Pro Rata Share of such Losses) or by a Shareholder in Article
4 of this Agreement (which will be indemnified solely by the Shareholder responsible for such breach or inaccuracy);

 

(b)          
any breach or non-performance of any covenants or agreements ‎in this Agreement made by such Shareholder (which will be indemnified
solely by the Shareholder ‎responsible for such breach or non-performance), the Shareholder Representative or, in respect of any
such covenants or agreements required to be performed prior to or at the Closing, the Company; and

 

(c)           
(i) any Pre-Closing Taxes of the Company and the Subsidiaries, ‎(ii)‎ any Taxes of the Shareholders, (iii) all‎
Taxes of any ‎other Person for which Company or any of its Subsidiaries is or has been liable as a ‎transferee or successor,
or by ‎Contract resulting from events, transactions ‎or ‎relationships occurring or existing prior to and including
the Closing Date, ‎‎(iv) all Taxes ‎of any consolidated or combined group (or any member thereof other ‎than the
Company and its Subsidiaries) of ‎which the Company and/or its Subsidiaries is or was a member on or prior to the Closing ‎Date
by reason of Treasury ‎Regulations Section 1.1502-6(a) or any analogous or ‎similar foreign, state or local ‎applicable
Law, (v) the portion of any Transfer Taxes for which the Shareholders are responsible pursuant ‎to Section 11.7, ‎(vi)
all COVID Related Deferrals, (vii) any Taxes related to any payments of Company Transaction Expenses or payments of compensation otherwise
paid or accrued by the Company in relation to the consummation of the transactions contemplated under this Agreement arising from or by
reason of Code Section 280G, including resulting from any Parachute Payment for which a deduction is disallowed to the Company by reason
of Code Section 280G, or (viii) ‎any Taxes whatsoever arising ‎out of or relating to the PPP Loan, including, for ‎the
avoidance of ‎doubt, any amounts ‎for which forgiveness has been sought and the ‎loss of any deductions ‎relating
to the use ‎of the proceeds of the PPP Loan;

 

(d)           
any Indebtedness of the Company;

 

(e)           
any Company Transaction Expenses; and

 

(f)            
any amounts due or payable to any party under or in relation to the PPP Loan.

 

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10.3         Indemnification
by the Buyer. From and after the Closing, the Buyer will indemnify the Shareholders, their respective Affiliates and their
respective successors and assigns (the “Seller Indemnified Parties”) against, and hold the Seller
Indemnified Parties harmless from, any and all Losses suffered by any Seller Indemnified Party to the extent arising out of or
resulting from any of the following:

 

(a)           
any breach of or any inaccuracy in any representation or warranty made by the Buyer in Article 5 of this Agreement; and

 

(b)           
any breach of or failure by the Buyer to perform any covenant or obligation of the Buyer contained in this Agreement.

 

10.4         
Limitations on Liability of the Shareholders.

 

(a)           
Notwithstanding the provisions of Section 10.2, the Shareholders will not be required to indemnify or hold harmless the
Buyer Indemnified Parties under Section 10.2(a) of this Agreement unless and until the aggregate amount of all Losses for which
the Buyer Indemnified Parties are entitled to indemnification therefor exceeds Nine Hundred Sixty Thousand Dollars ($960,000) (which corresponds
to fifty percent (50%) of the R&W Policy retention amount) (the “Threshold Amount”), after which point the
Buyer Indemnified Parties will be entitled to recover only Losses in excess of the Threshold Amount; provided, however,
that the Shareholders’ liability for any Losses arising from any breach of any Fundamental Representations, the Extended Representations
or in the event of Fraud ‎ will not be subject to the Threshold Amount. The Buyer’s exclusive recourse for Losses pursuant
to Section 10.2(a) (other than with respect to indemnifiable claims arising out of or based upon the breach of the Fundamental
Representations, the Extended Representations or in the event of Fraud‎) shall be to (i) the Indemnity Escrow Amount then available
and (ii) the R&W Policy to the extent coverage is available thereunder.

 

(b)          
Notwithstanding the provisions of Section 10.2, (i) the aggregate recovery from any Shareholder for Losses under or in connection
with this Agreement will not exceed such Shareholder’s Pro Rata Share of the Purchase Price actually received by such Shareholder
and (ii) the aggregate recovery from any Shareholder for Losses arising from any breach of any Extended Representations will not exceed
15% of such Shareholder’s Pro Rata Share of the Purchase Price actually received by such Shareholder.

 

(c)           
Following the Closing, the sole and exclusive liability and responsibility of the Shareholders to the Buyer Indemnified Parties
under or in connection with this Agreement and the transactions contemplated hereby, including for any claim relating to a breach of representation,
warranty, covenant or agreement arising under this Agreement (other than (i) claims for injunctive or provisional relief or specific performance,
(ii) as provided in Article 11, (iii) the indemnities provided to the Shareholder Representative under Section 12.15 or
(iv) any specific remedies afforded under any other Transaction Documents), will be as set forth in this Article 10.

 

(d)            Notwithstanding
the foregoing or anything else to the contrary in this Agreement, (i) in no event will any Tax arising from any elections by or
with respect to the Company or any of its Subsidiaries under Code Sections 336(e) or 338 with respect to any transactions
contemplated by this Agreement be considered or treated as a Tax attributable to any period on or before the Closing Date for any
purposes of this Agreement, and (ii) the Buyer Indemnified Parties shall not be entitled to any indemnification, and none of
the Shareholders will have any liability or obligation with respect to any indemnification, for or with respect to any Taxes or
other costs that might arise or accrue to the Company or any of its Subsidiaries or any other Person by reason of, or in connection
with, any (A) election by or on behalf of the Company or any of its Subsidiaries pursuant to Code Sections 336(e) or 338 with
respect to any transactions contemplated by this Agreement, or (B) a breach by the Buyer or any of its Affiliates (including the
Company from and after the Closing Date) of Sections 11.3 or 11.5 of this Agreement.

 

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10.5         
Net Losses; Mitigation.

 

(a)           
Notwithstanding anything contained herein to the contrary, the amount of any Losses incurred or suffered by an Indemnified Person
will be calculated after giving effect to (i) any insurance proceeds received by the Indemnified Person (or any of its Affiliates) with
respect to such Losses, (ii) any recoveries obtained by the Indemnified Person (or any of its Affiliates) from any other third party and
(iii) any Tax Advantage available to the Indemnified Person (or any of its Affiliates) arising in connection with the facts or circumstances
giving rise to such Losses. Each Indemnified Person will use, and will cause his, her or its respective Affiliates to use, good faith
commercially reasonable efforts to obtain such proceeds and recoveries, to the extent required by applicable Law. If any such proceeds
or recoveries are received by an Indemnified Person (or any of its Affiliates) with respect to any Losses after an Indemnifying Person
has made a payment to the Indemnified Person with respect thereto, the Indemnified Person (or such Affiliate) will promptly pay to the
Indemnifying Person the aggregate amount of such proceeds or recoveries received by the Indemnified Person (or such Affiliate). To the
extent that an Indemnified Person is otherwise fully indemnified or compensated for any claim for which indemnification may be asserted
under this Article 10 pursuant to any other provision in this Agreement, then that Indemnified Person shall not be entitled to
any additional or duplicative recovery for that matter as an indemnification claim pursuant to this Article 10.

 

(b)           
The Buyer and the Shareholders agree to use, and will cause their respective Affiliates to use, good faith commercially reasonable
efforts to mitigate any Losses; provided, however, that no party will be required to use such efforts if they would be detrimental
in any material respect to such party.

 

10.6         
Claims. As promptly as is reasonably practicable after becoming aware of a claim for indemnification under this Agreement
that does not involve a third party claim or the commencement of any Proceeding of the type described in Section 10.7, the Indemnified
Person will give notice to the Indemnifying Person of such claim, which notice will, to the extent such information is reasonably available
to the Indemnified Person, specify the facts alleged to constitute the basis for such claim, the representations, warranties, covenants
and obligations alleged to have been breached and the amount that the Indemnified Person seeks hereunder from the Indemnifying Person,
together with such information, to the extent such information is reasonably available to the Indemnified Person, as may be necessary
for the Indemnifying Person to determine that the limitations in Section 10.4 have been satisfied or do not apply.

 

10.7         
Third-Party Claims. The Indemnified Person will give notice as promptly as is reasonably practicable, but in any event
no later than ten (10) Business Days after receiving notice thereof, to the Indemnifying Person of the assertion of any claim, or the
commencement of any Proceeding, by any Person not a party hereto in respect of which indemnity may be sought under this Agreement, which
notice will, to the extent such information is reasonably available, specify in reasonable detail the nature and amount of such claim
together with such information as may be necessary for the Indemnifying Person to determine that the limitations in Section 10.4 have
been satisfied or do not apply. Any failure to provide such notice within the specified period will not affect an Indemnified Person’s
right to indemnification hereunder, except to the extent the Indemnifying Person is prejudiced by such failure. The Indemnifying Person
may, subject to the rights of the R&W Insurer under the R&W Policy, (a) participate in the defense of any such Proceeding,
and (b) upon notice given to the Indemnified Person within fifteen (15) Business Days after receiving notice from the Indemnified
Person of any such Proceeding, assume the defense thereof with counsel of its own choice and in the event of such assumption, will have
the exclusive right, subject to clause (a) of Section 10.8, to settle or compromise such Proceeding. If the Indemnifying Person assumes
such defense, the Indemnified Person will have the right (but not the duty) to participate in the defense thereof and to employ counsel,
at its own expense, separate from the counsel employed by the Indemnifying Person. Whether or not the Indemnifying Person chooses to
defend or prosecute any such Proceeding, all of the parties hereto will cooperate in the defense or prosecution thereof.

 

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10.8         
Settlement or Compromise. Any settlement or compromise made or caused to be made by the Indemnified Person (unless the Indemnifying
Person has the exclusive right to settle or compromise under Section 10.7) or the Indemnifying Person, as the case may be, of any
such Proceeding of the kind referred to in Section 10.7 will also be binding upon the Indemnifying Person or the Indemnified Person,
as the case may be, in the same manner as if a final judgment or decree had been entered by a court of competent jurisdiction in the amount
of such settlement or compromise; provided, however, that (a) no obligation, restriction or Loss will be imposed on the
Indemnified Person as a result of such settlement or compromise without its prior written consent, which consent will not be unreasonably
withheld, conditioned or delayed, and (b) the Indemnified Person will not compromise or settle any Proceeding without the prior written
consent of the Indemnifying Person, which consent will not be unreasonably withheld, conditioned or delayed so long as the compromise
or settlement will be fully covered by the R&W Policy and includes a full and complete release of the Shareholders from any and all
liability thereunder.

 

10.9        
Purchase Price Adjustments. Any amounts payable under this Article 10 will be treated by the parties as an adjustment
to the Purchase Price.

 

10.10      
R&W Policy; Escrow.

 

(a)          
Notwithstanding anything to the contrary set forth in this Agreement or otherwise, the Buyer acknowledges and agrees that the sole
recourse of the Buyer Indemnified Parties for the indemnification obligations of the Shareholders under Section 10.2(a) (other
than with respect to indemnifiable claims arising out of or based upon the breach of the Fundamental Representations, the Extended Representations
or in the event of Fraud‎) will be pursuant to the R&W Policy and the Indemnity Escrow Amount. For any claim for indemnification
under Section 10.2(a) (other than with respect to indemnifiable claims arising out of or based upon the breach of the Fundamental
Representations, the Extended Representations or in the event of Fraud‎), the Buyer will submit such claim to the R&W Insurer
under the R&W Policy and the Shareholder Representative will reasonably cooperate with the Buyer in order to provide the Buyer Indemnified
Parties with the full benefit of this Agreement and the R&W Policy.

 

(b)           
 The funds in the Indemnity Escrow Account shall additionally be available to the Buyer Indemnified Parties, in ‎their discretion,
in satisfaction of indemnifiable claims hereunder related to Fraud, indemnifiable claims arising ‎out of or based upon the breach
of the Fundamental Representations, the Extended Representations or indemnifiable claims arising ‎under Sections 10.2(b)
through 10.2(f).

 

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(c)           
For purposes of securing the Shareholders’ indemnification obligations under this Agreement, on the Closing Date the Buyer
is depositing the Indemnity Escrow Amount with the Escrow Agent to be held in accordance with this Section 10.10 and the Escrow
Agreement. Upon the Buyer’s determination that any Buyer Indemnified Party has suffered any Loss that is subject to indemnification
by the Shareholders hereunder after giving effect to all limitations set forth herein, the Buyer will promptly deliver a notice of such
claim to the Shareholder Representative, but the failure of the Buyer Indemnified Party to give notice to the Shareholder Representative
shall not affect the rights of the Buyer Indemnified Party to indemnification hereunder, except to the extent any such failure materially
prejudices the rights, claims or defenses of the Shareholders. Unless within twenty (20) days after receipt of any such notice properly
delivered in accordance with Section 12.3, the Buyer receives a written objection from the Shareholder Representative disputing
the claim, subject to the terms, conditions and limitations set forth in this Article 10, the Buyer will be entitled to recover
from the Indemnity Escrow Amount the amount set forth in the notice of the claim, and the Shareholder Representative and the Buyer will
promptly issue joint written instructions to the Escrow Agent to distribute such amount to the applicable Buyer Indemnified Party. In
the event the Shareholder Representative timely objects in writing to the claim, the Escrow Agent will make no disbursements from the
Indemnity Escrow Amount relating to such claim unless and until the Buyer and the Shareholder Representative have resolved the claim by
mutual agreement, arbitration or litigation. The Buyer and the Shareholder Representative agree to act in good faith to resolve any disputed
claim.

 

(d)           
No later than five (5) Business Days after the twelve (12)-month anniversary of the Closing Date (the “Release Date”),
the Buyer and the Shareholder Representative will deliver a joint written instruction letter to the Escrow Agent instructing the Escrow
Agent to pay and distribute to the Shareholders (in accordance with each Shareholder’s Pro Rata Share set forth on Exhibit A
attached hereto), any remaining portion of the Indemnity Escrow Amount unless any outstanding claim for indemnification under Section
10.2 is still pending and unresolved, in which case an amount representing a reasonable quantification of the amount of indemnifiable
Losses (after giving effect to all limitations set forth herein) relating to any pending and unresolved claim for indemnification under
Section 10.2 will be retained by the Escrow Agent (the “Retained Amount”), and the balance paid to the
Shareholders (in accordance with each Shareholder’s Pro Rata Share set forth on Exhibit A attached hereto). Any Retained
Amount will remain in the Indemnity Escrow Account until released in satisfaction of an outstanding claim or paid to the Shareholders
pursuant to Section 10.10(e) below.

 

(e)          
If, following the Release Date, after final resolution and payment of each outstanding claim for indemnification, any Retained
Amount with respect to such claim remains in escrow, no later than five (5) Business Days after the date of such final resolution and
payment, the Escrow Agent will pay and distribute all of such remaining funds by wire transfer of immediately available funds to each
Shareholder in accordance with each Shareholder’s Pro Rata Share set forth on Exhibit A attached hereto, and the Buyer and
the Shareholder Representative will deliver a joint instruction letter to the Escrow Agent to such effect.

 

10.11     
 Materiality. Each of the representations and warranties that contain any “in all material respects” or other
 ‎materiality (or correlative meaning) qualifications shall be deemed to have been given as though there were ‎no “in
all material respects” or other materiality (or correlative meaning) qualification for purposes ‎of determining the inaccuracy
or breach of any representations or warranties and the amount of ‎indemnifiable Losses caused by any such inaccuracy or breach.

 

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ARTICLE
11.

