Document:

Crossroads Capital, Inc. 10-K

Exhibit 10.12

 

REPURCHASE AGREEMENT

 

This
Repurchase Agreement (the “Agreement”) is entered into as of November 29, 2016 (the “Effective
Date”) by and between Metabolon, Inc., a Delaware corporation (the “Company”), and the
undersigned stockholder of the Company (the “Seller”).

 

RECITALS

 

WHEREAS,
the Seller owns the shares of the Company’s capital stock described on Schedule A hereto (the “Repurchased
Shares”); and

 

WHEREAS,
the Company desires to repurchase from the Seller, and the Seller desires to sell to the Company, the Repurchased Shares for the
aggregate price indicated on Schedule A hereto (the “Purchase Price”), pursuant to the terms and
conditions set forth herein.

 

AGREEMENT

 

NOW, THEREFORE,
in consideration of the premises and mutual covenants herein and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties agree as follows.

 

1.            Repurchase
of Shares. Subject to the terms and conditions hereof, the Seller shall sell, transfer, and deliver to the Company at the Closing
(as hereinafter defined) the Repurchased Shares, and the Company shall purchase the Repurchased Shares, free and clear of all security
interests, liens, claims, encumbrances, pledges, agreements, rights of first refusal, and options of any kind or nature whatsoever,
for the Purchase Price other than Permitted Liens (as defined below). The Purchase Price shall be due and payable by the Company
to the Seller by check or wire transfer of immediately available funds in accordance with the written instructions of the Seller.

 

2.            Closing.
The closing of the purchase and sale of the Repurchased Shares (the “Closing”) shall be held at the offices
of Wyrick Robbins Yates & Ponton LLP, located at 4101 Lake Boone Trail, Suite 300, Raleigh, North Carolina 27607, on the date
hereof or at such other place and time as the Company and the Seller may determine (the “Closing Date”).

 

3.            Representations
by Seller. In connection with the sale of the Repurchased Shares to the Company, the Seller represents, warrants and covenants
to the Company as follows:

 

(a)          This
Agreement and all agreements, documents and instruments executed and delivered by the Seller pursuant hereto are valid and
binding obligations of the Seller enforceable in accordance with their respective terms. The Seller has full right,
authority, power and capacity to enter into, and has taken all requisite action to authorize, this Agreement and all
agreements, documents and instruments executed and delivered by the Seller pursuant hereto and to carry out the transactions
contemplated hereby and thereby. The execution, delivery and performance by the Seller of this Agreement and all agreements,
documents and instruments executed and delivered by the Seller pursuant hereto and the performance of the transactions
contemplated by this Agreement and such other agreements, documents and instruments do not and will not: (i) violate or
result in a violation of, conflict with or constitute a default (whether after the giving of notice, lapse of time or both)
under, accelerate any obligation under, or give rise to a right of termination of, any contract, agreement, obligation,
permit, license or authorization to which the Seller is a party or by which the Seller or Seller’s assets are bound;
(ii) violate or result in a violation of, or constitute a default (whether after the giving of notice, lapse of time or both)
under, any provision of any law, regulation or rule, or any order of, or any restriction imposed by, any court or
governmental agency applicable to the Seller; or (iii) require from the Seller any notice to, declaration or filing with, or
consent or approval of, any governmental authority or other third party.

 

     

     

    

 

(b)          The
Seller has sufficient knowledge and experience in financial, business and tax matters (or has consulted with professional advisors
who have such knowledge and expertise) as to be capable of evaluating the sale of the Repurchased Shares and to make an informed
decision with respect thereto, and the Seller has in fact done so.

 

(c)          The
Seller is the sole owner of the Repurchased Shares free and clear of all liens, claims, encumbrances and restrictions of any kind,
except (i) the terms and conditions of the Ninth Amended and Restated Registration Rights Agreement, Ninth Amended and Restated
Investors’ Rights Agreement, and Eighth Amended and Restated Voting Agreement each dated as of August 10, 2016 among the
Company and certain of its stockholders, and the Company’s Bylaws (collectively, the “Ownership Documents”),
and (ii) restrictions on transfer under applicable state and federal securities laws (such liens in clauses (i) and (ii) above,
“Permitted Liens”).

 

(d)          At
any time and from time-to-time after the Seller’s execution hereof, at the Company’s reasonable request and sole expense,
the Seller will execute and deliver such other instruments of transfer or confirmation and take such other actions in order to
more effectively transfer, convey and assign to the Company, and to confirm the Company’s title to, the Repurchased Shares
transferred pursuant hereto.

 

(e)          The
Seller is not subject to any restraint or limitation to conduct the sale of the Repurchased Shares and no consents from any person
were or are required for the transfer hereunder.

 

(f)           The
Seller is aware of the Company’s business affairs and financial condition, has been given the opportunity to investigate
(and ask questions regarding) the Company’s business and operations, and has acquired sufficient information about the Company
to reach an informed and knowledgeable decision to sell, transfer and convey the Repurchased Shares to the Company at an aggregate
purchase price equal to the Purchase Price pursuant to the terms hereof.

