Document:

Exhibit 10.2

 

 

 

AMMENDED
AND RESTATED GEMCAP LOAN AND SECURITY AGREEMENT - PAYPLANT CLIENT AGREEMENT

 

The
Loan and Security Agreement dated as of November 14, 2016 between Gemcap Lending I LLC, a Delaware limited liability company with
an address of 24955 Pacific Coast Highway, Suite A202, Malibu, CA 90265 (“Gemcap”) and Inpixon, previously known as
Sysorex Global, a Nevada corporation with offices at 2479 East Bayshore Road, Suite 195, Palo Alto, CA 94303 (“ISG”),
Inpixon USA, previously known as Sysorex USA, a California corporation with offices at 2479 East Bayshore Road, Suite 195, Palo
Alto, CA 94303 (“ISUSA”) and Inpixon Federal, Inc., previously known as Sysorex Government Services, Inc., a Virginia
corporation with offices at 2479 East Bayshore Road, Suite 195, Palo Alto, CA 94303 (“ISGS” and together with ISUSA
and ISG, jointly and severally the “Client” or “Borrower”) (“Loan and Security Agreement”),
which was purchased by Payplant LLC, a Delaware limited liability company with an address of 2625 Middlefield Road #595, Palo
Alto, CA 94306, as an agent of Payplant Alternative Fund LLC, with an address of 2625 Middlefield Road #595, Palo Alto, CA 94306
(collectively “Payplant”) on August 14, 2017 per the Commercial Loan Purchase between Gemcap and Payplant (“Loan
Purchase Agreement”) is amended and restated below.

 

This Payplant Client Agreement is entered into by and
between (1) the undersigned by and between Inpixon, previously known as Sysorex Global, a Nevada corporation with offices
at 2479 East Bayshore Road, Suite 195, Palo Alto, CA 94303 (“ISG”), Inpixon USA, previously known as Sysorex USA,
a California corporation with offices at 2479 East Bayshore Road, Suite 195, Palo Alto, CA 94303 (“ISUSA”) and Inpixon
Federal, Inc., previously known as Sysorex Government Services, Inc., a Virginia corporation with offices at 2479 East Bayshore
Road, Suite 195, Palo Alto, CA 94303 (“ISGS” and together with ISUSA and ISG, jointly and severally the “Client”)
and (2) Payplant LLC a Delaware Limited Liability corporation with an address of 2625 Middlefield Road #595, Palo Alto,
CA 94306, on 8/14/17.

 

PREFACE

A.
This Agreement sets forth the understandings of the Parties with respect to: Posting procedures and Client’s additional
representations and warranties at time of posting; (iii) Payplant’s right to direct Debtors to pay Collection Proceeds into
the Lockbox Account; (iv) other covenants with respect to funds held on deposit in the Lockbox Account; (v) Consummation of sales
of Purchased Receivables; (vi) the True Sale effects of such sales; (vii) Client Fees and Client Reimbursable Expenses; (viii)
provisions applicable to charge backs and credit adjustments to Client’s Receivables; (ix) Client’s obligation to
assist in the collection of Receivables; (xii) Client Remittance Payments; (x) Client’s Repurchase Obligations; (xi) Client
late charges; (xii) the potential personal liability of Client Key Principals for certain acts; (xiii) Client’s grant of
a security interest in Client’s Receivables and other Client Collateral; (xvii) termination of Client’s registration
rights; (xiv) provisions relating to referrals; and (xx) such other matters as included therein.

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 1 of 48

     

    

 

AGREEMENT

FOR
GOOD AND VALUABLE CONSIDERATION Client absolutely, unconditionally and irrevocably agrees to the following:

 

Section
1. Applicability

This
Agreement shall apply to all matters relating to Client’s sale of Receivables to Payplant.

 

Section
2. Accuracy of Data; Authority to Provide Debtor Information

Client
shall be solely responsible for the completeness and accuracy of the Client Information and Debtor Information that Client may
have provided to Payplant from time to time, with Client representing and warranting to Payplant that such Client Information
and Debtor Information is complete and accurate in all material respects at the time provided. Client further represents and warrants
to Payplant that Client has the requisite right and authority to provide Debtor Information to Payplant.

 

Section
3. Payplant Work Product Data 

A.
Client agrees that Payplant, through its own analysis and data gathering, may compile and formulate Payplant Work Product
Data, including but not limited to Payplant’s summarized transactional and observational experience regarding Client and
Client’s Registered Debtors.

 

B.
Client recognizes and agrees that all Payplant Work Product Data shall be the sole and exclusive property of Payplant, and
that Payplant shall have the right to sell, resell, distribute and redistribute Payplant Work Product Data for any purpose within
Payplant’s sole discretion, with Client having no rights or interest therein or in and to any proceeds thereof. Client’s
and Client’s customer information and all financial data are confidential information.

 

Section
4. Client Information, Debtor Information and Payplant Work Product Data

A.
Client agrees to periodically update Client Information and Debtor Information to include such additional information and
reports as Payplant may reasonably request.

 

B.
Client further agrees to provide Payplant with such reasonable additional information about Client and Client’s business,
customers, owners, officers, persons of influence and employees as Payplant may reasonably request from time to time.

 

C.
At the time of posting of a Receivable, Client recertifies and reaffirms to Payplant that the Client Information and Debtor Information
that Client previously provided to Payplant is the most current Client Information and Debtor Information available, and accurately
reflects Client’s and each Registered Debtor’s then business and financial condition, and that since the date of Client’s
most recent Officer Certificate provided to Payplant, no Client Event of Default has occurred or may exist with the passage of
time and failure to cure.

 

Section
5. Posting Procedures

While
Client is registered with Payplant and no Client Event of Default exists, Client is authorized to post Client’s Eligible
Receivables for sale to Payplant. Client shall at all times follow the posting procedures implemented by Payplant from time to
time. Client must only post Eligible Receivables that satisfy requirements specified by Payplant. Client shall further cooperate
with Payplant by responding to questions and inquiries submitted by Payplant. Payplant is under no obligation to purchase Eligible
Receivables and maintains full and absolute discretion to not purchase any Eligible Receivable or provide additional advances
for previously Purchased Receivables for any reason. Only Eligible Receivables may be posted for sale.

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 2 of 48

     

    

 

Section
6. Additional Client Representations and Warranties at Time of Posting

A.
Each and every time that Client posts a Receivable for sale on the Payplant Platform, Client reaffirms all of the Client general
representations and warranties as set forth in this Agreement, and Client further affirms, represents and warrants that:

(i)
each Posted Receivable in all respects satisfies the requirement of an Eligible Receivable; and

(ii)
each Posted Receivable validly exists and represents the bona fide Invoice Payment Obligation of the Debtor enforceable against
the Debtor in accordance with the Invoice terms; and

(iii)
to the extent that the Posted Receivable represents the Debtor’s Invoice Payment Obligation for goods sold or services
performed, such goods and services have been accepted by the Debtor without condition or reservation of rights; and

(iv)
Client has satisfied its obligations to pay all applicable sales, use, excise and similar taxes to appropriate Governmental
Authorities with respect to sales of goods or performance of services; and

(v)
Client knows of no reason why the Debtor does not have the financial ability, or the authority, or is not legally or contractually
obligated to pay the Posted Receivable in full as and when due; and

(vi)
Client is not then Insolvent or contemplating filing for bankruptcy relief from creditors; and

(vii)
Client is not in default under any loan or debt or performance obligation in favor of any third-party creditor of Client,
and Client is not subject to or contemplating entering into a workout or forbearance agreement with any of Client’s creditors
except HP Inc., Test Plan, Version 1, HP Enterprise, Embarcadero Technologies, Dianna Associates, Inc., NewGator Technologies,
Inc., Zenoss Inc., Avnet . Inc. (“Avnet”) and Dell Marketing L.P.; and

(viii)
Client fully intends that the sale of the Purchased Receivable results in a True Sale for all purposes under Applicable Law.

 

B.
All Client representations and warranties under this Agreement, and under each Officer Certificate provided to Payplant, shall
conclusively be deemed for all purposes to be made and directed to Payplant at Payplant’s main office in California.

 

Section
7. Verification 

Client
agrees that Payplant or its agent may, in Client’s name and stead, contact Client’s Registered Debtors, to verify
(i) the status and existence of each Receivable posted for sale or sold to Payplant, (ii) the Invoice Face Value amount and the
Invoice Due Date thereof, and (iii) such other matters as Payplant may deem important.

 

Section
8. Requirement That All Registered Debtor Invoice Payments Be Paid into the Payplant Controlled Lockbox Account 

 

A.
Client agrees that Payplant may instruct each and every one of Client’s Registered Debtors to pay all Invoice Payments
under Receivables initially due to Client into a designated Lockbox Account maintained and controlled by Payplant, and further
instructing the Debtor not to pay Client directly. Client further agrees to re-notify Debtors at Payplant’s request should
Payplant’s Lockbox Account details change in the future.

 

THIS
REQUIRMENT APPLIES TO PAYMENT OF ALL INVOICES DUE FROM REGISTERED DEBTORS TO CLIENT, AND IS NOT LIMITED TO INVOICE PAYMENTS DUE
UNDER RECEIVABLES SOLD ON THE PLATFORM. ALL REGISTERED DEBTOR INVOICE PAYMENTS, INCLUDING INVOICE PAYMENTS UNDER CLIENT’S
OTHER RECEIVABLES NOT SOLD OVER THE PLATFORM, ARE REQUIRED TO BE PAID INTO THE PAYPLANT CONTROLLED LOCKBOX ACCOUNT WITHOUT EXCEPTION.

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 3 of 48

     

    

 

B.
Client agrees that Payplant may re-notify the Registered Debtor as Payplant may deem to be necessary, making it clear to the
Debtor that the Debtor is required to make all Invoice Payments otherwise due to Client into the Lockbox Account.

 

C.
Client shall further include appropriate written instructions on each Invoice sent to a Registered Debtor instructing the
Debtor to make its Invoice Payments into the Payplant controlled Lockbox Account, with Client removing any contrary written instructions
to pay Client directly.

 

D.
Once a Registered Debtor is instructed to make Invoice Payments into the Payplant controlled Lockbox Account, Client shall
have no right whatsoever to counter-instruct the Debtor to pay Client directly or to pay an Affiliate of Client or some other
third Person.

 

E.
Once a Registered Debtor is instructed to make Invoice Payments into the Payplant controlled Lockbox Account, Client shall
have no right whatsoever to receive Invoice Payments from the Debtor. To the extent that Client receives any Invoice Payment from
a Registered Debtor, whether due to Debtor error or otherwise, Client shall notify Payplant of such occurrence within two (2)
Business Days and turn such payment over to Payplant in the form received within three (3) Business Days, transferring funds within
3 business days, and if received via check, without depositing the check into a Client deposit account. In the interim, and at
all times while Client may possess or have control over amounts received from Registered Debtors, Client shall hold such funds
“in trust” for and on behalf of Payplant, with Client having full fiduciary duties and obligations to segregate and
safeguard such funds.

 

F.
Client agrees to pay Payplant a Misdirected Payment Fee in the amount equal to 1% of each Invoice Payment that a Registered
Debtor pays to Client, or to an Affiliate of Client, if after the Registered Debtor receives notice from Payplant or Client to
make its Invoice Payments into the Payplant controlled Lockbox Account, and Client does not notify Payplant and transfer funds
to Payplant as required in Section 8 E.

 

G.
Client recognizes, confirms and agrees that Payplant have or will have a perfected UCC Security Interest in all of Client’s
Purchased Receivables sold on the Platform, and that any failure on the part of Client to comply with the requirements of Sections
8(D) and (E) above shall constitute a Diversion of funds due to Payplant and an act of civil conversion under Applicable
Law, giving rise to a Client Event of Default under Section 29.1 of this Agreement.

 

Section
9. Payplant Authorized to Indorse Client’s Name on All Instruments Deposited into the Lockbox Account

Client
irrevocably authorizes Payplant to indorse Client’s name on all checks, drafts and instruments deposited into the Lockbox
Account for Client’s account. Client forever waives any claim that Client may now or in the future have against Payplant
based on wrongful or unauthorized endorsement of Client’s name on any check, draft or instrument deposited into the Lockbox
Account.

 

Section
10. Notification 

A.
Client agrees that Payplant may, at any time before or after the occurrence of a Client Event of Default, and at Payplant’s
sole election, notify all or selected Registered Debtors of the fact that their Invoice Payment Obligations have been or may be
sold on the Platform, or otherwise encumbered in favor of Payplant, and Payplant shall have the further right to instruct or reinstruct
such Registered Debtors to make their respective Invoice Payments directly to Payplant at the Lockbox Account address.

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 4 of 48

     

    

 

B.
All such notifications shall be made pursuant to Sections 9-406(a) and 9-607(a) of the UCC.

 

C.
Once Payplant notifies a Registered Debtor to make its Invoice Payments directly to Payplant, Client shall have no right to
counter-instruct the Debtor to make its Invoice Payments to Client, or to an Affiliate of Client, or to any other third person.
Any attempt by Client to do so shall constitute a Diversion of funds due to Payplant.

 

SECTION
11. True Sale

 

11.1
Party Intent

IT
IS THE STATED INTENT OF THE PARTIES AND OF EACH AND EVERY ONE OF THEIR RESPECTIVE OFFICERS, DIRECTORS, MANAGERS, PARTNERS, MEMBERS
AND OWNERS, THAT ALL SALES OF RECEIVABLES TO PAYPLANT SHALL FOR ALL PURPOSES CONSTITUTE AND RESULT IN TRUE SALES OF A 100% OWNERSHIP
INTEREST IN AND TO EACH PURCHASED RECEIVABLE AND ALL COLLECTION PROCEEDS THEREOF, WITH ALL OF CLIENT’S RIGHTS, TITLE AND
INTEREST (WHETHER LEGAL, EQUITABLE OR BENEFICIAL) AND ALL CONTROL THEREIN AND THERE OVER BEING FULLY TRANSFERRED TO AND THEREAFTER
BEING SOLELY VESTED IN PAYPLANT. THE PARTIES AND EACH AND EVERY ONE OF THEIR RESPECTIVE OFFICERS, DIRECTORS, MANAGERS, PARTNERS,
MEMBERS AND OWNERS, FURTHER INTEND THAT ALL SALES OF RECEIVABLES TO PAYPLANT NOT BE CONSTRUED BY ANY PERSON, INCLUDING BY ANY
GOVERNMENTAL AUTHORITY OR BY ANY COURT OR ARBITRATOR IN ARBITRATION, AS A LOAN OF MONEY BY THE PAYPLANT TO THE CLIENT OR AS A
TRANSACTION INTENDED AS SECURITY UNDER THE UCC OR ANY OTHER APPLICABLE LAW.

 

11.2
True Sale for All Purposes

A.
It is the further stated intent of the Parties, and of each and every one of their respective officers, directors, managers,
partners, members and owners, that all purchases of Purchased Receivables by Payplant result in True Sales of such Receivables
for all purposes, including permitting Payplant (i) to carry the Receivable as a financial asset on Payplant’s books
and records, (ii) to grant a Security Interest in the Receivable in favor of Payplant’s creditors, and (iii) to resell the
Receivable to a Subsequent Buyer, only with Client’s written permission, which the Client cannot unreasonably withhold.

 

B. Client
shall reflect each sale of a Purchased Receivable over the Platform as a true and complete sales, transfer and assignment on
Client’s books, records and computer files, and Client shall advise all Persons inquiring about the ownership of
Purchased Receivables that such Receivables are no longer owned by Client and are now owned by Payplant.

 

11.3
California Law Applicable

The
Parties agree and covenant that all sales of Receivables to Payplant, and assignment of all of the Client’s ownership rights,
title and interests therein and thereto to the Payplant, shall conclusively be deemed to have been Consummated and to having taken
place at Payplant’s offices in California, and that such sale, transfer and assignment of rights shall be exclusively governed
by and under the substantive laws of the State of California irrespective of the conflicts of law principles of that state.

 

Section
12. Purchase Price and Accrual of Discount Fees 

A.
The Purchase Price of each Receivable will be displayed on the Platform for the Client to view.

 

B.
Discount Fees are assessed at a 30-day minimum, and will accrue on a daily basis thereafter on the unrecovered amount of each
Receivable, commencing on the Consummation Date until the date that Payplant is repaid in full.