TAX MATTERS

11.1         
Filing of Tax Returns; Payment of Taxes.

 

(a)           
From and after the Closing Date, the Shareholder Representative will prepare, or cause to be prepared, any required income Tax
Returns of the Company and its Subsidiaries for each Pre-Closing Tax Period that have not been filed as of the Closing Date and are required
to be filed after the Closing Date, including for those jurisdictions and Governmental Authorities that permit or require a short-period
Tax Return for the period ending on the Closing Date. Except as otherwise may be approved by the Buyer, all such Tax Returns for any Pre-Closing
Tax Period must be prepared (i) in accordance with applicable Law, (ii) consistent with the past practices of the Company or
applicable Subsidiary except as otherwise required by applicable Law and (iii) without there being any elections under Sections 336(e)
or 338 of the Code, or similar provisions of any state, local, or other Tax Law, with respect to the consummation of the transactions
contemplated by this Agreement. The Buyer will be given a reasonable opportunity, and in no event less than thirty (30) days, to review,
comment on, and approve any such income Tax Returns that relate to a Pre-Closing Tax Period of the Company or its Subsidiaries. The Shareholder
Representative will make such revisions to any Tax Returns described in this Section 11.1(a) as are reasonably requested by the
Buyer and are in compliance with clauses (i) through (iii) of the second sentence of this paragraph. Thereafter, the Buyer shall cause
the Company to execute and timely file any such income Tax Returns that relate to a Pre-Closing Tax Period of the Company or its Subsidiaries
in the form agreed to by the Shareholder Representative and the Buyer.

 

(b)            The
Buyer will be responsible for timely preparing and filing, or causing to be timely prepared and filed, all non-income Tax Returns
that relate to a Pre-Closing Tax Period and all Tax Returns for each Straddle Period of the Company and its Subsidiaries. Except as
otherwise may be approved by the Shareholder Representative, all such non-income Tax Returns that relate to a Pre-Closing Tax Period
and Tax Returns for any Straddle Period must be prepared (i) in accordance with applicable Law, (ii) consistent with the
past practices of the Company or applicable Subsidiary except as otherwise required by applicable Law and (iii) without there being
any elections under Sections 336(e) or 338 of the Code, or similar provisions of any state, local, or other Tax Law, with respect to
the consummation of the transactions contemplated by this Agreement. The Shareholder Representative will be given a reasonable
opportunity, and in no event less than thirty (30) days, to review, comment on, and approve any non-income Tax Returns that relate
to a Pre-Closing Tax Period and any Tax Returns that relate to a Straddle Period of the Company or its Subsidiaries or that could
reasonably be expected to affect the Tax liability of any Shareholder (including any indemnification obligation with respect to
Taxes pursuant to Section 10.2(c)), such approval not to be unreasonably withheld as long as the next sentence is satisfied.
The Buyer will make such revisions to any Tax Returns described in this Section 11.1(b) as are reasonably requested by the
Shareholder Representative, to the extent that all of the following clauses are satisfied: (i) such revisions could reasonably
be expected to affect the Tax liability of any Shareholder (including pursuant to Section 10.2(c)), (ii) such revisions
are consistent with the past practices of the Company or Subsidiary, and (iii) such revisions are in accordance with applicable
Tax Law. Notwithstanding anything provided herein, ‎the Buyer shall be entitled to make an election to waive the carryback of
any net ‎operating loss or other Tax attribute or Tax credit incurred or realized in a Pre-‎Closing Tax Period by the
Company and/or its Subsidiaries.

 

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(c)           
None of the Buyer or any of its Affiliates will (or after the Closing, will cause or permit the Company or its Subsidiaries to)
amend, refile or otherwise modify (or grant an extension of any statute of limitations with respect to) any Tax Return relating in whole
or in part to the Company or its Subsidiaries that relates to any Pre-Closing Tax Period or to any Straddle Period without giving the
Shareholder Representative a reasonable opportunity to review, comment on, and approve such amendment, refiling or other modification,
such approval not to be unreasonably withheld as long as the next sentence is satisfied. If such amended, refiled or modified Tax Return
could reasonably be expected to materially increase the Tax liability of a Shareholder (including any indemnification obligation with
respect to Taxes pursuant to Section 10.2(c)), it will be reasonable for the Shareholder Representative to withhold consent from
any such amendment or modification proposed by or on behalf of the Buyer, to the extent that the previous Tax Return filings of the Company
or any Subsidiary, in the absence of filing such amended, refiled or modified Tax Return, are in accordance with applicable Law, unless
the Buyer agrees to ‎indemnify the Seller Indemnified Parties for such ‎increased Taxes (and such increased Taxes will not
be indemnifiable by the Shareholders pursuant to Section 10.2(c)).

 

(d)          
‎The Shareholder Representative may reasonably request the filing of any such amended Tax Return described in the first sentence
of Section 11.1(c) above, which includes a refund claim even if not technically a modification or amendment of a Tax Return (subject
to Section 11.4), and the Buyer, at the Shareholders’ sole cost and expense, will make such revisions to such amended, refiled
or modified ‎Tax Returns (or such refund claim) as are reasonably requested by the Shareholder Representative that (i) could ‎reasonably
be expected to affect the Tax liability of any Shareholder (including pursuant to Section 10.2(c)), (ii) are consistent with the
past practices of the Company or Subsidiary, and ‎‎(iii) are in accordance with applicable Tax Law; provided, however,
the Buyer or any of its Affiliates (including the Company and its Subsidiaries) ‎shall not be required to cooperate with the Shareholder
Representative in amending such Tax Returns or filing such a refund claim if it can reasonably be expected to materially increase the
Taxes of the Buyer or any of its Affiliates (including the Company and its Subsidiaries) for any Post-Closing Tax Period unless the Shareholders
agree to ‎indemnify the Buyer Indemnified Parties for such increased Taxes‎.

 

(e)            ‎The
Buyer, the Shareholders and the Shareholder Representative agree that (i) each of ‎the Company’s and its
Subsidiaries’ year end for U.S. federal income Tax purposes shall end as of ‎the Closing Date, and Buyer shall cause the
Company to join the Buyer’s (or its parent corporation’s, if any) “consolidated group” (within the meaning
of Treasury Regulations Section 1.1502-1(h)) for purposes of U.S. federal income Taxes effective as of the beginning of the date
following the Closing Date, each to the extent permitted by applicable Law, and (ii) no election shall be made by any party (or the
Company or its Subsidiaries) under ‎Treasury Regulations Section 1.1502-76(b)(2) (or any similar ‎provision ‎of
state, local, or non-U.S. ‎Law) to ratably allocate items incurred by the ‎Company ‎or any of its Subsidiaries
(the “Agreed Tax Treatment”). Each party hereto shall file all Tax Returns consistently with the Agreed
Tax Treatment and shall not take any position inconsistent therewith, unless otherwise required by applicable Law.‎

 

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(f)           
If the Buyer or any of its Affiliates (including the Company and its Subsidiaries) files any sales Tax Return or pays any sales
Taxes after the Closing relating in whole or in part to the Company or its Subsidiaries that are not consistent with the past practices
of the Company or its Subsidiary and that result in any sales Tax liability of the Company, its Subsidiary, or a Shareholder (including
any indemnification obligation with respect to Taxes pursuant to Section 10.2(c)) related to any Pre-Closing Tax Period or portion
of any Straddle Period through the end of the Closing Date, the Shareholders will have no indemnification obligations pursuant to Section
10.2(c) with respect to such sales Tax liability.

 

11.2         
Proration of Taxes. To the extent permitted by Law or administrative practice, the taxable year of the Company and any Subsidiary
will end on the Closing Date. Whenever it is necessary to determine the liability for Taxes of the Company or any Subsidiary for a portion
of a taxable year or period that begins before and ends after the Closing Date, in the case of any Taxes that are imposed on a periodic
basis and are payable for a Straddle Period, the portion of such Tax that constitutes a Pre-Closing Tax will be as follows: (i) 
in the case of any other Taxes other than Taxes based upon or related to income, payroll, or receipts, the portion of such Tax constituting
a Pre-Closing Tax will equal the amount of such Tax for the entire Tax Period multiplied by a fraction the numerator of which is the number
of days in the Tax Period ending at 11:59 p.m., Central time, on the Closing Date and the denominator of which is the number of days in
the entire Tax Period; and (ii) in the case of any Tax based upon or related to income, payroll, or receipts, the portion of such
Tax constituting a Pre-Closing Tax will be determined and apportioned using an interim closing of the books as of the close of business
on the Closing Date; provided, however, that exemptions, allowances or deductions that are calculated on an annual basis
will be allocated to the period ending at 11:59 p.m., Central time, on the Closing Date in the same proportion as the number of calendar
days during the Taxable Period through such date bears to the number of calendar days in the entire Taxable Period.

 

11.3         
Cooperation on Tax Matters.

 

(a)           
Subject to the provisions of Section 11.4, the Buyer, the Company, the Subsidiaries, and the Shareholder Representative
will cooperate fully, as and to the extent reasonably requested by the other party, in connection with the preparation and filing of Tax
Returns pursuant to this Article 11. Such cooperation will include the retention and (upon any other party’s request) the
provision of records and information that are reasonably relevant to the preparation and filing of any such Tax Return. The Buyer and
the Shareholders will retain all books and records with respect to Tax matters pertinent to the Company and its Subsidiaries relating
to any Taxable Period beginning on or before the Closing Date until the expiration of the applicable statute of limitations (and, to the
extent notified by the Buyer or the Shareholders, any extensions thereof) of the respective Taxable Periods, and to abide by all record
retention agreements entered into with any Tax authority. Following the Closing Date, the Buyer will, and will cause the Company to, give
the Shareholders and their agents and representatives reasonable access to (and the right to make copies thereof at the Shareholders’
own expense) such books and records.

 

(b)          
 Notwithstanding any other provision of this agreement to the contrary, in the event that the Buyer initiates or engages in any
 ‎voluntary disclosure proceedings or similar proceedings, agreements, or contractual obligations with any Governmental Authority
relating to any and all state and local sales Taxes of the ‎Company and/or its Subsidiaries for any Pre-Closing Tax Period or Straddle
Period (“Voluntary ‎Disclosure Proceedings”), the Buyer agrees that any sales Taxes resulting from such
Voluntary Disclosure Proceedings will not be indemnifiable by the Shareholders pursuant to Section 10.2(c).

 

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(c)           
The Buyer and the Shareholder Representative, upon reasonable request by the other party, will use all commercially reasonable
efforts to obtain any certificate or other document from any Governmental Authority or any other Person as may be necessary to mitigate,
reduce or eliminate any Tax that could be imposed (including with respect to the transactions contemplated hereby), provided that such
action is not reasonably expected to increase any Tax liability of such party.

 

11.4         
Refunds.

 

(a)           
Any refunds or credits of Taxes of the Company or its Subsidiaries relating to a Pre-Closing Tax Period or a Straddle Period, to
the extent allocable to the portion of such Tax Period ending on the Closing Date pursuant to Section 11.2, will be for the benefit
of the Shareholders except to the extent any such refund or credit arose ‎as the result ‎of a carryback of a net operating
losses, capital losses or other ‎Tax attributes from a Taxable Period or portion thereof ‎‎beginning after the Closing
Date‎. Any refunds or credits of the Company or its Subsidiaries for any Straddle Period, to the extent allocable to the portion
of such Straddle Period beginning on or after the Closing Date pursuant to Section 11.2, or for any Tax Period beginning and ending
after the Closing Date, will be for the benefit of the Buyer. For the avoidance of doubt, neither Buyer nor its Affiliates (including
the Company and its Subsidiaries) shall have ‎any obligation to reimburse or otherwise make any ‎payment under this Agreement
to the ‎Shareholders, the Shareholder Representative or any other Person as ‎a result of the ‎availability or utilization
in a Tax period (or portion of a Tax Period) beginning ‎after the Closing ‎Date of any net operating loss or other Tax attribute
of the Company that is attributable to any ‎‎Pre-Closing Tax Period or the portion of a Straddle Period ending on or before
the Closing Date.

 

(b)           
The Buyer will promptly pay over (or cause the Company or its Subsidiaries to pay over) all refunds received by the Buyer or its
Affiliates (including the Company or its Subsidiaries) to which Shareholders are entitled under this Section 11.4, including all
interest with respect thereto, but reduced ‎by reasonable direct out-of-pocket expenses actually incurred by the Buyer or its Affiliates
and any Taxes relating thereto, by wire transfer of immediately available funds to each Shareholder in accordance with each Shareholder’s
Pro Rata Share set forth on Exhibit A attached hereto.

 

11.5         
Audits and Contests with Respect to Taxes.

 

(a)           
So long as Taxable Periods of the Company or its Subsidiaries ending on or before, or including, the Closing Date remain open
for an assessment of Tax, the Buyer and the Shareholder Representative will notify the other in writing within ten (10) Business Days
after receipt by the Buyer or the Shareholders of written or oral notice of (i) any pending or threatened audit or assessment with respect
to Taxes of the Company or its Subsidiaries relating to any Pre-Closing Tax Period or Straddle Period, and (ii) any pending or threatened
audit or assessment with respect to any other Taxes of the Buyer or the Company or its Subsidiaries that could reasonably be expected
to affect the Tax liability of any Shareholder (including any indemnification obligation with respect to Taxes pursuant to Section
10.2(c)).

 

    57

    

    

 

(b)          
Within fifteen (15) Business Days after the Shareholder Representative’s receipt of a notice in respect of an audit or assessment
described in Section 11.5(a), other than for any Straddle Period, the Shareholder Representative may elect, so long as the Shareholders
have an obligation to indemnify the Buyer Indemnified Parties hereunder with respect to such audit, by written notice to the Buyer, to
contest the audit or assessment in the name of the Company or its Subsidiaries, including the election to contest any assessment or proposed
assessment of interest or penalty even if some or all of the underlying tax amount is not being contested. If the Shareholder Representative
so elects, the Shareholders will be solely responsible for the defense of the item or items at issue, except that the Buyer agrees to
fully cooperate, and the Buyer will cause the Company and its Subsidiaries to fully cooperate, in the contest of such audit or assessment
by making relevant documents and employees available to the Shareholder Representative, and to execute, or cause the execution of, such
documents (including powers of attorney) as may be reasonably necessary to allow the Shareholder Representative to conduct the defense.
If the Shareholder Representative elects to conduct a defense, then all decisions with respect to the negotiation, settlement, or litigation
of the item or items at issue will be made by the Shareholder Representative and will be binding upon the Buyer, except that the Shareholder
Representative must consult with and obtain the prior written consent of the Buyer, which consent shall not be unreasonably withheld,
before agreeing to any adjustment that will or may create an increase in Taxes for the Company, the Subsidiaries or the Buyer in respect
of any period ending after the Closing Date. Other than audits or assessments for which the Shareholder Representative is conducting a
defense as provided above, the Buyer shall control all other threatened or pending audits and assessments described in Section 11.5(a),
but for each such matter the Buyer also shall (i) keep the Shareholder Representative reasonably informed of developments with respect
to such audit or assessment, and (ii) attempt to negotiate with the relevant Tax authority for a resolution of such audit or assessment
in good faith and in a manner that does not unfairly compromise any Pre-Closing Taxes as compared to Taxes for the Post-Closing Tax Period
unless otherwise required by applicable Law. With respect to any audit or assessment described in Section 11.5(a), the Buyer will
not, and will not permit the Company or its Subsidiaries to, compromise or otherwise settle such audit or assessment without the prior
written consent of the Shareholder Representative, which consent will not be unreasonably withheld. The Shareholders will bear all costs
relating to any audit or assessment described in this Section 11.5 relating to any Pre-Closing Tax Periods, and the Buyer will
bear all costs relating to any audit or assessment described in this Section 11.5 relating to any Tax Periods beginning after the
Closing Date unless otherwise provided under this Agreement. The costs relating to any audit or assessment described in this Section
11.5 for any Straddle Period of the Company or its Subsidiaries will be borne by and apportioned between the Shareholders and the
Buyer in a manner similar to that provided in Section 11.2, depending on the Tax involved, in proportion to the amount of adjustments
attributable to the Tax period through the Closing Date and the Tax period after the Closing Date.