 

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(g)          The
Seller agrees that the Purchase Price has been independently negotiated with the Company and may not be indicative of the
true value of the Repurchased Shares. The Seller understands and agrees that the Company makes no representations regarding
such true value. Without limitation of the foregoing, the Seller acknowledges and agrees that (i) the value of the
Repurchased Shares may be less than the Purchase Price or greater than the Purchase Price, (ii) by entering into this
Agreement, Seller avoids any risk of a future reduction in value of the Repurchased Shares, and foregoes any future increase
in the value of the Repurchased Shares, and (iii) the Company has not provided, and is not obligated to provide, any forward
looking statements that may have assisted or been relied upon by Seller in making the decision to execute, deliver and
perform the Seller’s obligations under this Agreement. Seller acknowledges that Seller has entered into and performed
Seller’s obligations under this Agreement freely and voluntarily.

 

(h)          Subject
only to the receipt of payment of the Purchase Price under this Agreement, the Seller acknowledges that following the Closing Seller
has no further claim on the Repurchased Shares whatsoever.

 

4.            Representations
by the Company. In connection with the purchase of the Repurchased Shares from the Seller, the Company represents, warrants
and covenants to the Seller as follows:

 

(a)          This
Agreement and all agreements, documents and instruments executed and delivered by the Company pursuant hereto are valid and binding
obligations of the Company enforceable in accordance with their respective terms. The Company has full right, authority, power
and capacity to enter into, and has taken all requisite action to authorize, this Agreement and all agreements, documents and instruments
executed and delivered by the Company pursuant hereto and to carry out the transactions contemplated hereby and thereby. The execution,
delivery and performance by the Company of this Agreement and all agreements, documents and instruments executed and delivered
by the Company pursuant hereto and the performance of the transactions contemplated by this Agreement and such other agreements,
documents and instruments do not and will not: (i) violate or result in a violation of, conflict with or constitute a default (whether
after the giving of notice, lapse of time or both) under, accelerate any obligation under, or give rise to a right of termination
of, any contract, agreement, obligation, permit, license or authorization to which the Company is a party or by which the Company
or the Company’s assets are bound, including the Ownership Documents; (ii) violate or result in a violation of, or constitute
a default (whether after the giving of notice, lapse of time or both) under, any provision of any law, regulation or rule, or any
order of, or any restriction imposed by, any court or governmental agency applicable to the Company; or (iii) require from the
Company any notice to, declaration or filing with, or consent or approval of, any governmental authority or other third party that
has not been obtained.

 

		5.	Indemnification.

 

(a)          Each
party hereto agrees to indemnify and hold harmless the other against and from any and all claims, damages, liability, loss and
rights of recovery (civil and criminal, to the extent, if any, legally assignable), including reasonable attorney’s fees
and costs, suffered or incurred (“Losses”) by the indemnified party by reason of any untrue representation,
breach of warranty or nonfulfillment of any covenant by the indemnifying party contained herein or in any certificate, document
or instrument delivered pursuant hereto or in connection herewith.

 

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(b)          The
representations, warranties, covenants and agreements contained in this Agreement shall survive the Closing regardless of any investigation
made by the parties hereto, provided, however, that the Seller and the Company will have no liability (for indemnification or otherwise)
with respect to a breach of any representation or warranty unless on or before the date that is two (2) years from the Closing
Date, the Seller or the Company, as applicable, notifies the other party of a claim specifying the factual basis of such claim
in reasonable detail.

 

(c)          The
aggregate amount of all Losses for which Seller or the Company shall be liable pursuant to Section 5, respectively, shall in no
event exceed an aggregate amount equal to the Purchase Price. For purposes of this Agreement, “Losses” shall exclude
any special, incidental, consequential, punitive or exemplary damages nor shall any multiple be applied in the calculation of economic
damages. The limitations of Section 5(b) and this Section 5(c) shall not apply to any claim related to any intentional or fraudulent
misrepresentation or omission in connection with this Agreement or the transactions contemplated hereby.

 

		6.	Release.

 

(a)          Effective
as of the Closing Date, as a material inducement for the parties to enter into this Agreement, and subject Section 6(c) below,
the Seller hereby releases and forever discharges the Company, and its presently existing or future affiliates, officers, directors,
employees, agents and representatives, including their respective successors, assigns, heirs, executors and administrators (collectively,
the “Seller Releasees”), from any and all claims, demands, rights, actions, and/or causes of action of
any kind or nature whatsoever, whether direct, indirect, accrued, inchoate, contingent, potential or otherwise, in statutory or
common law, or in equity (“Claims”), which the Seller now has or ever had prior to the Closing Date related
to the Seller’s ownership of the Repurchased Shares and/or the sale of the Repurchased Shares.

 

(b)          By
its signature below, subject to Section 6(c) below, the Seller represents that it understands that this Agreement constitutes and
encompasses a final and complete release of all Claims which the Seller now has or ever had prior to the Closing Date related to
the Seller’s ownership of the Repurchased Shares and/or the sale of the Repurchased Shares. The Seller further represents
that the Seller is relying solely upon the Seller’s own knowledge and information as to the nature and extent of any such
Claims, and has not been influenced in the execution of this Agreement by any representations made by or on behalf of the Company
and/or the Seller Releasees.

 

(c)          Due
to Seller’s continued ownership of shares of the Company’s capital stock that are not Repurchased Shares (“Retained
Shares”), Seller does not release the Company or the Seller Releasees for any Claims arising under or related to
the Retained Shares. Moreover, Seller does not release or discharge the Company for any Claims for breach of this Agreement.

 

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		7.	Miscellaneous.

