Document:

ex_389947.htm

Exhibit 4.5

 

 

HIREQUEST, INC.

Issuer

AND

[              ],

 

Trustee 

 

 

INDENTURE

Dated as of [         ], 20[   ]

 

Subordinated Debt Securities

 

Table Of Contents

Page

 

ARTICLE 1 DEFINITIONS         1

Section 1.01         Definitions of Terms.         1

 

ARTICLE 2 ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES         5

Section 2.01         Designation and Terms of Securities.         5

Section 2.02         Form of Securities and Trustee’s Certificate.         8

Section 2.03         Denominations: Provisions for Payment.         8

Section 2.04         Execution and Authentications.         10

Section 2.05         Registration of Transfer and Exchange.         10

Section 2.06         Temporary Securities.         12

Section 2.07         Mutilated, Destroyed, Lost or Stolen Securities.         12

Section 2.08         Cancellation.         13

Section 2.09         Benefits of Indenture.         13

Section 2.10         Authenticating Agent.         13

Section 2.11         Global Securities.         14

Section 2.12         CUSIP Numbers.         15

 

ARTICLE 3 REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS         15

Section 3.01         Redemption.         15

Section 3.02         Notice of Redemption.         15

Section 3.03         Payment Upon Redemption.         16

Section 3.04         Sinking Fund.         17

Section 3.05         Satisfaction of Sinking Fund Payments with Securities.         17

Section 3.06         Redemption of Securities for Sinking Fund.         17

 

ARTICLE 4 COVENANTS         18

Section 4.01         Payment of Principal, Premium and Interest.         18

Section 4.02         Maintenance of Office or Agency.         18

Section 4.03         Paying Agents.         19

Section 4.04         Appointment to Fill Vacancy in Office of Trustee.         19

 

ARTICLE 5 SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE         20

Section 5.01         Company to Furnish Trustee Names and Addresses of Securityholders.         20

Section 5.02         Preservation Of Information; Communications With Securityholders.         20

Section 5.03         Reports by the Company.         20

Section 5.04         Reports by the Trustee.         21

 

ARTICLE 6 REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT         21

Section 6.01         Events of Default.         21

Section 6.02         Collection of Indebtedness and Suits for Enforcement by Trustee.         23

Section 6.03         Application of Moneys Collected.         24

Section 6.04         Limitation on Suits.         25

Section 6.05         Rights and Remedies Cumulative; Delay or Omission Not Waiver.         26

Section 6.06         Control by Securityholders.         26

Section 6.07         Undertaking to Pay Costs.         27

 

ARTICLE 7 CONCERNING THE TRUSTEE         27

Section 7.01         Certain Duties and Responsibilities of Trustee.         27

Section 7.02         Certain Rights of Trustee.         28

Section 7.03         Trustee Not Responsible for Recitals or Issuance or Securities.         30

Section 7.04         May Hold Securities.         31

Section 7.05         Moneys Held in Trust.         31

Section 7.06         Compensation and Reimbursement.         31

Section 7.07         Reliance on Officer’s Certificate.         32

Section 7.08         Disqualification; Conflicting Interests.         32

Section 7.09         Corporate Trustee Required; Eligibility.         32

Section 7.10         Resignation and Removal; Appointment of Successor.         32

Section 7.11         Acceptance of Appointment By Successor.         34

Section 7.12         Merger, Conversion, Consolidation or Succession to Business.         35

Section 7.13         Preferential Collection of Claims Against the Company.         35

Section 7.14         Notice of Default.         35

 

ARTICLE 8 CONCERNING THE SECURITYHOLDERS         36

Section 8.01         Evidence of Action by Securityholders.         36

Section 8.02         Proof of Execution by Securityholders.         36

Section 8.03         Who May be Deemed Owners.         37

Section 8.04         Certain Securities Owned by Company Disregarded.         37

Section 8.05         Actions Binding on Future Securityholders.         37

 

ARTICLE 9 SUPPLEMENTAL INDENTURES         38

Section 9.01         Supplemental Indentures Without the Consent of Securityholders.         38

Section 9.02         Supplemental Indentures With Consent of Securityholders.         39

Section 9.03         Effect of Supplemental Indentures.         39

Section 9.04         Securities Affected by Supplemental Indentures.         39

Section 9.05         Execution of Supplemental Indentures.         40

 

ARTICLE 10 SUCCESSOR ENTITY         40

Section 10.01         Company May Consolidate, Etc.         40

Section 10.02         Successor Entity Substituted.         41

 

ARTICLE 11 SATISFACTION AND DISCHARGE         41

Section 11.01         Satisfaction and Discharge of Indenture.         41

Section 11.02         Discharge of Obligations.         42

Section 11.03         Deposited Moneys to be Held in Trust.         42

Section 11.04         Payment of Moneys Held by Paying Agents.         42

Section 11.05         Repayment to Company.         42

 

ARTICLE 12 IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS         43

Section 12.01         No Recourse.         43

 

ARTICLE 13 MISCELLANEOUS PROVISIONS         43

Section 13.01         Effect on Successors and Assigns.         43

Section 13.02         Actions by Successor.         43

Section 13.03         Surrender of Company Powers.         43

Section 13.04         Notices.         44

Section 13.05         Governing Law; Jury Trial Waiver.         44

Section 13.06         Treatment of Securities as Debt.         44

Section 13.07         Certificates and Opinions as to Conditions Precedent.         44

Section 13.08         Payments on Business Days.         45

Section 13.09         Conflict with Trust Indenture Act.         45

Section 13.10         Counterparts.         45

Section 13.11         Separability.         45

Section 13.12         Compliance Certificates.         45

Section 13.13         U.S.A Patriot Act.         46

Section 13.14         Force Majeure.         46

Section 13.15         Table of Contents; Headings.         46

 

ARTICLE 14 SUBORDINATION OF SECURITIES         46

Section 14.01         Subordination Terms.         46

 

 

INDENTURE

 

Indenture, dated as of [     ], 20[  ], among HireQuest, Inc., a Delaware corporation (the “Company”), and [     ], as trustee (the “Trustee”):

 

Whereas, for its lawful corporate purposes, the Company has duly authorized the execution and delivery of this Indenture to provide for the issuance of subordinated debt securities (hereinafter referred to as the “Securities”), in an unlimited aggregate principal amount to be issued from time to time in one or more series as in this Indenture provided, as registered Securities without coupons, to be authenticated by the certificate of the Trustee;

 

Whereas, to provide the terms and conditions upon which the Securities are to be authenticated, issued and delivered, the Company has duly authorized the execution of this Indenture; and

 

Whereas, all things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done.

 

Now, Therefore, in consideration of the premises and the purchase of the Securities by the holders thereof, it is mutually covenanted and agreed as follows for the equal and ratable benefit of the holders of Securities:

ARTICLE 1 

    DEFINITIONS

 

Section 1.01    Definitions of Terms.

 

The terms defined in this Section (except as in this Indenture or any indenture supplemental hereto otherwise expressly provided or unless the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section and shall include the plural as well as the singular. All other terms used in this Indenture that are defined in the Trust Indenture Act of 1939, as amended, or that are by reference in such Act defined in the Securities Act of 1933, as amended (except as herein or any indenture supplemental hereto otherwise expressly provided or unless the context otherwise requires), shall have the meanings assigned to such terms in said Trust Indenture Act and in said Securities Act as in force at the date of the execution of this instrument.

 

“Authenticating Agent” means the Trustee or an authenticating agent with respect to all or any of the series of Securities appointed by the Trustee pursuant to Section 2.10.

 

“Bankruptcy Law” means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors.

 

“Board of Directors” means the Board of Directors (or the functional equivalent thereof) of the Company or any duly authorized committee of such Board.

 

“Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors (or duly authorized committee thereof) and to be in full force and effect on the date of such certification.

 

“Business Day” means, with respect to any series of Securities, any day other than a day on which federal or state banking institutions in the Borough of Manhattan, the City of New York, or in the city of the Corporate Trust Office of the Trustee, are authorized or obligated by law, executive order or regulation to close.

 

“Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time.

 

“Company” means HireQuest, Inc., a Delaware corporation, and, subject to the provisions of Article Ten, shall also include its successors and assigns.

 

“Corporate Trust Office” means the office of the Trustee at which, at any particular time, its corporate trust business shall be principally administered, which office at the date hereof is located at [ ].

 

“Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

“Defaulted Interest” has the meaning set forth in Section 2.03.

 

“Depositary” means, with respect to Securities of any series for which the Company shall determine that such Securities will be issued as a Global Security, The Depository Trust Company, another clearing agency, or any successor registered as a clearing agency under the Exchange Act, or other applicable statute or regulation, which, in each case, shall be designated by the Company pursuant to either Section 2.01 or 2.11.

 

“Event of Default” means, with respect to Securities of a particular series, any event specified in Section 6.01, continued for the period of time, if any, therein designated.

 

“Exchange Act” means the United States Securities and Exchange Act of 1934, as amended, and the rules and regulations promulgated by the Commission thereunder.

 

The term “given”, “mailed”, “notify” or “sent” with respect to any notice to be given to a Securityholder pursuant to this Indenture, shall mean notice (x) given to the Depositary (or its designee) pursuant to the standing instructions from the Depositary or its designee, including by electronic mail in accordance with accepted practices or procedures at the Depositary (in the case of a Global Security) or (y) mailed to such Securityholder by first class mail, postage prepaid, at its address as it appears on the Security Register (in the case of a definitive Security). Notice so “given” shall be deemed to include any notice to be “mailed” or “delivered,” as applicable, under this Indenture.

 

“Global Security” means a Security issued to evidence all or a part of any series of Securities which is executed by the Company and authenticated and delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction, all in accordance with the Indenture, which shall be registered in the name of the Depositary or its nominee.

 

“Governmental Obligations” means securities that are (a) direct obligations of the United States of America for the payment of which its full faith and credit is pledged or (b) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America that, in either case, are not callable or redeemable at the option of the issuer thereof at any time prior to the stated maturity of the Securities, and shall also include a depositary receipt issued by a bank or trust company as custodian with respect to any such Governmental Obligation or a specific payment of principal of or interest on any such Governmental Obligation held by such custodian for the account of the holder of such depositary receipt; provided, however, that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the Governmental Obligation or the specific payment of principal of or interest on the Governmental Obligation evidenced by such depositary receipt.

 

“herein”, “hereof” and “hereunder”, and other words of similar import, refer to this Indenture as a whole and not to any particular Article, Section or other subdivision.

 

“Indenture” means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into in accordance with the terms hereof and shall include the terms of particular series of Securities established as contemplated by Section 2.01.

 

“Interest Payment Date”, when used with respect to any installment of interest on a Security of a particular series, means the date specified in such Security or in a Board Resolution or in an indenture supplemental hereto with respect to such series as the fixed date on which an installment of interest with respect to Securities of that series is due and payable.

 

“Officer” means, with respect to the Company, the chairman of the Board of Directors, a chief executive officer, a president, a chief financial officer, a chief operating officer, any executive vice president, any senior vice president, any vice president, the treasurer or any assistant treasurer, the controller or any assistant controller or the secretary or any assistant secretary.

 

“Officer’s Certificate” means a certificate signed by any Officer. Each such certificate shall include the statements provided for in Section 13.07, if and to the extent required by the provisions thereof.

 

“Opinion of Counsel” means an opinion in writing subject to customary exceptions of legal counsel, who may be an employee of or counsel for the Company, that is delivered to the Trustee in accordance with the terms hereof. Each such opinion shall include the statements provided for in Section 13.07, if and to the extent required by the provisions thereof.

 

“Outstanding”, when used with reference to Securities of any series, means, subject to the provisions of Section 8.04, as of any particular time, all Securities of that series theretofore authenticated and delivered by the Trustee under this Indenture, except (a) Securities theretofore canceled by the Trustee or any paying agent, or delivered to the Trustee or any paying agent for cancellation or that have previously been canceled; (b) Securities or portions thereof for the payment or redemption of which moneys or Governmental Obligations in the necessary amount shall have been deposited in trust with the Trustee or with any paying agent (other than the Company) or shall have been set aside and segregated in trust by the Company (if the Company shall act as its own paying agent); provided, however, that if such Securities or portions of such Securities are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given as provided in Article Three, or provision satisfactory to the Trustee shall have been made for giving such notice; and (c) Securities in lieu of or in substitution for which other Securities shall have been authenticated and delivered pursuant to the terms of Section 2.07.

 

“Person” means any individual, corporation, partnership, joint venture, joint-stock company, limited liability company, association, trust, unincorporated organization, any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof.

 

“Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 2.07 in lieu of a lost, destroyed or stolen Security shall be deemed to evidence the same debt as the lost, destroyed or stolen Security.

 

“Responsible Officer” when used with respect to the Trustee means any officer within the Corporate Trust Office of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his or her knowledge of and familiarity with the particular subject and in each case who shall have direct responsibility for the administration of this Indenture.