 

11.6          Transaction
Tax Benefits. It is agreed and understood by the parties hereto that all costs, fees, or expenses that are borne by the
Shareholders that are associated with the Closing and paid by the Company, including for the avoidance of doubt for this purpose the
Company Transaction Expenses, and that are deductible by the Company in determining its taxable federal, state, and local income or
similar Taxes (each, a “Deduction” and collectively, the “Deductions”) will, to
the extent consistent with the Company’s methods of accounting for Tax purposes and applicable Tax Law, be allocated to the
Pre-Closing Tax Period or the portion of any Straddle Period treated as being a Pre-Closing Tax Period to the extent such allocation
is permitted under applicable Law at a “more likely than not” or higher level of comfort. For this purpose, the Company
will close its books and its Tax year for federal, and, if and as permitted, any state income Tax purposes as of the Closing Date to
the extent necessary in order to maximize the amount of the Deductions that can be used in a Pre-Closing Tax Period or the portion
of any Straddle Period that is a Pre-Closing Tax Period; provided, however, that in the case of the Company’s state corporate
income Tax Returns for the calendar year that includes the Closing Date, if the Company is not permitted to file a short-period Tax
Return for a Tax Period ending on the Closing Date, then all of the Deductions deductible on such Straddle Period Tax Return will be
deemed to be attributable to the Pre-Closing Tax Period for such Straddle Period Tax Return to the extent permitted under applicable
Law at a “more likely than not” or higher level of comfort. Unless otherwise required under applicable Law, the parties
to this Agreement agree, and agree to cause their Affiliates, to treat and report the Deductions arising in connection with the
Closing and the transactions contemplated hereby as being attributable to a Pre-Closing Tax Period in accordance with paragraphs (a)
through (c) of Example 8 of Proposed Treasury Regulations Section 1.1502-76(b)(5), without regard to whether such proposed
amendments to that Treasury Regulations Section have been adopted as final or formally apply to the Tax Period in issue. In
addition, for any of the Company Transaction Expenses that are facilitative and might otherwise be required to be capitalized by the
Company under Treasury Regulations Section 1.263(a)-5, unless otherwise required under applicable Law, the
parties to this Agreement agree, and agree to cause their Affiliates, to cause the Company to make and apply the “safe harbor
election” described in IRS Revenue Procedure 2011-29, 2011-18 I.R.B. 746, with respect to all such expenses that are eligible
for such election, unless and except as the Shareholder Representative may otherwise agree.

 

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11.7        
Transfer Taxes. Notwithstanding Section 12.1, all federal, state, local, foreign and other transfer, sales, use or
similar Taxes‎, conveyance fees, recording charges and other fees and charges (including any ‎penalties and interest thereon)
incurred in connection with this Agreement ‎‎(notwithstanding the party upon which such Taxes or other fees or charges are
otherwise ‎imposed as a matter of Law)‎ (“Transfer Taxes”) applicable to, imposed upon or arising
out of the transactions contemplated by this Agreement will be paid, and borne, fifty percent (50%) by the Shareholder Representative
(on behalf of the Shareholders) and fifty percent (50%) by the Buyer. All necessary Tax Returns and other documentation with respect to
such Transfer Taxes ‎shall be prepared and filed by the party required to file such Tax Returns under applicable ‎Law. Each
party hereto agrees to use its commercially reasonable efforts to mitigate, reduce or eliminate ‎any ‎Transfer Taxes.

 

11.8        
Tax Allocation Agreements. The Shareholders, Shareholder Representative and the Company and its Subsidiaries will (a) cause
all Tax allocation ‎or sharing agreements or Contracts and all powers of attorney with respect to or involving the Company to ‎be
terminated prior to the Closing and (b) ensure that, after the Closing, the Company and its Subsidiaries will not be ‎bound thereby
or have any liability thereunder.

 

ARTICLE 12.

MISCELLANEOUS

 

12.1         
Expenses. Except as otherwise provided in this Agreement, each party hereto will bear its own expenses incurred in connection
with this Agreement and the transactions contemplated hereby.

 

12.2         
Amendment. This Agreement may be amended, modified or supplemented only in a writing signed by the Buyer, the Company and
the Shareholder Representative.

 

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12.3         
Notices. Any written notice to be given hereunder will be given in writing and will be deemed given: (a) when received if
given in person, (b) on the date of transmission if sent by electronic mail or other wire transmission during normal business hours (and
if not, on the next succeeding Business Day), (c) three (3) days after being deposited in the U.S. mail, certified or registered
mail, postage prepaid, (d) if sent domestically by an nationally recognized overnight delivery service, the first Business Day following
the date given to such overnight delivery service (specified for overnight delivery), and (e) if sent internationally by an internationally
recognized overnight delivery service, the second Business Day following the date given to such overnight delivery service (specified
for overnight delivery). All notices will be addressed as follows (or at such other address for a party as may be specified by like notice):

 

If to the Company prior to
the Closing, to:

 

Informative Research

13030 Euclid St.

Garden Grove, CA 92843

Attention: Sean Buckner

Telephone: (714)-454-9799

E-mail: bucknersean@gmail.com

 

with a copy, which shall
not constitute notice, to:

 

Wyrick Robbins Yates
 & Ponton LLP

4101 Lake Boone Trail,
Suite 300

Raleigh, North Carolina
27607

Attention: Amy E.
Risseeuw

Telephone: (919) 781-4000

E-mail: arisseeuw@wyrick.com

 

If to the Shareholder Representative,
to:

 

Sean Buckner

**** ******* **** **

****** *****, ** *****

Telephone: **************

E-mail: *********************

 

with copies, which shall
not constitute notice, to:

 

Joanne Ahmadi

***** **** ** *** ******

********** *****, **
*****

Telephone: ***** ********

E-mail: *********************

 

Karen Lorenz

**** ***** ****

***** ****, ** *****

Telephone: ***** ********

E-mail: ***************************

 

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Randy Buckner

 * **** ******
***

*** *****, ** *****

Telephone: ***** ********

E-mail: *******************

 

Wyrick Robbins Yates
 & Ponton LLP

4101 Lake Boone Trail,
Suite 300

Raleigh, North Carolina
27607

Attention: Amy E.
Risseeuw

Telephone: (919) 781-4000

E-mail: arisseeuw@wyrick.com

 

If to the Buyer, or the Company
following the Closing, to:

 

c/o Cindy Madole

Deputy General Counsel

Stewart Information Services
 ‎‎Corporation

1360 Post Oak Blvd.,
Suite 100

MC#14-1‎

Houston, TX 77056

 

with a copy, which shall
not constitute notice, to:

 

Locke Lord LLP

600 Travis Street, Suite
2800

Houston, TX 77002

Attention: Christopher
L. Martin

Email: cmartin@lockelord.com

 

12.4         
Waivers. Subject to the limitations contained in this Agreement, the failure of a party to require performance of any provision
hereof will not affect its right at a later time to enforce the same. No waiver by a party of any term, covenant, representation or warranty
contained herein will be effective unless in writing, provided that the Shareholder Representative may waive any provision of this Agreement
on behalf of all of the Shareholders. No such waiver in any one instance will be deemed a further or continuing waiver of any such term,
covenant, representation or warranty in any other instance.

 

12.5         
Counterparts; Execution. This Agreement may be executed, including by way of electronic signature (pdf format included)
in counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument.

 

12.6         
Assignment. The rights and obligations of a party under this Agreement shall not be assignable by such party without the
written consent of the other parties and any purported assignment without such consent shall be void and of no effect; provided,
however, that the Buyer shall be permitted to assign its rights hereunder to (a) lenders providing financing for the transactions
contemplated by this Agreement for collateral security purposes and (b) to any buyer of all or substantially all of its assets (provided
that such buyer has agreed in writing to assume all of the Buyer’s obligations hereunder) or to any of the Buyer’s Affiliates;
provided, further, that, in each case, no such assignment shall relieve the Buyer of its obligations hereunder. This Agreement
shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.

 

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12.7         
No Third Party Beneficiaries. Except as set forth in Section 6.5, this Agreement is solely for the benefit of the
parties hereto and those Persons specifically described herein, and, except as aforesaid, no provision of this Agreement will be deemed
to confer any remedy, claim or right upon any third party. Without limiting the generality of the foregoing, the parties expressly confirm
their agreement that, in addition to the Shareholders and the Buyer, the other Seller Indemnified Parties and Buyer Indemnified Parties,
as the case may be, will also enjoy the benefits of indemnities made herein which are expressly stated to be in their favor. In this regard,
the parties agree that such Persons will have the right to enforce those provisions directly against the applicable Indemnifying Person(s).

 

12.8         
Governing Law. This Agreement is to be governed by, and construed and enforced in accordance with, the laws of the State
of Delaware, without regard to its rules of conflict of laws.

 

12.9         
Consent to Jurisdiction. EACH PARTY HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN WILMINGTON,
DELAWARE WILL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THE PARTIES PERTAINING TO THIS AGREEMENT
OR TO ANY MATTER ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS, EACH PARTY EXPRESSLY SUBMITS AND CONSENTS
IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH PARTY HEREBY WAIVES ANY OBJECTION THAT SUCH
PARTY MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS AND HEREBY CONSENTS TO THE GRANTING OF
SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. EACH PARTY HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT
AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINTS AND OTHER PROCESS MAY BE MADE
BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH PARTY AT THE ADDRESS SET FORTH IN SECTION 12.3 OF THIS AGREEMENT AND THAT SERVICE
SO MADE WILL BE DEEMED COMPLETED UPON THE EARLIER OF SUCH PARTY’S ACTUAL RECEIPT THEREOF OR FIVE (5) BUSINESS DAYS AFTER DEPOSIT
IN THE UNITED STATES MAIL, PROPER POSTAGE PREPAID.

 

12.10       
Exhibit A. Exhibit A to this Agreement sets forth the name and address of each of the Shareholders as well as the
Pro Rata Share attributable to each such Person for indemnification and post-Closing distribution purposes hereunder. At least three (3)
Business Days prior to the anticipated Closing Date, the Company will provide the Buyer with an updated draft of Exhibit A, reflecting
any changes to such details that may occur between the Agreement Date and the Closing Date; provided, however, and for the avoidance of
doubt, the identity of the Shareholders listed on Exhibit A and the respective percentage share amounts as of the Agreement Date
shall not change, without Buyer’s consent.

 

    62

    

    

 

12.11      
Complete Agreement. This Agreement, the Confidentiality Agreement and the other Transaction Documents constitute the complete
agreement of the parties with respect to the subject matter hereof and thereof and supersede all prior discussions, negotiations and understandings.

 

12.12      
Public Announcements. The Buyer agrees to reasonably consult with the Shareholder Representative concerning any press ‎release
or ‎other public announcement with respect to the transactions subject to this Agreement.‎ From and after the Agreement Date
until the earlier of the Closing Date or the date, if any, on which this Agreement is terminated pursuant to Section 9.1, the Company
shall not, and shall cause its representatives and Affiliates not to, issue or cause publication of any press release or other announcement
or public communication whatsoever with respect to this Agreement or the transactions contemplated hereby without the prior written consent
of the Buyer, except as may be required by applicable Law. Following the Closing, neither the Shareholder Representative nor any Shareholder
shall, and shall cause its representatives and Affiliates not to, issue or cause publication of any press release or other announcement
or public communication whatsoever with respect to this Agreement or the transactions contemplated hereby without the prior written consent
of the Buyer, except as may be required by applicable Law. If any such press release or publication or announcement is required by applicable
Law, the Shareholder Representative shall provide the Buyer with an opportunity to review the intended communication and consider in good
faith any modifications that are requested by the Buyer.

 

12.13      
Waiver of Jury Trial.

 

NO PARTY TO THIS
AGREEMENT OR ANY ASSIGNEE, SUCCESSOR, HEIR OR PERSONAL REPRESENTATIVE OF A PARTY WILL SEEK A JURY TRIAL IN ANY LAWSUIT, PROCEEDING,
COUNTERCLAIM OR ANY OTHER LITIGATION PROCEDURE BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OF THE OTHER AGREEMENTS OR THE
DEALINGS OR THE RELATIONSHIP BETWEEN THE PARTIES. NO PARTY WILL SEEK TO CONSOLIDATE ANY SUCH ACTION, IN WHICH A JURY TRIAL HAS BEEN
WAIVED, WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT OR HAS NOT BEEN WAIVED. THE PROVISIONS OF THIS SECTION 12.13 HAVE
BEEN FULLY DISCUSSED BY THE PARTIES HERETO, AND THESE PROVISIONS WILL BE SUBJECT TO NO EXCEPTIONS. NO PARTY HERETO HAS IN ANY WAY
AGREED WITH OR REPRESENTED TO ANY OTHER PARTY HERETO THAT THE PROVISIONS OF THIS SECTION 12.13 WILL NOT BE FULLY ENFORCED IN
ALL INSTANCES.

 

12.14      
Specific Performance. The parties acknowledge and agree that the other parties would be irreparably harmed if any of the
provisions of this Agreement (including failing to take such actions as are required of it hereunder in order to consummate the transactions
contemplated by this Agreement) are not performed in accordance with their specific terms and that any breach of this Agreement could
not be adequately compensated in all cases by monetary damages alone. Accordingly, the parties will be entitled to enforce any provision
of this Agreement by a decree of specific performance, to temporary, preliminary and permanent injunctive relief or to other equitable
relief to prevent breaches or threatened breaches of any of the provisions of this Agreement, without posting any bond or other undertaking.
Each of the parties agrees that it will not oppose the granting of an injunction, specific performance or other equitable relief permitted
by this Agreement on the basis that (x) the other party has an adequate remedy at Law or (y) an award of specific performance is not an
appropriate remedy for any reason at Law or equity.

 

    63

    

    

 

12.15      
Shareholder Representative.

 

(a)              
Each Shareholder hereby constitutes and appoints Sean Buckner as its agent and true and lawful attorney-in-fact (the “Shareholder
Representative”), with full power and authority in the name of and for and on behalf of such Shareholder, to serve as the
Shareholder Representative under this Agreement and the other Transaction Documents, and to exercise the power and authority to act on
behalf of, and in the name of, such Shareholder with respect to all matters relating to this Agreement or such other agreements, and the
transactions contemplated hereunder or thereunder (including the execution and delivery of the Escrow Agreement on behalf of the Shareholders).
Without limiting the generality of the foregoing, the Shareholder Representative is hereby granted the power and authority by each Shareholder
to negotiate and enter into amendments to this Agreement and the other agreements contemplated hereby for himself and on behalf of the
Shareholder, to act on each Shareholder’s behalf in any dispute, litigation or arbitration involving this Agreement, the other Transaction
Documents or such other agreements or any document delivered to the Shareholder Representative in such capacity pursuant hereto or thereto,
to entering into any documents required or permitted and contesting and settling any and all claims for indemnification under Article
10, to authorize the release of the Shareholder Representative Fund Amount or otherwise control the Shareholder Representative Fund
Amount and to do or refrain from doing all such further acts and things, and execute all such documents, as the Shareholder Representative
shall deem necessary or appropriate in connection with the transactions contemplated hereby.

 

(b)          All
decisions, acts, consents or instructions by the Shareholder Representative hereunder shall constitute a decision of the
Shareholders and shall be final, binding and conclusive upon the Shareholders, and no Shareholder shall have the right to object,
dissent, protest or otherwise contest the same. The Shareholder Representative shall not be liable for any act done or omitted
hereunder in connection with the acceptance, performance, or administration of his duties hereunder, except with respect to his own
actual fraud or bad faith, and for this purpose any act done or omitted pursuant to the advice of counsel shall be conclusive
evidence of the absence of fraud and bad faith. The Shareholders shall jointly and severally indemnify the Shareholder
Representative and hold him harmless against any loss, liability, or expense incurred by him (other than as a direct result of his
own actual fraud or bad faith) on his part arising out of or in connection with the acceptance, performance, or administration of
his duties hereunder. The Buyer Indemnified Parties may rely, without further inquiry, upon the authority of the Shareholder
Representative hereunder and upon any such decision, act, consent or instruction of the Shareholder Representative as being the
decision, act, consent or instruction of the Shareholders for any and all purposes under this Agreement.