 

(a)          This
Agreement may be amended only by written agreement between the Seller and the Company. No party shall be deemed to have
waived any right, power or privilege under this Agreement or any provisions hereof unless such waiver shall have been duly
executed in writing and acknowledged by the party to be charged with such waiver. The failure of any party at any time to
insist on performance of any of the provisions of this Agreement shall in no way be construed to be a waiver of such
provisions, nor in any way to affect the validity of this Agreement or any part hereof. No waiver of any breach of this
Agreement shall be held to be a waiver of any other subsequent breach. This Agreement may only be amended or otherwise
modified in a writing signed by the parties hereto.

 

(b)          The
rights and benefits of this Agreement shall inure to the benefit of, and be enforceable by, the successors and assigns of the parties.

 

(c)          This
Agreement contains the entire agreement between the Seller and the Company with respect to the subject matter hereof and supersedes
all prior agreements, understandings, negotiations and discussions, whether written or oral, between the parties with respect thereto.

 

(d)          This
Agreement shall be construed in accordance with and governed by the laws of the State of Delaware without regard to the conflict
of laws provisions thereof.

 

(e)          Should
any part of this Agreement be declared invalid for any reason by any court of competent jurisdiction, such decision or determination
shall not affect the validity of any remaining portion, and such remaining portion shall remain in force and effect as if this
Agreement had been executed with the invalid portion eliminated; provided, that, in the event of a declaration of invalidity,
the provision declared invalid shall not be invalidated in its entirety, but shall be observed and performed by the parties to
the extent such provision is valid and enforceable. The parties hereby agree that any such provision shall be deemed to be altered
and amended to the extent necessary to effect such validity and enforceability.

 

(f)           This
Agreement may be executed and delivered in any number of counterparts (including via facsimile or other electronic means), each
of which shall constitute an original, but which, when taken together, shall constitute one instrument.

 

(g)          All
notices and other communications given or made pursuant hereto shall be in writing and shall be deemed effectively given: (i) upon
personal delivery to the party to be notified, (ii) when sent by confirmed electronic mail or facsimile if sent during normal business
hours of the recipient; if not, then on the next business day, (iii) five (5) days after having been sent by registered or certified
mail, return receipt requested, postage prepaid, or (iv) one (1) day after deposit with a nationally recognized overnight courier,
specifying next day delivery, with written verification of receipt. All communications shall be sent to the respective parties
at the addresses set forth on the signature page attached hereto (or at such other addresses as shall be specified by notice given
in accordance with this Section 7(g)).

 

[Signature Pages
Follow]

 

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IN WITNESS
WHEREOF, the parties hereto have executed this Repurchase Agreement as of the day and year first set forth above.

 

 

	COMPANY:	METABOLON, INC.
	 	 	 
	 	By:	 
	 	Name:	John Ryals
	 	Title:	President and Chief Executive Officer

 

	 	Address:	617 Davis Drive, Suite 400

    Durham, NC 27713
	 	E-mail:	JRyals@metabolon.com

 

	SELLER:	CROSSROADS CAPITAL,
INC. (a Maryland corporation)
	 	 	 
	 	By:	 
	 	Name:	Ben H. Harris
	 	Title:	President and Chief Executive
Officer

 

	 	Address:	128 N. 13th Street,
Suite 1100
     Lincoln,
NE 68508
	 	E-mail:	 

 

[SIGNATURE PAGE TO REPURCHASE
AGREEMENT]

 

     

     

    

 

IN WITNESS
WHEREOF, the parties hereto have executed this Repurchase Agreement as of the day and year first set forth above.

  

	COMPANY:	METABOLON, INC.
	 	 	 
	 	By:	 
	 	Name:	John
Ryals
	 	Title:	President and Chief Executive Officer

 

	 	Address:	617 Davis Drive, Suite 400

    Durham, NC 27713
	 	E-mail:	JRyals@metabolon.com

 

	SELLER:	CROSSROADS CAPITAL,
INC. (a Maryland corporation)
	 	 	 
	 	By:	 
	 	Name:	Ben H. Harris
	 	Title:	President and Chief Executive
Officer

 

	 	Address:	128 N. 13th Street,
    Suite 1100
 Lincoln, NE 68508
	 	E-mail:	ben@xroadscap.com

 

[Signature
Page To Repurchase Agreement]

 

     

     

    

 

SCHEDULE A

 

REPURCHASED SHARES

 

As of November 29, 2016

 

	
        Name and Address of Seller
	
        Type of Stock
	Price Per 

Share	Number of 

Shares	
        Purchase Price

	
        Crossroads Capital, Inc.

        128 N. 13th Street, Suite 1100

        Lincoln, NE 68508
	Series D	$2.59	1,338,302	$3,466,202.18Crossroads Capital, Inc. 10-K

Exhibit 10.13

 

SECURITIES TRANSFER AGREEMENT

 

THIS SECURITIES TRANSFER AGREEMENT
(this “Agreement”) is made as of March [___], 2017 (the “Effective Date”), by and among Crossroads
Capital, Inc., a Maryland corporation (“Seller”), the persons and entities set forth on the Schedule of Purchasers
attached hereto as Exhibit A (each a “Purchaser” and collectively, the “Purchasers”),
and Silkroad, Inc., a Delaware corporation (the “Company”).