 

“Securities” has the meaning stated in the first recital of this Indenture and more particularly means any Securities authenticated and delivered under this Indenture.

 

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

 

“Securityholder”, “holder of Securities”, “registered holder”, or other similar term, means the Person or Persons in whose name or names a particular Security is registered on the Security Register kept for that purpose in accordance with the terms of this Indenture.

 

“Security Register” and “Security Registrar” shall have the meanings as set forth in Section 2.05.

 

“Subsidiary” means, with respect to any Person, any corporation, association, partnership or other business entity of which more than 50% of the total voting power of shares of capital stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, general partners or trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii) one or more Subsidiaries of such Person.

 

“Trustee” means [ ], and, subject to the provisions of Article Seven, shall also include its successors and assigns, and, if at any time there is more than one Person acting in such capacity hereunder, “Trustee” shall mean each such Person. The term “Trustee” as used with respect to a particular series of the Securities shall mean the trustee with respect to that series.

 

“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended.

 

“U.S.A. Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Pub. L. 107-56, as amended and signed into law October 26, 2001.

 

ARTICLE 2 

    ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES

 

Section 2.01    Designation and Terms of Securities.

 

(a)            The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or more series up to the aggregate principal amount of Securities of that series from time to time authorized by or pursuant to a Board Resolution or pursuant to one or more indentures supplemental hereto. Prior to the initial issuance of Securities of any series, there shall be established in or pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established in one or more indentures supplemental hereto:

 

(1)            the title of the Securities of the series (which shall distinguish the Securities of that series from all other Securities);

 

(2)            any limit upon the aggregate principal amount of the Securities of that series that may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of that series);

 

(3)            the maturity date or dates on which the principal of the Securities of the series is payable;

 

(4)            the form of the Securities of the series including the form of the certificate of authentication for such series;

 

(5)            the applicability of any guarantees;

 

(6)            intentionally omitted;

 

(7)            the ranking of the Securities and the terms of any subordination;

 

(8)            if the price (expressed as a percentage of the aggregate principal amount thereof) at which such Securities will be issued is a price other than the principal amount thereof, the portion of the principal amount thereof payable upon declaration of acceleration of the maturity thereof, or if applicable, the portion of the principal amount of such Securities that is convertible into another security or the method by which any such portion shall be determined;

 

(9)            the interest rate or rates, which may be fixed or variable, or the method for determining the rate and the date interest will begin to accrue, the dates interest will be payable and the regular record dates for interest payment dates or the method for determining such dates;

 

(10)          the Company’s right, if any, to defer the payment of interest and the maximum length of any such deferral period;

 

(11)          if applicable, the date or dates after which, or the period or periods during which, and the price or prices at which, the Company may at its option, redeem the series of Securities pursuant to any optional or provisional redemption provisions and the terms of those redemption provisions;

 

(12)          the date or dates, if any, on which, and the price or prices at which the Company is obligated, pursuant to any mandatory sinking fund or analogous fund provisions or otherwise, to redeem, or at the Securityholder’s option to purchase, the series of Securities and the currency or currency unit in which the Securities are payable;

 

(13)          the denominations in which the Securities of the series shall be issuable, if other than denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof;

 

(14)          any and all terms, if applicable, relating to any auction or remarketing of the Securities of that series and any security for the obligations of the Company with respect to such Securities and any other terms which may be advisable in connection with the marketing of Securities of that series;

 

(15)          whether the Securities of the series shall be issued in whole or in part in the form of a Global Security or Securities; the terms and conditions, if any, upon which such Global Security or Securities may be exchanged in whole or in part for other individual Securities; and the Depositary for such Global Security or Securities;

 

(16)          if applicable, the provisions relating to conversion or exchange of any Securities of the series and the terms and conditions upon which such Securities will be so convertible or exchangeable, including the conversion or exchange price, as applicable, or how it will be calculated and may be adjusted, any mandatory or optional (at the Company’s option or the holders’ option) conversion or exchange features, the applicable conversion or exchange period and the manner of settlement for any conversion or exchange, which may, without limitation, include the payment of cash as well as the delivery of securities;

 

(17)          if other than the full principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.01;

 

(18)          additions to or changes in the covenants applicable to the series of Securities being issued, including, among others, the consolidation, merger or sale covenant;

 

(19)          additions to or changes in the Events of Default with respect to the Securities and any change in the right of the Trustee or the Securityholders to declare the principal, premium, if any, and interest, if any, with respect to such Securities to be due and payable;

 

(20)          additions to or changes in or deletions of the provisions relating to covenant defeasance and legal defeasance;

 

(21)          additions to or changes in the provisions relating to satisfaction and discharge of this Indenture;

 

(22)          additions to or changes in the provisions relating to the modification of this Indenture both with and without the consent of Securityholders of Securities issued under this Indenture;

 

(23)         the currency of payment of Securities if other than U.S. dollars and the manner of determining the equivalent amount in U.S. dollars;

 

(24)          whether interest will be payable in cash or additional Securities at the Company’s or the Securityholders’ option and the terms and conditions upon which the election may be made;

 

(25)         the terms and conditions, if any, upon which the Company shall pay amounts in addition to the stated interest, premium, if any and principal amounts of the Securities of the series to any Securityholder that is not a “United States person” for federal tax purposes;

 

(26)          any restrictions on transfer, sale or assignment of the Securities of the series; and

 

(27)          any other specific terms, preferences, rights or limitations of, or restrictions on, the Securities, any other additions or changes in the provisions of this Indenture, and any terms that may be required by us or advisable under applicable laws or regulations.

 

All Securities of any one series shall be substantially identical except as may otherwise be provided in or pursuant to any such Board Resolution or in any indentures supplemental hereto.

 

If any of the terms of the series are established by action taken pursuant to a Board Resolution of the Company, a copy of an appropriate record of such action shall be certified by the secretary or an assistant secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officer’s Certificate of the Company setting forth the terms of the series.

 

Securities of any particular series may be issued at various times, with different dates on which the principal or any installment of principal is payable, with different rates of interest, if any, or different methods by which rates of interest may be determined, with different dates on which such interest may be payable and with different redemption dates.

 

Section 2.02    Form of Securities and Trustee’s Certificate.

 

The Securities of any series and the Trustee’s certificate of authentication to be borne by such Securities shall be substantially of the tenor and purport as set forth in one or more indentures supplemental hereto or as provided in a Board Resolution, and set forth in an Officer’s Certificate, and they may have such letters, numbers or other marks of identification or designation and such legends or endorsements printed, lithographed or engraved thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange on which Securities of that series may be listed, or to conform to usage.

 

Section 2.03    Denominations: Provisions for Payment.

 

The Securities shall be issuable as registered Securities and in the denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof, subject to Section 2.01(a)(13). The Securities of a particular series shall bear interest payable on the dates and at the rate specified with respect to that series. Subject to Section 2.01(a)(23), the principal of and the interest on the Securities of any series, as well as any premium thereon in case of redemption or repurchase thereof prior to maturity, and any cash amount due upon conversion or exchange thereof, shall be payable in the coin or currency of the United States of America that at the time is legal tender for public and private debt, at the office or agency of the Company maintained for that purpose. Each Security shall be dated the date of its authentication. Interest on the Securities shall be computed on the basis of a 360-day year composed of twelve 30-day months.

 

The interest installment on any Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date for Securities of that series shall be paid to the Person in whose name said Security (or one or more Predecessor Securities) is registered at the close of business on the regular record date for such interest installment. In the event that any Security of a particular series or portion thereof is called for redemption and the redemption date is subsequent to a regular record date with respect to any Interest Payment Date and prior to such Interest Payment Date, interest on such Security will be paid upon presentation and surrender of such Security as provided in Section 3.03.

 

Any interest on any Security that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date for Securities of the same series (herein called “Defaulted Interest”) shall forthwith cease to be payable to the registered holder on the relevant regular record date by virtue of having been such holder; and such Defaulted Interest shall be paid by the Company, at its election, as provided in clause (1) or clause (2) below:

 

(1)            The Company may make payment of any Defaulted Interest on Securities to the Persons in whose names such Securities (or their respective Predecessor Securities) are registered in the Security Register at the close of business on a special record date for the payment of such Defaulted Interest, which shall be fixed in the following manner: the Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each such Security and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a special record date for the payment of such Defaulted Interest which shall not be more than 15 nor less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such special record date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the special record date therefor to be sent to each Securityholder not less than 10 days prior to such special record date. Notice of the proposed payment of such Defaulted Interest and the special record date therefor having been sent as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names such Securities (or their respective Predecessor Securities) are registered in the Security Register on such special record date.

 

(2)            The Company may make payment of any Defaulted Interest on any Securities in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee.

 

Unless otherwise set forth in a Board Resolution or one or more indentures supplemental hereto establishing the terms of any series of Securities pursuant to Section 2.01 hereof, the term “regular record date” as used in this Section with respect to a series of Securities and any Interest Payment Date for such series shall mean either the fifteenth day of the month immediately preceding the month in which an Interest Payment Date established for such series pursuant to Section 2.01 hereof shall occur, if such Interest Payment Date is the first day of a month, or the first day of the month in which an Interest Payment Date established for such series pursuant to Section 2.01 hereof shall occur, if such Interest Payment Date is the fifteenth day of a month, whether or not such date is a Business Day.

 

Subject to the foregoing provisions of this Section, each Security of a series delivered under this Indenture upon transfer of or in exchange for or in lieu of any other Security of such series shall carry the rights to interest accrued and unpaid, and to accrue, that were carried by such other Security.

 

Section 2.04    Execution and Authentications.

 

The Securities shall be signed on behalf of the Company by one of its Officers. Signatures may be in the form of a manual or facsimile signature.

 

The Company may use the facsimile signature of any Person who shall have been an Officer (at the time of execution), notwithstanding the fact that at the time the Securities shall be authenticated and delivered or disposed of such Person shall have ceased to be such an officer of the Company. The Securities may contain such notations, legends or endorsements required by law, stock exchange rule or usage. Each Security shall be dated the date of its authentication by the Trustee.

 

A Security shall not be valid until authenticated manually by an authorized signatory of the Trustee, or by an Authenticating Agent. Such signature shall be conclusive evidence that the Security so authenticated has been duly authenticated and delivered hereunder and that the holder is entitled to the benefits of this Indenture. At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication, together with a written order of the Company for the authentication and delivery of such Securities, signed by an Officer, and the Trustee in accordance with such written order shall authenticate and deliver such Securities.

 

Upon the Company’s delivery of any such authentication order to the Trustee at any time after the initial issuance of Securities under this Indenture, the Trustee shall be provided with, and (subject to Sections 315(a) through 315(d) of the Trust Indenture Act) shall be fully protected in relying upon, (1) an Opinion of Counsel or reliance letter and (2) an Officer’s Certificate stating that all conditions precedent to the execution, authentication and delivery of such Securities are in conformity with the provisions of this Indenture.

 

The Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner that is not reasonably acceptable to the Trustee.

 

Section 2.05    Registration of Transfer and Exchange.

 

(a)            Securities of any series may be exchanged upon presentation thereof at the office or agency of the Company designated for such purpose, for other Securities of such series of authorized denominations, and for a like aggregate principal amount, upon payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, all as provided in this Section. In respect of any Securities so surrendered for exchange, the Company shall execute, the Trustee shall authenticate and such office or agency shall deliver in exchange therefor the Security or Securities of the same series that the Securityholder making the exchange shall be entitled to receive, bearing numbers not contemporaneously outstanding.

 

(b)            The Company shall keep, or cause to be kept, at its office or agency designated for such purpose a register or registers (herein referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall register the Securities and the transfers of Securities as in this Article provided and which at all reasonable times shall be open for inspection by the Trustee. The registrar for the purpose of registering Securities and transfer of Securities as herein provided shall be appointed as authorized by Board Resolution or Supplemental Indenture (the “Security Registrar”).

 

Upon surrender for transfer of any Security at the office or agency of the Company designated for such purpose, the Company shall execute, the Trustee shall authenticate and such office or agency shall deliver in the name of the transferee or transferees a new Security or Securities of the same series as the Security presented for a like aggregate principal amount.

 

The Company initially appoints the Trustee as Security Registrar for each series of Securities.

 

All Securities presented or surrendered for exchange or registration of transfer, as provided in this Section, shall be accompanied (if so required by the Company or the Security Registrar) by a written instrument or instruments of transfer, in form satisfactory to the Company or the Security Registrar, duly executed by the registered holder or by such holder’s duly authorized attorney in writing.

 

(c)            Except as provided pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established in one or more indentures supplemental to this Indenture, No service charge shall be made for any exchange or registration of transfer of Securities, or issue of new Securities in case of partial redemption of any series or repurchase, conversion or exchange of less than the entire principal amount of a Security, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, other than exchanges pursuant to Section 2.06, Section 3.03(b) and Section 9.04 not involving any transfer.