 

(c)           
At the Closing, the Buyer will deliver the Shareholder Representative Fund Amount to a bank account designated by the Shareholder
Representative, which will be controlled by the Shareholder Representative and used solely to pay the costs and expenses, if any, incurred
by the Shareholder Representative in defending or resolving any claims for indemnification by the Buyer Indemnified Parties, and any other
costs or expenses incurred by the Shareholder Representative in the performance of his obligations as the Shareholder Representative hereunder.

 

    64

    

    

 

12.16      
Provision Respecting Legal Representation.

 

(a)           
In connection with this Agreement and the transactions contemplated hereby, Wyrick Robbins Yates & Ponton LLP (“WRYP”)
has acted as counsel for the Company as well as the Shareholders (collectively, the “Special Engagement”)
and in connection therewith, the parties hereto other than the Buyer confirm that WRYP has not acted as counsel for any individual Shareholder
or any other Person in connection with the transactions contemplated by this Agreement.

 

(b)            At
the request of the other parties hereto after consultation with WRYP, the Buyer, on behalf of itself and its Affiliates (which will
include the Company and its Affiliates from and after the Closing), expressly agrees that: (i) in all matters relating to the
Special Engagement, for all purposes, only the Shareholders and the Company will be considered clients of WRYP; (ii) all
communications between any of the Shareholders, the Company or their agents on the one hand, and WRYP, on the other hand (which will
include communications with agents and other parties with whom the attorney-client privilege is lawfully extended), in the course of
or in connection with the Special Engagement, will for all purposes be deemed to be privileged attorney-client communications
(unless and until and to the extent any such privilege is effectively waived as provided under applicable Law) that belong solely to
the Shareholders and not to the Company, any of its Affiliates (which include, from and after the Closing, the Buyer and its
Affiliates) or any other Person; (iii) all work-product and other material produced by WRYP in the course of or in connection with
the Special Engagement will be deemed to be attorney-client work-product (if and to the extent meeting the standards for
constituting work-product under applicable Law) belonging solely to the Shareholders, and not to the Company, any of its Affiliates
or any other Person; and (iv) none of the Buyer or any of its Affiliates has, will have or will otherwise be entitled to have any
right, title or authority in or to, nor any interest in, or privilege or right to access any such communications, work-product,
files or other materials of WRYP relating to the Special Engagement, whether or not the Closing has occurred, except as may be
expressly granted by the Shareholders to the Buyer or any of its Affiliates. Without limiting the generality of the foregoing, upon
and at all times after the Closing, to the maximum extent of the Law: (A) the Shareholders will be the sole holders of the
attorney-client privilege with respect to the Special Engagement, and none of the Buyer or any of its Affiliates (which will include
the Company and its Affiliates from and after the Closing), nor any of their respective Affiliates, will be a holder thereof;
(B) to the extent that files or work-product of WRYP in connection with the Special Engagement constitute client property, only
the Shareholders will hold all such property rights, and no other Person will have any right, title or interest therein or thereto;
and (C) WRYP will have no duty whatsoever to reveal or disclose any such attorney-client communications, work-product or files
to the Buyer or any of its Affiliates or any of their respective Affiliates, except as required by Law; provided, however,
that this is subject to the above-referenced exceptions if the Buyer is voluntarily provided with any such material by any other
party or to the extent any such privilege is effectively waived as provided under applicable Law.

 

(c)           
The Buyer, on behalf of itself and its Affiliates, acknowledges the community of interest between the Company and the Shareholders
prior to Closing in view of the fact that the Shareholders hold all of Company’s equity interests prior to Closing. Accordingly,
the Buyer, on behalf of itself and its Affiliates, agrees that the principles that apply to the Special Engagement regarding attorney-client
communications, attorney-client privilege, client files, attorney work-product and disclosures will also apply to the engagement of any
other attorneys or service professionals directly related to the Special Engagement, including, without limitation, other attorneys, investment
bankers and accountants (the “Advisers”). In addition, any original or copies of electronic or written communications
between the Shareholders and/or the Company on the one hand and WRYP or any other Adviser on the other hand, or among WRYP and any other
Adviser, in connection with the Special Engagement will be the sole property of the Shareholders and such electronic or written communications
will be destroyed, erased or otherwise withheld from possession, use or review by the Buyer or its Affiliates, including the Company and
its Subsidiaries from and after the Closing.

 

    65

    

    

 

(d)           
If the Shareholders so desire, and without the need for any consent or waiver by the Buyer or any of its Affiliates, either WRYP
or any other Adviser will be permitted to represent the Shareholders after the Closing in connection with any matter, including, without
limitation, anything related to this Agreement and the transactions contemplated hereby or any disagreement or dispute relating thereto.
Without limiting the generality of the foregoing, after the Closing, WRYP and each Adviser retains the right to represent the Shareholders
and any of their agents or Affiliates, or any one or more of them, in connection with any negotiation, transaction or dispute (“dispute”
includes litigation, arbitration or other adversary proceeding) with the Buyer or any of its Affiliates, or any of their agents under
or relating to this Agreement and any transaction contemplated hereby, and any related matter, such as claims for indemnification pursuant
to Article 10 and disputes involving employment or noncompetition or other agreements entered into in connection with this Agreement,
whether or not such matter is substantially related to the Special Engagement.

 

[The remainder of the page is intentionally
left blank]

 

IN WITNESS WHEREOF, the parties
hereto have caused this Stock Purchase Agreement to be executed and delivered on the date first set forth above.

 

	 	COMPANY:
	 	 	 
	 	INFORMATIVE RESEARCH
	 	 	 
	 	By:	/s/
    Sean Buckner
	 	Name:	Sean Buckner
	 	Title:	CEO

 

[Signature Page to Stock Purchase Agreement]

 

    

    

    

 

	 	SHAREHOLDERS:
	 	 
	 	 
	 	/s/ Joanne Ahmadi
	 	Joanne Ahmadi
	 	 
	 	 
	 	/s/ Karen Lorenz
	 	Karen Lorenz
	 	 
	 	 
	 	/s/ Randy Buckner
	 	Randy Buckner
	 	 
	 	 
	 	/s/ Sean Buckner
	 	Sean Buckner
	 	 
	 	 
	 	WaterStone Support Foundation,
    Inc.
	 	 

 

	 	By:	/s/ Christopher A. Start
	 	 	Christopher A. Start, Treasurer
	 	 	 

 

	 	The Joanne P. Ahmadi Charitable
    Trust
	 	By WaterStone Support Foundation,
    Inc., Trustee
	 	 
	 	 
	 	/s/ Christopher A. Start
	 	Christopher A. Start, Treasurer
	 	 
	 	 
	 	The Karen Lorenz Charitable
    Trust
	 	By WaterStone Support Foundation,
    Inc., Trustee
	 	 
	 	 
	 	/s/ Christopher A. Start
	 	Christopher A. Start, Treasurer

 

[Signature Page to Stock Purchase Agreement] 

    

    

    

 

	 	SHAREHOLDER REPRESENTATIVE:
	 	 
	 	/s/ Sean Buckner
	 	Sean Buckner

 

[Signature Page to Stock Purchase Agreement]

    

    

    

 

	 	BUYER:
	 	 	 
	 	Stewart
    Information Services Corporation
	 	 	 
	 	By:	/s/ David Hisey
	 	Name:	David Hisey
	 	Title:	Chief Financial Officer

 

[Signature Page to Stock Purchase Agreement]

 

    

    

    

 

ANNEX A

 

Defined Terms

 

Capitalized
terms used in the Agreement to which this Annex A is attached will have the following respective meanings, and all references to
Sections, Schedules or Annexes in the following definitions will refer to Sections, Schedules or Annexes of or to such Agreement: 

 

“2020 Financial
Statements” has the meaning set forth in Section 3.5(a).

 

“280G Vote”
has the meaning set forth in Section 6.18(b).

 

“401(k) Plan”
has the meaning set forth in Section 6.6(d).

 

“Accountant”
means Deloitte (U.S.).

 

“Accounting Principles”
means GAAP, applied using the accounting principles, methods and practices utilized in preparing the Financial Statements, applied on
a consistent basis.

 

“Acquisition
Proposal” means any offer or proposal concerning any (a) merger, ‎consolidation, business combination or similar transaction
involving the Company or its ‎Subsidiaries, (b) liquidation, dissolution or recapitalization involving the Company or its ‎Subsidiaries,
(c) sale, lease or other disposition directly or indirectly by merger, consolidation, ‎business combination, share exchange, joint
venture, or otherwise of assets of the Company or ‎its Subsidiaries representing a material portion of the consolidated assets of
the Company and ‎its Subsidiaries, (d) issuance, sale, or other disposition of (including by way of merger, ‎consolidation,
business combination, share exchange, joint venture or any similar transaction) ‎securities (or options, rights or warrants to purchase,
or securities convertible into or ‎exchangeable for, such securities) representing a material portion of the securities of the ‎Company
or its Subsidiaries, (e) transaction in which any Person shall acquire beneficial ‎ownership, or the right to acquire beneficial
ownership or any group shall have been formed ‎which beneficially owns or has the right to acquire beneficial ownership of a material
portion ‎of the outstanding voting equity interests of the Company or its Subsidiaries or (f) any ‎combination of the foregoing
(other than the transactions contemplated hereby).‎

 

“Advisers”
has the meaning set forth in Section 12.16(c).

 

“Affiliate”
means, with respect to any specified Person, (a) a partner, manager, director, officer or equity holder of such Person, ‎(b)
a spouse, parent, sibling or lineal descendant of such Person (if a natural person), or a spouse, ‎parent, sibling or descendant
of any partner, manager, director, officer or equity holder of such ‎Person (if an entity), and‎ (c) any other Person
directly or indirectly controlling or controlled by, or under direct or indirect common control with, such specified Person. For the purposes
of this definition, “control”, when used with respect to any specified Person, means the power to direct the management and
policies of such Person directly or indirectly, whether through ownership of voting securities, by Contract or otherwise, including the
ability to elect the members of the board of directors or other governing body of such Person; and the terms “controlling”
and “controlled” having meanings correlative to the foregoing.

 

“Agreed Tax Treatment”
has the meaning set forth in Section 11.1(e).

 

“Agreement”
has the meaning set forth in the preamble.

 

    

    

    

 

“Antitrust Laws”
means the Sherman Act, 15 U.S.C. §§ 1-7, as amended; the Clayton Act, 15 U.S.C. §§ 12-27, 29 U.S.C. §§ 52-53,
as amended; the Hart-Scott-Rodino Act; the Federal Trade Commission Act, 15 U.S.C. § 41-58, as amended; and all other federal, state
and foreign statutes, rules, regulations, Orders, decrees, administrative and judicial doctrines, and other Laws that are designed or
intended to prohibit, restrict or regulate actions having the purpose or effect of monopolization, anti-competition or restraint of trade.

 

“Audited Financial
Statements” has the meaning set forth in Section 3.5(a).

 

“Benefit Plans”
means each pension, retirement, profit-sharing, deferred compensation, stock option, equity incentive, employee stock ownership, share
purchase, severance pay, vacation, bonus, retention, change in control, or other incentive plan, medical, vision, dental or other health
plan, any life insurance plan, flexible spending account, cafeteria plan, vacation, holiday, disability or any other employee benefit
plan or fringe benefit plan, including any “employee benefit plan,” as that term is defined in Section 3(3) of ERISA and any
other plan, fund, policy, program, practice or arrangement providing compensation or other benefits of the Company or its Subsidiaries.

 

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

 

“Business Day”
means any day of the year other than (a) any Saturday or Sunday or (b) any other day on which banks located in New York, New York or the
City of Houston, Texas generally are closed for business.

 

“Business Intellectual
Property” means Intellectual Property and Intellectual Property Rights used by the Company and/or any of its Subsidiaries
in the operating of the Business.

 

“Buyer”
has the meaning set forth in the preamble.

 

“Buyer Employee
 ‎Benefit Arrangement” has the meaning set forth in Section 6.6(a).

 

“Buyer Indemnified
Parties” has the meaning set forth in Section 10.2.

 

“Buyer’s
Knowledge” means, as to a particular fact or other matter, the actual knowledge of the following individuals: Frederick
H. Eppinger, Chief Executive Officer, and David Hisey, Chief Financial Officer, after reasonable investigation by such individuals with
those employees of the Buyer having oversight of the subject areas addressed by the subject Buyer representation and warranty of this
Agreement.

 

“CAA”
means the Consolidated Appropriations Act, 2021, as amended.‎

 

“CARES Act”
means the Coronavirus Aid, Relief, and Economic Security Act, as amended from time to time, and the regulations promulgated thereunder.

 

“Cash”
means all cash and cash equivalents of the Company and its Subsidiaries as of 11:59 p.m., Central time, on the Closing Date, as computed
in accordance with the Accounting Principles, other than restricted cash. For the avoidance of doubt, Cash will be calculated net of issued
but uncleared checks and drafts and inclusive of deposits in transit, provided Cash shall specifically exclude any prepaid deposits of
or by the Company.

 

“Cash Notice of
Disagreement” has the meaning set forth in Section 2.10(c).

 

    

    

    

 

“Cash Return Amount”
has the meaning set forth in Section 2.10(a).

 

“Cash Statement”
has the meaning set forth in Section 2.10(a).

 

“Charter Documents”
means, as to a Person, such Person’s certificate of incorporation, formation or registration (including, if relevant, certificates
of change of name and certificates of designation, if any), memorandum of association, articles of association or incorporation, charter,
by-laws, trust deed, trust instrument, partnership, operating agreement, limited liability company, joint venture or shareholders’
agreement or equivalent documents, in each case, as amended.

 

“Closing”
has the meaning set forth in Section 2.4.

 

“Closing
Consideration” has the meaning set forth in Section 2.3(e).‎

 

“Closing Date”
has the meaning set forth in Section 2.4.

 

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

 

“Company”
has the meaning set forth in the recitals.

 

“Company Indebtedness”
means the Indebtedness of the Company and its Subsidiaries as of 11:59 p.m., Central time, on the Closing Date, excluding all Indebtedness
owing with respect to the PPP Loan and all Company Transaction Expenses.

 

“Company’s
Knowledge” means, as to a particular fact or other matter, the actual knowledge of the following individuals: Sean Buckner,
Festus Ademorijimi, and Scott Horn after reasonable investigation by such individuals with those employees of the Company having oversight
of the subject areas addressed by the representations and warranties set forth in Article 3 of this Agreement.

 

“Company Owned
Intellectual Property” means all Intellectual Property owned or purported to be owned, exclusively or jointly, by the Company
or any of its Subsidiaries.

 

“Company Transaction
Expenses” means (a) the aggregate amount of all costs, expenses and fees incurred by or on behalf of the Company and the
Subsidiaries in connection with the preparation and negotiation of this Agreement and the other documents contemplated by this Agreement,
whether or not invoiced or billed prior to the Closing, including all (i) brokers’ or finders’ fees and (ii) fees and expenses
of counsel, investment bankers, accountants and other advisers, (b) all bonuses, retention, severance, change of control or similar transaction-related
bonuses or payments, including any phantom equity or other similar equity-based bonuses or payments, in each case that are created, accelerated,
accrue or become payable by the Company as a result of the Closing or the transactions contemplated by this Agreement, together with the
employer portion of any employment, payroll, or similar Taxes required to be paid by the Company in connection with any of the foregoing,
(c) fifty percent (50%) of the R&W Premium, (d) fifty percent (50%) of the filing fee under the Hart-Scott-Rodino Act, (e) fifty percent
(50%) of the fees and expenses paid by the Buyer to the Escrow Agent pursuant to ‎the Escrow Agreement, and (f) fifty percent (50%)
of the costs of the Tail Coverage.

 

“Computer Database”
means all types of collections of electronic records and data that can be accessed by a computer.

 

    

    

    

 

“Computer Software”
means all types of computer software programs including operating systems, application programs, software tools, firmware and software
embedded in equipment, including object code, executable code and source code versions thereof and all written or electronic materials
that explain the structure or use of software or that were used in the development of software, including logic diagrams, flow charts,
code notes, procedural diagrams, error reports, manuals and training materials.