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 5 of 48

     

    

 

Section
13. Consummation

The
sale of each Client Receivable shall be deemed to be Consummated (that is, a completed and final sale under Applicable Law) at
the time the Advance Amount (less any Client Fees and Client Reimbursable Expenses then due to Payplant) is paid to Client or
is otherwise applied by Payplant for the Client’s account. Payplant will transfer the remaining amount due to Client within
2 business days of receiving the funds from Client’s accounts.

 

Section
14. True Sale of Purchased Receivables

A.
Client intends that all purchases and sales of Purchased Receivables on the Platform result, for all purposes, in True Sales
of a 100% ownership interest in the Purchased Receivable by Client to Payplant. Following Consummation, Client shall have no residual
rights, title or interest (whether legal, equitable or beneficial) in and to, and no control over, the Purchased Receivable and
all Collection Proceeds derived or to be derived therefrom, with the Collection Proceeds and any and all monies and funds in any
way attributable to the Purchased Receivable being exclusively owned by Payplant.

 

B.
Client further agrees that, following Consummation, Client shall have no right whatsoever (i) to agree to (whether overtly
or tacitly) or otherwise allow any compromise, reduction, credit or setoff to be made in or against the amount owed by the Debtor
under the Traded Receivable, (ii) to issue a new or replacement Invoice, (iii) to instruct or request the Debtor to make its Invoice
Payments to any address other than to the Lockbox Account address , or (iv) to receive or apply any Invoice Payment made by the
Debtor under the Purchased Receivables, or (v) to otherwise Divert all or any portion of the Debtor’s Invoice Payment.

 

Section
15. Client Fees and Client Reimbursable Expenses

A.
Client agrees to pay Client Fees to Payplant in the amounts provided in Schedule 1 attached hereto, and additionally
to pay all Client Reimbursable Expense to Payplant as provided in Section 31.1 of this Agreement. Once paid, Client Fees
are not subject to refund, rebate or reduction.

 

B.
Client agrees that Payplant may include such sums in the amount of Direct Debit Transfers from Client’s designated deposit
accounts with Client’s Bank(s). Alternatively, Payplant may set off such amounts so owed by Client against any amounts then
or thereafter due to Client.

 

C.
Payplant reserves the right to adjust all or any portion of Client Fees at any time by providing Client with two-months prior
written notice. Any increase or decrease in the amount of Client Fees shall apply prospectively only to sales of Purchased Receivables
after the effective date of such adjustment.

 

Section
16. Chargebacks, Credit Adjustments and Reissuance of Invoices 

A.
Client shall notify Payplant in writing within three (3) Business Day (i) should a Registered Debtor subsequently return purchased
goods to Client for credit, or (ii) should a Registered Debtor become entitled to or claim a credit adjustment against the Debtor’s
Invoice Payment Obligation, or (iii) should a Registered Debtor dispute the amount owed under a Purchased Receivable or attempt
to set off any other amount that Client may owe to the Debtor against the Debtor’s Invoice Payment Obligation, or (iv) should
Client subsequently reissue an Invoice with respect to a Purchased Receivable after the Receivable has been sold to Payplant.

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 6 of 48

     

    

 

B.
Upon the occurrence of any of the events listed in Section 16(A) above, Client shall pay to Payplant within three (3)
Business Days, the full amount of (i) the credit adjustment made or claimed by the Debtor against the Debtor’s Invoice Payment
Obligation, or (as applicable) (ii) the Face Value of the Purchased Receivable for which is substitute or corrected Invoice has
been issued. Alternatively, Payplant may set off any amounts so owed by Client against any amounts then or thereafter due to Client.

 

C.
Any failure on the part of Client to comply with the requirements of Sections 16(A) and (B) above shall constitute
a Diversion of funds due to Payplant, giving rise to a Client Event of Default under Section 29.1 of this Agreement.

 

Section
17. Obligation to Assist in Collection 

Client
agrees to use its reasonable commercial efforts to assist Payplant in collecting each Client Purchased Receivable from the Debtor.
Such assistance shall include (i) making calls to or otherwise contacting the Debtor, (ii) forwarding collection and demand letters
to the Debtor (or permitting Payplant to do so), (iii) providing Payplant with such information with respect to the Debtor as
Payplant may reasonably require; and (iv) timely performing such further acts and executing such waivers and consents as the Debtor
may require as a precondition for payment. Client agrees not to hinder in any way Payplant’s efforts in collecting Purchased
Receivables, except that Payplant will not unduly burden the Debtor.

 

Section
18. Reconciliation 

Client
agrees to assist Payplant in reconciling Registered Debtor Invoice Payments and credit adjustments with Payplant’s internal
records relating to Client’s Purchased Receivables and amounts due and paid and payable thereunder.

 

Section
19. Client Remittance Payment; Right to Setoff; Forfeiture in Client Event of Default 

A.
Depending upon if and when a Debtor pays the full Face Value amount owed under a Purchased Receivable, and when such payment
is received by Payplant in Good Funds, Client may receive a Client Remittance Payment payable out of the Retained Amount.

 

B.
Client agrees that Payplant may, at any time and for any reason, setoff any amounts that Client may owe to Payplant against
any Client Remittance Payments that may then be due to Client.

 

C.
Client further agrees that Client shall forfeit any right to receive Client Remittance Payments so long as (i) any Client
Event of Default exists under Section 29.1 of this Agreement, and (ii) any amount or contingent amount is owed by Client
under this Agreement. Client’s forfeiture of the right to receive Client Remittance Payments is an agreed-upon penalty as
a result of a Client Event of Default.

 

Section
20. Repurchase Obligations; Right to Setoff and Withhold Payments to Client 

A.
Client agrees to repurchase any and all then outstanding Purchased Receivables for the Repurchase Price thereof from Payplant
when one of the following types of events occurs.

(i)
if for any reason the Debtor fails to pay the Face Value of the Purchased Receivable, in full and in Good Funds, by no later
than the 60‘th day following the Invoice Due Date (an “Debtor Event of Default”); or

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 7 of 48

     

    

 

(ii)
if and when the Debtor becomes or otherwise claims to be entitled to a credit adjustment against any amount owed under the
Purchased Receivable; or

(iii)
if and when the Debtor raises any defense to payment or otherwise demonstrates that it is unable or unwilling to pay the Face
Value of the Purchased Receivable in full and when due; or

(iv)
should the Purchased Receivable fail to qualify for any reason as an Eligible Receivable eligible to be sold on to Payplant;
or

(v)
if and when Client or the Debtor files or becomes subject to a bankruptcy or Insolvency proceeding; or

(vi)
at the time of the occurrence of any other Client Event of Default not mentioned above.

 

In
the case of an event of type (i) above the Repurchase Date is 60 days after the Invoice Due Date. In the case of an event of type
(ii)-(vi) above, the Repurchase Date is the date the event occurs.

 

B.
Client further agrees to pay the Repurchase Price to Payplant, in full, by no later than the Repurchase Date.

 

CLIENT’S
REPURCHASE OBLIGATIONS ARE ABSOLUTE, UNCONDITIONAL AND IRREVOCABLE AND ARE NOT SUBJECT TO ANY CLAIM THAT CLIENT MAY HAVE AGAINST
PAYPLANT OR ANY PAYPLANT RELATED PERSON, OR TO ANY DEFENSES TO PAYMENT (INCLUDING SURETYSHIP DEFENSES), ALL OF WHICH ARE KNOWINGLY
AND WILLINGLY WAIVED BY CLIENT.

 

C.
It is the stated intent of the Parties that Client’s repurchase of Purchased Receivables and payment of the Repurchase
Price shall result in a True Sale of such Receivables by Payplant back to Client for all purposes, with the Payplant thereafter
retaining no rights, title or interest (whether legal or equitable) therein, and with Client thereafter having total ownership
and responsibility for the collection thereof.

 

D.
Client agrees that Payplant shall have the right to set off any amounts then or thereafter due to Client (including proceeds
derived from sales of Client’s Purchased Receivables) against Client’s then or contingent Repurchase Obligations in
favor of Payplant. Client further agrees that Payplant, in its reasonable Administrative Discretion, shall have the right to withhold
payment of funds otherwise due to Client, and to hold such funds as additional Client Collateral to secure the prompt and punctual
payment and satisfaction of Client’s present and future obligations (including Client’s Repurchase Obligations) to
Payplant for so long as an Event of Default persists.

 

Section
21. Client Key Principal Personal Liability for Diversion of Funds and Other Limited Acts 

A.
Client agrees that Client Key Principals, specified in Exhibit 2, shall be personally liable for losses sustained by Payplant
as a consequence of (i) any Diversion of funds that are not immediately repaid to Payplant, or (ii) acts of fraud by Client or
by any Key Principal, or (iii) any attempt by Client or by a Client Key Principal to in any way interfere with Payplant’s
collection of Purchased Receivables from an obligated Debtor, or to interfere with Payplant security rights under this Agreement.

 

B.
Client and each Key Principal of Client agree that Payplant may file suit against Client Key Principals along with Client
for any of the reasons mentioned in Section 21(A) above, before a Court in California, as provided in Section 31.14
of this Agreement.

 

C.
As a result of Client signing this agreement, each Client Key Principal shall conclusively be deemed to have accepted Client
Key Principal potential personal liability to Payplant (limited to the circumstances described in Section 21(A) above),
and to have consented to the personal jurisdiction of California courts and to the waiver of trial by jury provisions of Section
31.15 of this Agreement.

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 8 of 48

     

    

 

Section
22. Late Charges 

For
each day after the Repurchase Date that Client fails to pay the Repurchase Price in full to Payplant, Client agrees to pay an
additional daily late charge in an amount equal to .049315% (equating to 18% per annum) multiplied by the then unpaid balance
of the Advance Amount for each day that payment is delinquent.

 

Section
23. Security Interest 

Client
hereby reaffirms and grants Payplant and a continuing Security Interest in the Client Collateral described in Section 24 below,
to secure the prompt and punctual payment and satisfaction of Client’s present and future obligations (including Client’s
Repurchase Obligations) in favor of Payplant incident to and as a consequence of the Payplant Receivables Program.

 

Section
24. Client Collateral 

Client
Collateral includes the following:

 

1.
All of Clients’ present and future accounts, payment intangibles, chattel, paper, instruments, commercial tort claims identified
in writing to Payplant, contracts, letter-of-credit rights, and other receivables, of all types and descriptions (individually
and collectively, “Additional Receivables”); and

2.
All of Client’s present and future inventory, equipment of all types and descriptions and property including investment property;
and

3.
All of Client’s present and future general intangibles of all types and descriptions, including all intellectual property, books,
records, files, computer programs, etc. relating to the foregoing; and

4.
All of Client’s cash and cash equivalents, deposit accounts, securities accounts; and

5.
All proceeds (including, without limitation, proceeds of insurance covering any of the foregoing or other property resulting from
the sale, exchange, collection, or other disposition of any of the foregoing) and supporting obligations of any and all of the
foregoing.

 

Section
25. Perfection

Client
agrees that Payplant may file whatever financing statements and amendments thereto, and take whatever additional actions as Payplant
may determine to be necessary and proper to perfect and continue perfection of Payplant’s Security Interest in the Client
Collateral. Upon request of Payplant, Client agrees to deliver to Payplant any and all documents evidencing or constituting the
Client Collateral.

 

Section
26. Client Default and Enforcement Rights 

A.
Upon the occurrence of a Client Event of Default, and at any time thereafter, Payplant shall have all of the rights of a secured
party under the UCC and other Applicable Law. In addition, and without limitation, Payplant may exercise any one or more of the
following Enforcement Rights in addition to the Enforcement Remedies provided in Section 29.2 of this Agreement and available
under the UCC and other Applicable Law:

(i)
Payplant may immediately terminate Client’s rights, thereby prohibiting Client from posting and selling additional Receivables
to Payplant.

(ii)
Payplant may require that Client repurchase all then unpaid and outstanding Purchased Receivables that Client may have previously
sold to Payplant, further requiring that Client immediately pay Payplant the Repurchase Price, in full and in Goods Funds, within
three (3) Business Days, without further notice to or demand on Client, which rights are knowingly and willingly waived.

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 9 of 48

     

    

 

(iii)
To the extent that Payplant may not have already done so, Payplant may send appropriate notifications to Client’s Registered
Debtors under Sections 9-406(a) and 9-703(a) of the UCC, instructing or reinstructing such Registered Debtors to
make all of their Invoice Payments to Payplant at the Lockbox Account address, and not to pay Client directly.

(iv)
Payplant may then proceed to collect all Receivables from the Debtors. In this respect, Client agrees that Payplant may compromise,
settle, extend, or renew for any period (whether or not longer than the original period) any Registered Debtor Receivable or indebtedness
thereunder or evidenced thereby, or release all or any part of said indebtedness, without affecting the liability of Client to
Payplant. To that end, Client irrevocably constitutes and appoints Payplant as Client’s attorney-in-fact, coupled with an
interest, with full power of substitution, to take any and all such actions and any and all other actions permitted hereby, either
in Client’s name or in Payplant’s name.

 

B.
Payplant shall have the right, at any time before or after the occurrence of a Client Event of Default, to apply any and all amounts
that Payplant may then or thereafter owe to Client, as well as to apply any funds belonging to Client that are in Payplant’s
possession or under Payplant’s control (including Client funds then and thereafter on deposit in the Lockbox Account), to
the payment and satisfaction, whole or in part, of Client’s obligations to Payplant.

 

C.
Client shall remain liable for any deficiency that results should the proceeds of the Client Collateral not be sufficient
to fully pay and satisfy Client’s then obligations in favor of Payplant.

 

D.
Except as may be prohibited by Applicable Law, all of Payplant’s Enforcement Rights, whether provided under this Agreement,
or available under Applicable Law, shall be cumulative and may be exercised singularly or concurrently. Election by Payplant to
pursue any remedy shall not exclude pursuit of any other remedy, specifically and without limitation, nothing under this Agreement
shall obligate Payplant to pursue Enforcement Rights against the Client Collateral before filing a collection action against Client
to collect any and all amounts then owed to Payplant.

 

Section
27. Termination 

A.
Client may elect to notify Payplant at any time and for any reason of Client’s decision to withdraw as a registrant
on the Platform, with Client having no rights to post additional Receivables for sale on the Platform after the sending of such
notice. Client further agrees to pay Payplant a UCC Termination Fee in the amount provided in Schedule 1 to this Agreement,
should Client withdraw as a registrant on the Platform. Payplant’s consent to allow Client to terminate its relationship
with Payplant shall be conditioned on Client paying such UCC Termination Fee to Payplant should Client request Payplant terminate
its UCC-1 on behalf of the Client.

 

B.
Payplant shall have the unrestricted right to terminate or to temporarily suspend Client’s registration rights on the
Platform at any time for any or no reason whether or not a Client Event of Default then exists. Thereafter, Client shall have
no right to post additional Receivables for sale on the Platform or to access the Payplant Platform.

 

C.
Following Client’s termination as a registrant on the Platform for any reason, whether at Client’s election or
at the election of Payplant, Client’s Repurchase Obligations and other payment and indemnity obligations under this Agreement
shall continue in effect with respect to previously sold and unpaid Purchased Receivables, and Client shall continue to be obligated
to assist Payplant in collecting Receivables from Client’s customers.

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 10 of 48

     

    

 

D.
Payplant’s Security Interest in the Client Collateral shall continue in effect until such time as all of Client’s
payment and other obligations in favor of Payplant have been fully and finally paid and satisfied.

 

Section
28. Client General Representations and Warranties

Client
makes the following general representations and warranties to Payplant

(i)
as of the date that Client agrees to be bound and obligated under this Agreement and again

(ii)
as of each date that Client posts a Receivable for sale on the Platform.

 

28.1
Organization

Client
is duly organized and in good standing under the laws of Client’s jurisdiction of organization and is duly qualified to
do business and is in good standing under the laws of all other jurisdictions in which qualification and good standing are necessary
in order to conduct its business and to own its properties, and where the failure to do so could reasonably be expected to have
a material adverse effect on Client’s ability to conduct business in that state or jurisdiction.

 

28.2
Authorization

Client
is duly authorized to perform under this Agreement.