 

RECITALS

 

WHEREAS, Seller is record owner of
the number of shares of the Company’s Series D-1 Preferred Stock set forth on Exhibit A (“D-1 Preferred Stock”),
the number of warrants to purchase shares of the Company’s Series D-1 Preferred Stock set forth on Exhibit A (“Warrants”)
and the number of shares of the Company’s Series D-2 Preferred Stock set forth on Exhibit A (“D-2 Preferred
Stock” and, together with the Warrants and the D-1 Preferred Stock, the “Transferred Securities”);

 

WHEREAS, Seller desires to transfer
the Transferred Securities to the Purchasers as set forth on Exhibit A hereto, for consideration, as indicated below; and

 

WHEREAS, each of the Purchasers desires
to acquire all of Seller’s right, title and interest to the Transferred Securities as set forth in Exhibit A.

 

NOW, THEREFORE, in consideration
of the foregoing recitals and the mutual promises hereinafter set forth, the parties hereto agree as follows:

 

AGREEMENT

 

1.          Transfer
of Transferred Securities. On the Effective Date and subject to the terms and conditions of this Agreement, Seller hereby
sells to each of the Purchasers, and each such Purchaser hereby purchases from Seller the number of Transferred Securities set
forth opposite such Purchaser’s name on Exhibit A hereto, at the aggregate price set forth on Exhibit A (the
“Purchase Price”). Exhibit B hereto sets forth the price per share of D-1 Preferred Stock, the price
per share of D-2 Preferred Stock and the price per Warrant in connection with the sale and purchase of the Transferred Securities.
The Company hereby consents to such transfer and waives any applicable right of first refusal (the “Transfer Restrictions”)
with respect to such transfer.

 

2.          Closing
of Transfer.

 

(a)          Deliveries
by Seller. Seller hereby delivers to the Company or is causing to be delivered to the Company on Seller’s behalf (i)
any stock certificates and warrant certificates representing the Transferred Securities, if in Seller’s possession (or Seller
otherwise authorizes the Company to remove any such stock certificates or warrant certificates from escrow for cancellation and
reissuance to each of the Purchasers); and (ii) a duly authorized and executed copy of this Agreement, in each case the delivery
of which is hereby acknowledged to be an express condition of the Company’s execution, delivery and performance pursuant
to this Agreement and the transactions contemplated hereby. Seller hereby delivers to each of the Purchasers an executed copy of
this Agreement. Seller hereby instructs the Company to: (x) cancel any stock certificate and warrant certificate issued to Seller
representing the Transferred Securities; and (y) issue duly executed stock certificates and a warrant certificate evidencing the
Transferred Securities in the name of the Purchaser who is purchasing such Transferred Securities as set forth on Exhibit A
hereto.

 

    

     

    

 

(b)          Deliveries
by Purchaser. Each of the Purchasers hereby delivers to Seller: (i) a duly authorized and executed copy of this Agreement,
and (ii) the aggregate Purchase Price of the Transferred Securities to be purchased by such Purchaser, made payable to Seller,
by wire transfer of immediately available funds to an account designated by Seller.

 

3.             Purchaser
Representations and Warranties. Each of the Purchasers hereby represents and warrants as follows to the Company and Seller:

 

(a)          Authority.
Such Purchaser has full legal right, power and authority to enter into and perform its obligations under this Agreement, and this
Agreement constitutes its valid and legally binding obligation, enforceable in accordance with its terms except (i) as limited
by applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of
creditors’ rights generally, and (ii) as limited by laws relating to the availability of specific performance, injunctive
relief or other equitable remedies. Such Purchaser, if other than a natural person, has been duly organized and is validly existing
in good standing under the laws of the jurisdiction of its organization as the type of entity that it purports to be and all corporate
or other entity actions necessary to authorize the transactions contemplated by this Agreement have been duly taken. The person(s)
executing and delivering this Agreement on behalf of such Purchaser are duly authorized to do so.

 

(b)          The
execution and delivery of this Agreement by such Purchaser, the consummation of the transactions contemplated in this Agreement,
and the compliance with the terms of this Agreement will not conflict with, result in the breach of, or constitute a default under,
or require any consent or approval under, any agreement or instrument to which such Purchaser is a party or by which such Purchaser
may be bound, or result in the material violation of any law, rule or regulation or any writ, order or decree of any court or governmental
agency applicable to such Purchaser.

 

(c)          Purchase
for Own Account. Such Purchaser is purchasing the Transferred Securities for such Purchaser’s own account, for investment
purposes only and not with a view to, or for sale in connection with, a distribution of the Transferred Securities within the meaning
of the Securities Act of 1933, as amended (the “Act”). Such Purchaser has no present intention of selling or
otherwise disposing of all or any portion of the Transferred Securities and such Purchaser has not granted or agreed to grant any
beneficial ownership of any of the Transferred Securities to any other person (other than the members, manager, partners and/or
stockholders of such Purchaser who may be deemed to have an indirect beneficial interest by virtue of their ownership interests
in such Purchaser).

 

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(d)          Accredited
Investor. Such Purchaser is an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the Act.

 

(e)          Access
to Information. Such Purchaser has received all information it considers necessary or appropriate in connection with its acquisition
of the Transferred Securities. Such Purchaser further represents it has had an opportunity to pose questions and receive answers
from the Company concerning the Company’s business, management and financial affairs.

 

(f)           Investment
Experience. Such Purchaser is an investor in securities of companies in the development stage and acknowledges that it is able
to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business
matters that it is capable of evaluating the merits and risks of the investment in the Transferred Securities. If other than an
individual, such Purchaser also represents it has not been organized for the purpose of acquiring the Transferred Securities.