 

“Confidentiality
Agreement” has the meaning set forth in Section 6.3.

 

“Continuing Employee”
has the meaning set forth in Section 6.6(a).

 

“Contract”
means any written or oral contract, agreement or instrument, including, without limitation, supply contracts, purchase orders, understandings,
arrangements, undertakings, commitments or obligations, or leases of personal or real property, and all amendments, extensions, renewals,
guaranties and other agreements with respect thereto.

 

“Copyright”
means all works of authorship, regardless of the medium of fixation or means of expression, and all associated registrations and applications
for registration, under the copyright Laws of the United States or any other foreign country, for the full term and all renewals, extensions
and restorations thereof.

 

“COVID Related
Deferrals” means any Tax liabilities for ‎or allocable to any period, ‎including any Taxable Period (or portion
thereof) ending on ‎or prior to ‎the Closing Date, the ‎payment of which is deferred, on or prior to the Closing Date,
to a ‎period ‎‎(or portion thereof) ‎beginning after the Closing Date pursuant to the CARES Act, CAA or ‎any
 ‎other Law or ‎executive Order or Presidential Memorandum (including the Presidential ‎‎Memorandum ‎described
in IRS Notice 2020-65) related to COVID-19.‎

 

“COVID-19”
means the 2019 novel coronavirus disease, COVID-19 virus (SARS_COV-2 and related strains and sequences) or mutation or antigenic shift
thereof or any pandemic or public health emergency resulting therefrom.

 

“COVID-19
Law” means the CARES Act, the Families First Coronavirus Response ‎Act of 2020, the Consolidated Appropriations Act
of 2021, or any other applicable Law intended ‎to address the consequences of COVID-19.‎

 

“COVID-19
Measures” means any quarantine, “shelter in place,” “stay at home,” ‎workforce reduction,
social distancing, shut down, closure, sequester or any other Law, Action, ‎Order, directive, guidelines or recommendations by any
Governmental Authority in connection ‎with or in response to COVID-19.‎

 

“Data Policies”
has the meaning set forth in Section 3.18(a).

 

“Deduction(s)”
has the meaning set forth in Section 11.6.

 

“Deferred Compensation
Plan” has the meaning set forth in Section 6.6(d).

 

“Disclosure Schedules”
has the meaning set forth in Article 3.

 

“Disqualified
Individual” has the meaning set forth in Section 6.18(a).

 

    

    

    

 

“Employees”
has the meaning set forth in Section 3.15(b).

 

“Environmental
Laws” means any and all federal, state and local statutes, regulations, ordinances, codes and rules, as amended, relating
to the discharge or removal of air pollutants, water pollutants or process waste water or hazardous or toxic substances including, the
Federal Solid Waste Disposal Act, the Federal Clean Air Act, the Federal Clean Water Act, the Federal Resource Conservation and Recovery
Act of 1976, the Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980, each as amended, regulations of
the Environmental Protection Agency, and regulations of any state department of natural resources or state environmental protection agency,
in each case as currently in effect.

 

“Environmental
Matter” means the violation of any Environmental Law or any Environmental Permit.

 

“Environmental
Permit” means any permit issued, granted or required under Environmental Laws.

 

“Environmental
Release” means any release, spill, emission, leaking, pumping, injection, deposit, disposal, discharge, dispersal or leaching
of any Hazardous Substances into the environment.

 

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

 

“Escrow Agent”
means Wells Fargo Bank, National Association.

 

“Escrow Agreement”
has the meaning set forth in Section 2.3(c).

 

“Estimated Closing
Statement” has the meaning set forth in Section 2.6.

 

“Estimated Company
Indebtedness” has the meaning set forth in Section 2.6.

 

“Excess Parachute
Payment” has the meaning set forth in Section 3.12(i).

 

“Extended Representations”
has the meaning set forth in Section 10.1.

 

“FCPA”
has the meaning set forth in Section 3.24.

 

“FCRA”
is defined in Section ‎3.17.‎

 

“Financial Statements”
has the meaning set forth in Section 3.5(a).

 

“Fraud”
means actual, knowing and intentional common law fraud (and not constructive or equitable fraud, negligent misrepresentation or omission,
or fraud based on recklessness) with respect to the making of representations and warranties herein by a party to this Agreement with
a specific intent that the other party to this Agreement rely on the misrepresentation of fact that is the subject of such fraud, coupled
with such other party’s detrimental reliance on such fact under circumstances that constitute common law fraud under applicable
Law.

 

“Fully Diluted
Shares” means the aggregate number of shares of common stock of the Company outstanding.

 

    

    

    

 

“Fundamental Representations”
has the meaning set forth in Section 10.1.

 

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

 

“Governmental
Authority” means any United States or foreign, federal, state or local entity, government and/or any political subdivision
or other executive, legislative, administrative, judicial or other governmental department, commission, court, board, bureau, agency or
instrumentality.

 

“Harmful Code”
means any mechanism, device or computer code designed or intended to have, or intended to be capable of performing, any of the following
functions: (a) disrupting, disabling, harming or otherwise impeding in any manner the operation of, or providing unauthorized access
to, a computer system or network or other device on which such mechanism, device or computer code is stored or installed; or (b) collecting,
damaging or destroying any information, data or file, in each case, without the user’s consent.

 

“Hart-Scott-Rodino
Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations promulgated
thereunder.

 

“Hazardous Substance”
means, collectively, any (a) petroleum or petroleum products, or derivative or fraction thereof, and/or (b) any chemical, material, substance
or waste, which is now defined as or included in the definition of “hazardous substances,” “hazardous wastes,”
 “hazardous materials,” “toxic substances,” “restricted hazardous wastes,” “contaminants,”
or “pollutants”, in each case as regulated under Environmental Laws, including materials that are deemed hazardous pursuant
to any Environmental Laws due to their characteristics of ignitability, corrosivity or reactivity characteristics.

 

“Indebtedness”
of any Person means, whether or not contingent and without duplication, (a) the principal, accreted value, accrued and unpaid interest,
prepayment and redemption premiums or penalties (if any), unpaid fees or expenses and other monetary obligations in respect of (i) indebtedness
of such Person for money borrowed and (ii) indebtedness evidenced by notes, debentures, bonds or other similar instruments for the
payment of which such Person is responsible or liable; (b) all obligations of such Person issued or assumed as the deferred purchase
price of property, all conditional sale obligations of such Person and all obligations of such Person under any title retention agreement
(but excluding trade accounts payable and other accrued current liabilities arising in the Ordinary Course of Business (other than the
current liability portion of any indebtedness for borrowed money)); (c) all obligations of such Person for the reimbursement of any
obligor on any letter of credit, banker’s acceptance or similar credit transaction; (d) all obligations of such Person under interest
rate or currency swap transactions (valued at the termination value thereof); (e) all obligations of the type referred to in clauses (a)
through (d) of any Persons for the payment of which such Person is responsible or liable, directly or indirectly, as obligor, guarantor,
surety or otherwise, including guarantees of such obligations; and (f) all obligations of the type referred to in clauses (a) through
(e) of other Persons secured by (or for which the holder of such obligations has an existing right, contingent or otherwise, to be secured
by) any Lien on any property or asset of such Person (whether or not such obligation is assumed by such Person); provided, that
Indebtedness shall specifically exclude the PPP Loan and Company Transaction Expenses.

 

    

    

    

 

“Indemnified Person”
means the Person or Persons entitled to, or claiming a right to, indemnification under Article 10.

 

“Indemnifying
Person” means the Person or Persons claimed by the Indemnified Person to be obligated to provide indemnification under Article
10.

 

“Indemnity Escrow
Account” has the meaning set forth in Section 2.3(c).

 

“Indemnity Escrow
Amount” means an amount equal to $960,000.

 

“Intellectual
Property” means, collectively, any and all of the following existing in any jurisdiction throughout the world on the date
hereof: (a) Patents, (b) Copyrights, (c) Trade Secrets and legal rights therein and other confidential information and
know-how, (d) Marks and all good will associated therewith (e) domain name registrations and social media accounts.

 

“Intellectual
Property Rights” means proprietary rights, moral rights, and other rights in Intellectual Property, including, all rights
of integrity and attribution, remedies against infringement or misappropriation thereof, and rights to the protection of any interests
therein under any applicable Law.

 

“IRS”
means the United States Internal Revenue Service.

 

“IT Systems”
has the meaning set forth in Section 3.9(h).

 

“Key Contracts” has the meaning set forth in Section
6.15.

 

“Latest Balance
Sheet” has the meaning set forth in Section 3.5(a).

 

“Law”
means any applicable foreign or domestic law, statute, regulation, ordinance, rule, common law, Order, decree or governmental requirement
enacted, promulgated, entered into or imposed by any Governmental Authority, including any Antitrust Laws, in each case, as enacted and
in effect on or prior to the Closing Date.

 

“Lease”
has the meaning set forth in Section 3.8.

 

“Leased Real Property”
has the meaning set forth in Section 3.8(b).

 

“Licensed Company
Intellectual Property” means all Intellectual Property and Intellectual Property Rights (excluding any Company Owned Intellectual
Property) used, held for use or practiced by the Company.

 

“Licensed Database”
means any Computer Database owned by another Person and licensed to or otherwise used by the Company in the Business.

 

“Licensed Software”
means any Computer Software owned by another Person and licensed to or otherwise used by the Company in the Business.

 

“Lien”
means any lien, security interest, pledge, charge, claim, mortgage, deed of trust, option, lease, restriction, condition, warranty, right
of first refusal, easement, right of way, covenant, servitude, or other encumbrance of any kind or nature.

    

    

    

 

“Loss”
or “Losses” means all claims, suits, actions, damages, losses, obligations, liabilities, penalties, awards,
interest, assessments, settlements, judgments, costs and expenses, including court costs and reasonable attorneys’ fees and disbursements
and costs of litigation, incurred or suffered by any Indemnified Person, but, except in the case of Fraud, excluding (a) punitive, special,
indirect, and exemplary damages and (b) consequential damages that were not reasonably foreseeable, except to the extent that such damages
in the case of either clause (a) or (b) are awarded in a third party claim.

 

“Marks”
means statutory and common law trademarks, trade dress, service marks, logos, trade names, business names, and other Names, and the goodwill
associated therewith, now existing or hereafter adopted or acquired, and all registrations and applications to register the same, under
the Laws of the United States or any other foreign country, for the full term and all renewals thereof.

 

“Material Adverse
Effect” means any change, event, development or circumstance that (a) has had, or would reasonably be expected to have,
a materially adverse effect on the business, assets, liabilities, operations, or financial condition of the Company and its Subsidiaries,
taken as a whole or (b) materially and adversely affects the ability of the Company or the Shareholders to perform their obligations
hereunder or to consummate the transactions contemplated hereby; except that a Material Adverse Effect will not include changes, events
or circumstances resulting from (i) changes to the U.S. economy, the global economy, financial markets or the industry or markets
in which the Company and its Subsidiaries operate, (ii) any potential or actual government shutdown, (iii) any breakup of a political
or economic union, (iv) the announcement or pendency of the transactions contemplated herein or the identity of or any characteristic
of or fact related to the Buyer (including any loss of employees, customers, suppliers, vendors, licensors, licensees or distributors),
(v) any hurricane, earthquake, flood or other natural disaster, or any acts of terrorism, cyberterrorism, sabotage, military action, armed
hostilities, war (whether or not declared), epidemic, pandemic or disease outbreak (including the COVID-19 virus) or any escalation or
worsening thereof, whether or not occurring or commenced before or after the Agreement Date, (vi) changes in Law or GAAP, (vii) changes
in interest rates, currency exchange rates or commodities prices, (viii) any failure of the Company or any Subsidiary to meet any internal
or external projections, forecasts or revenue predictions; (ix) any action taken (or any omission to act) by any party to this Agreement
outside the Ordinary Course of Business that is required to be taken pursuant to the terms of this Agreement, or (x) any action taken
(or any omission to act) by the Buyer or any of its Affiliates.

 

“Material Contracts”
has the meaning set forth in Section 3.13(a).

 

“Name”
means any word, mark, name, design or symbol used by a Person to identify its business or the source of its goods or services.

 

“Off-the-Shelf
Software” means commercially available off-the-shelf Computer Software licensed solely in executable or object-code form
on a nonexclusive basis, that has not been modified or customized for Company or its Subsidiaries and has an annual aggregate cost of
less than $10,000, including database and related applications available without charge (e.g. Wikipedia, Facebook, LinkedIn, etc.).

 

“Open Source
Software” means Computer Software that is subject to or licensed, provided or distributed under any open source
license (including any copyleft license), including any license that satisfies the definition of free software by the Free Software
Foundation, satisfies the definition of open source software by the Open Source Initiative, or that is offered under similar types
of Computer Software licenses.

 

    

    

    

 

“Order”
means any judgment, order, injunction, decree, determination, award, ruling, stipulation, restriction, assessment or writ of any Governmental
Authority and any ruling or award in any arbitration proceeding.

 

“Ordinary Course
of Business” means the ordinary and usual course of day-to-day operations of the business of the Company and its Subsidiaries.
 ‎ An action taken by a Person will be deemed to have been taken in the “Ordinary Course of ‎Business” only if:
(a) such action is consistent with the past practices of such Person and is taken ‎in the ordinary course of the normal day-to-day
operations of such Person; or (b) such action is ‎similar in nature and magnitude to actions customarily taken in the ordinary course
of the normal ‎day-to-day operations of other Persons that are in the same line of business as such Person. ‎

 

“Outside Date”
has the meaning set forth in Section 9.1(c).

 

“Owned Real Property”
has the meaning set forth in Section 3.8(a).

 

“Paid Indebtedness”
has the meaning set forth in Section 2.3(a).

 

“Parachute Payment”
has the meaning set forth in Section 6.18(a).

 

“Parachute Payment
Waiver” means, with respect to any Disqualified Individual, a written agreement waiving such Person’s right to receive
any portion of that individual’s Parachute Payments that exceed an amount equal to three times such Disqualified Individual’s
 “base amount” (as defined in Section 280G(b)(3) and Treasury Regulations Sections 1.280G-1 Q/A-34 and Q/A-35, solely to the
extent required to avoid the imposition of a Tax under Section 4999 of the Code by virtue of the operation of Section 280G of the Code
and to accept in substitution therefor the right to receive such payments only if approved by the holders of the Company Shares in a manner
that complies with Section 280G(b)(5)(B) of the Code and the Treasury Regulations promulgated thereunder.

 

“Patent”
means any issued U.S. and foreign patents and pending patent applications (and all patents that issue therefrom), patent disclosures,
and any and all divisions, continuations, continuations-in-part, continuing prosecution applications, reissues and reexaminations thereof,
for the full term thereof, as well as all inventions disclosed in any of the foregoing.

 

“Per Share Amount”
means (a) (i) with respect to Sean Buckner and Randy Buckner, an amount equal to the quotient of clause (i) of the definition of Closing
Consideration, and (ii) with respect to all other Shareholders, an amount equal to the quotient of clause (ii) of the definition of Closing
Consideration divided by (b) the Fully Diluted Shares.

 

“Permits”
means all licenses, franchises, permits, certificates, authorizations, approvals, registrations, franchises, variances, exemptions, waivers
and similar consents granted, issued or otherwise required to be obtained from, or submitted to, any Governmental Authority.

 

    

    

    

 

“Permitted
Liens” means: (a) Liens in respect of liabilities shown or reflected in the balance sheets included in the Financial
Statements, (b) Liens arising by operation of Law for Taxes or other governmental charges not yet due and payable or due but not
delinquent or being contested in good faith by appropriate proceedings or for which adequate reserves are maintained in the
Financial Statements as of the Closing Date, (c) Liens arising by operation of Law, including Liens arising by virtue of the rights
of customers, suppliers and subcontractors in the Ordinary Course of Business that are not yet delinquent, do not individually or in
the aggregate materially detract from the value of such property or assets, or that are being contested in good faith and by
appropriate proceedings and for which reserves have been established to the extent required by GAAP, (d) pledges or deposits to
secure obligations under workers’ compensation laws or similar legislation or to secure public or statutory obligations, and
(e) all applicable zoning, entitlement, conservation restrictions and other land use and environmental regulations affecting real
property that would not, individually or in the aggregate, reasonably be expected to have a material adverse impact on this
operations of the Business.