 

28.3
No Conflict; Notice to Client’s Creditors

A.
The performance by Client of its obligations under this Agreement, and Consummation of Payplant Receivables Program Transactions,
are within Client’s organizational powers, and will not (i) conflict with or constitute a breach of Client’s Organizational
Documents, or (ii) conflict with, constitute a default under, or result in the termination of, or accelerate, or permit the acceleration
of any performance, under any loan or credit agreement, indenture, mortgage, deed of trust, lease, contract, note, order, judgment,
decree or other material agreement, instrument or restriction of any kind to which Client of any of Client’s Affiliates
is a party or by which it or any of its or their properties are or may be bound or affected, or (iii) result in a violation of
Applicable Law or of any judgment, decree, order that may apply to Client or its Affiliates.

 

B.
There are no prohibitions or restrictions under any loan or credit agreement, or under any other agreement binding on Client
that would limit or restrict (i) Client’s ability to freely offer Client’s Receivables for sale and to sell such Receivables
to Payplant, or (ii) on Client’s ability to use and employ the sale and collection proceeds of such Receivables for any
purpose within Client’s discretion. Furthermore, there is no requirement that collection proceeds of Client’s Receivables
be paid into a lockbox, impound or concentration account with a particular bank or financial institution.

 

C. Client
has notified, and in the future Client shall notify, each and every one of Client’s secured creditors, verbally or in
writing, to make their respective Invoice Payments directly to Payplant at the Lockbox Account address. Client
recognizes that Payplant has the right to contact each of Client’s secured fs to verify their understanding and
agreement to the foregoing.

 

D. To
the extent that Payplant determines that a third party has filed a Priming Lien with respect to the Client’s
Receivables or other Client Collateral, Client authorizes Payplant to contact the Priming Lien Holder to obtain a Priming
Lien Holder Authorization and Consent to permit Client to sell its Receivables to Payplant free and clear of such Priming
Lien.

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 11 of 48

     

    

 

28.4
Legality, Validity and Enforceability

This
Agreement is a legal, valid and binding obligation of Client, enforceable against Client and its properties in accordance with
its terms, except to the extent that enforceability may be limited by bankruptcy and other Applicable Laws affecting creditors’
rights.

 

28.5
No Client Event of Default

No
Client Event of Default has occurred and is continuing.

 

28.6
Financial Information

The
financial statements and other Client Information and Debtor Information that Client delivered to Payplant fairly present the
financial condition and results of operation of Client for the periods then ended on and as of the dates thereof.

 

28.7
Disclosure

No
representation or warranty made by Client in any Payplant Receivables Program Agreement, or in any Client Information or Debtor
Information provided by Client, or in any financial statement, report, officer certificate or any other document furnished by
Client to Payplant, contains any untrue statement of a material fact or omits to state any material fact necessary to make the
statements true, correct and accurate in all material respects. There is no fact known or which reasonably should be known to
Client’s management officials which Client has not disclosed to Payplant in writing which could reasonably be expected to
have a material adverse effect on any Payplant Receivables Program Transaction to which Client may be a Party.

 

28.8
Material Litigation; Default under Material Obligations; Forbearance

Except
as previously disclosed to Payplant in writing, there is no Material Litigation pending or threatened against or affecting Client
or its properties, and neither Client nor any Affiliate of Client is in default under any Material Obligation. Specifically, Client
is not in material default under any loan or credit agreement, and is not subject to, or has not been requested or required to
enter into any type of forbearance or similar agreement with any creditor.

 

28.9
Solvency; Bankruptcy

A.
Client is not Insolvent at the time of, and will not be rendered Insolvent after giving effect to, each Payplant Receivables
Program Transaction.

 

B.
Client is not in bankruptcy, and Client Key Principals do not contemplate placing Client in bankruptcy or seeking protection
under any bankruptcy, insolvency or orderly liquidation law.

 

28.10
Taxes

Except
as previously disclosed to Payplant in writing, Client has paid all taxes and other Charges due and payable on such returns and
all other taxes and charges that may be lawfully assessed, levied or imposed on it, other than when Client is properly contesting
any such taxes or other Charges in good faith with diligence and by appropriate proceedings.

 

28.11
Security Interest

Client
has granted Payplant a Security Interest in the Client Collateral.

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 12 of 48

     

    

 

28.12
Anti-Terrorism Law

Neither
Client nor any of its Affiliates (i) is, or is controlled by, a “restricted party” within the meaning of the Anti-Terrorism
Laws, (ii) has received funds or other property from, or engaged in any other transaction with, a restricted party, or (iii) is
the subject of any action or investigation under any Anti-Terrorism Law. Client and its Affiliates are in compliance with the
Anti-Terrorism Laws.

 

28.13
Foreign Corrupt Practices Act

Neither
Client nor any of its Affiliates, or any of their respective officers, directors, employees, agents or other representatives,
have taken any action in connection with the Payplant Receivables Program or any Payplant Receivables Program Transaction that
violates or will violate the FCPA, or any similar law to the extent applicable.

 

Section
29. Client Default

 

29.1
Client Events of Default

The
occurrence of any one or more of the following events shall constitute a Client Event of Default:

 

29.1.1
Repurchase Obligations

Failure
by Client to comply with Client’s Repurchase Obligations as and when required under this Agreement.

 

29.1.2
Diversion of Funds. 

Any
Diversion of funds if the amount so diverted is not paid and remitted to Payplant as specified in Section 8 E.

 

29.1.3
Failure to Comply with Sections 10 and 19 of this Agreement. 

Failure
by Client to comply with the requirements of Sections 10 and 19 of this Agreement to pay Payplant amounts owed under
those Sections within three (3) Business Days.

 

29.1.4
Breach of Representation. Any representation or warranty made or deemed made by Client in this Agreement, or in any agreement
or in any certificate, document or financial or other statement furnished at any time in connection herewith or therewith, shall
prove to have been untrue, incorrect or misleading in any material respect on the date when made or when deemed to be made.

 

29.1.5
Financial Information. Failure by Client to (i) furnish financial information as required under Section 32.1 of this
Agreement when due and as requested, (ii) copies of tax returns as required under Section 32.2 of this Agreement hereof
when due, or (iii) permit Payplant to inspect Client’s books or records.

 

29.1.6
Judicial Actions. As of effective date of this agreement Issuance of a notice of Lien, levy, assessment, injunction or attachment
against any material portion of the Client Collateral or against a material portion of Client’s other property, which is
not stayed or lifted within twenty (20) business days.

 

29.1.7
Bankruptcy. Client or any of Client’s Affiliates shall (i) apply for, consent to or suffer the appointment of, or the
taking of possession by, a receiver, custodian, trustee, liquidator or similar fiduciary of itself or of all or a substantial
part of its property, (ii) make a general assignment for the benefit of creditors, (iii) commence a voluntary case under any state
or federal bankruptcy laws (as now or hereafter in effect), (iv) be adjudicated a bankrupt, (v) file a petition seeking to take
advantage of any other law providing for the relief of debtors, (vi) acquiesce to, or fail to have dismissed, within thirty (30)
days, any petition filed against it in any involuntary case under such bankruptcy laws, or (vii) take any action for the purpose
of effecting any of the foregoing.

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 13 of 48

     

    

 

29.1.8
Insolvency. Client becomes Insolvent.

 

29.1.9
Default under a Material Obligation. Client or an Affiliate of Client defaults under a Material Obligation or is required
to or otherwise enters into a forbearance or similar agreement with a creditor. Additionally a Client Event of Default will be
triggered, if within thirty (30) days of signing this agreement (a) Client fails to pay Avnet $575,000 or (b) Avnet fails to sign
the the Notification of Assignment sent to Avnet on August 11, 2017.

 

29.1.10
Invalidity. Any material provision of this Agreement, for any reason, cease to be valid and binding on Client in accordance
with the terms thereof.

 

29.1.11
Client Repudiation. Client attempts to disavow or otherwise repudiate any provision of this Agreement.

 

29.1.12
Client Key Principal Repudiation. A Client Key Principal of Client attempts to disavow or otherwise repudiate the Client Key
Principal’s liability to Payplant as provided in Section 21 of this Agreement.

 

29.1.13
Seizure. Client’s rights under any Client Collateral shall be seized, or taken by a Governmental Authority, or become
the subject matter of a claim, litigation, suit or other proceeding, which might, in the reasonable opinion of Payplant, upon
final determination, result in impairment or loss to Payplant, or in any way adversely affect Payplant’s ownership rights
and interests in any of Client’s Purchased Receivables sold to Payplant.

 

29.1.14
Breach of Section 33 Covenants of this Agreement. Any breach of Client’s covenants under Section 33 of this Agreement.

 

29.1.15
Non-compliance. Any failure or neglect on the part of Client to perform, keep or observe any additional term, provision, condition
or covenant not otherwise mentioned in this Section 29.1, as contained in this Agreement which (to the limited extent that
such failure of compliance is subject to cure) is not cured within fifteen (15) days from the first occurrence of such failure
or neglect.

 

29.2
Enforcement Rights

A.
Payplant shall have the following Enforcement Rights following the occurrence of any Client Event of Default.

 

A-1.
Against Defaulting Clients:

(i)
to require Client to immediately repurchase any and all of Client’s then outstanding and unpaid Purchased Receivables,
with Client agreeing to pay the Repurchase Price within three (3) Business Days of demand; and

(ii)
to file suit or commence arbitration against Client to enforce payment of Client’s Repurchase Obligation and all other
amounts then or thereafter owed by Client, including unpaid Client Fees and Client Reimbursable Expenses; and

(iii)
to exercise any and all of the Enforcement Rights provided under this Agreement or under Applicable Law, including all enforcement
rights and remedies of a secured party under the UCC; and

(iv)
to set off any amounts then or thereafter owed by Client against any amounts then or thereafter due to Client; and

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 14 of 48

     

    

 

A-2.
Against Debtors:

(i)
to notify each and every of Client’s Debtors under UCC Sections 9-406(a) and 9-607(a) of the fact that
their Invoice Payment Obligation has been sold to and purchased by Payplant, and to instruct each Debtor to pay all amounts (Collection
Proceeds) with respect to the Purchased Receivable directly to Payplant; and

(ii)
to file suit against or to otherwise enforce payment against each obligated Debtor to collect payment of the Debtor’s
Invoice Payment Obligations and to exercise whatever additional Enforcement Rights that may be available under Applicable Law.

 

B.
Client shall be responsible for payment of, and shall reimburse Payplant for Payplant’s Collection Expenses and reasonable
attorneys’ fees, court cost and out-of-pocket expenses (including third-party collection agency fees) that may be incurred
in attempting to collect and in collecting amounts due by Client and by Client’s Debtors.

 

C.
Unless Payplant otherwise agrees, all enforcement actions against any Client of Purchased Receivables shall be brought in
a court in California, or in arbitration as provided in Section 30 of this Agreement.

 

D.
All amounts collected by Payplant from defaulting Clients or Debtors shall be paid into the Lockbox Account.

 

E.
Following the occurrence of, and so long as a Client Event of Default continues to exist, Client shall at Payplant’s
reasonable request meet with a Payplant representative at the Client’s main office from time-to-time to review Client’s
billings and collections, financial documents and business activities. Client further recognizes and agrees failure of Client
to comply with this Section 29.2(E) shall result in irreparable harm to Payplant to obtain judicially ordered injunctive
relief against Client as provided under Applicable Law.

 

Section
30. Arbitration

The
Parties agree to mediate prior to arbitration.

 

30.1
Compulsory Binding Arbitration.

The
Parties agree that any Party may elect to arbitrate and require any other Party to arbitrate any Claim brought by or against or
involving the rights of any Party.

 

30.2
Limitations

If
any Party elects to arbitrate a Claim, no Party shall have the right to (i) have a court or jury decide the Claim, (ii) engage
in pre-arbitration discovery to the same extent that the Party would have the right to do in court, (iii) participate in a class
action in court or in arbitration, either as a class representative or a class member; or (iv) join or consolidate the Claim with
claims of any other Person or involving any other Payplant Receivables Program Transaction. Notwithstanding the foregoing, Payplant
shall have the right to exercise Enforcement Rights against a Defaulting Client or a Debtor (as applicable) by filing suit before
a court of competent jurisdiction, or otherwise, and nothing under this Section 30 shall in any way impair or otherwise
affect the Enforcement Rights available to Payplant following a Client Event of Default.

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 15 of 48

     

    

 

30.3
Election to Arbitrate

To
commence arbitration, the electing Party must give written notice to the other Party of an election to arbitrate. This notice
may be given within ninety (90) days after a lawsuit has been filed, and may be given in papers or motions in the lawsuit. If
an arbitration election notice is given, the Claim shall be resolved by arbitration under this Section 30 and the American
Arbitration Association rules for large, complex commercial disputes then in effect. The Arbitration Administer need not be the
American Arbitration Association. The electing Party may select the Arbitration Administrator in its notice electing to arbitrate
or by giving written notice to the other Party within twenty (20) days thereafter. The arbitrator will be selected under the Arbitration
Administrator’s rules.

 

30.4
Location and Costs

Any
arbitration hearing shall take place in California. The Party demanding arbitration shall be responsible for the initial payment
of all filing fees and expenses of the Arbitration Administrator. Notwithstanding the outcome of the arbitration, the Client shall
be responsible for reimbursement of Payplant’s reasonable arbitration related attorneys’ fees and costs to the extent
provided in Sections 31.1 and 31.2 of this Agreement.

 

30.5
Effective Arbitration Award

Any
court with jurisdiction may enter judgment upon the arbitrator’s award, which will be final and binding.

 

30.6
Mandatory Application of California Law; Arbitrator Authority

A.
Consistent with the situs of each Payplant Receivables Program Transaction and the choice of law provisions of Sections
31.13 and 11.3 of this Agreement the arbitrator shall apply substantive California law (and Federal law to the extent applicable)
to all substantive issues presented in arbitration. The arbitrator shall further apply all applicable statutes of limitation (prescription
and preemption principles in California) and applicable privilege rules, as well as rules of procedure and evidence consistent
with the FAA, the Arbitration Administrator’s rules and the rules of the American Arbitration Association.

 

B.
The arbitrator shall be authorized to award all remedies available in an individual lawsuit including awards of compensatory
and statutory (but not punitive or exemplary) damages, declaratory, and injunctive and other equitable relief.

 

C. Upon
the request of any Party, the arbitrator shall provide written findings of fact and conclusions of law explaining the basis
of the award.

 

Section
31. Miscellaneous

 

31.1
Client Reimbursable Expenses

A.
Client shall pay and reimburse Payplant within three (3) business days:

(i)
Wire/ACH fees as specified in the Client Fee Schedule for transferring funds in and out of Client’s designated account
with Client’s bank, and

(ii)
all reasonable outside counsel and professional fees and costs incurred in connection with or arising out of any litigation,
contest, dispute, suit, proceeding, arbitration, or other action threatened or instituted by or against Payplant, against Client,
or against or involving any Client Key Principal, or Registered Debtor of Client, or any other Person, and whether as a party,
witness or otherwise, that is in any way related to the Payplant Receivables Program, or this Agreement, or with respect to any
Payplant Receivables Program Transaction, to which Client may be a Party, including any appeal or review thereof; or any litigation,
contest, dispute, suit, proceeding or action threatened or instituted by Client against Payplant asserting any claim, cause of
action or theory of recovery; or any work-out or restructuring of Client’s or any Client Key Principal’s obligations
during the pendency of one or more Client Events of Default; and

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 16 of 48

     

    

 

(iii)
all Collection Expenses (including reasonable outside counsel and other professional fees, collection agency fees and other
out-of-pocket costs and expenses) incurred by Payplant in the administration and exercise of Enforcement Rights (a) against Client
and Key Principals of Client, or against any Client Collateral, or (b) against Defaulting Debtors to collect Purchased Receivables
that Client may have sold on the Platform, or (c) in attempting to work out or restructure Client’s or Defaulting Debtor
obligations; and

(iv)
all reasonable outside counsel and other professional fees, costs and expenses arising out of or incurred in connection with
any pending or threatened dispute by and among any one or more Debtors and Payplant or Client; and

(v)
UCC Termination Fee specified in Client Fee Schedule for releasing and terminating Payplant’s Security Interest in the
Client Collateral; and

(vi)
Due Diligence Fee as specified in Client Fee Schedule; and

(vii)
all other sums that Client may be obligated to pay under Section 31.2 of this Agreement (Client Indemnification).

 

B.
Client further agrees that Payplant may initiate Direct Debt Transfers out of Client’s designated deposit account with
Client’s bank to pay such amounts after the Repurchase Date to satisfy Client’s Repurchase Obligations, or alternatively,
Payplant may set off such amounts owed by Client against amounts then or thereafter due to Client, with notification to Client.