 

(d)            The Company and the Security Registrar shall not be required (i) to issue, exchange or register the transfer of any Securities during a period beginning at the opening of business 15 days before the day of the sending of a notice of redemption of less than all the Outstanding Securities of the same series and ending at the close of business on the day of such sending, nor (ii) to register the transfer of or exchange any Securities of any series or portions thereof called for redemption or surrendered for repurchase, but not validly withdrawn, other than the unredeemed portion of any such Securities being redeemed in part or not surrendered for repurchase, as the case may be. The provisions of this Section 2.05 are, with respect to any Global Security, subject to Section 2.11 hereof.

 

The Trustee shall have No obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among Depositary participants or beneficial owners of interests in any Global Security) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.

 

Section 2.06    Temporary Securities.

 

Pending the preparation of definitive Securities of any series, the Company may execute, and the Trustee shall authenticate and deliver, temporary Securities (printed, lithographed or typewritten) of any authorized denomination. Such temporary Securities shall be substantially in the form of the definitive Securities in lieu of which they are issued, but with such omissions, insertions and variations as may be appropriate for temporary Securities, all as may be determined by the Company. Every temporary Security of any series shall be executed by the Company and be authenticated by the Trustee upon the same conditions and in substantially the same manner, and with like effect, as the definitive Securities of such series. Without unnecessary delay the Company will execute and will furnish definitive Securities of such series and thereupon any or all temporary Securities of such series may be surrendered in exchange therefor (without charge to the Securityholders), at the office or agency of the Company designated for the purpose, and the Trustee shall authenticate and such office or agency shall deliver in exchange for such temporary Securities an equal aggregate principal amount of definitive Securities of such series, unless the Company advises the Trustee to the effect that definitive Securities need not be executed and furnished until further notice from the Company. Until so exchanged, the temporary Securities of such series shall be entitled to the same benefits under this Indenture as definitive Securities of such series authenticated and delivered hereunder.

 

Section 2.07    Mutilated, Destroyed, Lost or Stolen Securities.

 

In case any temporary or definitive Security shall become mutilated or be destroyed, lost or stolen, the Company (subject to the next succeeding sentence) shall execute, and upon the Company’s request the Trustee (subject as aforesaid) shall authenticate and deliver, a new Security of the same series, bearing a number not contemporaneously outstanding, in exchange and substitution for the mutilated Security, or in lieu of and in substitution for the Security so destroyed, lost or stolen. In every case the applicant for a substituted Security shall furnish to the Company and the Trustee such security or indemnity as may be required by them to save each of them harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company and the Trustee evidence to their satisfaction of the destruction, loss or theft of the applicant’s Security and of the ownership thereof. The Trustee may authenticate any such substituted Security and deliver the same upon the written request or authorization of any officer of the Company. Upon the issuance of any substituted Security, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.

 

In case any Security that has matured or is about to mature shall become mutilated or be destroyed, lost or stolen, the Company may, instead of issuing a substitute Security, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated Security) if the applicant for such payment shall furnish to the Company and the Trustee such security or indemnity as they may require to save them harmless, and, in case of destruction, loss or theft, evidence to the satisfaction of the Company and the Trustee of the destruction, loss or theft of such Security and of the ownership thereof.

 

Every replacement Security issued pursuant to the provisions of this Section shall constitute an additional contractual obligation of the Company whether or not the mutilated, destroyed, lost or stolen Security shall be found at any time, or be enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of the same series duly issued hereunder. All Securities shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities, and shall preclude (to the extent lawful) any and all other rights or remedies, notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment of negotiable instruments or other securities without their surrender.

 

Section 2.08    Cancellation.

 

All Securities surrendered for the purpose of payment, redemption, repurchase, exchange, registration of transfer or conversion shall, if surrendered to the Company or any paying agent (or any other applicable agent), be delivered to the Trustee for cancellation, or, if surrendered to the Trustee, shall be cancelled by it, and No Securities shall be issued in lieu thereof except as expressly required or permitted by any of the provisions of this Indenture. On request of the Company at the time of such surrender, the Trustee shall deliver to the Company canceled Securities held by the Trustee. In the absence of such request the Trustee may dispose of canceled Securities in accordance with its standard procedures and deliver a certificate of disposition to the Company. If the Company shall otherwise acquire any of the Securities, however, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are delivered to the Trustee for cancellation.

 

Section 2.09    Benefits of Indenture.

 

Nothing in this Indenture or in the Securities, express or implied, shall give or be construed to give to any Person, other than the parties hereto and the holders of the Securities (and, with respect to the provisions of Article Fourteen, the holders of any indebtedness of the Company to which the Securities of any series are subordinated) any legal or equitable right, remedy or claim under or in respect of this Indenture, or under any covenant, condition or provision herein contained; all such covenants, conditions and provisions being for the sole benefit of the parties hereto and of the holders of the Securities (and, with respect to the provisions of Article Fourteen, the holders of any indebtedness of the Company to which the Securities of any series are subordinated).

 

Section 2.10    Authenticating Agent.

 

So long as any of the Securities of any series remain Outstanding there may be an Authenticating Agent for any or all such series of Securities which the Trustee shall have the right to appoint. Said Authenticating Agent shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon exchange, transfer or partial redemption, repurchase or conversion thereof, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. All references in this Indenture to the authentication of Securities by the Trustee shall be deemed to include authentication by an Authenticating Agent for such series. Each Authenticating Agent shall be acceptable to the Company and shall be a corporation that has a combined capital and surplus, as most recently reported or determined by it, sufficient under the laws of any jurisdiction under which it is organized or in which it is doing business to conduct a trust business, and that is otherwise authorized under such laws to conduct such business and is subject to supervision or examination by federal or state authorities. If at any time any Authenticating Agent shall cease to be eligible in accordance with these provisions, it shall resign immediately.

 

Any Authenticating Agent may at any time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time (and upon request by the Company shall) terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and to the Company. Upon resignation, termination or cessation of eligibility of any Authenticating Agent, the Trustee may appoint an eligible successor Authenticating Agent acceptable to the Company. Any successor Authenticating Agent, upon acceptance of its appointment hereunder, shall become vested with all the rights, powers and duties of its predecessor hereunder as if originally named as an Authenticating Agent pursuant hereto.

 

Section 2.11    Global Securities.

 

(a)            If the Company shall establish pursuant to Section 2.01 that the Securities of a particular series are to be issued as a Global Security, then the Company shall execute and the Trustee shall, in accordance with Section 2.04, authenticate and deliver, a Global Security that (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, all of the Outstanding Securities of such series, (ii) shall be registered in the name of the Depositary or its nominee, (iii) shall be delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction (or if the Depositary names the Trustee as its custodian, retained by the Trustee), and (iv) shall bear a legend substantially to the following effect: “Except as otherwise provided in Section 2.11 of the Indenture, this Security may be transferred, in whole but not in part, only to another nominee of the Depositary or to a successor Depositary or to a nominee of such successor Depositary.”

 

(b)            Notwithstanding the provisions of Section 2.05, the Global Security of a series may be transferred, in whole but not in part and in the manner provided in Section 2.05, only to another nominee of the Depositary for such series, or to a successor Depositary for such series selected or approved by the Company or to a nominee of such successor Depositary.

 

(c)            If at any time the Depositary for a series of the Securities notifies the Company that it is unwilling or unable to continue as Depositary for such series or if at any time the Depositary for such series shall No longer be registered or in good standing under the Exchange Act, or other applicable statute or regulation, and a successor Depositary for such series is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such condition, as the case may be, or if an Event of Default has occurred and is continuing and the Company has received a request from the Depositary or from the Trustee, this Section 2.11 shall No longer be applicable to the Securities of such series and the Company will execute, and subject to Section 2.04, the Trustee will authenticate and deliver the Securities of such series in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Security of such series in exchange for such Global Security. In addition, the Company may at any time determine that the Securities of any series shall No longer be represented by a Global Security and that the provisions of this Section 2.11 shall No longer apply to the Securities of such series. In such event the Company will execute and, subject to Section 2.04, the Trustee, upon receipt of an Officer’s Certificate evidencing such determination by the Company, will authenticate and deliver the Securities of such series in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Security of such series in exchange for such Global Security. Upon the exchange of the Global Security for such Securities in definitive registered form without coupons, in authorized denominations, the Global Security shall be canceled by the Trustee. Such Securities in definitive registered form issued in exchange for the Global Security pursuant to this Section 2.11(c) shall be registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities to the Depositary for delivery to the Persons in whose names such Securities are so registered.

 

Section 2.12    CUSIP Numbers.

 

The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Securityholders; provided that any such notice may state that No representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other elements of identification printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee of any change in the “CUSIP” numbers.

 

ARTICLE 3 

    REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS

 

Section 3.01    Redemption.

 

The Company may redeem the Securities of any series issued hereunder on and after the dates and in accordance with the terms established for such series pursuant to Section 2.01 hereof.

 

Section 3.02    Notice of Redemption.

 

(a)            In case the Company shall desire to exercise such right to redeem all or, as the case may be, a portion of the Securities of any series in accordance with any right the Company reserved for itself to do so pursuant to Section 2.01 hereof, the Company shall, or shall cause the Trustee to, give notice of such redemption to holders of the Securities of such series to be redeemed by mailing (or with regard to any Global Security held in book entry form, by electronic mail in accordance with the applicable procedures of the Depositary), a notice of such redemption not less than 30 days and not more than 90 days before the date fixed for redemption of that series to such Securityholders, unless a shorter period is specified in the Securities to be redeemed. Any notice that is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the registered holder receives the notice. In any case, failure duly to give such notice to the holder of any Security of any series designated for redemption in whole or in part, or any defect in the notice, shall not affect the validity of the proceedings for the redemption of any other Securities of such series or any other series. In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officer’s Certificate evidencing compliance with any such restriction.

 

Each such notice of redemption shall identify the Securities to be redeemed (including CUSIP numbers, if any), specify the date fixed for redemption and the redemption price at which Securities of that series are to be redeemed, and shall state that payment of the redemption price of such Securities to be redeemed will be made at the office or agency of the Company, upon presentation and surrender of such Securities, that interest accrued to the date fixed for redemption will be paid as specified in said notice, that from and after said date interest will cease to accrue and that the redemption is from a sinking fund, if such is the case. If less than all the Securities of a series are to be redeemed, the notice to the holders of Securities of that series to be redeemed in part shall specify the particular Securities to be so redeemed.

 

In case any Security is to be redeemed in part only, the notice that relates to such Security shall state the portion of the principal amount thereof to be redeemed, and shall state that on and after the redemption date, upon surrender of such Security, a new Security or Securities of such series in principal amount equal to the unredeemed portion thereof will be issued.

 

(b)            If less than all the Securities of a series are to be redeemed, the Company shall give the Trustee at least 45 days’ notice (unless a shorter notice shall be satisfactory to the Trustee) in advance of the date fixed for redemption as to the aggregate principal amount of Securities of the series to be redeemed, and thereupon the Securities to be redeemed shall be selected, by lot, on a pro rata basis or in such other manner as the Company shall deem appropriate and fair in its discretion and that may provide for the selection of a portion or portions (equal to one thousand U.S. dollars ($1,000) or any integral multiple thereof) of the principal amount of such Securities of a denomination larger than $1,000, the Securities to be redeemed and shall thereafter promptly notify the Company in writing of the numbers of the Securities to be redeemed, in whole or in part. The Company may, if and whenever it shall so elect, by delivery of instructions signed on its behalf by an Officer, instruct the Trustee or any paying agent to call all or any part of the Securities of a particular series for redemption and to give notice of redemption in the manner set forth in this Section, such notice to be in the name of the Company or its own name as the Trustee or such paying agent may deem advisable. In any case in which notice of redemption is to be given by the Trustee or any such paying agent, the Company shall deliver or cause to be delivered to, or permit to remain with, the Trustee or such paying agent, as the case may be, such Security Register, transfer books or other records, or suitable copies or extracts therefrom, sufficient to enable the Trustee or such paying agent to give any notice by mail that may be required under the provisions of this Section.

 

Section 3.03    Payment upon Redemption.

 

(a)            If the giving of notice of redemption shall have been completed as above provided, the Securities or portions of Securities of the series to be redeemed specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable redemption price, together with interest accrued to, but excluding, the date fixed for redemption and interest on such Securities or portions of Securities shall cease to accrue on and after the date fixed for redemption, unless the Company shall default in the payment of such redemption price and accrued interest with respect to any such Security or portion thereof. On presentation and surrender of such Securities on or after the date fixed for redemption at the place of payment specified in the notice, said Securities shall be paid and redeemed at the applicable redemption price for such series, together with interest accrued thereon to, but excluding, the date fixed for redemption (but if the date fixed for redemption is an Interest Payment Date, the interest installment payable on such date shall be payable to the registered holder at the close of business on the applicable record date pursuant to Section 2.03).