 

“Person”
means any individual, corporation, partnership, association, limited liability company, estate, trust or trustee on behalf of a trust,
Governmental Authority or body or other entity or organization of whatever nature.

 

“Personal Information”
means any information that is maintained by the Company in connection with the Business and that identifies or is reasonably capable of
identifying a natural person, that is linked or reasonably linkable with an identified natural person, or that is otherwise considered
personal information under applicable Laws.

 

“Personal Property”
has the meaning set forth in Section 3.8(d).

 

“Post-Closing
Tax Period” means any Tax Period or portion thereof beginning after the Closing Date, including the portion of any Straddle
Period beginning on the day immediately after the Closing Date.

 

“PPP Allowable
Uses” means allowable uses of proceeds of an SBA ‎PPP Loan as described in ‎‎Section 1102 of the CARES
Act.‎

 

“PPP Lender”
means Farmers and Merchants Bank of Long Beach, a CA Corp.‎

 

“PPP Loan”
is defined in Section ‎3.28(a).

 

“Pre-Closing Tax”
means any Tax for a Tax Period or portion thereof ending on or before the Closing Date, including the portion of any Straddle Period through
the end of the Closing Date.

 

“Pre-Closing Tax
Period” means any Tax Period ending on or before the Closing Date.

 

“Privacy Laws”
means any and all applicable Laws that govern the privacy, collection, access, storage, transfer, processing, use, disclosure or security
(including breach notification obligations) of Personal Information, including but not limited to, if and to the extent applicable to
the Company’s collection, access, storage, transfer, processing, use, or disclosure of Personal Information, the California Consumer
Privacy Act (CCPA), the Safeguards Rule promulgated pursuant to the Gramm-Leach-Bliley Act of 1999, as amended, (GLBA), the Fair Credit
Reporting Act (15 U.S.C. §1681) (FCRA), the Telephone Consumer Protection Act (TCPA), the Controlling the Assault of Non-Solicited
Pornography And Marketing Act of 2003 (CAN-SPAM), the Privacy Rule (45 C.F.R. Part 164 Subpart E) and the Security Rule (45 C.F.R. Part
164 Subpart C) promulgated pursuant to the Health Insurance Portability and Accountability Act of 1996 (as amended) (HIPAA) and the Health
Information Technology for Economic and Clinical Health Act (HITECH), and New York General Business Law 899-aa.

 

    

    

    

 

“Pro Rata Share”
means, with respect to each Shareholder, the proportional share of all Company common stock (on a fully diluted basis) owned by such Shareholder
based upon its, his or her holdings of Company common stock immediately prior to the Closing, which such proportional shares are expressed
as a percentage on Exhibit A, which is subject to Section 12.10.

 

“Proceeding”
means any action, suit, claim, complaint, audit, investigation, inquiry, mediation, hearing, litigation proceeding or arbitration, whether
or not by or before any Governmental Authority.

 

“Proprietary Database”
means any Computer Database owned or purported to be owned by the Company or any of its Subsidiaries.

 

“Proprietary Software”
means any Computer Software owned or purported to be owed by the Company or any of its Subsidiaries.

 

“Protected Information”
has the meaning set forth in Section 6.11(a).

 

“Purchase Price”
has the meaning set forth in Section 2.2.

 

“R&W Insurer”
means the insurance carrier under the R&W Policy.

 

“R&W Policy”
means a buyer-side representation and warranty insurance policy issued by the R&W Insurer to the Buyer on the Closing Date, naming
the Buyer as an insured and providing coverage for certain Losses incurred by the Buyer with respect to this Agreement, subject to the
terms and conditions set forth in the R&W Policy.

 

“R&W Premium”
has the meaning set forth in Section 6.8.

 

“Registered Intellectual
Property” means all United States and foreign (a) Patents, (b) registered Marks, applications to register Marks (excluding
 “dead” applications that have been abandoned), intent to use applications or other registrations or applications related to
Marks, (c) registered Copyrights and applications for Copyright registration, and (d) domain names and URLs; including any other Intellectual
Property that is subject to a grant, issuance, registration, or application by a Governmental Agency or authorized private registrar.

 

“Release Date”
has the meaning set forth in Section 10.10(d).

 

“Required Cash
Payment” has the meaning set forth in Section 2.10(a).

‎ 

“Restricted
Party” or “Restricted Parties” has the meaning set forth in Section 6.13(a).‎

 

“Restricted
Period” has the meaning set forth in Section 6.13(b).‎

 

“Restricted Territories” means the United States
of America. ‎

 

“Restrictive
Covenants” has the meaning set forth in Section 6.13(f).‎

 

“Retained Amount”
has the meaning set forth in Section 10.10(d).

 

“SBA”
means the United States Small Business Administration.‎

 

    

    

    

 

“SBA Act”
means the Small Business Act (15 U.S.C. 636(a)), as amended.

 

“Securities Act”
has the meaning set forth in Section 5.7.

 

“Seller Indemnified
Parties” has the meaning set forth in Section 10.3.

 

“Shares”
has the meaning set forth in the recitals.

 

“Special Engagement”
has the meaning set forth in Section 12.15(a).

 

“Shareholder”
and “Shareholders” has the meaning set forth in the preamble.

 

“Shareholder Representative”
has the meaning set forth in Section 12.15(a).

 

“Shareholder Representative
Fund Amount” means the amount of $100,000.

 

“Straddle Period”
means any Tax Period beginning on or before the Closing Date and ending after the Closing Date.

 

“Subsidiary”
means any Person of which the Company (or other specified Person) owns directly, or indirectly through a Subsidiary, nominee arrangement
or otherwise, at least a majority of the outstanding capital stock (or other shares of beneficial interest) entitled to vote generally
or otherwise have the power to elect a majority of the board of directors or similar governing body or the legal power to direct the business
or policies of such Person.

 

“Tail Coverage”
has the meaning set forth in Section 6.16.

 

“Tax”
or “Taxes” mean any and all taxes, charges, fees, duties, levies or other assessments, including income, gross
receipts, capital stock, net proceeds, ad valorem, turnover, commercial activity, real, personal and other property (tangible and intangible),
sales, use, franchise, excise, value added, stamp, leasing, lease, user, transfer, fuel, excess profits, occupational, interest equalization,
windfall profits, unitary, severance, employees’ income withholding, escheat, abandoned or unclaimed property, unemployment and
Social Security taxes, duties, assessments and charges in the nature of a tax (including the recapture of any tax items such as investment
tax credits) that are imposed by any Governmental Authority, including any interest, penalties or additions to tax related thereto imposed
by any Governmental Authority.

 

“Tax Advantage”
means the value of any Tax benefits that actually reduce the Taxes of such Indemnified Party arising ‎from the incurrence or payment
of any such Loss in a Tax Period ending on or before the ‎end of the Tax year that the corresponding indemnification payment is
required to be paid, ‎treating any deduction attributable to such Loss as a marginal item (i.e., the last item of ‎deduction
to be applied only after exhaustion of all other available deductions, losses or ‎credits) in respect of such Tax year.

 

“Tax Period”
or “Taxable Period” means any period prescribed by any Governmental Authority for which a Tax Return is required
to be filed or a Tax is required to be paid.

 

“Tax Return”
means any return, refund claim, declaration, or report of or with respect to Taxes required to be filed with any Governmental Authority
or depository‎, including any schedules and attachments thereto and any amendments thereof.

 

    

    

    

 

“Testing Rights”
has the meaning set forth in Section 6.17.

 

“Threshold Amount”
has the meaning set forth in Section 10.4.

 

“Top Customers”
has the meaning set forth in Section 3.21(a).

 

“Top Vendors”
has the meaning set forth in Section 3.21(b).

 

“Trade Secrets”
means any data or information of the Company that is not commonly known by or available to the public and which derives economic value,
actual or potential, from not being generally known to and not being readily ascertainable by proper means by other Persons who can obtain
economic value from its disclosure or use.

 

“Transaction Documents”
means, collectively, this Agreement, the Escrow Agreement, the R&W Policy and each other agreement, document, instrument and/or certificate
contemplated by this Agreement to be executed in connection with the transactions contemplated hereby.

 

“Transfer Taxes”
has the meaning set forth in Section 11.7.

 

“Treasury Regulations”
means the final and temporary regulations promulgated under the Code by the United States Department of the Treasury.

 

“Unaudited Financial
Statements” has the meaning set forth in Section 3.5(a).

 

“Voluntary Disclosure
Proceedings” has the meaning set forth in Section 11.3(b).

 

“WARN Act”
means the Worker Adjustment and Retraining Notification Act of 1988‎, as amended.

 

“Work-In-Process”
means all service and work product inventory and order backlog of the Company or its Subsidiaries related to or serviced through their
respective businesses.

 

“WRYP”
has the meaning set forth in Section 12.16.Exhibit 10.1

  

  

  

  

  

  
    EMPLOYMENT AGREEMENT

    

    

    This Employment Agreement (this “Agreement”) is entered into on October 1, 2021 and made effective as of October 31, 2021 (the “Effective Date”), by
      and between PyraMax Bank, FSB, a federally chartered savings bank (the “Bank”) and Steven T. Klitzing (the “Executive”).  The Bank and Executive are sometimes collectively referred to herein as the “parties.”  Any reference to the “Company” shall mean 1895 Bancorp of Wisconsin, Inc., the Maryland chartered stock holding company of the Bank.  The Company is a signatory to this Agreement for the purpose of guaranteeing the
      Bank’s performance hereunder.

    WITNESSETH

    WHEREAS,
      Executive has been hired to fill the role of Senior Vice President, Chief Financial Officer and Treasurer of the Bank and the Company upon the resignation and retirement of the existing Chief Financial Officer;

    WHEREAS, the Bank desires to
      assure itself of the continued availability of the Executive’s services as provided in this Agreement; and

    

    

     WHEREAS, the Executive is willing to serve the Bank on the terms and conditions hereinafter set forth.

    

    

    NOW, THEREFORE,
      in consideration of the mutual covenants herein contained, and upon the terms and conditions hereinafter provided, the parties hereby agree as follows:

    1. POSITION AND RESPONSIBILITIES.

    During the term of this Agreement Executive shall serve as Senior Vice President, Chief Financial Officer and
      Treasurer, and Executive accepts such employment, subject to the terms and conditions set forth in this Agreement.  Executive shall have such duties, responsibilities and powers as are set forth by the Board of Directors of the Bank, the Chief
      Executive Officer and/or the President of the Bank provided that such duties are generally consistent with those as Senior Vice President, Chief Financial Officer and Treasurer.

    2. TERM AND DUTIES.

    (a) Eighteen-Month Contract with Annual Renewal.  The term (“Term”) of this Agreement shall commence as of the Effective Date and shall continue, initially, through April 30, 2023.  On January 8, 2022 (for
        these purposes, referred to herein as the “Anniversary Date”), the disinterested members of the Board of Directors of the Bank (the “Board”) will meet to consider the renewal or nonrenewal of this Agreement.  In connection with such consideration, the Board shall conduct a
        comprehensive performance evaluation of Executive (or review such performance evaluation conducted by the Compensation Committee of the Board) for purposes of determining whether to extend this Agreement through July 8, 2023, which decision shall
        be included in the minutes of the Board’s meeting.  If the decision of such disinterested members of the Board is not to renew this Agreement, then the Board shall provide Executive with a written notice of non-renewal (“Non-Renewal Notice”) that this Agreement shall terminate at the end of its then Term (i.e., April 30, 2023).  Assuming the renewal of the Agreement on January 8, 2022,
        the Agreement shall have a Term ending July 8, 2023.  Thereafter, each following January 8th, commencing January 8, 2023, the Board shall again perform a comprehensive performance evaluation to determine whether to again extend the
        agreement for twelve months beyond its’ then Term.  Notwithstanding the foregoing, in the event that the Company or the Bank has entered into an agreement to effect a transaction which would be considered a Change in Control as defined below, then,
        unless Executive has previously been informed that this Agreement shall not be renewed) the term of this Agreement shall be extended and shall terminate eighteen (18) months following the date on which the Change in Control occurs.

     

      

     

      

    
      
        

    

    
    (b) Termination of Employment.  Notwithstanding anything
        contained in this Agreement to the contrary, either Executive or the Bank may terminate Executive’s employment with the Bank at any time during the term of this Agreement, subject to the terms and conditions of this Agreement.

    (c) Continued Employment Following Expiration of Term.  Nothing in this Agreement shall
        mandate or prohibit a continuation of Executive’s employment following the expiration of the term of this Agreement, upon such terms and conditions as the Bank and Executive may mutually agree.

    

    

    (d) Duties; Membership on Other Boards.  During the term of this
        Agreement, except for periods of absence occasioned by illness, reasonable vacation periods, and reasonable leaves of absence approved by the Board, Executive shall devote substantially all of his business time, attention, skill, and efforts to the
        faithful performance of his duties hereunder, including activities and services related to his position as Senior Vice President, Chief Financial Officer and Treasurer; provided, however, that, Executive may serve, or continue to serve, on the
        boards of directors of, and hold any other offices or positions in, business companies or business or civic organizations, which, in the Board’s judgment, will not present any conflict of interest with the Bank, or materially affect the performance
        of Executive’s duties pursuant to this Agreement.  Executive shall provide the Board of Directors annually for its approval a list of organizations for which the Executive acts as a director or officer.

    

      3. COMPENSATION, BENEFITS AND REIMBURSEMENT.

    

  

  
    (a) Base Salary.  In consideration of Executive’s performance of the duties set forth in
        Section 2, the Bank shall provide Executive the compensation specified in this Agreement.  The Bank shall pay Executive a salary of $200,000 per year (“Base
          Salary”).  The Base Salary shall be payable biweekly, or with such other frequency as officers of the Bank are generally paid. During the term of this Agreement, the Base Salary shall be reviewed from time to time by the Board or by a
        committee designated by the Board, and the Bank may increase, but not decrease (except for a decrease that is generally applicable to all senior management employees) Executive’s Base Salary.  The Board will review the Executive’s performance on or
        about April 1, 2023, and thereafter from time to time, and may increase Executive’s Base Salary at such time.  Any increase in Base Salary shall become the “Base Salary” for purposes of this Agreement.

     

      

     

      

    
      2

      
        

    

    (b) Bonus Compensation.

    (i) Signing Bonus.  Within thirty days of commencement of employment, Executive will be
        entitled to a signing bonus of $50,000.

    (ii) Annual Bonus. Executive will be eligible for an annual performance-based bonus of up
        to 30% of base salary, based on the criteria determined by the Board.  Said performance-based bonus shall be prorated for the 2021 calendar year.  Additionally, Executive will be eligible for a discretionary bonus in the sole discretion of the
        Board.  Executive shall be entitled to equitable participation in incentive compensation and bonuses in any plan or arrangement of the Bank or the Company in which Executive is eligible to participate.  Nothing paid to Executive under any such plan
        or arrangement will be deemed to be in lieu of other compensation to which Executive is entitled under this Agreement.

    (c) Employee Benefits.  The Bank shall provide Executive with employee benefit plans,
        arrangements and perquisites substantially equivalent to those in which Executive was participating or from which he was deriving benefit immediately prior to the commencement of the term of this Agreement, and the Bank shall not, without
        Executive’s prior written consent, make any changes in such plans, arrangements or perquisites that would adversely affect Executive’s rights or benefits thereunder, except as to any changes that are applicable to all participating employees. 
        Without limiting the generality of the foregoing provisions of this Section 3(c), Executive will be entitled to participate in and receive benefits under any employee benefit plans including, but not limited to, retirement plans, supplemental
        retirement plans, pension plans, profit-sharing plans, health-and-accident insurance plans, medical coverage or any other employee benefit plan or arrangement made available by the Bank and/or the Company in the future to its senior executives,
        including any stock benefit plans, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and arrangements.