 

31.2
Client Indemnification

Client
shall defend, indemnify and hold harmless each Client Indemnified Person from and against any costs, losses, liabilities, damages,
penalties, claims, actions, judgments, suits, charges, expenses (including attorney’s fees, expenses and other costs of
investigation or defense), disbursements or proceedings of any kind or nature whatsoever incurred by, imposed on, instituted or
asserted against any such Client Indemnified Person in any way relating to or arising out of (i) any failure by Client to perform
Client’s obligations or any material breach of Client’s representations and warranties provided in this Agreement,
(ii) acts of fraud, misrepresentation or omission on the part of Client, any Client Key Principal, or any of Client’s Debtors,
(iii) claims or defenses to payment that Client, any Client Key Principal, or any Debtor, or any creditor of Client, or creditor
of an Debtor, may assert or threaten to assert against Payplant in any way relating to the Payplant Receivables Program or any
Payplant Receivables Program Transaction, (iv) claims that may be asserted against any Client Indemnified Person in any bankruptcy
or insolvency proceeding brought by or against Client, any Client Key Principal, or ,any Debtor, or any third-party creditor of
Client. or by any trustee in bankruptcy, including alleged fraudulent conveyance, preferential transfer or related state law claims,
or (v) claims that may be asserted by any Debtor, Debtor issuing bank, or any other person asserting a fraudulent or unauthorized
endorsement of Client’s name on any Debtor check or draft deposited into the Lockbox Account.

 

31.3
Waivers

No
failure or delay on the part of any Party in exercising any right, power or privilege hereunder and no course of dealing between
any Party and any other Party or Person, shall operate as a waiver thereof, nor shall any single or partial exercise of any right,
power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power or privilege
hereunder or thereunder. No notice to or demand on any Party in any case shall entitle such Party to any other or further notice
or demand in similar or other circumstances or constitute a waiver of the rights of any Party to take any other or further action
in any circumstances without notice or demand. Any waiver, consent or Specific Amendment shall be effective only in the specific
instance and for the specific purpose for which it was given and shall not entitle any Party to any further or subsequent waiver,
consent or amendment. All Enforcement Rights and remedies, either under this Agreement, or pursuant to any Applicable Law or otherwise
afforded, shall be cumulative and not alternative.

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 17 of 48

     

    

 

31.4
Transfers; Successors in Interest

A.
Client may not assign, transfer or dispose of any of its rights, interests or obligations under this Agreement unless Client shall
have received the prior written consent of Payplant, which shall not be unreasonably withheld by Payplant unless Payplant is being
paid-off as part of the transaction, and any purported assignment, delegation or other transfer in violation of this Section
31.4(A) shall be void and of no effect.

 

B.
Payplant may assign its rights, interests and obligations under this Agreement and Payplant may subcontract out any of its
services or duties.

 

31.5
Giving of Notice; Address of Notices

A. All
notices, instructions, directions or other communications required or permitted to be given under this Agreement shall be in
writing and shall be deemed to have been effectively given or delivered:

(i)
when delivered in person;

(ii)
if sent by a reputable overnight delivery service (including Federal Express, UPS, Emery, DHL, Airborne and other similar
overnight delivery services) with all charges prepaid, one (1) Business Day after deposit with such courier service;

(iii) if
mailed by first class mail, postage prepaid, and registered or certified with return receipt requested, upon the earlier of
actual receipt and three (3) Business Days after deposit in the mail;

(iv)
if sent by facsimile, upon transmission, with confirmation of receipt; or

(v)
if sent by email, upon transmission, with confirmation of receipt.

 

B.
Any Party shall have the right to change its address for notice hereunder to any other location by giving notice to the other
parties in the manner set forth herein, which notice shall be effective five (5) Business Days after it is deemed delivered or
effectively given pursuant to Section 31.5(A) above.

 

C.
Any communications between the Parties hereto or notices provided herein shall be given to the respective Parties at their
respective addresses then on file with Payplant.

 

31.6
Amendments in Writing

No
amendment, modification, consent or waiver of any provision of this Agreement, and no consent to any departure by any Party hereto
and thereto, shall be effective unless the same shall be in the form of a written Specific Amendment to this Agreement, and then
shall be effective only as to the specific instance and for the specific purpose for which given. No course of dealing, and so
subsequent conversations, emails and other written or oral communications by and between any of the Parties hereto shall be deemed
to expressly or impliedly amend, modify, supplement, or waive any of the provisions of this Agreement. Furthermore, the promotional
content of the Payplant website is not part of this Agreement and Payplant is not bound by such website content, which is subject
to change at Payplant’s will.

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 18 of 48

     

    

 

31.7
Intentionally left blank

 

31.8
Specific Amendments

A
Specific Amendment or waiver with respect to this Agreement, or any, exhibit or schedule thereto, shall be effective only if reduced
to writing and executed (either manually or electronically) or otherwise agreed to by each affected Party

 

31.9
Party Confidentiality

Each
Party agrees to use commercially reasonable efforts (at least equivalent to efforts as it applies to maintaining the confidentiality
of its own confidential information) to maintain as confidential all Confidential Information provided to it by any other Party
(the “Delivering Party”), except that any such Party (the “Receiving Party”) may disclose such Confidential
Information:

 

(i)
to its Affiliates and to its and their employees, officers, directors, auditors, consultants, attorneys, agents and advisors
(collectively, “Representatives”) for proper business purposes related to such Party’s participation in the
Payplant Receivables Program and such Party’s oversight, compliance and similar functions (it being understood and agreed
that

(a)
the Persons to whom such disclosure is made will be informed of the confidential nature of such Confidential Information and instructed
to keep such information confidential and

(b)
such Party shall be responsible for causing such Persons to comply with the terms of this Section 31.9 and Section 31.10
to the same extent as if they were Parties to this Agreement;

(c)
Client’s Corporate, Financial information and Debtor information and contacts are confidential;

 

(ii) any
Party may disclose Confidential Information as required or requested by any Governmental Authority, or reasonably believed by
such Party to be compelled by any court decree, subpoena or legal or administrative order or process;

(iii)
any Party may disclose Confidential Information as is required by Applicable Law; and

(iv)
any Party may disclose Confidential Information in the event that such information has been published or announced in conditions
free from confidentiality or has otherwise entered the public domain without default on the part of such Party.

 

31.10
Return or Destruction of Confidential Information

If
and when no longer needed or appropriate, the Receiving Party shall (i) destroy all Confidential Information of the Delivering
Party, including internal Confidential Information, analyses, data, summaries, memoranda and other documents prepared or generated
by the Receiving Party or by third-party service providers, without the Receiving Party retaining a copy of any such material,
(ii) promptly deliver to the Delivering Party all other Confidential Information of the Delivering Party, together with all copies
thereof, in the possession, custody or control of the Receiving Party or, alternatively, with the written consent of the Delivering
Party, the Receiving Party shall destroy all such Confidential Information and (iii) certify all such return or destruction in
writing to the Delivering Party, provided, however, that the Receiving Party may retain a list that contains general descriptions
of the information it has returned or destroyed to facilitate the resolution of any controversies after the Delivering Party’s
Confidential Information is returned.

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 19 of 48

     

    

 

31.11
Severability; Entire Agreement

A.
Each provision of this Agreement shall be deemed to be effective and valid under applicable California law, but if any provision
of this Agreement determined to be invalid, void or unenforceable under any law, rule, administrative order or judicial decision,
that determination will not affect the validity of the remaining provisions of this Agreement.

 

B.
This Agreement, and all subsequent amendments hereto and thereto, and any and all other agreements, documents or instruments
attached or referred to herein or therein, integrate all of the terms and conditions mentioned herein, therein or incidental thereto.

 

31.12
Counterparts; Caption Headings

A.
This Agreement may be executed manually, or by Electronic Signature, or otherwise agreed to in one or more counterparts all
of which shall constitute a single binding agreement.

 

B.
Caption headings under this Agreement are for convenience only and shall not be construed to limit the content of any section,
subsection, addendum, exhibit or schedule.

 

31.13
Governing Law

THIS
AGREEMENT, THE RELATIONSHIP BETWEEN THE PARTIES AND ANY CLAIM OR DISPUTE (WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE)
RELATING TO THIS AGREEMENT AND EACH PAYPLANT RECEIVABLES PROGRAM TRANSACTION SHALL BE EXCLUSIVELY GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA, BUT EXCLUDING ANY CONFLICT OF LAW RULES THAT WOULD LEAD TO THE
APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. ALL AGREEMENTS, ALL SALES OF PURCHASED RECEIVABLES AND ALL PAYPLANT
RECEIVABLES PROGRAM TRANSACTIONS BY AND BETWEEN THE PARTIES SHALL BE DEEMED TO HAVE BEEN NEGOTIATED, CONTRACTED FOR,
ACCEPTED, CONSUMMATED AND PERFORMED IN CALIFORNIA.

 

31.14
Forum Selection; California Courts; Waiver of Right to Class or Multiparty Recovery

A. Subject
to the right of any Party to invoke compulsory arbitration under Section 30 of this Agreement, any legal action or
proceeding by or against any Party to this Agreement, including a Client, a Key Principal, or Payplant, with respect to
any claim arising out of this Agreement, or any other Payplant Receivables Program Agreement, or any Payplant Receivables
Program Transaction, or any relationship between the Parties, shall be brought in a California court. Should a Client file
suit against Payplant before any court other than the foregoing California courts, Client shall be responsible for
Payplant’s legal costs and other expenses in attempting to remove or otherwise relocate such litigation to
California.

 

B.
Each Party (including each Client Key Principal) accepts for itself and with respect of its properties, generally and unconditionally,
the exclusive jurisdiction of the aforesaid courts for legal proceedings arising out of or in connection with this Agreement,
or any Payplant Receivables Program Transaction, or any relationship between the Parties.

 

C.
Each Party (including each Client Key Principal) hereby irrevocably waives personal service of any and all legal process,
summons, notices and other documents and other service of process of any kind and consents to such service in any suit, action
or proceeding brought in the United States of America with respect to or otherwise arising out of or in connection with this Agreement
or Payplant Receivables Program Transaction by any means permitted by Applicable Law, including by the mailing thereof (by registered
or certified mail, postage prepaid) to the address provided to and on file with Payplant (and shall be effective when such mailing
shall be effective, as provided therein). Each Party agrees that a final judgment in any such action or proceeding shall be conclusive
and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 20 of 48

     

    

 

D.
Each Party (including each Client Key Principal) hereby irrevocably waives any objection and any right to stay or dismiss
any action or proceeding under or in connection with this Agreement, any other Payplant Receivables Program Agreement or any Payplant
Receivables Program Transaction to which it is a party brought before the foregoing courts on the basis of forum non conveniens
or improper venue or any other grounds that it may now or hereafter have to the bringing of any such action or proceeding
in such jurisdictions.

 

E.
Nothing in Section 31.14(A) shall affect the right of Payplant to bring any legal action in against Client’s Debtors
in any other competent jurisdiction.

 

F.
Each Client waives the right to bring, assert, or participate in a class action or other multiparty litigation asserting any
claim or cause of action against Payplant, whether related to this Agreement, or any Payplant Receivables Program Transaction,
or otherwise. The foregoing is a bargained-for covenant, which has been knowingly and willingly agreed to by all Parties.

 

31.15
Waiver of Jury Trial

FOR
THE PURPOSES OF THIS AGREEMENT, AND EACH PAYPLANT RECEIVABLES PROGRAM TRANSACTION, EACH PARTY KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY
WAIVES ANY RIGHTS EACH MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION BASED ON OR ARISING OUT OF, UNDER, RELATING
TO OR IN CONNECTION WITH THIS AGREEMENT, WITH ANY OTHER PAYPLANT RECEIVABLES PROGRAM AGREEMENT, OR ANY PAYPLANT RECEIVABLES PROGRAM
TRANSACTION CONTEMPLATED HEREBY OR THEREBY, WITH ANY COURSE OF CONDUCT, WITH ANY COURSE OF DEALING, WITH ANY STATEMENTS (WHETHER
VERBAL OR WRITTEN), OR WITH ANY ACTIONS OR OMISSIONS OF ANY PARTY HERETO OR OF ANY OTHER PERSON RELATING TO THIS AGREEMENT. THIS
WAIVER APPLIES TO ANY ACTION, SUIT OR PROCEEDING WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE.

 

31.16
Relationship of the Parties; No Joint Venture

A.
The Parties intend that nothing contained in this shall be deemed or construed by any Person, court or arbitrator in arbitration,
to create a partnership, joint venture or comparable legal relationship by or between any Client, Payplant, or any other Person.

 

B. Payplant
and each Client are independent contractors and neither Payplant nor any Client may represent to any third-party that it is
the agent or representative of any other Party. No Party shall incur any obligation or liability in the name of or in behalf
of any other Party and each Party shall have the full responsibility and obligations for all of its expenses of operation and
for all obligations with respect to its employees, agents and representatives.

 

31.17
Public Announcements

Each
Client agrees that, without first obtaining Payplant’s specific approval, neither it nor its Affiliates will issue any public
announcement, press release or similar publicity using the name “Payplant” or any other trade name, service mark,
trademark or logo owned or used by Payplant or any of its Affiliates, or referring to the Payplant Receivables Program, this Agreement.
Payplant similarly agrees not to include Client’s name or logo in any public announcement, press release or similar publicity
without having first obtained Client’s prior approval. Each Party reserves the right to provide to industry trade organizations
information necessary and customary for inclusion in statistical analyses prepared by or for such entities.

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 21 of 48

     

    

 

31.18
Reinstatement

The
obligations of the Parties under this Agreement shall remain in full force and effect and continue (i) should any petition be
filed by or against any Party for liquidation or reorganization, or (ii) should any Party become Insolvent or make an assignment
for the benefit of any creditor or creditors, or (iii) should a receiver or trustee be appointed for all or any significant part
of any Party’s assets, and shall continue to be effective or to be reinstated, as the case may be, if at any time payment
and performance of the obligations, or any part thereof, pursuant to Applicable Law, is rescinded or reduced in amount, or must
otherwise be restored or returned by any Party of the obligations, whether as a “voidable preference,” “fraudulent
conveyance,” or otherwise, all as though such payment or performance had not been made. In the event that any payment, or
any part thereof, is rescinded, reduced, restored or returned, the obligations shall be reinstated and deemed reduced only by
such amount paid and not so rescinded, reduced, restored or returned.

 

31.19
No Third-Party Rights

The
Agreements, undertakings and relationships of the Parties are solely for the benefit of the Parties, and their respective Affiliates,
successors and assigns, and (except as otherwise specifically provided) no other Person shall have any third-party rights hereunder.

 

31.20
Survival

Termination
of this Agreement shall not terminate any rights, liabilities or obligations set forth herein, which by their nature would be
intended to be applied following any such termination. Specifically, the rights and obligations in the parts and sections pertaining
to True Sale, Client Repurchase Obligations, payment of fees and reimbursable expenses, contractual limitations on Payplant’s
responsibilities and liability, governing law, compulsory binding arbitration, forum selection, party confidentiality, copyright
protection, indemnification, and provisions relating to Payplant’s Administrative Discretion, shall survive and continue
and shall bind the Parties and their legal representatives, successors and permitted assigns. Termination of this Agreement shall
not affect any obligations of the Parties prior to such termination, which shall be determined and paid as provided herein.

 

31.21
Injunctive Relief Outside of Arbitration

A. In
the event any Party fails to perform, observe or discharge any of its obligations under this Agreement or with respect to any
Payplant Receivables Program Transaction, or threatens to fail to perform, observe or discharge such obligations or
liabilities, any remedy of law may prove to be inadequate relief to the Party (i.e., the Party to which the obligation
is owed). Therefore, the Party, if the Party so requests, shall be entitled to apply for temporary and permanent injunctive
relief as may be granted by the court without the necessity of proving that actual damages are not an adequate
remedy.

 

B.
Notwithstanding anything in Section 30 of this Agreement, a Party may seek to obtain injunctive relief before a court
of law with any claim for monetary damages remaining subject to elective mandatory arbitration under Sections 30.1, et seq.

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 22 of 48

     

    

 

31.22
No Punitive or Exemplary Damages

No
Party shall be liable to any other Party or any other Person for indirect, punitive, exemplary or consequential damages arising
from any breach of contract, tort or other wrong relating to this Agreement or any Payplant Receivables Program Transaction.