 

(g)          Understanding
of Risks. Such Purchaser is fully aware of: (i) the highly speculative nature of the Transferred Securities; (ii) the financial
hazards involved; (iii) the lack of liquidity of the Transferred Securities; (iv) the qualifications and backgrounds of the management
of the Company; and (v) the tax consequences of acquiring the Transferred Securities.

 

(h)          Restricted
Securities. Such Purchaser understands that the Transferred Securities will be characterized as “restricted securities”
under the federal securities laws inasmuch as they are being acquired in a transaction not involving a public offering and that
under such laws and applicable regulations such securities may be resold without registration under the Act, only in certain limited
circumstances. In this connection, such Purchaser represents that it is familiar with Rule 144 promulgated under the Act, as presently
in effect, and understands the resale limitations imposed thereby and by the Act.

 

(i)           Compliance
with Securities Laws. Such Purchaser understands and acknowledges that, in reliance upon the representations and warranties
made by such Purchaser herein, the Transferred Securities are not being registered with the Securities and Exchange Commission
(the “SEC”) under the Act or being qualified under the California Corporate Securities Law of 1968, as amended
(the “California Law”), but instead are being transferred under an exemption or exemptions from the registration
and qualification requirements of the Act and California Law or other applicable securities laws which impose certain restrictions
on such Purchaser’s ability to transfer the Transferred Securities.

 

(j)           Securities
Law Restrictions on Transfer. Such Purchaser understands that such Purchaser may not transfer any Transferred Securities unless
such Transferred Securities are registered under the Act or qualified under California Law or other applicable securities laws
or unless, in the opinion of counsel to the Company, exemptions from such registration and qualification requirements are available.
Such Purchaser understands that only the Company may file a registration statement with the SEC or the California Commissioner
of Corporations or other applicable securities commissioners and that the Company is under no obligation to do so with respect
to the Transferred Securities. Such Purchaser has also been advised that exemptions from registration and qualification may not
be available or may not permit such Purchaser to transfer all or any of the Transferred Securities in the amounts or at the times
proposed by such Purchaser.

 

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(k)          No
General Solicitation. At no time was such Purchaser presented with or solicited by any publicly issued or circulated newspaper,
mail, radio, television, internet or other form of general advertising or solicitation in connection with the Transferred Securities.

 

(l)           Foreign
Status. If such Purchaser is not a United States person (as defined by Section 7701(a)(30) of the Internal Revenue Code of
1986, as amended), such Purchaser hereby represents that it has satisfied itself as to the full observance of the laws of its jurisdiction
in connection with any invitation to subscribe for the Transferred Securities or any use of this Agreement, including (i) the legal
requirements within its jurisdiction for the purchase of the Transferred Securities, (ii) any foreign exchange restrictions applicable
to such purchase, (iii) any governmental or other consents that may need to be obtained, and (iv) the income tax and other tax
consequences, if any, that may be relevant to the purchase, holding, redemption, sale, or transfer of the Transferred Securities.
Such Purchaser’s continued beneficial ownership of the Transferred Securities will not violate any applicable securities
or other laws of such Purchaser’s jurisdiction.

 

4.             Seller
Representations and Warranties. Seller hereby represents and warrants as follows to the Company and each of the Purchasers:

 

(a)          Title
to Transferred Securities. Seller has valid marketable title to the Transferred Securities, free and clear of any pledge, lien,
security interest, encumbrance, claim or equitable interest other than the Transfer Restrictions and any restrictions imposed by
applicable laws. Upon the sale and transfer of the Transferred Securities, and payment therefor, in accordance with the provisions
of this Agreement, each of the Purchasers will acquire valid marketable title to the Transferred Securities purchased by such Purchaser,
free and clear of any pledge, lien, security interest, encumbrance, claim or equitable interest other than the Transfer Restrictions
and any restrictions imposed by applicable laws.

 

(b)          Authority.
Seller has full legal right, power and authority to enter into and perform its obligations under this Agreement and this Agreement
constitutes its valid and legally binding obligation, enforceable in accordance with its terms except (i) as limited by applicable
bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’
rights generally, and (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other
equitable remedies. Seller is not obligated to transfer the Transferred Securities to any other person or entity other than pursuant
to the Transfer Restrictions. Seller, if other than a natural person, has been duly organized and is validly existing in good standing
under the laws of the jurisdiction of its organization as the type of entity that it purports to be and all corporate or other
entity actions necessary to authorize the transactions contemplated by this Agreement have been duly taken. The person(s) executing
and delivering this Agreement on behalf of Seller are duly authorized to do so.

 

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(c)          Transfer
for Own Account. Seller is selling the Transferred Securities for Seller’s own account only and not with a view to, or
for sale in connection with, a distribution of the Transferred Securities within the meaning of the Act. No portion of the Purchase
Price will be received indirectly by the Company.

 

(d)          No
General Solicitation. At no time has Seller presented any of the Purchasers or any other party through any publicly issued
or circulated newspaper, mail, radio, television, internet or other form of general advertisement or solicitation in connection
with the transfer of the Transferred Securities.

 

(e)          No
Broker-Dealer. Seller has not effected this transfer of the Transferred Securities by or through a broker-dealer in any public
offering.