    (d) Paid Time Off.  Executive shall be entitled to paid vacation time each year during the
        term of this Agreement (measured on a fiscal or calendar year basis, in accordance with the Bank’s usual practices), as well as sick leave, holidays and other paid absences in accordance with the Bank’s policies and procedures for senior
        executives.  Such paid time off shall not be in excess of 75 hours in 2021 and 300 hours for each calendar year thereafter.  Any unused paid time off during an annual period shall be treated in accordance with the Bank’s personnel policies as in
        effect from time to time.

    (e) Expense Reimbursements.  The Bank shall also pay or reimburse Executive for all
        reasonable travel, entertainment and other reasonable expenses incurred by Executive during the course of performing his obligations under this Agreement, including, without limitation, fees for memberships in such clubs and organizations as
        Executive and the Board shall mutually agree are necessary and appropriate in connection with the performance of his duties under this Agreement, upon presentation to the Bank of an itemized account of such expenses in such form as the Bank may
        reasonably require, provided that such payment or reimbursement shall be made as soon as practicable but in no event later than March 15 of the year following the year in which such right to such payment or reimbursement occurred.

     

      

     

      

    
      3

      
        

    

    4. PAYMENTS TO EXECUTIVE UPON AN EVENT OF TERMINATION.

    (a) Upon the occurrence of an Event of Termination (as herein defined) during the term of this Agreement, the provisions of this Section 4 shall apply; provided, however, that in
        the event such Event of Termination occurs within eighteen (18) months following a Change in Control (as defined in Section 5 hereof), Section 5 shall apply instead. As used in this Agreement, an “Event of Termination’’ shall mean and include any
        one or more of the following:

    

      
        	
                (i)  

                

              	
                the involuntary termination of Executive’s employment hereunder by the Bank for any reason other than termination governed by
                  Section 5 (in connection with or following a Change in Control), Section 6 (due to Disability or death), Section 7 (due to Retirement), or  Section 8 (for Cause), provided that such termination constitutes a “Separation from Service”
                  within the meaning of Section 409A of the Internal Revenue Code (“Code”); or

              

      

    

     

      
        
          	
                  (ii)  

                  

                	
                  Executive’s resignation from the Bank’s employ upon any of the following, unless consented to by Executive:

                   

                  

                

        

      

    

    (A) failure to appoint Executive to the position set forth in Section 1, or a material change in Executive’s
        function, duties, or responsibilities, which change would cause Executive’s position to become one of lesser responsibility, importance, or scope from the position and responsibilities described in Section 1, to which Executive has not agreed in
        writing (and any such material change shall be deemed a continuing breach of this Agreement by the Bank);

    (B) a relocation of Executive’s principal place of employment to a location that is more than 35 miles from the location of the Bank’s principal executive offices as of the date of this Agreement;

    (C) a material reduction in the benefits and perquisites, including Base Salary, to Executive from those being
        provided as of the Effective Date (except for any reduction that is part of a reduction in pay or benefits that is generally applicable to officers or employees of the Bank);

    (D) a liquidation or dissolution of the Bank; or

    (E) a material breach of this Agreement by the Bank.

    Upon the occurrence of any event described in clause (ii) above, Executive shall have the right to elect to terminate his employment
      under this Agreement by resignation for “Good Reason” upon not less than thirty (30) days prior written notice given within a reasonable period of time (not to exceed ninety (90) days) after the event giving rise to the right to elect, which
      termination by Executive shall be an Event of Termination.  The Bank shall have thirty (30) days to cure the condition giving rise to the Event of Termination, provided that the Bank may elect to waive said thirty (30) day period.  For the avoidance
      of doubt, the non-renewal of this Agreement under Section 2(a) hereof, without the occurrence of an Event of Termination under this Section 4(a)(ii) prior to the end of the term of this Agreement, shall not be considered an event that would permit
      the Executive to resign for Good Reason and receive a severance payment.

     

    

     

    

    
      4

      
        

    

    (b) Upon the occurrence of an Event of Termination, the Bank shall pay Executive, or, in the event of his subsequent death, his beneficiary or beneficiaries, or his estate, as the
        case may be, as severance pay or liquidated damages, or both, the Base Salary and bonus(es) that Executive would be entitled to for the remaining unexpired term of the Agreement.  For purposes of determining the bonus(es) payable hereunder, the
        bonus(es) will be deemed to be equal to the average annual bonus paid over the prior two years, and (ii) otherwise paid at such time as such bonus would have been paid absent an Event of Termination (i.e., if only one bonus would otherwise be paid
        during the remaining term, then one bonus will be included in the calculation).  Such payments shall be paid in a lump sum on or before the 30th day following the Executive’s Separation from Service (within the meaning of Section 409A of
        the Code), unless the payment is due in connection with a termination program involving more than one employee, in which case the payment shall be due within no more than the 60th day following Executive’s Separation from Service, and
        shall not be reduced in the event Executive obtains other employment following the Event of Termination.  Notwithstanding the foregoing, Executive shall not be entitled to any payments or benefits under this Section 4 unless and until (i) Executive
        executes a release of his claims against the Bank, the Company and any affiliate, and their officers, directors, successors and assigns, releasing said persons from any and all claims, rights, demands, causes of action, suits, arbitrations or
        grievances relating to the employment relationship, including claims under the Age Discrimination in Employment Act, but not including claims for benefits under tax-qualified plans or other benefit plans in which Executive is vested, claims for
        benefits required by applicable law or claims with respect to obligations set forth in this Agreement that survive the termination of this Agreement (the “Release”), and (ii) the payments and benefits shall begin on the 30th day following the date of the Executive’s Separation from Service, provided that before that date, the Executive has signed (and not revoked) the
        Release and the Release is irrevocable under the time period set forth under applicable law.

    (c) Upon the occurrence of an Event of Termination, the Bank shall provide, at the Bank’s expense, for the remaining unexpired term of the Agreement, nontaxable medical and dental
        coverage and life insurance coverage substantially comparable, as reasonably available, to the coverage maintained by the Bank for Executive and his dependents prior to the Event of Termination, except to the extent such coverage may be changed in
        its application to all Bank employees and then such coverage provided to Executive and his dependents shall be commensurate with such changed coverage.  Notwithstanding the foregoing, if applicable law prohibits (including, but not limited to, laws
        prohibiting discriminating in favor of highly compensated employees), or, if participation by the Executive is not permitted under the terms of the applicable health or life insurance plans, or if providing such benefits would subject the Bank to
        penalties, then the Bank shall pay the Executive a cash lump sum payment reasonably estimated to be equal to the value (or the remaining value) of such non-taxable medical and dental benefits, with such payment to be made by lump sum within ten
        (10) business days of the Date of Termination, or if later, the date on which the Bank determines that such insurance coverage (or the remainder of such insurance coverage) cannot be provided for the foregoing reasons.

     

      

     

      

    
      5

      
        

    

    (d) For purposes of this Agreement, a “Separation from Service” shall have occurred if the Bank and Executive reasonably anticipate that either no further services will be performed
        by the Executive after the date of the Event of Termination (whether as an employee or as an independent contractor) or the level of further services performed will not exceed 49% of the average level of bona fide services in the thirty-six (36)
        months immediately preceding the Event of Termination.  For all purposes hereunder, the definition of Separation from Service shall be interpreted consistent with Treasury Regulation Section 1.409A-1(h)(ii).  If Executive is a Specified Employee,
        as defined in Code Section 409A and any payment to be made under sub-paragraph (b) or (c) of this Section 4 shall be determined to be subject to Code Section 409A, then if required by Code Section 409A, such payment or a portion of such payment (to
        the minimum extent possible) shall be delayed and shall be paid on the first day of the seventh month following Executive’s Separation from Service.

    5. CHANGE IN CONTROL.

    (a) Any payments made to Executive pursuant to this Section 5 are in lieu of any payments that may otherwise be owed to Executive pursuant to this Agreement under Section 4, such
        that Executive shall either receive payments pursuant to Section 4 or pursuant to Section 5, but not pursuant to both Sections.

    

    

    (b) For purposes of this Agreement, the term “Change in Control” shall mean:

    	

          	(1)	
            Merger:  The Company or the Bank merges into or consolidates with another
              entity, or merges another Bank or corporation into the Bank or the Company, and as a result, less than a majority of the combined voting power of the resulting corporation immediately after the merger or consolidation is held by persons who
              were stockholders of the Company or the Bank immediately before the merger or consolidation;

          

    	

          	(2)	
            Acquisition of Significant Share Ownership:  A person or persons acting in
              concert has or have become the beneficial owner of 25% or more of a class of the Company’s or the Bank’s voting securities; provided, however, this clause (2) shall not apply to beneficial ownership of the Company’s or the Bank’s voting
              shares held in a fiduciary capacity by an entity of which the Company directly or indirectly beneficially owns 50% or more of its outstanding voting securities;

          

    	

          	(3)	
            Change in Board Composition:  During any period of two consecutive years,
              individuals who constitute the Company’s or the Bank’s Board of Directors at the beginning of the two-year period cease for any reason to constitute at least a majority of the Company’s or the Bank’s Board of Directors; provided, however,
              that for purposes of this clause (c), each director who is first elected by the board (or first nominated by the board for election by the stockholders or corporators) by a vote of at least two-thirds (2/3) of the directors who were directors
              at the beginning of the two-year period shall be deemed to have also been a director at the beginning of such period; or

          

     

    

     

    

     

    

    
      6

      
        

    

    	

          	(4)	
            Sale of Assets:  The Company or the Bank sells to a third party all or
              substantially all of its assets.

          

    (c) Upon the occurrence of a Change in Control followed within eighteen (18) months by an Event of Termination (as defined in Section 4 hereof), Executive shall receive as severance
        pay or liquidated damages, or both, a lump sum cash payment equal to one and one half times the sum of (i) Executive’s highest annual rate of Base Salary paid to Executive at any time under this Agreement, plus (ii) the highest bonus paid to
        Executive with respect to the three completed fiscal years prior to the Change in Control.  Such payment shall be paid in a lump sum within ten (10) days of the Executive’s Separation from Service (within the meaning of Section 409A of the Code)
        and shall not be reduced in the event Executive obtains other employment following the Event of Termination.

    (d)         Upon the occurrence of a Change in Control followed within eighteen (18) months by an Event of Termination (as defined in Section 4 hereof), the Bank (or its successor)
        shall provide at the Bank’s (or its successor’s) expense, nontaxable medical and dental coverage and life insurance coverage substantially comparable, as reasonably available, to the coverage maintained by the Bank for Executive and his dependents
        prior to his termination, except to the extent such coverage may be changed in its application to all Bank employees and then the coverage provided to Executive and his dependents shall be commensurate with such changed coverage.  Such coverage
        shall cease eighteen (18) months following the termination of Executive’s employment.  Notwithstanding the foregoing, if applicable law prohibits (including, but not limited to, laws prohibiting discriminating in favor of highly compensated
        employees), or, if participation by the Executive is not permitted under the terms of the applicable health or life insurance plans, or if providing such benefits would subject the Bank to penalties, then the Bank shall pay the Executive a cash
        lump sum payment reasonably estimated to be equal to the value (or the remaining value) of such non-taxable medical and dental benefits, with such payment to be made by lump sum within ten (10) business days of the Date of Termination, or if later,
        the date on which the Bank determines that such insurance coverage (or the remainder of such insurance coverage) cannot be provided for the foregoing reasons. 

     

      6. TERMINATION FOR DISABILITY OR DEATH.

    

    (a) Termination of Executive’s employment based on “Disability” shall be construed to comply with Section 409A of the Internal Revenue Code and shall be deemed to have occurred if:
        (i) Executive is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death, or last for a continuous period of not less than 12 months, and as
        a result, Executive is receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Bank or the Company; or (ii) Executive is determined to be totally disabled by the
        Social Security Administration. The provisions of Sections 6(b) shall apply upon the termination of the Executive’s employment based on Disability.  Upon the determination that Executive has suffered a Disability, disability payments hereunder
        shall commence within thirty (30) days.

    (b) To the extent permitted by applicable law, the Bank shall cause to be continued life insurance coverage and non-taxable medical and dental coverage substantially comparable, as
        reasonably available, to the coverage maintained by the Bank for Executive and Executive’s dependents prior to the termination of his employment based on Disability (in accordance with its customary co-pay percentages), except to the extent such
        coverage may be changed in its application to all Bank employees or not available on an individual basis to an employee terminated based on Disability.  This coverage shall cease upon the earlier of (i) the date Executive returns to the full-time
        employment of the Bank; (ii) Executive’s full-time employment by another employer; or (iii) twelve (12) months after the date of termination of Executive’s employment based on Disability. Nothing herein shall be construed to prevent Executive from
        continuing such coverage for the remainder of the applicable COBRA period at his own expense.  If participation by the Executive is not permitted under the terms of an applicable plan (i.e., such as the group life insurance plan), the Bank shall
        provide Executive with reimbursement (payable on a monthly basis) of premiums paid by the Executive to obtain similar benefits for the period specified above; provided, however, that the reimbursement shall not exceed the cost of the monthly
        premiums for active employees.

     

      

     

      

    
      7

      
        

    

    (c) In the event of Executive’s death during the term of this Agreement, his estate, legal representatives or named beneficiaries (as directed by
        Executive in writing) shall be paid Executive’s Base Salary at the rate in effect at the time of Executive’s death in accordance with the regular payroll practices of the Bank for a period of six (6) months from the date of Executive’s death.  Such
        payments are in addition to any life insurance benefits that Executive’s beneficiaries may be entitled to receive under any employee benefit plan maintained by the Bank for the benefit of Executive, including, but not limited to, the Bank’s
        tax-qualified retirement plans.  In addition, the Bank shall continue to provide for twelve (12) months after Executive’s death non-taxable medical, dental and other insurance benefits substantially comparable to the coverage maintained by the Bank
        for Executive’s dependents prior to his death (in accordance with the customary co-pay percentages).  Nothing herein shall be construed to prevent Executive’s eligible dependents from continuing such coverage for the remainder of any applicable
        COBRA period at their own expense.

     

      

    7. TERMINATION UPON RETIREMENT.

    

    

    Termination of Executive’s employment based on “Retirement” shall mean termination of Executive’s employment at any time
      (other than a termination pursuant to Section 5) after Executive reaches age 65 or in accordance with any retirement policy established by the Board with Executive’s consent as it applies to him.  Upon termination of Executive based on Retirement, no
      amounts or benefits shall be due Executive under this Agreement, and Executive shall be entitled to all benefits under any retirement plan of the Bank and other plans to which Executive is a party, subject to the terms of such plan.

     

    

     8. TERMINATION FOR CAUSE.

    

    

    (a) The Bank may terminate Executive’s employment at any time, but any termination other than termination for “Cause,” as defined herein, shall not
        prejudice Executive’s right to compensation or other benefits under this Agreement.  Executive shall have no right to receive compensation or other benefits for any period after termination for “Cause.”  The term “Cause” as used herein, shall exist
        when there has been a good faith determination by the Board that there shall have occurred one or more of the following events with respect to the Executive:

     

      

     

      

    
      8

      
        

    

    
      	
              (1)

            	
              personal dishonesty in performing Executive’s duties on behalf of the Bank;

            

    

    

    

    
      	
              (2)

            	
              incompetence in performing Executive’s duties on behalf of the Bank;

            

    

    

    

    
      	
              (3)

            	
              willful misconduct that in the judgment of the Board will likely cause economic damage to the Bank or injury to the business reputation of the
                Bank;

            

    

    

    

    
      	
              (4)

            	
              breach of fiduciary duty involving personal profit;

            

    

    

    

    
      	
              (5)

            	
              material breach of the Bank’s Code of Ethics;

            

    

    

    

    
      	
              (6)

            	
              intentional failure to perform stated duties under this Agreement after written notice thereof from the Board;

            

    

    

    

    
      	
              (7)

            	
              willful violation of any law, rule or regulation (other than traffic violations or similar offenses) that reflect adversely on the reputation of
                the Bank, any felony conviction, any violation of law involving moral turpitude, or any violation of a final cease-and-desist order; or

            

    

    

    

    
      	
              (8)

            	
              material breach by Executive of any provision of this Agreement.