 

31.23
Force Majeure

No
Party will be liable for delay or failure to perform its obligations under this Agreement (other than a failure to pay amounts
when due or to Consummate the purchase of a Posted Receivable) caused by an event that is beyond the Party’s control; provided,
however, that such Party will not have contributed in any way to such event.

 

31.24
Power of Attorney

Each
Client hereby grants Payplant an irrevocable power of attorney, coupled with an interest to:

(i)
allow Payplant and its agent bank or banks to take all of the necessary steps to process, approve and receive monies in connection
with Payplant Receivables Program Transactions, including

(a)
the right on or after the Repurchase Date to initiate wire transfers of funds out of Client’s designated deposit account
with Client’s bank to satisfy Client’s Repurchase Obligations,

(b)
the right to endorse Client’s name on third-party checks, drafts and other payment instruments, as appropriate;

(c)
the right to notify Debtors making it clear to the Debtor that the Debtor is required to make all Invoice Payments otherwise due
to Client into the Lockbox Account.

(d)
execute and/or file in the name of the Client any documents that Payplant may requires in its Administrative Discretion to collect
Client Purchased Receivables from Debtors (to the extent Clients fails to so execute within five (5) Business Days of Payplant’s
request or the time when the Client is otherwise obligated to do so)

(d)
do such other and further acts and deeds in the name of Client that Payplant may deem necessary to make, create, maintain, continue,
enforce or perfect Payplant’s rights in any Client Collateral.

(ii)
to perfect, modify and discharge Liens and Security Interests; and

(iii)
if necessary, to require Clients to execute such further documents as Payplant may require in its Administrative Discretion
to give effect to this Section 31.24.

 

31.25
US Dollars

Unless
otherwise agree to by Payplant in advance and in writing, all Payplant Receivables Program Transactions shall be paid and settled
in US Dollars.

 

31.26
Certification

EACH
CLIENT ACKNOWLEDGES THAT IT HAS THOROUGHLY READ THE PROVISIONS OF THIS AGREEMENT AND THAT CLIENT HAS FREELY AGREED TO ALL OF THE
PROVISIONS HEREIN AND THEREIN. EACH CLIENT FURTHER REPRESENTS AND WARRANTS THAT EACH CLIENT KEY PRINCIPAL HAS READ THIS AGREEMENT
AND THAT EACH OF CLIENT KEY PRINCIPAL UNDERSTANDS AND AGREES TO THE PROVISIONS OF SECTION 21 OF THIS AGREEMENT IMPOSING
PERSONAL LIABILITY ON SUCH CLIENT KEY PRINCIPAL FOR THE TRIGGERING EVENTS LISTED THEREIN.

 

31.27
Communications with Payplant 

Client
shall be solely responsible for and shall bear all costs for providing and maintaining all necessary communications with Payplant,
including client’s own computer hardware, software, wiring, communication line access and networking devices.

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 23 of 48

     

    

 

Section
32 Client Reporting Requirements; Notices

 

32.1
Financial Statements

Except
as previously waived by Payplant, Client shall provide to Payplant:

 

(i)
within one hundred twenty (120) days after the end of each fiscal year, the previous year-end unaudited financial statements
of Client and its subsidiaries, if any, on a consolidated basis, consisting of balance sheets and statements of income and cash
flow, which financial statements (if required by Payplant) shall be prepared in accordance with GAAP on an accrual basis; and

(ii)
within forty-five (45) days after the end of each fiscal quarter the year-to-date unaudited financial statements of Client
and its subsidiaries, if any, containing the Client’s balance sheet, income statement, statement of cash flows, accounts
receivable aging, accounts payable aging, an overview of the Vendor settlement negotiations, and such information as Payplant
may reasonably request.

 

The
financial statements referred to in paragraphs (i) and (ii) above shall be accompanied by an Officer Certificate of Client’s
chief financial officer (or similar official) certifying that (i) such financial statements present fairly (if required by Payplant,
in accordance with GAAP on an accrual basis subject to normal adjustments) the financial position, results of operations and statements
of cash flow of Client on a consolidated basis, as of the dates thereof, (ii) any other information presented is true, correct
and complete in all material respect, and (iii) there are no Client Events of Default or other events that, with notice, the passage
of time and failure to cure, may result in a Client Event of Default.

 

32.2
Tax Returns

Client
shall provide Payplant with copies of all requested tax returns, amended tax returns, and requests for extensions thereof, within
thirty (30) Business Days following Client’s filing of such returns, amended returns and requests for extensions with each
appropriate Governmental Authority, if requested by Payplant. Alternatively, Client authorizes Payplant to obtain copies of such
tax returns directly from the taxing authority with Client agreeing to sign whatever authorizations may be required in order to
effectuate the same.

 

32.3
Schedules

Client
shall deliver to Payplant on or before the thirtieth (30th) day of each calendar month, as and for the prior month, such schedules,
reports and other information as Payplant may reasonably request in form and substance satisfactory to Payplant. In addition,
Client shall deliver to Payplant at such intervals as Payplant may reasonably request (i) copy of Debtor Invoices, (ii) evidence
of shipments or delivery, and (iii) such further schedules, documents and/or information as Payplant may reasonably require.

 

32.4
Notices

Client
shall promptly, upon acquiring or giving notice, or obtaining knowledge thereof, as the case may be, provide Payplant with notice
of:

 

(i) the
filing of a petition for bankruptcy relief by or against Client or any Affiliate of Client, or by or against any
Registered Debtor;

(ii)
any Debtor assertion of a claim or defense to payment of a Purchased Receivable;

(iii) the
issuance of any credit adjustment or the reissuance of an Invoice with respect to a Purchased Receivable within the
context of Section 16 of this Agreement;

(iv) the
occurrence of any Client Event of Default, specifically stating that a Client Event of Default has occurred and
describing such default in reasonable detail, the circumstances giving rise thereto and any action that Client is taking or
proposes to take to remedy the same;

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 24 of 48

     

    

 

(v) the
filing or threatened filing of Material Litigation involving or affecting Client or any Affiliate of Client or any of
their respective properties;

(vi) Client’s
default under a Material Obligation, or if Client or any Affiliate of Client is requested or otherwise enters into a credit
related forbearance or similar agreement with any creditor;

(vii)
any change in Client’s legal name, or form of organization, or jurisdiction of organization;

(viii) any Change
of Control with respect to Client or change in Client’s senior management;

(ix)
the existence or purported existence of any Lien over any part of the Client Collateral other than Permitted Liens, specifying
any action Client is taking or proposes to take in respect of or to release such Lien

(x)
any circumstance those results in Client becoming a “restricted person” under the Anti-Terrorism Laws; or

(xi)
Client’s receipt of a notice from the IRS or another tax authority regarding a threat to levy or file a lien.

 

32.5
Read-only Bank Account Access

Client
shall provide Payplant with a username and password to electronically access its bank accounts.

 

SECTION
33 CLIENT AFFIRMATIVE COVENANTS

So
long as this Agreement remains in effect, and until such time as all of Client’s Purchased Receivables are fully paid and
satisfied, Client agrees and covenants:

 

33.1
Existence

Client
shall take all necessary steps and actions to preserve its corporate existence (or the existence of any successor or transferee),
it being acknowledged that no merger of Client, or sale by Client of all or substantially all of its assets, shall be permitted
unless the successor entity or transferee shall assume and be liable for all obligations of Client hereunder, either by operation
of law or under written agreement. Client shall promptly notify Payplant of any change in its corporate structure.

 

33.2
Performance of Client’s Obligations

Client
shall comply with and perform each of its obligations under each SMB Program Agreement to which Client is a Party, in each case
to the standards and within the time frames required.

 

33.3
Books and Records of Accounts; Inspection

A.
Client shall (i) maintain proper and accurate books and records with respect to Client, its business and operations, and its
Debtors and Receivables, and (ii) make appropriate accounting entries with respect to True Sales of Purchased Receivables to
Payplant reflecting that Client no longer has any rights, title or interest therein.

 

B.
Client agrees to permit Payplant and Payplant’s designated agents and representatives to have unrestricted access to
Client’s office facilities, where ever located, during ordinary business hours as determined necessary or proper by Payplant
in connection with this Agreement with reasonable notice to Client and at Payplant’s expense, (i) to examine and make copies
of Client’s books and records, and (ii) to discuss matters relating to Client’s general business affairs with Client
management officials and other personnel, all subject to Applicable Law restrictions that apply to public companies generally
if Client is a public company. Payplant’s inspection rights shall continue while there are previously sold and unpaid Purchased
Receivables or there are outstanding Client payment obligations in favor of Payplant.

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 25 of 48

     

    

 

C.
Client further agrees to provide Payplant with such reports and summaries of Client’s business affairs, sales and aging
of Client’s accounts receivables, all in form and substance as Payplant may request from time to time.

 

33.4
Taxes and Other Charges

Client
shall timely pay and discharge all taxes and other Charges due and payable by Client and any other Charges that may be lawfully
assessed, levied or imposed on it, and Client shall pay, as the same become due, the nonpayment of which may result in a Lien
being asserted against the Client Collateral, other than any tax or other Charge that is properly contested by payment under protest
or by securing an appropriate and adequate bond. For any invoices and purchase orders financed by Payplant, Client shall pay third-party
vendors immediately on receipt of funds from Payplant. For other accounts payable, Client shall make best effort to make timely
payments.

 

33.5
Compliance with Applicable Law

A.
Client shall at all times comply in all material respects with, and perform such acts as may be required by all Applicable
Laws (including all laws relating to dealings with public officials, anti-money laundering, anti-fraud, consumer credit protection
and foreign exchange regulations) and laws, regulations and government guidance for the prevention of terrorism, terrorist financing
and drug trafficking (including the Anti-Terrorism Laws).

 

B.
Without limiting the foregoing, each of Client’s directors, managers, employees, shareholders, partners, members, owners,
agents and Affiliates acting on its behalf, (i) shall not take any action that would constitute a violation of the FCPA or any
similar law, (ii) shall maintain an effective system of controls adequate to ensure that Client’s agents, representatives,
employees, and other staff are trained to ensure compliance with the FCPA, and (iii) shall not take any action that may constitute
a violation of the Export Administration Regulations of the United States or similar Applicable Laws with respect to technology
transfer (through export, deemed export or otherwise) and shall observe all such Applicable Laws.

 

C.
Client shall furnish Payplant promptly such other information with documentation required by bank regulatory authorities under
applicable “know your customer” and anti-money laundering rules and regulations (including the USA PATRIOT Act), as
from time to time may be reasonably requested by Payplant.

 

33.6
Security Interest

A.
Client shall take all actions necessary or reasonably advisable or requested by Payplant to give effect, perfect, preserve
or protect Payplant’s Security Interest in the Purchased Receivables and other Client Collateral and the priority thereof,
and Payplant’s exercise any of the rights conferred thereunder.

 

B.
Client may not amend, terminate or release any Payplant filed UCC financing statement under any circumstance. Any attempt
by Client to do so shall be of no effect and an intentional interference by Client and Client Key Principals with Payplant’s
security and other rights.

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 26 of 48

     

    

 

C.
Client shall, at its own expense, deliver to Payplant each of the instruments, agreements, certificates and documents as Payplant
may reasonably request to perfect and maintain Payplant’s Security Interest in the Purchased Receivables and other Client
Collateral and to comply with, or evidence compliance with, its obligations under this Section 33.6.

 

33.7
Further Assurances

From
time to time, upon the reasonable request of Payplant, Client shall promptly and duly execute and deliver any and all such further
documents and instruments and render all such (or such further) assistance as Payplant may reasonably require for the purpose
of enabling Payplant to obtain the full benefit of such Receivables.

 

33.8
Performance under Sales Contracts; Notice of Default

A.
Client shall timely perform and comply with all material terms, provisions, and obligations under all applicable Sales Contracts
with Client’s customers that produce Purchased Receivables, and refrain from taking any action or omitting to take any action
which might in any way prejudice or limit Payplant’s rights to payment on Purchased Receivables from Client’s Debtors.

 

B.
Client shall notify Payplant within three (3) Business Days in writing of (i) any event or occurrence, including any breach
or default by Client or by the Debtor of any of the material terms or provisions of any Sales Contract relating to a Purchased
Receivable, or any dispute or any governmental action affecting the ability of Client or the Debtor to perform in a material respect
thereunder, (ii) any material adverse change in the timeliness of Client receiving payments from the Debtor on any Purchased Receivable,
and (iii) any material amendment or modification of any Sales Contract relating to any Purchased Receivable. Client shall not
modify the terms of any Sales Contract relating to any Purchased Receivable in any manner which would adversely affect the rights
of Payplant.

 

33.9
Tax Withholdings

If
Client is organized under the laws of the United States of America or any State thereof, Client shall furnish to Payplant, on
the date hereof, two properly completed and duly executed originals of U.S. Internal Revenue Service Form W-9 certifying that
such Client is exempt from U.S. backup withholding tax, provided that the requirements of this sentence shall not apply to a Client
that is entitled to a presumption under applicable Treasury Regulations that it is a domestic corporation for U.S. federal income
tax purposes.

 

33.10
Payment of Sales and Other Taxes

Client
shall timely pay and transmit to the appropriate taxing authorities all applicable sales, use, excise and similar taxes and fees
that Client is required to collect from Client’s customers incident to Client’s sale of goods or services on a deferred
payment (invoice) basis. Client shall be obligated to pay such amounts either out of the proceeds of Client’s sale of Purchased
Receivables or out of Client’s other funds. Under no circumstance whatsoever shall Payplant be obligated to pay and satisfy
Client’s tax liability of any Governmental Authority.

 

33.11
IRS Liability Monitoring

Client
will sign IRS form 8821 to allow Payplant to monitor Client’s IRS liabilities. Client shall not revoke or supplant the Payplant’s
ability to monitor IRS liabilities via 8821 while there are amounts owed to Payplant under the Agreement.

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 27 of 48

     

    

 

Section
34. Client Negative Covenants

So
long as this Agreement remains in effect, and until such time as all of Client’s Purchased Receivables are fully paid and
satisfied, Client agrees and covenants:

 

34.1
Creation of Liens

Except
for Permitted Liens, Client will not create or suffer to exist any Lien upon or against any Receivable posted for sale to Payplant
or against any other Client Collateral.

 

34.2
Amendment to Organizational Documents Triggering Subsequent UCC Filing

Without
first obtaining Payplant’s prior written notice, Client will not amend its Organizational Documents to change its legal
name to a materially dissimilar name, or change its form of organization, or its jurisdiction of organization, if and to the extent
that such change might necessitate that Payplant amend its then existing UCC filing or file a new UCC financing statement

 

34.3
Anti-Terrorism Laws

Client
shall not (i) conduct any business or engage in any transaction or dealings with any restricted person including the making or
receiving any contribution of funds, goods or services to or for the benefit of any “restricted person”, (ii) deal
in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to Executive Order
No. 13224, or (iii) engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or
avoiding, or attempts to violate, any of the prohibitions set forth in Executive Order No. 13224, the USA PATRIOT Act or any other
Anti-Terrorism Law. Client shall deliver to Payplant any certification or other evidence requested from time to time by Payplant,
in its sole discretion, confirming Client’s compliance with this Section 34.3.

 

34.4
Trading with the Enemy Act

Client
shall not engage in any business or activity in violation of the Trading with the Enemy Act.

 

34.5
Diversion of Funds

Client
shall not Divert all or any portion of funds to be paid into the Payplant controlled Lockbox Account or otherwise due to Payplant.
Consistent with the stated intent of the Parties that all purchases and sales of Purchased Receivables on the Platform result
in True Sales for all purposes, Client recognizes and agrees that, following Consummation, Client shall have no rights to or interests
whatsoever in Collection Proceeds of Purchased Receivables and no right to possess or to use such collected funds for any purpose.

 

34.6
Illegal Purpose

Client
shall not access or use or permit the access or use of the Platform for any illegal purpose or for any purpose that is not permitted
under this Agreement or any other Payplant Receivables Program Agreement to which Client is a Party.

 

34.7
Additional Financing

Client
shall not raise additional financing, without Payplant’s approval, which shall not be unreasonably withheld by Payplant
unless it is an equity financing or a convertible equity financing, where Client can force conversion, while Payplant’s
advances are outstanding.