 

(f)           Sophisticated
Seller. Seller (i) is a sophisticated individual or entity familiar with transactions similar to those contemplated by this
Agreement, (ii) has adequate information concerning the business and financial condition of the Company to make an informed decision
regarding the sale of the Transferred Securities, (iii) has independently and without reliance upon any of the Purchasers or the
Company, and based on such information and the advice of such advisors as Seller has deemed appropriate, made its own analysis
and decision to enter into this Agreement. Seller acknowledges that none of the Purchasers, the Company or their respective affiliates
is acting as a fiduciary or financial or investment adviser to Seller, and has not given Seller any investment advice, opinion
or other information on whether the sale of the Transferred Securities is prudent. Seller further acknowledges that (A) any of
the Purchasers currently may have, and later may come into possession of, other information with respect to the Company that is
not known to Seller and that may be material to a decision to sell the Transferred Securities (“Seller Excluded Information”),
(B) Seller has determined to sell the Transferred Securities notwithstanding its lack of knowledge of the Seller Excluded Information,
and (C) neither any of the Purchasers nor the Company shall have any liability to Seller, and Seller waives and releases any claims
that it might have against any such Purchaser or the Company, whether under applicable securities laws or otherwise, with respect
to the nondisclosure of the Seller Excluded Information in connection with the sale of the Transferred Securities and the transactions
contemplated by this Agreement. Seller understands that the Purchasers will rely on the accuracy and truth of the foregoing representations,
and Seller hereby consents to such reliance.

 

5.             Compliance
with Laws and Regulations. The sale and transfer of the Transferred Securities will be subject to and conditioned upon
compliance by the Company and the Purchasers with all applicable state and federal laws and regulations and with all applicable
requirements of any stock exchange or automated quotation system on which the Company’s securities may be listed or quoted
at the time of such sale or transfer.

 

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6.             No
Reliance. Each of Seller and the Purchasers acknowledges and agrees that neither the Company, nor any of its stockholders,
officers, directors, employees, or agents (other than Seller and Purchaser) have (a) acted as an agent, finder or broker for Seller
or any of the Purchasers or their respective agents with respect to the offer, purchase and/or sale of the Transferred Securities,
(b) made any representations or warranties of any kind, express or implied, to Seller or any of the Purchasers or their respective
agents in connection with the offer, purchase and/or sale of the Transferred Securities or (c) have at any time had any duty to
Seller or any of the Purchasers or their respective agents to disclose any information relating to the Company, its business, or
financial condition or relating to any other matters in connection with the offer, purchase and/or sale of the Transferred Securities
other than regular provision by the Company of certain financial information to Seller and Purchasers in the ordinary course in
their capacity as existing stockholders of the Company. In making its decision to sell the Transferred Securities, Seller is relying
solely on its own knowledge and experience and the representations and warranties of the Purchasers (and not on any information
provided by the Company or its agents). In making its decision to purchase the Transferred Securities, each of the Purchasers is
relying solely on its own knowledge and experience and the representations and warranties of Seller (and not on any information
provided by the Company or its agents).

 

7.             Restrictive
Legends and Stop-Transfer Orders. 

 

(a)          Legends.
Unless otherwise agreed by the Company, each of the Purchasers understands and agrees that the Company will place the legends set
forth below or similar legends on any stock certificate(s) and warrant certificate(s) evidencing the Transferred Securities, together
with any other legends that may be required by (i) state or federal securities laws, (ii) any other agreement affecting the Transferred
Securities between Seller and the Company, or between Seller and any third party, or (iii) any other agreement applicable to such
Purchaser:

 

THE [SHARES][WARRANTS] REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER STATE SECURITIES LAWS AND HAVE BEEN ACQUIRED FOR
INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE
EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL FOR THE COMPANY THAT SUCH REGISTRATION
IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.

 

THE [SHARES][WARRANTS] REPRESENTED BY THIS CERTIFICATE
ARE SUBJECT TO A 180-DAY MARKET STANDOFF RESTRICTION AS SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE [STOCKHOLDER][WARRNATHOLDER],
A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. AS A RESULT OF SUCH AGREEMENT, THESE [SHARES][WARRANTS] MAY NOT BE
TRADED PRIOR TO 180 DAYS AFTER THE EFFECTIVE DATE OF THE INITIAL PUBLIC OFFERING OF THE COMMON STOCK OF THE ISSUER HEREOF.

 

THE [SHARES][WARRANTS]
EVIDENCED BY THIS CERTIFICATE ARE SUBJECT TO A VOTING AGREEMENT (A COPY OF WHICH MAY
BE OBTAINED UPON WRITTEN REQUEST FROM THE COMPANY), AND BY ACCEPTING ANY INTEREST IN SUCH [SHARES][WARRANTS]
THE PERSON ACCEPTING SUCH INTEREST SHALL BE DEEMED TO AGREE TO AND SHALL BECOME BOUND BY ALL THE PROVISIONS OF THAT VOTING
AGREEMENT, INCLUDING CERTAIN RESTRICTIONS ON TRANSFER AND OWNERSHIP SET FORTH THEREIN.

 

    6

     

    

 

(b)          Stop-Transfer
Instructions. Each of the Purchasers agrees that, in order to ensure compliance with the restrictions imposed by this Agreement,
the Company may issue appropriate “stop-transfer” instructions to its transfer agent, if any, and if the Company acts
as its own transfer agent, it may make appropriate notations to the same effect in its own records. The Company will not be required
(i) to transfer on its books any of the Transferred Securities that have been sold or otherwise transferred in violation of any
of the provisions of this Agreement or (ii) to treat as owner of such Transferred Securities, or to accord the right to vote or
receive dividends, to any Purchaser or other person to whom such Transferred Securities have been so transferred. Each of the Purchasers
further understands and agrees that the Company may require written assurances, in form and substance satisfactory to counsel for
the Company (which may include a requirement that such Purchaser’s counsel provide a legal opinion acceptable to the Company),
before the Company effects any future transfers of the Transferred Securities.