            

    

    

    

    Notwithstanding the foregoing, Cause shall not be deemed to exist unless there shall have been delivered to the Executive a copy of a
      resolution duly adopted by the affirmative vote of not less than a majority of the entire membership of the Board at a meeting of the Board called and held for the purpose (after reasonable notice to the Executive and an opportunity for the Executive
      to be heard before the Board), finding that in the good faith opinion of the Board the Executive was guilty of conduct described above and specifying the particulars thereof.  Prior to holding a meeting at which the Board is to make a final
      determination whether Cause exists, if the Board determines in good faith at a meeting of the Board, by not less than a majority of its entire membership, that there is probable cause for it to find that the Executive was guilty of conduct
      constituting Cause as described above, the Board may suspend the Executive from his duties hereunder for a reasonable period of time not to exceed fourteen (14) days pending a further meeting  at which the Executive shall be given the opportunity to
      be heard before the Board.  Upon a finding of Cause, the Board shall deliver to the Executive a Notice of Termination, as more fully described in Section 9 below.

    (b) For purposes of this Section 8, no act or failure to act, on the part of Executive, shall be considered “willful” unless it is done, or omitted to be done, by Executive in bad
        faith or without reasonable belief that Executive’s action or omission was in the best interests of the Bank.  Any act, or failure to act, based upon the direction of the Board or based upon the advice of counsel for the Bank shall be conclusively
        presumed to be done, or omitted to be done, by Executive in good faith and in the best interests of the Bank.

    

    

    

    

    

    

    
      9

      
        

    

    
       9. NOTICE.

    

    

    

    (a) Any purported termination by the Bank for Cause shall be communicated by Notice of Termination to Executive.  If, within thirty (30) days after any Notice of Termination for
        Cause is given, Executive notifies the Bank that a dispute exists concerning the termination, the parties shall promptly proceed to arbitration, as provided in Section 19.  Notwithstanding the pendency of any such dispute, the Bank shall
        discontinue paying Executive’s compensation until the dispute is finally resolved in accordance with this Agreement.  If it is determined that Executive is entitled to compensation and benefits under Section 4 or 5, the payment of such compensation
        and benefits by the Bank shall commence immediately following the date of resolution by arbitration, with interest due Executive on the cash amount that would have been paid pending arbitration (at the prime rate as published in The Wall Street Journal from time to time).

    (b) Any other purported termination by the Bank or by Executive shall be communicated by a “Notice of Termination” (as defined in Section 9(c)) to the other party.  If, within
        thirty (30) days after any Notice of Termination is given, the party receiving such Notice of Termination notifies the other party that a dispute exists concerning the termination, the parties shall promptly proceed to arbitration as provided in
        Section 19.  Notwithstanding the pendency of any such dispute, the Bank shall continue to pay Executive his Base Salary, and other compensation and benefits in effect when the notice giving rise to the dispute was given (except as to termination of
        Executive for Cause); provided, however, that such payments and benefits shall not continue beyond the remaining unexpired Term of this Agreement.  In the event the voluntary termination by Executive of his employment is disputed by the Bank, and
        if it is determined in arbitration that Executive is not entitled to termination benefits pursuant to this Agreement, he shall return all cash payments made to him pending resolution by arbitration, with interest thereon at the prime rate as
        published in The Wall Street Journal from time to time, if it is determined in arbitration that Executive’s voluntary termination of employment
        was not taken in good faith and not in the reasonable belief that grounds existed for his voluntary termination.  If it is determined that Executive is entitled to receive severance benefits under this Agreement, then any continuation of Base
        Salary and other compensation and benefits made to Executive under this Section 9 shall offset the amount of any severance benefits that are due to Executive under this Agreement.

    (c) For purposes of this Agreement, a “Notice of Termination” shall mean a written notice that shall indicate the specific termination provision in this Agreement relied upon and
        shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated.

    
      
         10. POST-TERMINATION OBLIGATIONS.

      

       

    

    

    (a) One-Year Non-Solicitation.  Executive hereby covenants and agrees
        that, for a period of one year following his termination of employment with the Bank, he shall not, without the written consent of the Bank, either directly or indirectly solicit, offer employment to, or take any other action intended (or that a
        reasonable person acting in like circumstances would expect) to have the effect of causing any officer or employee of the Bank or the Company, or any of their respective subsidiaries or affiliates, to terminate his or her employment and accept
        employment or become affiliated with, or provide services for compensation in any capacity whatsoever to, any business whatsoever that competes with the business of the Bank or the Company, or any of their direct or indirect subsidiaries or
        affiliates or has headquarters or offices within 35 miles  of the locations in which the Bank or the Company has business operations or has filed an application for regulatory approval to establish an office;

     

      

     

      

    
      10

      
        

    

    

    

    (b) One-Year Non-Competition.  Executive hereby covenants and agrees
        that, for a period of one year following his termination of employment with the Bank, he shall not, without the written consent of the Bank, either directly or indirectly become an officer, employee, consultant, director, independent contractor,
        agent, sole proprietor, joint venturer, greater than 5% equity owner or stockholder, partner or trustee of any savings association, savings and loan association,
        savings and loan holding company, credit union, bank or bank holding company, insurance company or agency, any mortgage or loan broker or any other financial services entity or business that competes with the business of the Bank or its affiliates
        or has headquarters or offices within 35 miles of Greenfield, Wisconsin  Notwithstanding the foregoing, this non-competition restriction shall not apply if Executive’s employment is terminated following a Change in Control (as defined in this
        Agreement).

    

    

    (c)   As used in this Agreement, “Confidential Information” means information belonging to the Bank which is of value to the Bank in the course of conducting its business and the
        disclosure of which could result in a competitive or other disadvantage to the Bank. Confidential Information includes, without limitation, financial information, reports, and forecasts; inventions, improvements and other intellectual property;
        trade secrets; know-how; designs, processes or formulae; software; market or sales information or plans; customer lists; and business plans, prospects and opportunities (such as possible acquisitions or dispositions of businesses or facilities)
        which have been discussed or considered by the management of the Bank. Confidential Information includes information developed by the Executive in the course of the Executive’s employment by the Bank, as well as other information to which the
        Executive may have access in connection with the Executive’s employment.  Confidential Information also includes the confidential information of others with which the Bank has a business relationship. Notwithstanding the foregoing, Confidential
        Information does not include information in the public domain.  The Executive understands and agrees that the Executive’s employment creates a relationship of confidence and trust between the Executive and the Bank with respect to all Confidential
        Information.  At all times, both during the Executive’s employment with the Bank and after its termination, the Executive will keep in confidence and trust all such Confidential Information, and will not use or disclose any such Confidential
        Information without the written consent of the Bank, except as may be necessary in the ordinary course of performing the Executive’s duties to the Bank.

    

    

    (d) Executive shall, upon reasonable notice, furnish such information and assistance to the Bank as may reasonably be required by the Bank, in connection
        with any litigation in which it or any of its subsidiaries or affiliates is, or may become, a party; provided, however, that Executive shall not be required to provide information or assistance with respect to any litigation between the Executive
        and the Bank or any of its subsidiaries or affiliates.

    (e) All payments and benefits to Executive under this Agreement shall be subject to Executive’s compliance with this Section 10.  The parties hereto, recognizing that irreparable
        injury will result to the Bank, its business and property in the event of Executive’s breach of this Section 10, agree that, in the event of any such breach by Executive, the Bank will be entitled, in addition to any other remedies and damages
        available, to an injunction to restrain the violation hereof by Executive and all persons acting for or with Executive. Executive represents and admits that Executive’s experience and capabilities are such that Executive can obtain employment in a
        business engaged in other lines and/or of a different nature than the Bank, and that the enforcement of a remedy by way of injunction will not prevent Executive from earning a livelihood.  Nothing herein will be construed as prohibiting the Bank or
        the Company from pursuing any other remedies available to them for such breach or threatened breach, including the recovery of damages from Executive.

    

      

      

    
      11

      
        

    

    
      
         11. SOURCE OF PAYMENTS.

      

    

    

    

    All payments provided in this Agreement shall be timely paid in cash or check from the general funds of the Bank.
      The Company may accede to this Agreement but only for the purposed of guaranteeing payment and provision of all amounts and benefits due hereunder to Executive.

    
      
        
           12. EFFECT ON PRIOR AGREEMENTS AND EXISTING BENEFITS PLANS.

        

      

    

    This Agreement contains the entire understanding between the parties hereto and supersedes any prior employment
      agreement between the Bank or any predecessor of the Bank and Executive, except that this Agreement shall not affect or operate to reduce any benefit or compensation inuring to Executive of a kind elsewhere provided.  No provision of this Agreement
      shall be interpreted to mean that Executive is subject to receiving fewer benefits than those available to him without reference to this Agreement.

     13. NO ATTACHMENT; BINDING ON SUCCESSORS. 

    (a) Except as required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge,
        pledge, or hypothecation, or to execution, attachment, levy, or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to effect any such action shall be null, void, and of no effect.

    (b) This Agreement shall be binding upon, and inure to the benefit of, Executive and the Bank and their respective successors and assigns.

    14. MODIFICATION AND WAIVER.

    (a) This Agreement may not be modified or amended except by an instrument in writing signed by the parties hereto.

    (b) No term or condition of this Agreement shall be deemed to have been waived, nor shall there be any estoppel against the enforcement of any provision of this Agreement, except by
        written instrument of the party charged with such waiver or estoppel.  No such written waiver shall be deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate only as to the specific term or condition
        waived and shall not constitute a waiver of such term or condition for the future as to any act other than that specifically waived.

     

      

    
      12

      
        

    

    15. REQUIRED PROVISIONS.

    (a) The Bank may terminate Executive’s employment at any time, but any termination by the Board other than termination for Cause shall not prejudice
        Executive’s right to compensation or other benefits under this Agreement.  Executive shall have no right to receive compensation or other benefits for any period after termination for Cause.

    (b) If Executive is suspended from office and/or temporarily prohibited from participating in the conduct of the Bank’s affairs by a notice served under
        Section 8(e)(3) [12 USC §1818(e)(3)] or 8(g)(1) [12 USC §1818(g)(1)] of the Federal Deposit Insurance Act, the Bank’s obligations under this contract shall be suspended as of the date of service, unless stayed by appropriate proceedings.  If the
        charges in the notice are dismissed, the Bank may in its discretion (i) pay Executive all or part of the compensation withheld while its contract obligations were suspended and (ii) reinstate (in whole or in part) any of its obligations which were
        suspended.

    (c) If Executive is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under Section 8(e)(4)
        [12 USC §1818(e)(4)] or 8(g)(1) [12 USC §1818(g)(1)] of the Federal Deposit Insurance Act, all obligations of the Bank under this Agreement shall terminate as of the effective date of the order, but vested rights of the contracting parties shall
        not be affected.

    (d) If the Bank is in default as defined in Section 3(x)(1) [12 USC §1813(x)(1)] of the Federal Deposit Insurance Act, all obligations of the Bank under
        this Agreement shall terminate as of the date of default, but this paragraph shall not affect any vested rights of the contracting parties.

    (e) All obligations under this Agreement shall be terminated, except to the extent determined that continuation of the contract is necessary for the
        continued operation of the Bank, (i) by either the Office of the Comptroller of the Currency or the Board of Governors of the Federal Reserve System (collectively, the “Regulator”) or his or her designee, at the time the FDIC enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) [12 USC §1823(c)] of the Federal Deposit
        Insurance Act; or (ii) by the Regulator or his or her designee at the time the Regulator or his or her designee approves a supervisory merger to resolve problems related to operation of the Bank or when the Bank is determined by the Regulator to be
        in an unsafe or unsound condition.  Any rights of the parties that have already vested, however, shall not be affected by such action.

    (f) Notwithstanding anything herein contained to the contrary, any payments to Executive by the Bank or the Company, whether pursuant to this Agreement or
        otherwise, are subject to and conditioned upon their compliance with Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1828(k), and the regulations promulgated thereunder in 12 C.F.R. Part 359.

     

      

    

  
    13

    
      

  

  16. SEVERABILITY.
    

    

    If, for any reason, any provision of this Agreement, or any part of any provision, is held invalid, such invalidity
      shall not affect any other provision of this Agreement or any part of such provision not held so invalid, and each such other provision and part thereof shall to the full extent consistent with law continue in full force and effect.

    17. HEADINGS FOR REFERENCE ONLY. 

    The headings of sections and paragraphs herein are included solely for convenience of reference and shall not
      control the meaning or interpretation of any of the provisions of this Agreement.

    18. GOVERNING LAW.

    This Agreement shall be governed by the laws of the State of Wisconsin except to the extent superseded by federal
      law.

     19. ARBITRATION.

    Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by
      binding arbitration, as an alternative to civil litigation and without any trial by jury to resolve such claims, conducted by a panel of three arbitrators sitting in a location selected by Executive within fifty (50) miles from the main office of the
      Bank, in accordance with the rules of the American Arbitration Bank’s National Rules for the Resolution of Employment Disputes (“National Rules”)
      then in effect.  One arbitrator shall be selected by Executive, one arbitrator shall be selected by the Bank and the third arbitrator shall be selected by the arbitrators selected by the parties.  If the arbitrators are unable to agree within fifteen
      (15) days upon a third arbitrator, the arbitrator shall be appointed for them from a panel of arbitrators selected in accordance with the National Rules.  Judgment may be entered on the arbitrator’s award in any court having jurisdiction.

    20. INDEMNIFICATION.

    (a) Executive shall be provided with coverage under a standard directors’ and officers’ liability insurance policy, and shall be indemnified for the term of this Agreement and for a
        period of six years thereafter to the fullest extent permitted under applicable law against all expenses and liabilities reasonably incurred by him in connection with or arising out of any action, suit or proceeding in which he may be involved by
        reason of his having been a director or officer of the Bank or any affiliate (whether or not he continues to be a director or officer at the time of incurring such expenses or liabilities), such expenses and liabilities to include, but not be
        limited to, judgments, court costs and attorneys’ fees and the cost of reasonable settlements (such settlements must be approved by the Board), provided, however, Executive shall not be indemnified or reimbursed for legal expenses or liabilities
        incurred in connection with an action, suit or proceeding arising from any illegal or fraudulent act committed by Executive.  Any such indemnification shall be made consistent with Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C.
        §1828(k), and the regulations issued thereunder in 12 C.F.R. Part 359.

     

      

     

      

    
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    (b) Any indemnification by the Bank shall be subject to compliance with any applicable regulations of the Federal Deposit Insurance Corporation.

    21. NOTICE. 

      

    For the purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in
      writing and shall be deemed to have been duly given when delivered or mailed by certified or registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth below:

    	
            To the Bank:

          	
            Chairman of the Board

            PyraMax Bank, FSB

            7001 W. Edgerton Ave.

            Greenfield, WI 53220

             

          
	
            To Executive:

             

          	
            Steven T. Klitzing

            At the most recent address appearing in

            the personnel records of the Bank

             

          
	 	 

    

    

    
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    IN WITNESS WHEREOF,
      the Bank and the Company have caused this Agreement to be executed by their duly authorized representatives, and Executive has signed this Agreement, on the date first above written.

    	 	
            PYRAMAX BANK, FSB

          
	 	 
	 	 
	 	 
	 	
            By: _____________________________ 

                  Richard B. Hurd

          
	 	
                  Chief Executive Officer

             

            

             

            

          
	 	
            1895 BANCORP OF WISCONSIN, INC.

          
	 	 
	 	 
	 	
            By: _____________________________

                  Richard B. Hurd

          
	 	
                  Chief Executive Officer

          
	 	 
	 	 
	 	
            EXECUTIVE

          
	 	 
	 	 
	 	
             _________________________________
              

            

            Steven T. Klitzing

          

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

  

  16

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