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 28 of 48

     

    

 

	Payplant LLC	 
	 	 
	Signature:	 
	 	 
	Name:	 
	Title:	 
	Date:	 
	 	 
	CLIENT:	 
	Inpixon, formerly known as Sysorex Global:	 
	 	 
	Signature:	 
	 	 
	Name:	 
	Title:	 
	Date:	 
	 	 
	Inpixon USA, formerly known as Sysorex USA	 
	 	 
	Signature:	 
	 	 
	Name:	 
	Title:	 
	Date:	 
	 	 
	Inpixon Federal, Inc., formerly known as Sysorex Government Services, Inc.	 
	 	 
	Signature:	 
	 	 
	Name:	 
	Title:	 
	Date:	 

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 29 of 48

     

    

 

SCHEDULE
1 TO PAYPLANT CLIENT AGREEMENT 

 

CLIENT
FEE SCHEDULE

	Description	 	Fee Amount	 
	1. UCC Termination Fee	 	$	150	 
	2. Wire/ACH Fee	 	$	12	 
	3. Due Diligence Fee	 	$	0	 

 

ADVANCE
RATE – Eligible Receivables will be advanced by Payplant to the Client at a rate of 80% of Face Value (less sales discounts).

 

DISCOUNT
RATE – The Discount Rate for an Eligible Receivables shall be applied at 1.5% of the invoice price per 30 days. 

 

A
minimum of 30 days of interest is charged per invoice and on a per day basis thereafter. Payplant reserves the right to adjust
the discount rate based on credit analysis of debtor. 

 

PAYMENT
INSTRUCTIONS – Updated remittance instructions to Payplant’s address shall be submitted to Debtors upon signing of
this agreement. In the event the change remittance address process is not completed with the Debtor before the first scheduled
payment, Client will transfer any received payment within 3 business days. If in the event this is not made, Payplant will initiate
an ACH draft from the Client’s designated bank accounts within 3 business days after the payment had been received by Client,
for the advanced amount plus discount and other applicable fees.

 

ADDITIONAL
DEBTORS – Other debtors may be added at a future date. Client and Payplant will agree separately in writing on the advance
rate and interest rate terms for each additional debtor.

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 30 of 48

     

    

 

EXHIBIT
1: DEFINITIONS AND INTERPRETATION 

 

1.
Definitions. 

The
following terms shall have the following meanings for purposes of Payplant Receivables this Agreement:

 

“Debtor”
means, with respect to any Receivable, any Person obligated to pay such Receivable.

 

“Debtor
Event of Default” means any failure of the Debtor to fully pay the Invoice Face Value amount by the 60‘th day
following the Invoice Due Date of the Purchased Receivables.

 

“Debtor
Information” means such financial and other information with respect to a Debtor that a Client may provide to Payplant.

 

“Administrative
Determination” and “Administrative Discretion” means Payplant’s decisions, determinations, approvals,
consents and confirmations of a routine or administrative nature, whether or not such administrative decision is specifically
designated as such. Administrative Determination and Administrative Discretion include:

 

(a)
routine determinations as to administration compliance with Payplant procedures, this Payplant Agreement, certificates, and
other similar items required to be delivered under the terms of this Agreement; and

 

(b)
determinations of (i) Advance Amounts, (ii) Discount Fees, (iii) Client Fees, (iv) Client Remittance Payments, (v) Repurchase
Dates, (vi) Repurchase Amounts, (vii) Client Reimbursable Expenses, and (viii) such other amounts as may be provided for under
this Agreement; and

 

(c)
decisions as to (i) the existence or absence of an Event of Default, (ii) exercise of any Enforcement Right, and (iii) amendments,
modifications or supplements to or waivers of any term of this Agreement.

 

“Advance
Amount” means the amount that Payplant will advance to the Client incident to the purchase of a Receivable. Advance
Amount will be negotiated between Client and Payplant and will be visible on the Platform for the Client to view.

 

“Affiliate”
means, with respect to any Person, (i) each Person that, directly or indirectly, owns or controls, whether beneficially, or
as a trustee or other fiduciary, 25% or more of the Equity Interests having ordinary voting power in the election or appointment
of directors or officers of such Person, (ii) each Person that controls, is controlled by or is under common control with such
Person, (iii) each of such Person’s officers, directors, joint ventures, owners and partners, and (iv) in the case of any
Person that is an individual, the immediate family members, spouses and lineal descendants of such Person. For the purposes of
this definition, “control of a Person” shall mean the possession, directly or indirectly, of the power
to direct or cause the direction of its management or policies, whether through the ownership of voting securities, by contract
or otherwise.

 

“Anti-Terrorism
Law” means each of (i) Executive Order No. 13224, (ii) the USA PATRIOT Act, (iii) the Money Laundering Control Act of
1986, Public Law 99-570, (iv) the OFAC Regulations, and (v) any similar Applicable Law enacted in the United States subsequent
to the date of this Agreement or in any other jurisdiction that applies to any Client.

 

“Applicable
Law” means, with respect to any Person, any and all laws (including common law), statutes, ordinances, regulations,
rules, orders, injunctions, directives, codes, decrees, writs, determinations, awards and judgments issued by any Governmental
Authority applicable to or binding upon such Person or any of its properties and any judicial or administrative interpretation
thereof, including, for the avoidance of doubt, all environmental laws.

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 31 of 48

     

    

 

“Arbitration
Administrator” means the Person under whose auspices arbitration is conducted. The Party electing commencement of arbitration
shall have the right to select the Arbitration Administrator, which may be a national company or a company or law firm with offices
in California.

 

“Associated
Rights” means any and all of the Client’s right, title and interest in relation to any Purchased Receivable including,
in each case, to the extent related to such Receivable:

(a)
all Security Interests in the relevant goods arising by law or by agreement with the related Debtor for the purpose of securing
payment of the related Invoice Face Amount, including retention of title rights, if applicable;

(b)
all rights, remedies and privileges under the related contract;

(c)
all documents of title to goods, warehouse keepers’ receipts, bills of lading, shipping documents, airway bills or similar
documents, if applicable;

(d)
all Collection Proceeds and other remittances and payments of or on account of Collections of such Receivable, and any related
securities, bonds, guarantees, indemnities and letters of credit, including direct debit rights if applicable; and

(e)
all of the Client’s interest in any returned goods related to any sale giving rise to such Receivable and any proceeds
of sale thereof.

 

“Authorized
Representative” means with respect to a Client, the Client’s designated owner, officer or other official who is
authorized to (i) agree to the terms of this Agreement, (ii) enter into and consummate Payplant Receivables Program Transactions
for and on behalf of Client, (iii) submit quarterly Officer Certificates and other reports to Payplant, and (iv) discuss matters
relating to Client with Payplant.

 

“Bankruptcy
Code” means the United States Federal Bankruptcy Code of 1978, as amended from time to time.

 

“Business
Day” means a day (other than a Saturday or Sunday, a legal holiday or a day on which banking institutions are authorized
or required by Applicable Law or other government action to close in Santa Clara, CA) on which banks are open for business.

 

“Change
of Control” means (i) the occurrence of any event (whether in one or more transactions) which results in a transfer
of control of a Client to a Person who did not have control of the Client at the time the Client applied for registration or membership
on the Platform, (ii) any merger or consolidation of or with the Client, or (iii) the sale of all or substantially all of the
property or assets of the Client. For purposes of this definition, control shall mean the power, directly or indirectly (x) to
vote 50% or more of the Equity Interests having ordinary voting power for the election of directors (or the individuals performing
similar functions) of the Client, or (y) to direct or cause the direction of the management and policies of the Client by contract
or otherwise.

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 32 of 48

     

    

 

“Charges”
means all taxes, charges, fees, imposts, levies or other assessments, including all net income, gross income, gross receipts,
sales, use, ad valorem, value added, transfer, franchise, profits, inventory, capital stock, license, withholding, payroll, employment,
social security, unemployment, excise, severance, stamp, occupation and property taxes, custom duties, fees, assessments, liens,
claims and charges of any kind whatsoever, together with any interest and any penalties, additions to tax or additional amounts,
imposed by any taxing or other authority, domestic or foreign (including the Pension Benefit Guaranty Corporation or any environmental
agency or superfund), upon Client’s Receivables, Client or any of Client’s Affiliates.

 

“Client”
means a Person registered with Payplant and eligible to offer Receivables for sale to Payplant.

 

“Client
Agreement” means this agreement.

 

“Client
Collateral” means Client’s property and assets on which Payplant is granted a security interest as provided in
Section 24 of this Agreement.

 

“Client
Event of Default” means each of the events or circumstances described as a Client default under Section 29.1 of
this Agreement.

 

“Client
Failed Payment Fee” means fees paid by a Client to Payplant as a result Client’s failure to pay the Repurchase
Price to Payplant in full on the Repurchase Date.

 

“Client
Fees” mean the fees provided in Schedule 1 to this Agreement.

 

“Client
Funds” means any moneys, funds or credits belonging to or otherwise due to Client.

 

“Client
Indemnified Person” means Payplant and its Affiliates, owners, shareholders, members, partners, officers, directors,
managers, employees, agents, attorneys, successors and assigns.

 

“Client
Information” means such financial and other information with respect to a Client that the Client may make available
to Payplant.

 

“Client
Key Principal” means an owner or executive officer (i.e., president, manager, chief executive officer, chief financial
officer, or officer performing executive management functions) of a Client.

 

“Client
Reimbursable Expenses” means the costs and expenses listed in Section 31.1 of this

Agreement.

 

“Client
Remittance Payment” means the amount payable to the Client subsequent to Payplant’s receipt of Collection Proceeds.
A Client Remittance Payment may consist of the Retained Amount less any accrued Discount Fees, late charges and Client fees.

 

“Client
Termination Fee” means fees owed by a Client to Payplant as provided in Section 27 of this Agreement upon termination
of Client’s relationship with Payplant.

 

“Code”
means the Internal Revenue Code and Internal Revenue Service regulations promulgated thereunder.

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 33 of 48

     

    

 

“Collection
Expenses” means Payplant’s out-of-pocket costs and expenses in pursuing collection from Defaulting Clients, Defaulting
Debtors, including Payplant’s reasonable outside counsel fees, collection agency fees, court costs, and other third-party
expenditures.

 

“Collection
Proceeds” means all funds and money collected from the Debtor, the Client or from any other obligated Person, or from
the exercise of Enforcement Rights with respect to or in any way accruing from a Purchased Receivable.

 

“Confidential
Information” of any Party means non-public information that such Party may designate as being confidential or which,
under the circumstances surrounding its disclosure, the receiving Party ought to know is confidential.

 

“Consummate”
or “Consummation” means the completed purchase and True Sale of a Receivable to Payplant as provided in Section
13 of this Agreement.

 

“Consummation
Date” means the date on which the Sale is deemed for all purposes to be completed or Consummated.

 

“Defaulted
Receivable” means and includes a Purchased Receivable that (i) is not paid by the Debtor within 60-days following the
Invoice Due Date of the Purchased Receivable, or (ii) is otherwise subject to mandatory repurchase by the Client under Section
20(A) of this Agreement for failure to qualify as an Eligible Receivable or for any other reason provided therein.

 

“Defaulting
Debtor” means and includes a Debtor that is subject to a Debtor Event of Default.

 

“Defaulting
Client” means a Client that is subject to a Client Event of Default.

 

“Delivering
Party” has the meaning given to that term in Section 31.9 of this Agreement.

 

“Direct
Debit Transfer” means a transfer of funds by Payplant from the Client’s designated account at their respective
bank via (i) an inbound Fed wire draw down request for credit transfer or, (ii) a SWIFT Direct Debit request. The transfer of
funds from a Client’s bank may be initiated by any of the methods described above, or via debit originated by Payplant via
entries on the Automated Clearing House (ACH) system which obligates the Client’s bank to settle the amount requested.

 

“Discount
Fees” are fees paid to and earned by Payplant for Purchased Receivables. Discount Fees are computed as follows, with
a minimum duration of 30 days. Purchase Date is the date that the Receivable was purchased by Payplant. Payment Date is the date
when the Invoice Payment was received by Payplant in Good Funds. E.g. let’s take a sample invoice with Purchase Price of
$10,000 and Discount Rate of 1.2% per month.

 

		a.	If
                                         no Invoice Payment has been made then Discount Fees = Purchase Price * (current date
                                         - Purchase Date) * Discount Rate. For the sample invoice above if Current date –
                                         Purchase Date is 10 days then Discount Fees are calculated as $10,000 * 10 * (1.2/30)%
                                         or $40.

		b.	If
                                         one complete Invoice Payment has been made then Discount Fees = Purchase Price * (Payment
                                         Date – Purchase Date) * Discount Rate. E.g. for the sample invoice about if Payment
                                         Date – Purchase Date is 45 days then Discount Fees are calculated as $10,000 *
                                         45 * (1.2/30)% or $180.

		c.	If
                                         multiple Invoice Payments have been made and there is no balance remaining then Discount
                                         Fees =((Purchase Price) * (first Payment Date – Purchase Date) * Discount Rate)
                                         + (Purchase Price – previous Invoice Payment) * (next Payment Date – previous
                                         Payment Date) * Discount Rate + ... (Purchase Price – all previous Invoice
                                         Payments) * (last Payment Date – previous Payment Date) * Discount Rate)). For
                                         the sample invoice above if there were two payments made – $5,000 after 30 days
                                         and $5,000 after 60 days - then Discount Fees are calculated as $10,000*30*(1.2/30)%
                                         + $5,000*15*(1.2/30)% or $180.

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 34 of 48

     

    

 

		d.	If
                                         multiple payments have been made but there is still Unrecovered Purchase Price then Discount
                                         Fees = ((Purchase Price) * (first Payment Date – Purchase Date) * Discount Rate)
                                         + ((Purchase Price – previous Invoice Payment) * (next Payment Date – previous
                                         Payment Date ) * Discount Rate) + ... (Purchase Price – all previous Invoice
                                         Payments) * (current date – last Payment Date) * Discount Rate)). For the sample
                                         invoice above if there were 2 payments made – $5,000 after 30 days and $3,000 after
                                         60 days then Discount Fees after 90 days are calculated as $10,000*30*(1.2/30) + $5,000*15*(1.2/30)%
                                         + $1,000*30*(1.2/30) % or $192.

 

“Discount
Rate” is the daily interest rate agreed between Client and Payplant at the time of the Sale. Discount Rate is also available
on the Platform for the Client to view.

 

“Divert”
or “Diversion” means any action or inaction on the part of a Client which results in all or any portion
of the Collection Proceeds of any Purchased Receivable, or in all or any portion of Other Proceeds of Other Receivables that the
Registered Debtor is instructed to pay into the Payplant controlled Lockbox Account, being used by the Client or any Affiliate
of Client for any purpose other than payment and transmittal to Payplant. Divert or Diversion additionally includes (i) any action
or inaction on the part of a Client which results in a setoff of the Registered Debtor’s Invoice Payment Obligation against
any obligation that the Client may owe to the Debtor, (ii) any Client instruction to a Registered Debtor not to make Invoice payments
into the Lockbox Account, or (iii) the Client’s reissuance of an Invoice evidencing a Purchased Receivable without notifying
Payplant and without making immediate payment as required under Section 16(B) of this Agreement.

 

“Dollars”,
“US Dollars”, “$” or “US$” means the lawful currency of the United States of America.

 

“Due
Diligence Fees” are fees paid by the Client to Payplant in order to perform business and officer background checks,
with applicable authorizations, including but not limited to credit, criminal history, lien searches and filings, bankruptcy and
court filings, and other 3rd party verifications deemed necessary by Payplant. The Due Diligence fees must be paid
by Client prior to initial funding and are not refundable.

 

“Electronic
Signature” means the electronic signature of any Party sufficient to legally obligate such Party to the terms of any
pertinent contract or agreement under the Electronic Signatures in Global and National Commerce Act, the Model Uniform Electronic
Transactions Act and the Electronic Signatures and Records Act.

 

“Eligible
Receivable” means and includes a Receivable, subject to sale under Article 9 of the UCC, that:

(a)
represents a bona fide Payment Obligation of an Debtor enforceable in accordance with its terms; and

(b)
is not, at the time of sale or at any time thereafter, subject to dispute, compromise, reduction, cancellation, refund, offset,
counterclaim or recoupment for any reason; and

(c)
the Client knows of no reason why the Debtor will not or cannot pay the Receivable on a timely basis when due; and

(d)
is payable to and is owned by the Client; and

(e)
is payable in U.S. dollars; and

(f)
is not more than 60 days past due as of the Sale Closing Date; and

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 35 of 48

     

    

 

“Enforcement
Rights” mean and include all available enforcement rights and remedies that may be \ (i) against a Defaulting Client
following a Client Event of Default, or (ii) against a Defaulting Debtor following an Debtor Event of Default, Enforcement rights
further include default rights and remedies that may be asserted against the property of a third Person to satisfy an indebtedness.