 

8.             Tax
Acknowledgment. Seller acknowledges and agrees that Seller shall be liable for all taxes imposed on Seller related to the sale
of the Transferred Securities to the Purchasers. Seller acknowledges that Seller has had an opportunity to consult Seller’s
own Tax, Legal and Financial Advisors regarding the Sale of the Transferred Securities under this Agreement.

 

9.             Mutual
Release; Indemnification.

 

(a)          Seller
hereby releases the Company, each of the Purchasers, each of their respective parents, subsidiaries, successors, predecessors and
affiliates, and each of their respective directors, officers, employees, shareholders, agents, attorneys, insurers, affiliates
and assigns (collectively, the “Released Parties”), of and from any and all claims, liabilities and obligations,
both known and unknown, that arise out of or are in any way related to (1) ownership of the Transferred Securities, (2), any facts
or circumstances relating to the Company or the operation of its business which existed prior to the Effective Date, or (3) the
sale of the Transferred Securities to the Purchasers, including without limitation any tax liability of the Seller; provided that
the foregoing release shall not apply to (i) claims, liabilities and obligations pursuant to this Agreement, or (ii) any claim
for indemnification by the Seller Released Parties expressly provided for in this Section 9. Seller hereby agrees to indemnify
the Released Parties to the fullest extent permitted by applicable law and to save and hold each of them harmless from and in respect
of all (a) reasonable fees, costs, and expenses, including legal fees, paid in connection with or resulting from any claim, action,
or demand against the Released Parties, that arise out of or in any way relate to the breach by Seller of its representations,
warranties and obligations in this Agreement, including without limitation any tax liability, and (b) any actual losses or damages
(excluding any special, punitive, exemplary, incidental, consequential, indirect, lost profits, diminution in value or other losses
based on “multiple of profits”, “multiple of earnings” or similar valuation methodology) resulting from
such claims, actions, and demands, including amounts paid in settlement or compromise of any such claim, action or demand.

 

    7

     

    

 

(b)          Each
of the Purchasers hereby release Seller and Seller’s parents, subsidiaries, successors, predecessors and affiliates, and
each of their respective directors, officers, employees, shareholders, agents, attorneys, insurers, affiliates and assign (collectively,
the “Seller Released Parties”), of and from any and all claims, liabilities and obligations, both known and
unknown, that arise out of or are in any way related to (1) the ownership of the Transferred Securities, (2) any facts or circumstances
relating to the Company or the operation of its business which existed prior to the Effective Date, or (3) the sale of the Transferred
Securities to the Purchasers, including without limitation any tax liability of such Purchaser; provided that the foregoing shall
not apply to (i) claims, liabilities and obligations pursuant to this Agreement, or (ii) any claim for indemnification by the Released
Parties expressly provided for in this Section 9. Each Purchaser, severally and not jointly, agrees to indemnify the Seller Released
Parties to the fullest extent permitted by applicable law and to save and hold each of them harmless from and in respect of all
(a) reasonable fees, costs, and expenses, including legal fees, paid in connection with or resulting from any claim, action, or
demand against the Released Parties, that arise out of or in any way relate to the breach by such Purchaser of its representations,
warranties and obligations in this Agreement, and (b) any actual losses or damages (excluding any special, punitive, exemplary,
incidental, consequential, indirect, lost profits, diminution in value or other losses based on “multiple of profits”,
“multiple of earnings” or similar valuation methodology) resulting from such claims, actions, and demands, including
amounts paid in settlement or compromise of any such claim, action or demand.

 

10.           Miscellaneous.

 

(a)          Successors
and Assigns. This Agreement shall be binding on and inure to the benefit of the parties hereto and their respective successors,
heirs, personal representatives and permitted assigns. The Company may assign any of its rights and obligations under this Agreement.
No other party to this Agreement may assign, whether voluntarily or by operation of law, any of its rights and obligations under
this Agreement, except with the prior written consent of the Company.

 

(b)          Notices.
Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient upon delivery, when delivered
personally or by overnight courier or sent by facsimile or e-mail (upon confirmation of receipt), or three (3) days after being
deposited in the U.S. mail, as certified or registered mail, with postage prepaid, addressed to the party to be notified as follows:
(i) if to Seller, to the address set forth on Seller’s signature page hereto, (ii) if to any of the Purchasers, to the address
set forth by such Purchaser’s name on Exhibit A hereto, and (iii) if to the Company, to Silkroad, Inc., Attn: Merri
Chandler, 100 South Wacker Drive, Suite 425, Chicago, IL 60606.

 

(c)          Governing
Law. This Agreement will be governed by and construed in accordance with the laws of the State of Delaware, without giving
effect to that body of laws pertaining to conflict of laws.

 

(d)          Amendments
and Waivers. This Agreement may be amended only by a written agreement executed by each of the parties hereto. No amendment
of or waiver of, or modification of any obligation under this Agreement will be enforceable unless set forth in a writing signed
by the party against which enforcement is sought. Any amendment effected in accordance with this section will be binding upon all
parties hereto and each of their respective successors and assigns. No delay or failure to require performance of any provision
of this Agreement shall constitute a waiver of that provision as to that or any other instance. No waiver granted under this Agreement
as to any one provision herein shall constitute a subsequent waiver of such provision or of any other provision herein, nor shall
it constitute the waiver of any performance other than the actual performance specifically waived.