 

(b)            Upon presentation of any Security of such series that is to be redeemed in part only, the Company shall execute and the Trustee shall authenticate and the office or agency where the Security is presented shall deliver to the Securityholder thereof, at the expense of the Company, a new Security of the same series of authorized denominations in principal amount equal to the unredeemed portion of the Security so presented.

 

Section 3.04     Sinking Fund.

 

The provisions of Sections 3.04, 3.05 and 3.06 shall be applicable to any sinking fund for the retirement of Securities of a series, except as otherwise specified as contemplated by Section 2.01 for Securities of such series.

 

The minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as an “optional sinking fund payment”. If provided for by the terms of Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 3.05. Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of such series.

 

Section 3.05    Satisfaction of Sinking Fund Payments with Securities.

 

The Company (i) may deliver Outstanding Securities of a series and (ii) may apply as a credit Securities of a series that have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part of any sinking fund payment with respect to the Securities of such series required to be made pursuant to the terms of such Securities as provided for by the terms of such series, provided that such Securities have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the redemption price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly.

 

Section 3.06    Redemption of Securities for Sinking Fund.

 

Not less than 45 days prior to each sinking fund payment date for any series of Securities (unless a shorter period shall be satisfactory to the Trustee), the Company will deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of the series, the portion thereof, if any, that is to be satisfied by delivering and crediting Securities of that series pursuant to Section 3.05 and the basis for such credit and will, together with such Officer’s Certificate, deliver to the Trustee any Securities to be so delivered. Not less than 30 days before each such sinking fund payment date the Securities to be redeemed upon such sinking fund payment date shall be selected in the manner specified in Section 3.02 and the Company shall cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 3.02. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Section 3.03.

 

ARTICLE 4 

    COVENANTS

 

Section 4.01    Payment of Principal, Premium and Interest.

 

The Company will duly and punctually pay or cause to be paid the principal of (and premium, if any) and interest on the Securities of that series at the time and place and in the manner provided herein and established with respect to such Securities. Payments of principal on the Securities may be made at the time provided herein and established with respect to such Securities by U.S. dollar check drawn on and mailed to the address of the Securityholder entitled thereto as such address shall appear in the Security Register, or U.S. dollar wire transfer to, a U.S. dollar account if such Securityholder shall have furnished wire instructions to the Trustee no later than 15 days prior to the relevant payment date. Payments of interest on the Securities may be made at the time provided herein and established with respect to such Securities by U.S. dollar check mailed to the address of the Securityholder entitled thereto as such address shall appear in the Security Register, or U.S. dollar wire transfer to, a U.S. dollar account if such Securityholder shall have furnished wire instructions in writing to the Security Registrar and the Trustee No later than 15 days prior to the relevant payment date.

 

Section 4.02    Maintenance of Office or Agency.

 

So long as any series of the Securities remain Outstanding, the Company agrees to maintain an office or agency with respect to each such series and at such other location or locations as may be designated as provided in this Section 4.02, where (i) Securities of that series may be presented for payment, (ii) Securities of that series may be presented as herein above authorized for registration of transfer and exchange, and (iii) notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be given or served, such designation to continue with respect to such office or agency until the Company shall, by written notice signed by any officer authorized to sign an Officer’s Certificate and delivered to the Trustee, designate some other office or agency for such purposes or any of them. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, notices and demands. The Company initially appoints the Corporate Trust Office of the Trustee as its paying agent with respect to the Securities.

 

Section 4.03    Paying Agents.

 

(a)            If the Company shall appoint one or more paying agents for all or any series of the Securities, other than the Trustee, the Company will cause each such paying agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section:

 

(1)            that it will hold all sums held by it as such agent for the payment of the principal of (and premium, if any) or interest on the Securities of that series (whether such sums have been paid to it by the Company or by any other obligor of such Securities) in trust for the benefit of the Persons entitled thereto;

 

(2)            that it will give the Trustee notice of any failure by the Company (or by any other obligor of such Securities) to make any payment of the principal of (and premium, if any) or interest on the Securities of that series when the same shall be due and payable;

 

(3)            that it will, at any time during the continuance of any failure referred to in the preceding paragraph (a)(2) above, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such paying agent; and

 

(4)            that it will perform all other duties of paying agent as set forth in this Indenture.

 

(b)            If the Company shall act as its own paying agent with respect to any series of the Securities, it will on or before each due date of the principal of (and premium, if any) or interest on Securities of that series, set aside, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay such principal (and premium, if any) or interest so becoming due on Securities of that series until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of such action, or any failure (by it or any other obligor on such Securities) to take such action. Whenever the Company shall have one or more paying agents for any series of Securities, it will, prior to each due date of the principal of (and premium, if any) or interest on any Securities of that series, deposit with the paying agent a sum sufficient to pay the principal (and premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium or interest, and (unless such paying agent is the Trustee) the Company will promptly notify the Trustee of this action or failure so to act.

 

(c)            Notwithstanding anything in this Section to the contrary, (i) the agreement to hold sums in trust as provided in this Section is subject to the provisions of Section 11.05, and (ii) the Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or direct any paying agent to pay, to the Trustee all sums held in trust by the Company or such paying agent, such sums to be held by the Trustee upon the same terms and conditions as those upon which such sums were held by the Company or such paying agent; and, upon such payment by the Company or any paying agent to the Trustee, the Company or such paying agent shall be released from all further liability with respect to such money.

 

Section 4.04    Appointment to Fill Vacancy in Office of Trustee.

 

The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.10, a Trustee, so that there shall at all times be a Trustee hereunder.

 

 

 

 

ARTICLE 5 

    SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE

 

Section 5.01    Company to Furnish Trustee Names and Addresses of Securityholders.

 

The Company will furnish or cause to be furnished to the Trustee (a) within 15 days after each regular record date (as defined in Section 2.03) a list, in such form as the Trustee may reasonably require, of the names and addresses of the holders of each series of Securities as of such regular record date, provided that the Company shall not be obligated to furnish or cause to furnish such list at any time that the list shall not differ in any respect from the most recent list furnished to the Trustee by the Company and (b) at such other times as the Trustee may request in writing within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; provided, however, that, in either case, No such list need be furnished for any series for which the Trustee shall be the Security Registrar.

 

Section 5.02    Preservation of Information; Communications with Securityholders.

 

(a)            The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the holders of Securities contained in the most recent list furnished to it as provided in Section 5.01 and as to the names and addresses of holders of Securities received by the Trustee in its capacity as Security Registrar (if acting in such capacity).

 

(b)            The Trustee may destroy any list furnished to it as provided in Section 5.01 upon receipt of a new list so furnished.

 

(c)            Securityholders may communicate as provided in Section 312(b) of the Trust Indenture Act with other Securityholders with respect to their rights under this Indenture or under the Securities, and, in connection with any such communications, the Trustee shall satisfy its obligations under Section 312(b) of the Trust Indenture Act in accordance with the provisions of Section 312(b) of the Trust Indenture Act.

 

Section 5.03    Reports by the Company.

 

(a)            The Company will at all times comply with Section 314(a) of the Trust Indenture Act. The Company covenants and agrees to provide (which delivery may be via electronic mail) to the Trustee within 30 days, after the Company files the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) that the Company is required to file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act; provided, however, the Company shall not be required to deliver to the Trustee any correspondence filed with the Commission or any materials for which the Company has sought and received confidential treatment by the Commission; and provided further, that so long as such filings by the Company are available on the Commission’s Electronic Data Gathering, Analysis and Retrieval System (EDGAR), or any successor system, such filings shall be deemed to have been filed with the Trustee for purposes hereof without any further action required by the Company. For the avoidance of doubt, a failure by the Company to file annual reports, information and other reports with the Commission within the time period prescribed thereof by the Commission shall not be deemed a breach of this Section 5.03.

 

(b)            Delivery of reports, information and documents to the Trustee under Section 5.03 is for informational purposes only and the information and the Trustee’s receipt of the foregoing shall not constitute constructive notice of any information contained therein, or determinable from information contained therein including the Company’s compliance with any of their covenants thereunder (as to which the Trustee is entitled to rely exclusively on an Officer’s Certificate). The Trustee is under No duty to examine any such reports, information or documents delivered to the Trustee or filed with the Commission via EDGAR to ensure compliance with the provision of this Indenture or to ascertain the correctness or otherwise of the information or the statements contained therein. The Trustee shall have No responsibility or duty whatsoever to ascertain or determine whether the above referenced filings with the Commission on EDGAR (or any successor system) has occurred.

 

Section 5.04    Reports by the Trustee.

 

(a)            If required by Section 313(a) of the Trust Indenture Act, the Trustee, within sixty (60) days after each May 1, shall send to the Securityholders a brief report dated as of such May 1, which complies with Section 313(a) of the Trust Indenture Act.

 

(b)            The Trustee shall comply with Section 313(b) and 313(c) of the Trust Indenture Act.

 

(c)            A copy of each such report shall, at the time of such transmission to Securityholders, be filed by the Trustee with the Company, with each securities exchange upon which any Securities are listed (if so listed) and also with the Commission. The Company agrees to notify the Trustee when any Securities become listed on any securities exchange.

 

ARTICLE 6 

    REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT

 

Section 6.01    Events of Default.

 

(a)            Whenever used herein with respect to Securities of a particular series, “Event of Default” means any one or more of the following events that has occurred and is continuing:

 

(1)            the Company defaults in the payment of any installment of interest upon any of the Securities of that series, as and when the same shall become due and payable, and such default continues for a period of 90 days; provided, however, that a valid extension of an interest payment period by the Company in accordance with the terms of any indenture supplemental hereto shall not constitute a default in the payment of interest for this purpose;

 

(2)            the Company defaults in the payment of the principal of (or premium, if any, on) any of the Securities of that series as and when the same shall become due and payable whether at maturity, upon redemption, by declaration or otherwise, or in any payment required by any sinking or analogous fund established with respect to that series; provided, however, that a valid extension of the maturity of such Securities in accordance with the terms of any indenture supplemental hereto shall not constitute a default in the payment of principal or premium, if any;

 

(3)            the Company fails to observe or perform any other of its covenants or agreements with respect to that series contained in this Indenture or otherwise established with respect to that series of Securities pursuant to Section 2.01 hereof (other than a covenant or agreement that has been expressly included in this Indenture solely for the benefit of one or more series of Securities other than such series) for a period of 90 days after the date on which written notice of such failure, requiring the same to be remedied and stating that such notice is a “Notice of Default” hereunder, shall have been given to the Company by the Trustee, by registered or certified mail, or to the Company and the Trustee by the holders of not less than a majority in principal amount of the Securities of that series at the time Outstanding;

 

(4)            the Company pursuant to or within the meaning of any Bankruptcy Law (i) commences a voluntary case, (ii) consents to the entry of an order for relief against it in an involuntary case, (iii) consents to the appointment of a Custodian of it or for all or substantially all of its property or (iv) makes a general assignment for the benefit of its creditors; or

 

(5)            a court of competent jurisdiction enters an order under any Bankruptcy Law that (i) is for relief against the Company in an involuntary case, (ii) appoints a Custodian of the Company for all or substantially all of its property or (iii) orders the liquidation of the Company, and the order or decree remains unstayed and in effect for 90 days.

 

(b)            In each and every such case (other than an Event of Default specified in clause (4) or clause (5) above), unless the principal of all the Securities of that series shall have already become due and payable, either the Trustee or the holders of not less than a majority in aggregate principal amount of the Securities of that series then Outstanding hereunder, by notice in writing to the Company (and to the Trustee if given by such Securityholders), may declare the principal of (and premium, if any, on) and accrued and unpaid interest on all the Securities of that series to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable. If an Event of Default specified in clause (4) or clause (5) above occurs, the principal of and accrued and unpaid interest on all the Securities of that series shall automatically be immediately due and payable without any declaration or other act on the part of the Trustee or the holders of the Securities.

 

(c)            At any time after the principal of (and premium, if any, on) and accrued and unpaid interest on the Securities of that series shall have been so declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, the holders of a majority in aggregate principal amount of the Securities of that series then Outstanding hereunder, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: (i) the Company has paid or deposited with the Trustee a sum sufficient to pay all matured installments of interest upon all the Securities of that series and the principal of (and premium, if any, on) any and all Securities of that series that shall have become due otherwise than by acceleration (with interest upon such principal and premium, if any, and, to the extent that such payment is enforceable under applicable law, upon overdue installments of interest, at the rate per annum expressed in the Securities of that series to the date of such payment or deposit) and the amount payable to the Trustee under Section 7.06, and (ii) any and all Events of Default under the Indenture with respect to such series, other than the nonpayment of principal on (and premium, if any, on) and accrued and unpaid interest on Securities of that series that shall not have become due by their terms, shall have been remedied or waived as provided in Section 6.06.