 

“Equity
Interest” means for any Person, any and all shares, rights to purchase, options, warrants, general, limited or limited
liability partnership interests, limited liability company membership interests, participation or other equivalents of or interest
in (regardless of how designated) equity of such Person, whether voting or nonvoting, including common stock, preferred stock,
convertible securities or any other “equity security” as such term is defined in Rule 3a11-1 of the General Rules
and Regulations promulgated by the SEC under the Exchange Act.

 

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

 

“Excluded
Claim” means any of the following claims or proceedings, which are not subject to compulsory binding arbitration under
Section 30 of this Agreement:

(a)
any action to assert, collect, protect, realize upon or obtain possession of the Client Collateral following a Client Event
of Default;

(b)
any action to assert, collect, protect, realize upon or obtain possession of the Client Collateral in any bankruptcy proceeding;

(c)
any action insofar as it seeks provisional or ancillary remedies in connection with (a) or (b) above;

(d)
any non-judicial repossessions or exercise of Enforcement Rights against any Person; and

(e)
any action involving or against a Debtor to enforce the Debtor’s Payment Obligations with respect to a Purchased Receivable.

 

Notwithstanding
the foregoing, the Parties may mutually agree to arbitrate any matter covered under items (a) through (d) above
if arbitration will afford the Parties substantially the same rights and remedies as a court action.

 

“Face
Value” means the principal amount of the Purchased Receivable that is billed to or that is otherwise owed by the Debtor.

 

“FAA”
means the Federal Arbitration Act, 9 U.S.C. §§ 1 et seq. 

 

“Foreign
Corrupt Practices Law” or “FCPL” means the Foreign Corrupt Practices Law and any other Applicable
Law concerning making unlawful payments to any governmental official or employee, political party, official of a political party,
candidate for political office or anyone else acting in an official capacity, corrupt practices or making unlawful payments or
gifts, bribes, rebates, payoffs, influence payments or kickbacks in any jurisdiction.

 

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

 

“Good
Funds” means funds that (i) have been collected by means of the drawee bank’s full, final and irrevocable payment
of one or more checks, drafts or monetary instruments, and (ii) are immediately available to be electronically transferred from
the depositor’s account to a third party.

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 36 of 48

     

    

 

“Governmental
Authority” means any federal, state or local government, governmental department, governmental commission, governmental
board, governmental bureau, governmental agency, regulatory authority, instrumentality, judicial, legislative, executive or administrative
body or other political subdivision thereof and any Person exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to any of the foregoing entities, having jurisdiction over the Person or matters in question.

 

“Government
Receivable” means a Receivable under which the Debtor is a department, agency or instrumentality of the United States
government.

 

“Insolvency”
means with respect to any Person on a particular date, that

(a)
such Person is unable to realize upon its property and assets and pay its debts and other liabilities (including disputed,
contingent and unliquidated liabilities) as they mature in the normal course of business, or

(b)
such Person has made a transfer or incurred an obligation with the intent to hinder, delay or defraud any of its present or
future creditors.

 

The
amount of contingent liabilities (such as litigation, guarantees and pension plan liabilities) at any time shall be computed as
the amount that, in light of all the facts and circumstances existing at the time, represents the amount that can be reasonably
expected to become an actual or matured liability.

 

“Insolvent”
means, with respect to a Person, the fact that such Person is in Insolvency.

 

“Intellectual
Property” means a patent, patent application, copyright, trademark, service mark, trade name, logo, domain name, mask
work, trade secret or license or other right to use any of the foregoing.

 

“Invoice”
means a legal debt instrument which indicates the Face Value due from a Debtor to pay the Client for delivered goods or services.

 

“Invoice
Date” means the date an Invoice is issued.

 

“Invoice
Due Date” means the specified date listed on the Invoice by which a Client requests payment by the Debtor.

 

“Invoice
Payment” means any payment made by a Debtor under an Invoice.

 

“Invoice
Payment Obligation” means a Debtor’s obligation to pay the Invoice Face Value under a Receivable sold to Payplant.

 

“Lien”
means any mortgage, lien, privilege, deed of trust, encumbrance, pledge, security interest, hypothecation, covenant, condition,
restriction (including restrictions on voting rights or rights of disposition), claim, charge, option, right of first refusal,
right of use or occupancy, any legal or equitable encumbrance, or any preference, priority or other arrangement having materially
the same effect as any of the foregoing.

 

“Lockbox
Account” means the depository account maintained by Payplant into which Collection Proceeds and other sums shall be
deposited.

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 37 of 48

     

    

 

“Material
Litigation” means any action, claim, lawsuit, demand, inquiry, investigation or proceeding that is brought against the
Client or its Affiliate, in which the amount in controversy exceeds 25% of Client’s, or its Affiliate’s then net worth.

 

“Material
Obligation” means a payment or performance obligation of a Client, which in the event of the Client’s default,
would likely jeopardize Client’s ability to continue to conduct its business as previously conducted.

 

“Misdirected
Payment” means a Debtor Invoice Payment that is paid to the Client, or to an Affiliate of Client, or to a third party,
and that is not paid by the Debtor into the Payplant controlled Lockbox Account as required by Section 8 of this Agreement.

 

“Misdirected
Payment Fee” has the meaning provided in Section 8(F) of this Agreement.

 

“Money-Laundering
Activities” means activities involving funds which are (i) proceeds of crime in violation of Applicable Law, or (ii)
derived or potentially derived from any restricted party.

 

“Net
Advance Amount” means the Advance Amount less Client Fees. 

 

“Net
Present Value Discount Rate” means the prime rate as quoted in the Money & Investing Section of the Wall Street
Journal on the last day of each calendar quarter.

 

“OFAC
Regulations” means (i) the Terrorism Sanctions Regulations (Title 31 Part 595 of the U.S. Code of Federal Regulations),
(ii) the Terrorism List Governments Sanctions Regulations (Title 31 Part 596 of the U.S. Code of Federal Regulations), and (iii)
the Foreign Terrorist Organizations Sanctions Regulations (Title 31 Part 597 of the U.S. Code of Federal Regulations).

 

“Officer
Certificate” means the certificate signed by the Client’s chief executive officer, chief financial officer, or
similar official in the form required by Payplant.

 

“Organizational
Documents” means with respect to any Person, (i) the certificate of incorporation, articles of partnership, partnership
agreement, certificate of organization or formation or other similar organizational documents of such Person, (ii) the by-laws,
operating agreement, limited liability company agreement or other similar document of such Person, and (iii) such other documents
or instruments that are required to be registered or lodged in the place of incorporation or organization of such Person and which
establish the legal existence of such Person.

 

“Other
Proceeds” means and includes Invoice Payments received from Registered Debtors that are attributable to the Client’s
Other Receivables not sold to Payplant.

 

“Other
Receivables” means and includes Client Receivables that are not sold on the Platform.

 

“Party”
means Payplant and each Client that has agreed to be bound and obligated under this Agreement. Payplant Receivables.

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 38 of 48

     

    

 

“Paying
Party” means the Client, a Client Key Principal, a Debtor, or any other obligated Person making payment on a Payment
Obligation to Payplant after the occurrence of a Client Event of Default whether or not such Paying Party payment can be identified
to any particular Purchased Receivable.

 

“Payment
Date” for an Invoice Payment is the date the Invoice Payment is received in Good Funds by Payplant.

 

“Payment
Obligation” means the contractual obligations of a Person to pay an amount owed to another.

 

“Permitted
Liens” means:

(a)
Liens in favor of Payplant for the benefit of Payplant;

(b)
Liens for taxes, assessments or other governmental Charges not delinquent or being properly contested in good faith, provided
that the Lien shall have no effect on the priority of the Liens in favor of Payplant and a stay of enforcement of any such Lien
shall be in effect;

(c)
Liens arising by virtue of the rendition, entry or issuance against Client or any Affiliate, or any property of Client or
any Affiliate, of any judgment, writ, order, or decree, for so long as each such Lien (i) is in existence for less than 20 consecutive
days after it first arises or is being properly contested, and (ii) is at all times junior in priority to any Liens in favor of
Payplant;

(d)
additional Liens as may be approved by Payplant in advance and in writing

(e)Existing
liens

 

“Person”
means any individual, sole proprietorship, partnership, joint venture, unincorporated organization or association, trust,
corporation (including a business or statutory trust), limited liability company, institution, public benefit corporation, joint
stock company, firm, body corporate, authority, Governmental Authority, or any other entity of whatever nature.

 

“Platform”
means the software platform owned and operated by Payplant for the purchase of Receivables from Clients.

 

“Posted
Receivable” means a Receivable that is offered for sale on the Platform by the Client. The Receivable may be entered
on the Platform by Client or by Payplant’s staff on the Client’s behalf.

 

“Priming
Lien” means a perfected Lien encumbering the Client’s Purchased Receivables and other Client Collateral that potentially
has priority over Payplant’s later in time UCC filing, and that may adversely affect the Payplant’s rights to purchase
the same free and unencumbered by any then existing Lien.

 

“Priming
Lien Holder” means a Person that has a Priming Lien on or with respect to any posted Receivable or other Client Collateral.

 

“Priming
Lien Holder Authorization and Consent” means an authorization and consent by a Priming Lien Holder agreeing to permit
the Client to sell Purchased Receivables to Payplant on a free and clear basis.

 

“
Purchase Price” means the Face Value of the Purchased Receivable.

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 39 of 48

     

    

 

“Racketeering
Activities” means involvement or affiliation with any organization, group or individual that engages in or encourages
its members to engage in any illegal activities specified in (i) Title 18 of the U.S. Code, or (ii) any other similar state or
applicable foreign criminal law.

 

“Receivable”
means and includes the Client’s accounts, contract rights, general intangibles, payment intangibles and all other forms
of payment obligations owing to Client, and further includes the Client’s Associated Rights.

 

“Receiving
Party” has the meaning given to such term in Section 31.9 of this Agreement.

 

“Registered
Debtor” means a Debtor that is registered by a Client on the Platform.

 

“Repurchase
Date” means the date on which the Client is obligated to repurchase a Purchased Receivable from Payplant whether due
to a Debtor Event of Default, or a Client Event of Default, or both.

 

“Repurchase
Obligation” means Client’s absolute, irrevocable and unconditional agreement and obligation to repurchase a Purchase
Receivable from Payplant as provided in Section 20 of this Agreement.

 

“Repurchase
Price” means (i) the greater of the outstanding amount of the Face Value of a Purchased Receivable, or the sum of the
then unpaid Advance Amount and accrued Discount Fees with respect to the repurchased Receivable, together with (ii) the amount
of any Late Charges and Client Reimbursable Expenses that may then be due and owing by the Client.

 

“Retained
Amount” means the difference between (i) the Face Value of the Purchased Receivable sold on the Platform and (ii) the
Advance Amount paid by Payplant.

 

“Sale”
means the sale Receivables to Payplant.

 

“Sale
Closing Date” means the date that the Sale was made.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Securities
Law” means any and all federal and state laws (including common law), statutes, regulations, rules, orders, injunctions,
directives, codes, decrees, writs, determinations, awards and judgments issued by any Governmental Authority relating to “securities”
and any judicial or administrative interpretation thereof.

 

“Security
Interest” means a consensual Lien in the Client’s Purchased Receivables and other Client Collateral granted under
the UCC.

 

“Payplant
Receivables Program” means and refers to the program operated by Payplant for purchasing receivables from Clients.

 

“Payplant
Receivables Program Transactions” means all transactions and dealings between the Parties incident to the Payplant Receivables
Program, including Payplant Receivables Program Transactions involving (i) sale of Purchased Receivables on the Platform, (ii)
all payments by and between the Parties, and (iii) all related payments and dealings with Debtors and third Persons.

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 40 of 48

     

    

 

“Purchased
Receivable” means any Receivable that has been sold to Payplant on the Platform.

 

“Specified
Obligations” means Payment Obligations of a Defaulting Client or Defaulting Debtor that are subject to a
Settlement.

 

“Trading
with the Enemy Act” means the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle
B, and Chapter V, as amended) and any enabling legislation or executive order relating thereto.

 

“Payplant”
means Payplant LLC, as owner and operator of the Platform. Payplant LLC is the Managing Member of Payplant Alternatives Fund
LLC. The Payplant Alternatives Fund LLC will fund the Purchased Receivable(s). To the extent necessary for any reason, including
enforcement of any obligation in this agreement, Client acknowledges and agrees that Payplant Alternatives Fund LLC may enforce
any provisions in this agreement directly or through Payplant LLC as its Agent and/or representative.

 

“Payplant
Platform” means all related Payplant internet and electronic products including the Payplant website, Payplant Receivables
purchase application and Payplant code.

 

“Payplant
Related Person” means and includes each of Payplant’s respective officers, directors, managers, shareholders,
members, employees, agents, and attorneys.

 

“Payplant
Work Product Data” means the results of Payplant internally produced or otherwise obtained information, data and statistical
information, including information, data and statistical information with respect to Clients and Debtors, and with respect to
Client and Debtor creditworthiness.

 

“True
Sale” means the sale for all purposes of absolute ownership of a Receivable, with the Client retaining no residual rights,
title, interest or control (whether legal, equitable or beneficial) therein, and with all of the Client’s rights, title
and ownership interests being fully transferred to and vesting in Payplant.

 

“UCC”
means the Uniform Commercial Code as in effect in California and other applicable jurisdictions.

 

“UCC
Termination Fee” has the meaning provided in Section 27 of this Agreement.

 

“Global
Amendment” means an amendment to any Payplant Receivables Program that has general applicability to similarly situated
Clients.

 

“USA
PATRIOT Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism Act of 2001, Public Law 107-56.

 

2.
Interpretation.

For
the purpose of this Agreement, unless the context otherwise requires:

 

A.
Any accounting term used in this Agreement shall have the meaning customarily given such term in accordance with GAAP, and
all financial computations hereunder shall be computed in accordance with GAAP.

 

B.
Any UCC term used in this Agreement shall have the meaning given in the UCC unless otherwise defined. Without limited the
foregoing, the terms “accounts”, “chattel paper”, “instruments”, “general intangibles”,
“payment intangibles”, “supporting obligations”, “securities”, “financial assets”,
“investment property”, “documents”, “deposit accounts”, “software”, “letter
of credit rights”, “inventory”, “equipment”, “fixtures” and “ordinary course of
business”, as and when used shall have the meanings given to such terms in Articles 8 or 9 of the UCC. To the extent the
definition of any category or type of UCC collateral is expanded by any subsequent amendment, modification or revision to the
UCC, such expanded definition will apply automatically as of the date of such amendment, modification or revision.

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 41 of 48

     

    

 

EXHIBIT
2

CLIENT
KEY PRINCIPALS

 

	1.	Nadir
                                         Ali

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 42 of 48

     

    

 

GOVERNMENT
RECEIVABLES ADDENDUM

 

This
Government Receivables Addendum amends, modifies and supplements the Agreement by and between Client and
Payplant.

 

Preliminary
Statements

A. Client
provides goods and services on a deferred payment basis to departments, agencies and instrumentalities of the United States,
and Client has expressed a desire to offer for sale and to sell Client’s Government Receivables to Payplant.

 

B. In order to be permitted to do so, it is necessary
that Client agree to the additional terms of this Government Receivables Addendum, which amends, modifies and supplements the
Payplant Client Agreement signed between Client and Payplant on 8/14/17 (“Agreement”).

 

Agreement

NOW
THEREFORE, for good and valuable consideration received and with the intent to be legally bound, Client additionally
agrees as follows:

 

ARTICLE
I: INITIAL PROVISIONS

 

1.01 This
Addendum applies solely to Client’s sales of Government Receivables (as defined herein), and shall not apply
to Client’s sales of other Receivables that are not Government Receivables.

 

1.02
All provisions of the Agreement not amended, modified or supplemented under this Addendum shall be and remain in full force
and effect.

 

ARTICLE
II: ADDENDUM TO THE AGREEMENT APPLICABLE TO SALES OF GOVERNMENT RECEIVABLES

 

The
Agreement is hereby amended, modified and supplemented to include the following additional covenants specifically applicable
to Client’s sale of Government Receivables Payplant.