 

    8

     

    

 

(e)          Confidentiality.
Each of the Purchasers and Seller agrees that it will keep confidential and will not disclose or use for any purpose any information
about the terms of this Agreement and the transactions contemplated hereby and any confidential information obtained from the Company
in connection herewith, unless any such information (i) is known or becomes known to the public in general (other than as a result
of a breach of this Agreement by the disclosing party), or (ii) is or has been made known or disclosed to the disclosing party
by a third party without a breach of any confidentiality obligations by such third party; provided, however, that either
Seller or any of the Purchasers may disclose such information (i) to its attorneys, accountants, consultants, and other professionals
to the extent necessary to obtain their services in connection with the transfer and ownership of the Transferred Securities; (ii)
to any affiliate in the ordinary course of business, provided that such
affiliate agrees to maintain the confidentiality of such information in accordance herewith; or (iii) as may be required by law
or regulatory agencies, provided that the disclosing party promptly notifies the other parties hereto in advance of such
disclosure and agrees to cooperate to take reasonable steps to minimize the extent of any such required disclosure.

 

(f)           Further
Assurances. The parties agree to execute such further documents and instruments and to take such further actions as may be
reasonably necessary to carry out the purposes and intent of this Agreement.

 

(g)          Entire
Agreement. This Agreement and the documents referred to herein constitute the entire agreement and understanding of the parties
with respect to the subject matter of this Agreement, and supersede all prior understandings and agreements, whether oral or written,
between or among the parties hereto with respect to the specific subject matter hereof. This Agreement shall not be effective until
signed by all parties hereto, including the Company.

 

(h)       Severability.
If any provision of this Agreement is determined by any court or arbitrator of competent jurisdiction to be invalid, illegal or
unenforceable in any respect, such provision will be enforced to the maximum extent possible given the intent of the parties hereto.
If such clause or provision cannot be so enforced, such provision shall be stricken from this Agreement and the remainder of this
Agreement shall be enforced as if such invalid, illegal or unenforceable clause or provision had (to the extent not enforceable)
never been contained in this Agreement. Notwithstanding the forgoing, if the value of this Agreement based upon the substantial
benefit of the bargain for any party is materially impaired, which determination as made by the presiding court or arbitrator of
competent jurisdiction shall be binding, then both parties agree to substitute such provision(s) through good faith negotiations.

 

(i)           Counterparts.
This Agreement may be executed in any number of counterparts, each of which when so executed and delivered will be deemed an original,
and all of which together shall constitute one and the same agreement. This Agreement may be executed and delivered by facsimile
or other means of electronic delivery and upon such delivery the signature will be deemed to have the same effect as if the original
signature had been delivered to the other party.

 

    9

     

    

 

(j)           Specific
Enforcement. Unless this Agreement has been terminated, each party to this Agreement acknowledges and agrees that any breach
by it of this Agreement shall cause any (or either) of the other parties irreparable harm which may not be adequately compensable
by money damages. Accordingly, except in the case of termination, in the event of a breach or threatened breach by a party of any
provision of this Agreement, each party shall be entitled to seek the remedies of specific performance, injunction or other preliminary
or equitable relief, without having to prove irreparable harm or actual damages. The foregoing right shall be in addition to such
other rights or remedies as may be available to any party for such breach or threatened breach, including but not limited to the
recovery of money damages.

 

(k)          Costs
of Enforcement. If any party to this Agreement seeks to enforce its rights under this Agreement by legal proceedings against
any other party to this Agreement, the non-prevailing party or parties named in such legal proceedings shall pay all costs and
expenses incurred by the prevailing party or parties, including, without limitation, all reasonable attorneys’ fees.

 

[Remainder of Page Intentionally Blank]

 

    10

     

    

 

IN WITNESS WHEREOF, the parties have
executed this Securities Transfer Agreement as of the Effective Date.

 

	 	COMPANY:
	 	 	 
	 	Silkroad, Inc.
	 	 	 
	 	By:	 
	 	 	John Shackleton, Chief Executive Officer

 

[Signature
Page to Securities Transfer
Agreement]

 

    

     

    

 

IN WITNESS WHEREOF, the parties have
executed this Securities Transfer Agreement as of the Effective Date.

 

 

 

	 	CROSSROADS CAPITAL, INC.
	 	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	FOUNDATION CAPITAL V, L.P.
	 	 	 
	 	By: Foundation Capital Management Co. V, LLC, its Manager
	 	 	 
	 	By:	 
	 	 	Manager
	 	 	 
	 	FOUNDATION CAPITAL V PRINCIPALS FUND, LLC
	 	 	 
	 	By: Foundation Capital Management Co. V, LLC, its Manager
	 	 	 
	 	By:	 
	 	 	Manager
	 	 	 
	 	AZURE CAPITAL PARTNERS II, L.P.
	 	 	 
	 	By: Azure Capital Partners VC Administrators II, LP, its General Partner
	 	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 

 

    

     

    

 

	 	AZURE ENTREPRENEURS II, L.P.
	 	 	 
	 	By: Azure Capital Partners VC Administrators II, LP, its General Partner
	 	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 

 

    13

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