 

No such rescission and annulment shall extend to or shall affect any subsequent default or impair any right consequent thereon.

 

(d)            In case the Trustee shall have proceeded to enforce any right with respect to Securities of that series under this Indenture and such proceedings shall have been discontinued or abandoned because of such rescission or annulment or for any other reason or shall have been determined adversely to the Trustee, then and in every such case, subject to any determination in such proceedings, the Company and the Trustee shall be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers of the Company and the Trustee shall continue as though No such proceedings had been taken.

 

Section 6.02    Collection of Indebtedness and Suits for Enforcement by Trustee.

 

(a)            The Company covenants that (i) in case it shall default in the payment of any installment of interest on any of the Securities of a series, or in any payment required by any sinking or analogous fund established with respect to that series as and when the same shall have become due and payable, and such default shall have continued for a period of 90 days, or (ii) in case it shall default in the payment of the principal of (or premium, if any, on) any of the Securities of a series when the same shall have become due and payable, whether upon maturity of the Securities of a series or upon redemption or upon declaration or otherwise then, upon demand of the Trustee, the Company will pay to the Trustee, for the benefit of the holders of the Securities of that series, the whole amount that then shall have been become due and payable on all such Securities for principal (and premium, if any) or interest, or both, as the case may be, with interest upon the overdue principal (and premium, if any) and (to the extent that payment of such interest is enforceable under applicable law) upon overdue installments of interest at the rate per annum expressed in the Securities of that series; and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, and the amount payable to the Trustee under Section 7.06.

 

(b)            If the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceeding to judgment or final decree, and may enforce any such judgment or final decree against the Company or other obligor upon the Securities of that series and collect the moneys adjudged or decreed to be payable in the manner provided by law or equity out of the property of the Company or other obligor upon the Securities of that series, wherever situated.

 

(c)            In case of any receivership, insolvency, liquidation, bankruptcy, reorganization, readjustment, arrangement, composition or judicial proceedings affecting the Company, or its creditors or property, the Trustee shall have power to intervene in such proceedings and take any action therein that may be permitted by the court and shall (except as may be otherwise provided by law) be entitled to file such proofs of claim and other papers and documents as may be necessary or advisable in order to have the claims of the Trustee and of the holders of Securities of such series allowed for the entire amount due and payable by the Company under the Indenture at the date of institution of such proceedings and for any additional amount that may become due and payable by the Company after such date, and to collect and receive any moneys or other property payable or deliverable on any such claim, and to distribute the same after the deduction of the amount payable to the Trustee under Section 7.06; and any receiver, assignee or trustee in bankruptcy or reorganization is hereby authorized by each of the holders of Securities of such series to make such payments to the Trustee, and, in the event that the Trustee shall consent to the making of such payments directly to such Securityholders, to pay to the Trustee any amount due it under Section 7.06.

 

(d)            All rights of action and of asserting claims under this Indenture, or under any of the terms established with respect to Securities of that series, may be enforced by the Trustee without the possession of any of such Securities, or the production thereof at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for payment to the Trustee of any amounts due under Section 7.06, be for the ratable benefit of the holders of the Securities of such series.

 

In case of an Event of Default hereunder, the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either at law or in equity or in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in the Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law.

 

Nothing contained herein shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Securityholder any plan of reorganization, arrangement, adjustment or composition affecting the Securities of that series or the rights of any Securityholder thereof or to authorize the Trustee to vote in respect of the claim of any Securityholder in any such proceeding.

 

Section 6.03    Application of Moneys Collected.

 

Any moneys collected by the Trustee pursuant to this Article with respect to a particular series of Securities shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such moneys on account of principal (or premium, if any) or interest, upon presentation of the Securities of that series, and notation thereon of the payment, if only partially paid, and upon surrender thereof if fully paid:

 

FIRST: To the payment of costs and expenses of collection and of all amounts payable to the Trustee under Section 7.06;

 

SECOND: To the payment of all indebtedness of the Company to which such series of Securities is subordinated to the extent required by Section 7.06 and any subordination terms of the series specified as contemplated by Article Fourteen;

 

THIRD: To the payment of the amounts then due and unpaid upon Securities of such series for principal (and premium, if any) and interest, in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal (and premium, if any) and interest, respectively; and

 

FOURTH: To the payment of the remainder, if any, to the Company or any other Person lawfully entitled thereto.

 

Section 6.04    Limitation on Suits.

 

No holder of any Security of any series shall have any right by virtue or by availing of any provision of this Indenture to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless (i) such Securityholder previously shall have given to the Trustee written notice of an Event of Default and of the continuance thereof with respect to the Securities of such series specifying such Event of Default, as hereinbefore provided; (ii) the holders of not less than 25% in aggregate principal amount of the Securities of such series then Outstanding shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder; (iii) such Securityholder or Securityholders shall have offered to the Trustee indemnity satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request; (iv) the Trustee for 90 days after its receipt of such notice, request and offer of indemnity, shall have failed to institute any such action, suit or proceeding and (v) during such 90 day period, the holders of a majority in principal amount of the Securities of that series do not give the Trustee a direction inconsistent with the request.

 

Notwithstanding anything contained herein to the contrary or any other provisions of this Indenture, the right of any holder of any Security to receive payment of the principal of (and premium, if any) and interest on such Security, as therein provided, on or after the respective due dates expressed in such Security (or in the case of redemption, on the redemption date), or to institute suit for the enforcement of any such payment on or after such respective dates or redemption date, shall not be impaired or affected without the consent of such holder and by accepting a Security hereunder it is expressly understood, intended and covenanted by the taker and holder of every Security of such series with every other such taker and holder and the Trustee, that No one or more holders of Securities of such series shall have any right in any manner whatsoever by virtue or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of the holders of any other of such Securities, or to obtain or seek to obtain priority over or preference to any other such holder, or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all holders of Securities of such series. For the protection and enforcement of the provisions of this Section, each and every Securityholder and the Trustee shall be entitled to such relief as can be given either at law or in equity.

 

Section 6.05    Rights and Remedies Cumulative; Delay or Omission Not Waiver.

 

(a)           Except as otherwise provided in Section 2.07, all powers and remedies given by this Article to the Trustee or to the Securityholders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any other powers and remedies available to the Trustee or the holders of the Securities, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture or otherwise established with respect to such Securities.

 

(b)            No delay or omission of the Trustee or of any holder of any of the Securities to exercise any right or power accruing upon any Event of Default occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such default or an acquiescence therein; and, subject to the provisions of Section 6.04, every power and remedy given by this Article or by law to the Trustee or the Securityholders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Securityholders.

 

Section 6.06    Control by Securityholders.

 

The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding, determined in accordance with Section 8.04, shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee with respect to such series; provided, however, that such direction shall not be in conflict with any rule of law or with this Indenture or subject the Trustee in its sole discretion to personal liability. Subject to the provisions of Section 7.01, the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer or officers of the Trustee, determine that the proceeding so directed, subject to the Trustee’s duties under the Trust Indenture Act, would involve the Trustee in personal liability or might be unduly prejudicial to the Securityholders not involved in the proceeding. The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding affected thereby, determined in accordance with Section 8.04, may on behalf of the holders of all of the Securities of such series waive any past default in the performance of any of the covenants contained herein or established pursuant to Section 2.01 with respect to such series and its consequences, except a default in the payment of the principal of, or premium, if any, or interest on, any of the Securities of that series as and when the same shall become due by the terms of such Securities otherwise than by acceleration (unless such default has been cured and a sum sufficient to pay all matured installments of interest and principal and any premium has been deposited with the Trustee (in accordance with Section 6.01(c)). Upon any such waiver, the default covered thereby shall be deemed to be cured for all purposes of this Indenture and the Company, the Trustee and the holders of the Securities of such series shall be restored to their former positions and rights hereunder, respectively; but No such waiver shall extend to any subsequent or other default or impair any right consequent thereon.

 

Section 6.07    Undertaking to Pay Costs.

 

All parties to this Indenture agree, and each holder of any Securities by such holder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Trustee, to any suit instituted by any Securityholder, or group of Securityholders, holding more than 10% in aggregate principal amount of the Outstanding Securities of any series, or to any suit instituted by any Securityholder for the enforcement of the payment of the principal of (or premium, if any) or interest on any Security of such series, on or after the respective due dates expressed in such Security or established pursuant to this Indenture.

 

ARTICLE 7 

    CONCERNING THE TRUSTEE

 

Section 7.01    Certain Duties and Responsibilities of Trustee.

 

(a)           The Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing of all Events of Default with respect to the Securities of that series that may have occurred, shall undertake to perform with respect to the Securities of such series such duties and only such duties as are specifically set forth in this Indenture, and No implied covenants shall be read into this Indenture against the Trustee. In case an Event of Default with respect to the Securities of a series has occurred (that has not been cured or waived), the Trustee shall exercise with respect to Securities of that series such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his or her own affairs.

 

(b)            No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that:

 

(i)            prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing or waiving of all such Events of Default with respect to that series that may have occurred:

 

(A)            the duties and obligations of the Trustee shall with respect to the Securities of such series be determined solely by the express provisions of this Indenture, and the Trustee shall not be liable with respect to the Securities of such series except for the performance of such duties and obligations as are specifically set forth in this Indenture, and No implied covenants or obligations shall be read into this Indenture against the Trustee; and

 

(B)            in the absence of bad faith on the part of the Trustee, the Trustee may with respect to the Securities of such series conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions that by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture;

 

(ii)           the Trustee shall not be liable to any Securityholder or to any other Person for any error of judgment made in good faith by a Responsible Officer or Responsible Officers of the Trustee, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts;

 

(iii)         the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the holders of not less than a majority in principal amount of the Securities of any series at the time Outstanding relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee under this Indenture with respect to the Securities of that series;

 

(iv)          none of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers if there is reasonable ground for believing that the repayment of such funds or liability is not reasonably assured to it under the terms of this Indenture or adequate indemnity against such risk is not reasonably assured to it;

 

(v)           The Trustee shall not be required to give any bond or surety in respect of the performance of its powers or duties hereunder;

 

(vi)          The permissive right of the Trustee to do things enumerated in this Indenture shall not be construed as a duty of the Trustee; and

 

(vii)         No Trustee shall have any duty or responsibility for any act or omission of any other Trustee appointed with respect to a series of Securities hereunder.

 

Section 7.02    Certain Rights of Trustee.

 

Except as otherwise provided in Section 7.01:

 

(a)           The Trustee may conclusively rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, security or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties;

 

(b)           Any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by a Board Resolution or an instrument signed in the name of the Company by any authorized Officer of the Company (unless other evidence in respect thereof is specifically prescribed herein);

 

(c)           The Trustee may consult with counsel and the opinion or written advice of such counsel or, if requested, any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted hereunder in good faith and in reliance thereon;

 

(d)           The Trustee shall be under No obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or direction of any of the Securityholders pursuant to the provisions of this Indenture, unless such Securityholders shall have offered to the Trustee security or indemnity reasonably acceptable to the Trustee against the costs, expenses and liabilities that may be incurred therein or thereby; nothing contained herein shall, however, relieve the Trustee of the obligation, upon the occurrence of an Event of Default with respect to a series of the Securities (that has not been cured or waived), to exercise with respect to Securities of that series such of the rights and powers vested in it by this Indenture, and to use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his or her own affairs;

 

(e)            The Trustee shall not be liable for any action taken or omitted to be taken by it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture;

 

(f)            The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, security, or other papers or documents or inquire as to the performance by the Company of one of its covenants under this Indenture, unless requested in writing so to do by the holders of not less than a majority in principal amount of the Outstanding Securities of the particular series affected thereby (determined as provided in Section 8.04); provided, however, that if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require security or indemnity reasonably acceptable to the Trustee against such costs, expenses or liabilities as a condition to so proceeding. The reasonable expense of every such examination shall be paid by the Company or, if paid by the Trustee, shall be repaid by the Company upon demand;

 

(g)          The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder;

 

(h)           In No event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances;

 

(i)            In No event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action; and

 

(j)            The Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods; provided, however, that such instructions or directions shall be signed by an authorized representative of the party providing such instructions or directions. If the party elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The party providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties. The Trustee may request that the Company deliver an Officer’s Certificate setting forth the names of individuals and/or titles of officers authorized at such time to furnish the Trustee with Officer’s Certificates, Company Orders and any other matters or directions pursuant to this Indenture;

 

(k)            The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder and under the Securities, and each agent, custodian or other person employed to act under this Indenture; and

 

(l)            The Trustee shall not be deemed to have knowledge of any Default or Event of Default (other than an Event of Default constituting the failure to pay the interest on, or the principal of, the Securities if the Trustee also serves as the paying agent for such Securities) until the Trustee shall have received written notification in the manner set forth in this Indenture or a Responsible Officer of the Trustee shall have obtained actual knowledge.