 

2.01
Additional Defined Terms. The following terms have the following meanings as used under this Addendum:

 

“Change
Order” means a change in the Work to be performed under a Government Contract that may affect the amount owed to Client
under the resulting Government Receivable.

 

“Consent
and Authorization” means a document acceptable in form and substance to Payplant, under which a Priming Lienholder agrees
and consents to permit Client to sell its Receivables to Payplant free and clear of the Priming Lienholder priming lien.

 

“FACA”
means the Federal Assignment of Claims Act (31 U.S.C. 3727 and 41 U.S.C. 15).

 

“Federal
Account Debtor” means the United States government department, agency or instrumentality obligated to pay the
Government Receivable.

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 43 of 48

     

    

 

“Government
Contract” or “Contract” means a contract, purchase order, or similar agreement under which Client will
perform Work, and under which Government Receivables will be generated. A “Government Contract” further includes
all Change Orders, addenda, modifications, supplements and replacements of the applicable Contract, and additionally includes
all exhibits, addenda, supplemental documents and agreements with respect thereto and with respect to Work performed or to be
performed by Client related to the Contract.

 

“Government
Receivable” means a Receivable generated under a Government Contract for Work performed and to be performed by Client for
a department, agency or instrumentality of the United States.

 

“Subcontractor”
has the meaning provided in Section 2.07(A) below.

 

“Sub-Subcontractor”
has the meaning provided in Section 2.07(A) below.

 

“Work”
means the sale and furnishing of goods and materials or the performance of services under or with respect to relating to a Government
Contract.

 

2.02
Sales of Government Receivables; Limitations and Prerequisites.

A.
Government Receivables eligible for sale to Payplant are and shall be limited to Receivables that are subject to assignment
under the FACA, and which are derived from Client’s performance of Work (including sales of goods and the furnishing of
services) under one or more Government Contracts that Client may present to Payplant for review and consideration, and that Payplant
may approve. Payplant shall have the right to reject any Government Contract and any Government Receivable for any or no reason
in Payplant’s sole Administrative Discretion.

 

B. As
a precondition to Client being permitted to post Government Receivables for sale to Payplant, Payplant or Client must
first obtain Consents and Authorizations from all Priming Lienholders who may have filed UCC-1 financing statements
encumbering Client’s Receivables prior in time to Payplant’s later UCC filing. Such Consents and Authorizations
must be in form and substance satisfactory to Payplant, and must specifically authorize Client to sell its Receivables to
Payplant free and clear of the Priming Lienholder’s security rights and interest.

 

2.03
FACA Filings; Assignment of Government Receivables; Additional UCC Security Interest.

A.
Prior to initially posting a Government Receivable for sale to Payplant, Client shall advise Payplant of Client’s intention
to do so with sufficient lead time, to the extent applicable, to permit Payplant to make necessary filings under the FACA.

 

B. Client
shall assist Payplant in making required filing under the FACA, and Client understands and agrees that Payplant may not
purchase a Government Receivable from Client until such time as Payplant successfully completes the FACA filing
process.

 

C. In
order to permit Payplant to make required FACA filings, Payplant, as a qualifying “financing institution”
under the FACA, must be the “assignee” of all Government Receivables arising out of the same Government Contract
as the Government Receivables that Client intends to offer for sale to Payplant, and Client must grant Payplant a UCC
security interest in such Receivables. This assignment and grant of security interest is provided in Section 3.01 of this
Addendum.

 

D.
Client and Payplant additionally must execute a separate Assignment Agreement and transmit a separate Notice of Assignment
(as set forth in 48 C.F.R. 32.805(c)) to the relevant Federal Account Debtor for each Government Contract that will generate Government
Receivables that Client intends to sell to Payplant.

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 44 of 48

     

    

 

E.
A FACA filing shall be deemed to be complete at the time that Payplant receives an acknowledgement from the Federal Account
Debtor (as set forth in 48 C.F.R. 32.805(c)) that it has received and processed the Notice of Assignment for the relevant Government
Contract.

 

2.04
Payments Directly to Payplant.

A.
Client absolutely, unconditionally and irrevocably agrees that all Government Receivables payments subject to a FACA filing
in favor of Payplant shall be paid into the Payplant controlled Lockbox Account with the Lockbox Account Bank, irrespective of
whether such Federal Account Debtor payments are attributable to Purchased Receivables sold to Payplant or to Government Receivables
that remain owned by Client. All Government Receivables payments that are paid into the Payplant controlled Lockbox Account, which
are not attributable to Purchased Receivables sold to Payplant, shall constitute and be considered to be Other Proceeds of Other
Receivables within the context of the Agreement, subject to all security and other rights and remedies that Payplant may have
with respect thereto.

 

B.
Should Client receive any payment from a Federal Account Debtor that is subject to a FACA filing in favor of Payplant, whether
due to Account Debtor error or otherwise, Client shall immediately turn over such payment in the form received to Payplant without
depositing such funds into Client’s operating or other deposit accounts. In the interim, Client shall hold such funds “in
trust” for and on behalf of Payplant separate and apart from Client’s other funds. Any failure by Client to comply
with the requirements of this Subsection 2.04(B) likewise shall constitute a Diversion of funds under Section 8 of the Agreement,
and shall give rise to Client Default under Agreement Section 29.

 

2.05
Additional Client Representations and Warranties. Every time Client posts a Government Receivable for sale to Payplant, Client
additionally represents and warrants to Payplant that:

 

2.05.1
The Government Contract and Government Receivable are subject to assignment under the FACA.

 

2.05.2
The Government Contract under which the Government Receivable is payable does not prohibit the assignment of rights to payment
as may be provided under 48 C.F.R. 52.232-24 (“Prohibition of Assignment of Claims”) or under any other provision of
law of similar effect.

 

2.05.3
The Government Contract under which the Government Receivable is payable has an aggregate value of at least $1,000.

 

2.05.4
The Government Contract under which the Government Receivable is payable is not issued by and does not involve the National
Security Agency, Maryland Procurement Office, the Defense Intelligence Agency, the Central Intelligence Agency, or any other Federal
Account Debtor that restricts the public disclosure of information regarding its procurement activities.

 

2.05.5 The
assignment of Client’s Government Receivables to Payplant and the posting of the Government Receivables for sale to
Payplant do not violate any law, regulation, requirement, covenant, representation, warranty, or provision applicable to
the Government Receivables or the Government Contracts associated therewith, including laws and provisions addressing the
treatment of classified information.

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 45 of 48

     

    

 

2.05.6
Each Government Receivable posted for sale to Payplant is a Qualifying Receivable, and represents a bona fide payment obligation
of the Federal Account Debtor enforceable in accordance with the terms of the pertinent Federal Contract for Work performed to
the Federal Account Debtor’s satisfaction, without dispute or reservation of rights, and without later rights of adjustment,
set off or recoupment.

 

2.05.7
Client has fully and completely complied with all obligations and requirements imposed on Client under the Government Contract,
including Client’s obligation (i) to perform all Work in a diligent, skillful, safe and workman like manner, and in accordance
with all pertinent specifications and requirements, (ii) likewise, to provide goods and materials that are without defect, and
in accordance with all pertinent specifications, (iii) to comply with all pertinent invoicing procedural and documentation requirements
necessary to obtain payment, and further (iv) to comply with all applicable insurance, indemnity, lien prevention, health, safety,
security, environmental requirements, and all other requirements of Applicable Law. The foregoing additional Client representations
and warranties are in addition to Client’s representations and warranties under Part V of the MPA and under Section 7 of
the Client Agreement.

 

2.06
Notice to Payplant; Immediate Repurchase Obligations.

 

A.
Client shall immediately notify Payplant upon the occurrence of any of the following:

 

2.06.1
Any modification of the Government Contract or issuance of a Change Order thereunder, which might affect the amount owed or
payable to Client under a Government Receivable sold or offered for sale to Payplant.

 

2.06.2 Any
modification or rescission (in whole or in part) of a Payment Authorization that might affect the amount owed or payable to
Client under a Government Receivable sold or offered for sale to Payplant.

 

2.06.3
Any event or circumstance that might result in a delay in payment under a Government Receivable sold or offered for sale to
Payplant.

 

2.06.4 Any
refusal or delay by the Federal Account Debtor to accept the Work as performed, or to issue a Payment Authorization
approving Client’s Invoice or other request for payment, whether or not Client believes that there may be just cause
for such refusal or delay.

 

2.06.5
Should the Federal Account Debtor contest, dispute, or otherwise raise any defense to payment of any amount owed under a Government
Receivable sold or offered for sale to Payplant.

 

2.06.6
Should Client for any reason fail to fully and timely comply with Client’s obligations and contractual commitments under
the Government Contract, and such failure of compliance might result in (i) grounds for termination of the Government Contract,
or (ii) the reduction in or delay in making payments thereunder.

 

2.06.7
Should the Government Contract be terminated by any party for any reason.

 

B. Notwithstanding
anything in the Agreement to the contrary, Payplant may make demand on Client to repurchase, and Client shall immediately
repurchase any Government Receivable that (i) does not satisfy the requirements of a Qualifying Receivable, or the additional
requirements of a Government Receivable under this Addendum, or (ii) is subject to failure of any Client representation and
warranty contained herein or elsewhere in the Agreement that might affect the timing of payment or the amount owed
thereunder, or (iii) likely will not be paid in full when due as a result, in whole or in part, of a default by any party to
the Government Contract.

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 46 of 48

     

    

 

2.07
Subcontractors, Materials Suppliers, Lien Waivers.

 

A. To
the extent that Client subcontracts any Work to be performed under the Government Contract to one or more
third-persons (Subcontractors), Client shall cause each Subcontractor and each of their respective Subcontractors
(Sub-Subcontractors) to fully comply with all of Client’s obligations and commitments under the Government Contract and
under Applicable Law, including all insurance, indemnity, lien prevention, health, safety, security and environmental
requirements.

 

B. To
the extent applicable, Client shall timely pay any and all amounts owed to Client’s Subcontractors, and to
other persons supplying goods and materials with respect to the Work (Materials Suppliers), so that no Subcontractor,
Sub-Subcontractor or Materials Supplier may assert a lien or charge for the unpaid amount due to such Person. Client agrees,
upon request, to provide Payplant with documentary evidence of such payments having been made to Subcontractors,
Sub-Subcontractors and Materials Suppliers and, at Payplant’s request, to further obtain from such Persons lien waivers
in form and substance satisfactory to Payplant.

 

C. Client
absolutely, unconditionally and irrevocably agrees to pay the proceeds derived from sales of Government Receivables to
Payplant first to Client’s Subcontractors and Material Suppliers so as to further insure that such Persons will not
assert a lien for unpaid amounts due to them.

 

2.08
Additional Client Events of Default. Any failure on the part of Client to timely comply with any of its obligations and commitments
under the Government Contract, or under this Addendum, or any material breach of Client’s additional representations, warranties
and obligations as provided in Section 2.05 above, shall result in a Client Default under Section 29 of the Agreement.

 

ARTICLE
III: AMENDMENTS TO THE CLIENT SECURITY AGREEMENT

 

3.01
Client Collateral Additionally to Include Government Receivables. In order to permit Payplant to make required FACA
filings, Client hereby assigns to and grants Payplant (acting in its own behalf and as Collateral Agent of Client’s
Receivables), a UCC security interest in all present and future Government Receivables arising out of each Government
Contract presented to and approved by Payplant under Section 2.02(A) above, and in all proceeds thereof and rights with
respect thereto. Client’s Government Receivables shall be considered and shall constitute addition Client Collateral
under the Agreement, and shall be subject to all pertinent provisions of the Agreement.

 

3.02
UCC-1 Financing Statement. Client agrees, consents and authorizes Payplant to file an initial UCC-1 financing statement,
or alternatively, to file an amendment to Client’s existing UCC-1 financing statement, including Client’s
Government Receivables and proceeds as Client Collateral.

 

3.03
Additional Actions. Client additionally agrees consents and authorizes Payplant to take any and all other actions with respect
to of Government Receivables as Payplant may deem necessary and proper in Payplant’s Administrative Discretion.

 

    	 	Payplant Client Agreement, version 1.1.0
	Page 47 of 48

     

    

 

IN WITNESS WHEREOF, Client has executed this Government
Receivables Addendum effective as of 8/14/17.

 

	CLIENT:	 
	 	 
	Inpixon, formerly known as Sysorex Global:	 
	 	 
	Signature: /s/ Nadir Ali	 
	 	 
	Name: Nadir Ali	 
	Title: CEO 	 
	Date: 8/14/17	 
	 	 
	Inpixon USA, formerly known as Sysorex USA	 
	 	 
	Signature: /s/ Nadir Ali	 
	 	 
	Name: Nadir Ali	 
	Title: CEO	 
	Date: 8/14/17	 
	 	 
	Inpixon Federal, Inc., formerly known as Sysorex Government Services, Inc.
	 	 
	Signature: /s/ Nadir Ali	 
	 	 
	Name: Nadir Ali	 
	Title: CEO	 
	Date: 8/14/17	 

 

 

	 	Payplant Client Agreement, version 1.1.0	Page 48 of 48EX-10.1

 Exhibit 10.1 
  

 
  

					
	Diane K. Duren	  	July 31, 2017	  	

 (VIA E-MAIL) 

Dear Diane, 
 On behalf of U.S. Silica Holdings, Inc. (the
“Company”), I am pleased to invite you to become a member of the Company’s Board of Directors (the “Board”). We believe that your skills, expertise and knowledge will prove very helpful to the Company and our shareholders as
we strive to deliver best in class returns while balancing the needs of all our stakeholders. In addition to your normal Board duties, we invite you to also serve as a member of the Audit Committee and Compensation Committee of the Board. 

In connection with your service as a director, you will be eligible for equity awards under the Company’s Amended and Restated 2011 Incentive
Compensation Plan. Upon the commencement of your service on the Board, you will receive the 2017 director equity award of restricted stock units with a fair market value of $90,000, pro-rated to reflect the
time you will serve on the Board between the date of your execution of this letter and the vesting of the award on May 4, 2018. The number of restricted stock units to be granted to you will be determined by dividing the value of the grant by
the average closing price of a share of the Company’s common stock on the New York Stock Exchange over the thirty (30) trading days immediately preceding the grant date. Future annual equity grants will be determined by the Board based on
the recommendation of the Compensation Committee of the Board. In addition to equity compensation, you will be entitled to receive cash compensation of (1) an Annual Retainer of $60,000, payable in quarterly installments, for your service as a
director, (2) an Annual Retainer of $10,000, payable in quarterly installments, for your service as a member of the Audit Committee, (3) an Annual Retainer of $10,000, payable in quarterly installments, for your service as a member of the
Compensation Committee. You will be reimbursed for reasonable out-of-pocket expenses incurred in connection with your services to the Company in accordance with the
Company’s established policies. Further, you will be covered by the Company’s D&O insurance and given an opportunity to execute the Company’s standard director indemnification agreement. 

The Board and its committees will meet at least quarterly. It is our expectation that you will participate in those meetings in person to the extent possible.
We also ask that you make yourself available to participate in various telephonic meetings from time to time. 
 Your services on the Board will be in
accordance with, and subject to, the Company’s Bylaws and Certificate of Incorporation, as such may be amended from time to time. By accepting this offer, you represent to us that (1) you do not know of any conflict that would
restrict you from becoming a director of the Company and (2) you will not provide the Company with any documents, records or other confidential information belonging to any other parties. 

To accept this offer, please sign below and return the fully executed letter to us. You should keep one copy of this letter for your own records. This letter
sets forth the terms of your service with the Company and supersedes any prior representations or agreements, whether written or oral. This letter may not be modified or amended except by a written agreement, signed by a duly authorized
representative of the Company and by you. 

  
 Page | 1 

 Diane K. Duren 
 I
look forward to receiving your acceptance and I am very excited to have you join our Board.
  

	
	Sincerely,
	
	U.S. Silica Holdings, Inc.
	
	 /s/ Bryan Shinn

	Bryan Shinn
	Chief Executive Officer

  

	
	Accepted and agreed to this 15th day of August, 2017
	
	 /s/ Diane K. Duren

	Diane K. Duren

  

	cc:	Charles Shaver, Chairman of the Board 

 Bryan A. Shinn, President & C. E. O. 

Christine Marshall, Senior Vice-President and CLO 

David D. Murry, Senior Vice-President and CHRO 

Sean Klein, Chief Compliance Officer 

  
 Page | 2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00274-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00274-of-00352.parquet"}]]