 

Section 7.03    Trustee Not Responsible for Recitals or Issuance or Securities.

 

(a)           The recitals contained herein and in the Securities shall be taken as the statements of the Company, and the Trustee assumes No responsibility for the correctness of the same. The Trustee shall not be responsible for any statement in any registration statement, prospectus, or any other document in connection with the sale of Securities. The Trustee shall not be responsible for any rating on the Securities or any action or omission of any rating agency.

 

(b)           The Trustee makes No representations as to the validity or sufficiency of this Indenture or of the Securities.

 

(c)           The Trustee shall not be accountable for the use or application by the Company of any of the Securities or of the proceeds of such Securities, or for the use or application of any moneys paid over by the Trustee in accordance with any provision of this Indenture or established pursuant to Section 2.01, or for the use or application of any moneys received by any paying agent other than the Trustee.

 

Section 7.04    May Hold Securities.

 

The Trustee or any paying agent or Security Registrar, in its individual or any other capacity, may become the owner or pledgee of Securities with the same rights it would have if it were not Trustee, paying agent or Security Registrar.

 

Section 7.05    Moneys Held in Trust.

 

Subject to the provisions of Section 11.05, all moneys received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by law. The Trustee shall be under No liability for interest on any moneys received by it hereunder except such as it may agree with the Company to pay thereon.

 

Section 7.06    Compensation and Reimbursement.

 

(a)            The Company shall pay to the Trustee for each of its capacities hereunder from time to time compensation for its services as the Company and the Trustee shall from time to time agree upon in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred by it. Such expenses shall include the reasonable compensation and expenses of the Trustee’s agents and counsel.

 

(b)           The Company shall indemnify each of the Trustee in each of its capacities hereunder against any loss, liability or expense (including the cost of defending itself and including the reasonable compensation and expenses of the Trustee’s agents and counsel) incurred by it except as set forth in Section 7.06(c) in the exercise or performance of its powers, rights or duties under this Indenture as Trustee or Agent. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. The Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have one separate counsel and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. This indemnification shall apply to officers, directors, employees, shareholders and agents of the Trustee.

 

(c)           The Company need not reimburse any expense or indemnify against any loss or liability incurred by the Trustee or by any officer, director, employee, shareholder or agent of the Trustee through negligence or bad faith.

 

(d)           To ensure the Company’s payment obligations in this Section, the Trustee shall have a lien prior to the Securities on all funds or property held or collected by the Trustee, except that held in trust to pay principal of or interest on particular Securities. When the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 6.01(4) or (5), the expenses (including the reasonable fees and expenses of its counsel) and the compensation for services in connection therewith are to constitute expenses of administration under any bankruptcy law. The provisions of this Section 7.06 shall survive the termination of this Indenture and the resignation or removal of the Trustee.

 

Section 7.07    Reliance on Officer’s Certificate.

 

Except as otherwise provided in Section 7.01, whenever in the administration of the provisions of this Indenture the Trustee shall deem it reasonably necessary or desirable that a matter be proved or established prior to taking or suffering or omitting to take any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and established by an Officer’s Certificate delivered to the Trustee and such certificate, in the absence of negligence or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted to be taken by it under the provisions of this Indenture upon the faith thereof.

 

Section 7.08    Disqualification; Conflicting Interests.

 

If the Trustee has or shall acquire any “conflicting interest” within the meaning of Section 310(b) of the Trust Indenture Act, the Trustee and the Company shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act.

 

Section 7.09    Corporate Trustee Required; Eligibility.

 

There shall at all times be a Trustee with respect to the Securities issued hereunder which shall at all times be a corporation organized and doing business under the laws of the United States of America or any state or territory thereof or of the District of Columbia, or a corporation or other Person permitted to act as trustee by the Commission, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least fifty million U.S. dollars ($50,000,000), and subject to supervision or examination by federal, state, territorial, or District of Columbia authority.

 

If such corporation or other Person publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation or other Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Company may not, nor may any Person directly or indirectly controlling, controlled by, or under common control with the Company, serve as Trustee. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 7.10.

 

Section 7.10    Resignation and Removal; Appointment of Successor.

 

(a)           The Trustee or any successor hereafter appointed may at any time resign with respect to the Securities of one or more series by giving written notice thereof to the Company and the Securityholders of such series. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee with respect to Securities of such series by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If No successor trustee shall have been so appointed and have accepted appointment within 30 days after the sending of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee with respect to Securities of such series, or any Securityholder of that series who has been a bona fide holder of a Security or Securities for at least six months may on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.

 

(b)           In case at any time any one of the following shall occur:

 

(i)              the Trustee shall fail to comply with the provisions of Section 7.08 after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Security or Securities for at least six months; or

 

(ii)            the Trustee shall cease to be eligible in accordance with the provisions of Section 7.09 and shall fail to resign after written request therefor by the Company or by any such Securityholder; or

 

(iii)           the Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy proceeding, or a receiver of the Trustee or of its property shall be appointed or consented to, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation;

 

then, in any such case, the Company may remove the Trustee with respect to all Securities and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or any Securityholder who has been a bona fide holder of a Security or Securities for at least six months may, on behalf of that holder and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee. Such court may thereupon after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee.

 

(c)           The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding may at any time remove the Trustee with respect to such series by so notifying the Trustee and the Company and may appoint a successor Trustee for such series with the consent of the Company.

 

(d)           Any resignation or removal of the Trustee and appointment of a successor trustee with respect to the Securities of a series pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.11.

 

(e)           Any successor trustee appointed pursuant to this Section may be appointed with respect to the Securities of one or more series or all of such series, and at any time there shall be only one Trustee with respect to the Securities of any particular series.

 

Section 7.11    Acceptance of Appointment by Successor.

 

(a)            In case of the appointment hereunder of a successor trustee with respect to all Securities, every such successor trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor trustee, such retiring Trustee shall, upon payment of any amounts due to it pursuant to the provisions of Section 7.06, execute and deliver an instrument transferring to such successor trustee all the rights, powers, and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor trustee all property and money held by such retiring Trustee hereunder.

 

(b)            In case of the appointment hereunder of a successor trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and each successor trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor trustee shall accept such appointment and which (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor trustee relates, (ii) shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (iii) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust, that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee and that No Trustee shall be responsible for any act or failure to act on the part of any other Trustee hereunder; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein, such retiring Trustee shall with respect to the Securities of that or those series to which the appointment of such successor trustee relates have No further responsibility for the exercise of rights and powers or for the performance of the duties and obligations vested in the Trustee under this Indenture, and each such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor trustee relates; but, on request of the Company or any successor trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor trustee, to the extent contemplated by such supplemental indenture, the property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor trustee relates.

 

(c)           Upon request of any such successor trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section, as the case may be.

 

(d)           No successor trustee shall accept its appointment unless at the time of such acceptance such successor trustee shall be qualified and eligible under this Article.

 

(e)           Upon acceptance of appointment by a successor trustee as provided in this Section, the Company shall send notice of the succession of such trustee hereunder to the Securityholders. If the Company fails to send such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be sent at the expense of the Company.

 

Section 7.12    Merger, Conversion, Consolidation or Succession to Business.

 

Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, including the administration of the trust created by this Indenture, shall be the successor of the Trustee hereunder, provided that such corporation shall be qualified under the provisions of Section 7.08 and eligible under the provisions of Section 7.09, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities.

 

Section 7.13    Preferential Collection of Claims against the Company.

 

The Trustee shall comply with Section 311(a) of the Trust Indenture Act, excluding any creditor relationship described in Section 311(b) of the Trust Indenture Act. A Trustee who has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act to the extent included therein.

 

Section 7.14    Notice of Default.

 

If any Event of Default occurs and is continuing and if such Event of Default is known to a Responsible Officer of the Trustee, the Trustee shall send to each Securityholder in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act notice of the Event of Default within the earlier of 90 days after it occurs and 30 days after it is known to a Responsible Officer of the Trustee or written notice of it is received by the Trustee, unless such Event of Default has been cured; provided, however, that, except in the case of a default in the payment of the principal of (or premium, if any) or interest on any Security, the Trustee shall be protected in withholding such notice if and so long as the Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interest of the Securityholders.

 

ARTICLE 8 

    CONCERNING THE SECURITYHOLDERS

 

Section 8.01    Evidence of Action by Securityholders.

 

Whenever in this Indenture it is provided that the holders of a majority or specified percentage in aggregate principal amount of the Securities of a particular series may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action), the fact that at the time of taking any such action the holders of such majority or specified percentage of that series have joined therein may be evidenced by any instrument or any number of instruments of similar tenor executed by such holders of Securities of that series in person or by agent or proxy appointed in writing.

 

If the Company shall solicit from the Securityholders of any series any request, demand, authorization, direction, notice, consent, waiver or other action, the Company may, at its option, as evidenced by an Officer’s Certificate, fix in advance a record date for such series for the determination of Securityholders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other action, but the Company shall have No obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other action may be given before or after the record date, but only the Securityholders of record at the close of business on the record date shall be deemed to be Securityholders for the purposes of determining whether Securityholders of the requisite proportion of Outstanding Securities of that series have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other action, and for that purpose the Outstanding Securities of that series shall be computed as of the record date; provided, however, that No such authorization, agreement or consent by such Securityholders on the record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after the record date.

 

Section 8.02    Proof of Execution by Securityholders.

 

Subject to the provisions of Section 7.01, proof of the execution of any instrument by a Securityholder (such proof will not require notarization) or his or her agent or proxy and proof of the holding by any Person of any of the Securities shall be sufficient if made in the following manner:

 

(a)           The fact and date of the execution by any such Person of any instrument may be proved in any reasonable manner acceptable to the Trustee.

 

(b)           The ownership of Securities shall be proved by the Security Register of such Securities or by a certificate of the Security Registrar thereof.

 

The Trustee may require such additional proof of any matter referred to in this Section as it shall deem necessary.

 

Section 8.03    Who May be Deemed Owners.

 

Prior to the due presentment for registration of transfer of any Security, the Company, the Trustee, any paying agent and any Security Registrar may deem and treat the Person in whose name such Security shall be registered upon the books of the Security Registrar as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notice of ownership or writing thereon made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account of the principal of, premium, if any, and (subject to Section 2.03) interest on such Security and for all other purposes; and neither the Company nor the Trustee nor any paying agent nor any Security Registrar shall be affected by any notice to the contrary.

 

Section 8.04    Certain Securities Owned by Company Disregarded.

 

In determining whether the holders of the requisite aggregate principal amount of Securities of a particular series have concurred in any direction, consent or waiver under this Indenture, the Securities of that series that are owned by the Company or any other obligor on the Securities of that series or by any Person directly or indirectly controlling or controlled by or under common control with the Company or any other obligor on the Securities of that series shall be disregarded and deemed not to be Outstanding for the purpose of any such determination, except that for the purpose of determining whether the Trustee shall be protected in relying on any such direction, consent or waiver, only Securities of such series that the Trustee actually knows are so owned shall be so disregarded. The Securities so owned that have been pledged in good faith may be regarded as Outstanding for the purposes of this Section, if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not a Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any such other obligor. In case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee.

 

Section 8.05    Actions Binding on Future Securityholders.

 

At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 8.01, of the taking of any action by the holders of the majority or percentage in aggregate principal amount of the Securities of a particular series specified in this Indenture in connection with such action, any holder of a Security of that series that is shown by the evidence to be included in the Securities the holders of which have consented to such action may, by filing written notice with the Trustee, and upon proof of holding as provided in Section 8.02, revoke such action so far as concerns such Security. Except as aforesaid any such action taken by the holder of any Security shall be conclusive and binding upon such holder and upon all future holders and owners of such Security, and of any Security issued in exchange therefor, on registration of transfer thereof or in place thereof, irrespective of whether or not any notation in regard thereto is made upon such Security. Any action taken by the holders of the majority or percentage in aggregate principal amount of the Securities of a particular series specified in this Indenture in connection with such action shall be conclusively binding upon the Company, the Trustee and the holders of all the Securities of that series.

 

ARTICLE 9 

    SUPPLEMENTAL INDENTURES

 

Section 9.01    Supplemental Indentures without the Consent of Securityholders.

 

In addition to any supplemental indenture otherwise authorized by this Indenture, the Company and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in effect), without the consent of the Securityholders, for one or more of the following purposes:

 

(a)           to cure any ambiguity, defect, or inconsistency herein or in the Securities of any series;

 

(b)           to comply with Article Ten;

 

(c)           to provide for uncertificated Securities in addition to or in place of certificated Securities;

 

(d)           to add to the covenants, restrictions, conditions or provisions relating to the Company for the benefit of the holders of all or any series of Securities (and if such covenants, restrictions, conditions or provisions are to be for the benefit of less than all series of Securities, stating that such covenants, restrictions, conditions or provisions are expressly being included solely for the benefit of such series), to make the occurrence, or the occurrence and the continuance, of a default in any such additional covenants, restrictions, conditions or provisions an Event of Default, or to surrender any right or power herein conferred upon the Company;

 

(e)           to add to, delete from, or revise the conditions, limitations, and restrictions on the authorized amount, terms, or purposes of issue, authentication, and delivery of Securities, as herein set forth;

 

(f)            to make any change that does not adversely affect the rights of any Securityholder in any material respect;

 

(g)           to provide for the issuance of and establish the form and terms and conditions of the Securities of any series as provided in Section 2.01, to establish the form of any certifications required to be furnished pursuant to the terms of this Indenture or any series of Securities, or to add to the rights of the holders of any series of Securities;

 

(h)           to evidence and provide for the acceptance of appointment hereunder by a successor trustee; or

 

(i)            to comply with any requirements of the Commission or any successor in connection with the qualification of this Indenture under the Trust Indenture Act.

 

The Trustee is hereby authorized to join with the Company in the execution of any such supplemental indenture, and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental indenture that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

 

Any supplemental indenture authorized by the provisions of this Section may be executed by the Company and the Trustee without the consent of the holders of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 9.02.

 

Section 9.02    Supplemental Indentures with Consent of Securityholders.

 

With the consent (evidenced as provided in Section 8.01) of the holders of not less than a majority in aggregate principal amount of the Securities of each series affected by such supplemental indenture or indentures at the time Outstanding, the Company, when authorized by a Board Resolution, and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in effect) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner not covered by Section 9.01 the rights of the holders of the Securities of such series under this Indenture; provided, however, that No such supplemental indenture shall, without the consent of the holders of each Security then Outstanding and affected thereby, (a) extend the fixed maturity of any Securities of any series, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce any premium payable upon the redemption thereof, (b) reduce the principal amount of any discount Security payable upon acceleration of maturity, (c) make the principal of or premium or interest on any Security payable in currency other than that stated in the Security, or (d) reduce the aforesaid percentage of Securities, the holders of which are required to consent to any such supplemental indenture.

 

It shall not be necessary for the consent of the Securityholders of any series affected thereby under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof.

 

Section 9.03    Effect of Supplemental Indentures.

 

Upon the execution of any supplemental indenture pursuant to the provisions of this Article or of Section 10.01, this Indenture shall, with respect to such series, be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the holders of Securities of the series affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes.

 

Section 9.04    Securities Affected by Supplemental Indentures.

 

Securities of any series affected by a supplemental indenture, authenticated and delivered after the execution of such supplemental indenture pursuant to the provisions of this Article or of Section 10.01, may bear a notation in form approved by the Company, provided such form meets the requirements of any securities exchange upon which such series may be listed, as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of that series so modified as to conform, in the opinion of the Board of Directors, to any modification of this Indenture contained in any such supplemental indenture may be prepared by the Company, authenticated by the Trustee and delivered in exchange for the Securities of that series then Outstanding.

 

Section 9.05    Execution of Supplemental Indentures.

 

Upon the request of the Company, accompanied by its Board Resolutions authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of Securityholders required to consent thereto as aforesaid, the Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion but shall not be obligated to enter into such supplemental indenture. The Trustee, subject to the provisions of Section 7.01, shall receive an Officer’s Certificate or an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant to this Article is authorized or permitted by the terms of this Article and that all conditions precedent to the execution of the supplemental indenture have been complied with; provided, however, that such Officer’s Certificate or Opinion of Counsel need not be provided in connection with the execution of a supplemental indenture that establishes the terms of a series of Securities pursuant to Section 2.01 hereof.

 

Promptly after the execution by the Company and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Company shall (or shall direct the Trustee to) send a notice, setting forth in general terms the substance of such supplemental indenture, to the Securityholders of all series affected thereby .as their names and addresses appear upon the Security Register. Any failure of the Company to send, or cause the sending of, such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture.

 

ARTICLE 10 

    SUCCESSOR ENTITY

 

Section 10.01    Company May Consolidate, Etc.

 

Nothing contained in this Indenture shall prevent any consolidation or merger of the Company with or into any other Person (whether or not affiliated with the Company) or successive consolidations or mergers in which the Company or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer or other disposition of the property of the Company or its successor or successors as an entirety, or substantially as an entirety, to any other Person (whether or not affiliated with the Company or its successor or successors); provided, however, the Company hereby covenants and agrees that, upon any such consolidation or merger (in each case, if the Company is not the survivor of such transaction) or any such sale, conveyance, transfer or other disposition (other than a sale, conveyance, transfer or other disposition to a Subsidiary of the Company), the due and punctual payment of the principal of (premium, if any) and interest on all of the Securities of all series in accordance with the terms of each series, according to their tenor, and the due and punctual performance and observance of all the covenants and conditions of this Indenture with respect to each series or established with respect to such series pursuant to Section 2.01 to be kept or performed by the Company shall be expressly assumed, by supplemental indenture (which shall conform to the provisions of the Trust Indenture Act, as then in effect) reasonably satisfactory in form to the Trustee executed and delivered to the Trustee by the entity formed by such consolidation, or into which the Company shall have been merged, or by the entity which shall have acquired such property.

 

Section 10.02    Successor Entity Substituted.

 

(a)           In case of any such consolidation, merger, sale, conveyance, transfer or other disposition and upon the assumption by the successor entity by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the obligations set forth under Section 10.01 on all of the Securities of all series Outstanding, such successor entity shall succeed to and be substituted for the Company with the same effect as if it had been named as the Company herein, and thereupon the predecessor corporation shall be relieved of all obligations and covenants under this Indenture and the Securities.

 

(b)           In case of any such consolidation, merger, sale, conveyance, transfer or other disposition, such changes in phraseology and form (but not in substance) may be made in the Securities thereafter to be issued as may be appropriate.

 

(c)           Nothing contained in this Article shall require any action by the Company in the case of a consolidation or merger of any Person into the Company where the Company is the survivor of such transaction, or the acquisition by the Company, by purchase or otherwise, of all or any part of the property of any other Person (whether or not affiliated with the Company).

 

ARTICLE 11 

    SATISFACTION AND DISCHARGE

 

Section 11.01    Satisfaction and Discharge of Indenture.

 

If at any time: (a) the Company shall have delivered to the Trustee for cancellation all Securities of a series theretofore authenticated and not delivered to the Trustee for cancellation (other than any Securities that shall have been destroyed, lost or stolen and that shall have been replaced or paid as provided in Section 2.07 and Securities for whose payment money or Governmental Obligations have theretofore been deposited in trust or segregated and held in trust by the Company and thereupon repaid to the Company or discharged from such trust, as provided in Section 11.05); or (b) all such Securities of a particular series not theretofore delivered to the Trustee for cancellation shall have become due and payable, or are by their terms to become due and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption, and the Company shall deposit or cause to be deposited with the Trustee as trust funds the entire amount in moneys or Governmental Obligations or a combination thereof, sufficient in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay at maturity or upon redemption all Securities of that series not theretofore delivered to the Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the Company shall also pay or cause to be paid all other sums payable hereunder with respect to such series by the Company then this Indenture shall thereupon cease to be of further effect with respect to such series except for the provisions of Sections 2.03, 2.05, 2.07, 4.01, 4.02, 4.03, 7.10, 11.05 and 13.04, that shall survive until the date of maturity or redemption date, as the case may be, and Sections 7.06 and 11.05, that shall survive to such date and thereafter, and the Trustee, on demand of the Company and at the cost and expense of the Company shall execute proper instruments acknowledging satisfaction of and discharging this Indenture with respect to such series.

 

Section 11.02    Discharge of Obligations.

 

If at any time all such Securities of a particular series not heretofore delivered to the Trustee for cancellation or that have not become due and payable as described in Section 11.01 shall have been paid by the Company by depositing irrevocably with the Trustee as trust funds moneys or an amount of Governmental Obligations sufficient to pay at maturity or upon redemption all such Securities of that series not theretofore delivered to the Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the Company shall also pay or cause to be paid all other sums payable hereunder by the Company with respect to such series, then after the date such moneys or Governmental Obligations, as the case may be, are deposited with the Trustee the obligations of the Company under this Indenture with respect to such series shall cease to be of further effect except for the provisions of Sections 2.03, 2.05, 2.07, 4,01, 4.02, 4,03, 7.06, 7.10, 11.05 and 13.04hereof that shall survive until such Securities shall mature and be paid.

 

Thereafter, Sections 7.06 and 11.05 shall survive.

 

Section 11.03    Deposited Moneys to be Held in Trust.

 

All moneys or Governmental Obligations deposited with the Trustee pursuant to Sections 11.01 or 11.02 shall be held in trust and shall be available for payment as due, either directly or through any paying agent (including the Company acting as its own paying agent), to the holders of the particular series of Securities for the payment or redemption of which such moneys or Governmental Obligations have been deposited with the Trustee.

 

Section 11.04    Payment of Moneys Held by Paying Agents.

 

In connection with the satisfaction and discharge of this Indenture all moneys or Governmental Obligations then held by any paying agent under the provisions of this Indenture shall, upon demand of the Company, be paid to the Trustee and thereupon such paying agent shall be released from all further liability with respect to such moneys or Governmental Obligations.

 

Section 11.05    Repayment to Company.

 

Any moneys or Governmental Obligations deposited with any paying agent or the Trustee, or then held by the Company, in trust for payment of principal of or premium, if any, or interest on the Securities of a particular series that are not applied but remain unclaimed by the holders of such Securities for at least two years after the date upon which the principal of (and premium, if any) or interest on such Securities shall have respectively become due and payable, or such other shorter period set forth in applicable escheat or abandoned or unclaimed property law, shall be repaid to the Company on May 31 of each year or upon the Company’s request or (if then held by the Company) shall be discharged from such trust; and thereupon the paying agent and the Trustee shall be released from all further liability with respect to such moneys or Governmental Obligations, and the holder of any of the Securities entitled to receive such payment shall thereafter, as a general creditor, look only to the Company for the payment thereof.

 

ARTICLE 12 

    IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

 

Section 12.01    No Recourse.

 

No recourse under or upon any obligation, covenant or agreement of this Indenture, or of any Security, or for any claim based thereon or otherwise in respect thereof, shall be had against any incorporator, stockholder, officer or director, past, present or future as such, of the Company or of any predecessor or successor corporation, either directly or through the Company or any such predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that this Indenture and the obligations issued hereunder are solely corporate obligations, and that No such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, stockholders, officers or directors as such, of the Company or of any predecessor or successor corporation, or any of them, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom; and that any and all such personal liability of every name and nature, either at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such incorporator, stockholder, officer or director as such, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom, are hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issuance of such Securities.

 

ARTICLE 13 

    MISCELLANEOUS PROVISIONS

 

Section 13.01    Effect on Successors and Assigns.

 

All the covenants, stipulations, promises and agreements in this Indenture made by or on behalf of the Company shall bind its successors and assigns, whether so expressed or not.

 

Section 13.02    Actions by Successor.

 

Any act or proceeding by any provision of this Indenture authorized or required to be done or performed by any board, committee or officer of the Company shall and may be done and performed with like force and effect by the corresponding board, committee or officer of any corporation that shall at the time be the lawful successor of the Company.

 

Section 13.03    Surrender of Company Powers.

 

The Company by instrument in writing executed by authority of its Board of Directors and delivered to the Trustee may surrender any of the powers reserved to the Company, and thereupon such power so surrendered shall terminate both as to the Company and as to any successor corporation.

 

Section 13.04    Notices.

 

Except as otherwise expressly provided herein, any notice, request or demand that by any provision of this Indenture is required or permitted to be given, made or served by the Trustee, the Security Registrar, any paying or other agent under this Indenture or by the holders of Securities or by any other Person pursuant to this Indenture to or on the Company may be given or served by being deposited in first class mail, postage prepaid, addressed (until another address is filed in writing by the Company with the Trustee), as follows:                                                                . Any notice, election, request or demand by the Company or any Securityholder or by any other Person pursuant to this Indenture to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or made in writing at the Corporate Trust Office of the Trustee.

 

Section 13.05    Governing Law; Jury Trial Waiver.

 

This Indenture and each Security shall be governed by, and construed in accordance with, the internal laws of the State of New York, except to the extent that the Trust Indenture Act is applicable.

 

EACH PARTY HERETO, AND EACH HOLDER OF A SECURITY BY ACCEPTANCE THEREOF, HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS INDENTURE.

 

Section 13.06    Treatment of Securities as Debt.

 

It is intended that the Securities will be treated as indebtedness and not as equity for federal income tax purposes. The provisions of this Indenture shall be interpreted to further this intention.

 

Section 13.07    Certificates and Opinions as to Conditions Precedent.

 

(a)            Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent provided for in this Indenture (other than the certificate to be delivered pursuant to Section 13.12) relating to the proposed action have been complied with and, if requested, an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent have been complied with, except that in the case of any such application or demand as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or demand, No additional certificate or opinion need be furnished.

 

(b)            Each certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant in this Indenture (other than the certificate to be delivered pursuant to Section 13.12 of this Indenture or Section 314(a)(1) of the Trust Indenture Act) shall include (i) a statement that the Person making such certificate or opinion has read such covenant or condition; (ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; (iii) a statement that, in the opinion of such Person, he has made such examination or investigation as is reasonably necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and (iv) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with.

 

Section 13.08    Payments on Business Days.

 

Except as provided pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established in one or more indentures supplemental to this Indenture, in any case where the date of maturity of interest or principal of any Security or the date of redemption of any Security shall not be a Business Day, then payment of interest or principal (and premium, if any) may be made on the next succeeding Business Day with the same force and effect as if made on the nominal date of maturity or redemption, and No interest shall accrue for the period after such nominal date.

 

Section 13.09    Conflict with Trust Indenture Act.

 

If and to the extent that any provision of this Indenture limits, qualifies or conflicts with the duties imposed by Section 318(c) of the Trust Indenture Act, such imposed duties shall control.

 

Section 13.10    Counterparts.

 

This Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

 

Section 13.11    Separability.

 

In case any one or more of the provisions contained in this Indenture or in the Securities of any series shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Indenture or of such Securities, but this Indenture and such Securities shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein.

 

Section 13.12    Compliance Certificates.

 

The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year during which any Securities of any series were outstanding, an officer’s certificate stating whether or not the signers know of any Event of Default that occurred during such fiscal year. Such certificate shall contain a certification from the principal executive officer, principal financial officer or principal accounting officer of the Company that a review has been conducted of the activities of the Company and the Company’s performance under this Indenture and that the Company has complied with all conditions and covenants under this Indenture. For purposes of this Section 13.12, such compliance shall be determined without regard to any period of grace or requirement of notice provided under this Indenture. If the officer of the Company signing such certificate has knowledge of such an Event of Default, the certificate shall describe any such Event of Default and its status.

 

Section 13.13    U.S.A Patriot Act.

 

The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act.

 

Section 13.14    Force Majeure.

 

In No event shall the Trustee, the Security Registrar, any paying agent or any other agent under this Indenture be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions or utilities, communications or computer (software and hardware) services; it being understood that the Trustee, the Security Registrar, any paying agent or any other agent under this Indenture shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

 

Section 13.15    Table of Contents; Headings.

 

The table of contents and headings of the articles and sections of this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof, and will not modify or restrict any of the terms or provisions hereof.

 

ARTICLE 14 

    SUBORDINATION OF SECURITIES

 

Section 14.01    Subordination Terms.

 

The payment by the Company of the principal of, premium, if any, and interest on any series of Securities issued hereunder shall be subordinated to the extent set forth in an indenture supplemental hereto relating to such Securities.

 

 

 

 

In Witness Whereof, the parties hereto have caused this Indenture to be duly executed all as of the day and year first above written.

 

 

	 	
			HireQuest, Inc.

			
	 	 
	 	
			By:                                                                                                                               

			
	 	 
	 	
			Name:                                                                                                                          

			
	 	 
	 	
			Title:                                                                                                                            

			
	 	 
	 	
			[              ], as Trustee

			
	 	 
	 	
			By:                                                                                                                               

			
	 	 
	 	
			Name:                                                                                                                          

			
	 	 
	 	
			Title:                                                                                                                            

			

 

 

 

 

 

CROSS-REFERENCE TABLE (1)

 

	
			Section of Trust Indenture Act of 1939, as Amended

				
			Section of Indenture

			
	
			310(a)

				
			7.09

			
	
			310(b)

				
			7.08

			
	 	
			7.10

			
	
			310(c)

				
			Inapplicable

			
	
			311(a)

				
			7.13

			
	
			311(b)

				
			7.13

			
	
			311(c)

				
			Inapplicable

			
	
			312(a)

				
			5.01

			
	 	
			5.02(a)

			
	
			312(b)

				
			5.02(c)

			
	
			312(c)

				
			5.02(c)

			
	
			313(a)

				
			5.04(a)

			
	
			313(b)

				
			5.04(b)

			
	
			313(c)

				
			5.04(a)

			
	 	
			5.04(b)

			
	
			313(d)

				
			5.04(c)

			
	
			314(a)

				
			5.03

			
	 	
			13.12

			
	
			314(b)

				
			Inapplicable

			
	
			314(c)

				
			13.07(a)

			
	
			314(d)

				
			Inapplicable

			
	
			314(e)

				
			13.07(b)

			
	
			314(f)

				
			Inapplicable

			
	
			315(a)

				
			7.01(a)

			
	 	
			7.01(b)

			
	
			315(b)

				
			7.14

			
	
			315(c)

				
			7.01

			
	
			315(d)

				
			7.01(b)

			
	
			315(e)

				
			6.07

			
	
			316(a)

				
			6.06

			
	 	
			8.04

			
	
			316(b)

				
			6.04

			
	
			316(c)

				
			8.01

			
	
			317(a)

				
			6.02

			
	
			317(b)

				
			4.03

			
	
			318(a)

				
			13.09

			

(1) This Cross-Reference Table does not constitute part of the Indenture and shall not have any bearing on the interpretation of any of its terms or provisions.Exhibit
10.1

 

ASSET
PURCHASE AGREEMENT

 

by
and between

 

APPLIED
BIOLOGY INC.

 

and

 

JUPITER
WELLNESS INC.

 

dated
as of

 

June
20, 2022

 

    	 

     

    

 

ASSET
PURCHASE AGREEMENT

 

This
ASSET PURCHASE AGREEMENT (this “Agreement”), dated as of June 20, 2022 is entered into by and between
Applied Biology Inc., a Wyoming corporation (“Seller”) and Jupiter Wellness, Inc., a Delaware corporation (“Buyer”).

 

RECITALS

 

WHEREAS,
Seller is engaged in the Business (as defined below);

 

WHEREAS,
Seller wishes to sell and assign to Buyer, and Buyer wishes to purchase and assume from Seller, the assets and liabilities used primarily
in the Business (other than the Excluded Assets (as defined in Section 2.02)), subject to the terms and conditions set forth herein (the
“Sale”);

 

WHEREAS,
as a condition and inducement to Buyer to enter into this Agreement, each Seller key employee will execute and deliver an employment
agreement with Buyer in the form attached hereto as Exhibit A (the “Employment Agreement”).

 

NOW,
THEREFORE, in consideration of the foregoing and the mutual covenants and agreements hereinafter set forth and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE
I

DEFINITIONS

 

The
following terms have the meanings specified or referred to in this Article I:

 

“Action”
means any action, appeal, petition, plea, charge, complaint, claim, suit, demand, litigation, grievance, arbitration, mediation, hearing,
inquiry, investigation or similar event, occurrence, or proceeding, including, without limitation, proceedings by or before any Governmental
Authority, arbitrator or mediator.

 

“Acquisition
Proposal” means, other than the transactions contemplated by this Agreement, any offer, proposal or inquiry relating to,
or any third party indication of interest in, relating to, in a single transaction or series of related transactions, any direct or indirect
(a) acquisition of more than 20% of the consolidated assets of Seller and its Subsidiaries taken as a whole (based on the fair market
value thereof), including through the acquisition of one or more Subsidiaries of Seller owning such assets, (b) acquisition of beneficial
ownership (as defined in Rule 12d-3 under the Exchange Act) of more than 20% of the outstanding Equity Interests of Seller or any of
its Subsidiaries, (c) tender offer or exchange offer that if consummated would result in any Person or group beneficially owning more
than 20% of the outstanding Equity Interests of Seller or any of its Subsidiaries, (d) merger, consolidation, share exchange, other business
combination, reorganization, recapitalization, license, joint venture, partnership, liquidation, dissolution or other similar transaction
involving (i) Seller or its Subsidiaries whose assets, individually or in the aggregate, constitute more than twenty percent (20%) of
the consolidated assets of Seller and its Subsidiaries, taken as a whole (based on the fair market value thereof), or (ii) more than
20% of the aggregate Equity Interests of Seller or of the surviving entity, (e) liquidation or dissolution of Seller, (f) acquisition
of the Purchased Assets or any portion thereof (other than the Excluded Assets) or (g) any combination of the foregoing. For purposes
of this section, a group shall be determined in accordance with Section 13(d) of the Exchange Act.

 

    	2

    	 

    

 

“Affiliate”
means, with respect to any Person, any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled
by, or is under common control with, such Person. For the purposes of this definition, the term “control” (including
the terms “controlling”, “controlled by” and “under common control with”)
means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person,
whether through the ownership of voting securities, by Contract or otherwise. It is expressly understood that Applied Biology s.r.o.
(a Czech Republic company) is not an Affiliate company of Seller and is excluded from this Agreement.

 

“Affiliate
Arrangement” has the meaning set forth in Section 4.06(a)(xxii).

 

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

 

“Allocation
Schedule” has the meaning set forth in Section 2.06.

 

“Assigned
Contracts” has the meaning set forth in Section 2.01(b). An updated Schedule 2.01(b) of the Disclosure Schedules shall
be delivered by Seller to Buyer on and as of the Closing Date. Such updated Schedule 2.01(b) of the Disclosure Schedules shall be incorporated
into the Disclosure Schedules as if delivered as of the date hereof.

 

“Assumed
Liabilities” has the meaning set forth in Section 2.03.

 

“Base
Purchase Price” has the meaning set forth in Section 2.05(a).

 

“Benefit
Plan” has the meaning set forth in Section 4.13(a).

 

“Bill
of Sale” has the meaning set forth in Section 3.02(a)(i).

 

“Books
and Records” has the meaning set forth in Section 2.01(d).

 

“Business”
means the (i) the business of biotechnology specializing in hair science, (ii) the business of developing drugs and medical devices for
the treatment of hair disorders and (iii) any other business primarily associated with Seller’s business line in which Seller is
directly engaged, or which is contemplated by the business plans of Seller.

 

“Business
Day” means any day except Saturday, Sunday or any other day on which commercial banks located in Jupiter, Florida are authorized
or required by Law to be closed for business.

 

“Business
Employee” means any Person who is a present or former employee of Seller at any time prior to or on the Closing Date, and
who provided or previously provided any services relating to the Business.

 

“Business
Patents” has the meaning set forth in Section 4.09(a).

 

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

 

“Buyer
Employee” has the meaning set forth in Section 6.03(a).

 

“Buyer
Benefit Plans” has the meaning set forth in Section 6.03(d).

 

“Buyer
Fundamental Representations” has the meaning set forth in Section 8.01.

 

“Buyer
Indemnified Party(ies)” has the meaning set forth in Section 8.02.

 

“Buyer
Special Indemnification Matters” has the meaning set forth in Section 8.04(a).

 

    	3

    	 

    

 

“Business
IT Systems” means the computer systems, including software, firmware, hardware, networks, interfaces, platforms and related
systems, owned, leased or licensed by Seller in the conduct of the Business.

 

“Claim
Notice” has the meaning set forth in Section 8.05(a).

 

“Closing”
has the meaning set forth in Section 3.01.

 

“Closing
Date” has the meaning set forth in Section 3.01.

 

“Closing
Payment Amount” has the meaning set forth in Section 3.02(b).

 

“Closing
Statement” has the meaning set forth in Section 2.08(b).

 

“COBRA”
means the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended.

 

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

 

“Common
Shares” has the meaning set forth in Section 2.05(a).

 

“Confidentiality
Agreement” has the meaning set forth in Section 6.04.

 

“Contracts”
means all legally binding contracts (oral or written), leases, mortgages, licenses, sublicenses, instruments, notes, commitments, undertakings,
indentures, letters of intent, memorandum of understanding, memorandum of agreement and other agreements including purchase orders.

 

“Current
Assets of the Business” means the current assets listed on Schedule A.

 

“Current
Liabilities of the Business” means the current liabilities listed on Schedule A.

 

“Current
Representation” has the meaning set forth in Section 10.15(a).

 

“Data
Protection Laws” has the meaning set forth in Section 4.17(a).

 

“De-Minimis
Losses” has the meaning set forth in Section 8.04(b).

 

“Designated
Person” has the meaning set forth in Section 10.15(a).

 

“Direct
Claim” has the meaning set forth in Section 8.05(c).

 

“Disclosure
Schedules” means the Disclosure Schedules delivered by Seller concurrently with the execution and delivery of this Agreement.

 

“Disputed
Amount” has the meaning set forth in Section 2.08(c)(iii).

 

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

 

“Drop
Dead Date” has the meaning set forth in Section 9.01(b).

 

“Employment
Agreement(s)” has the meaning set forth in the Recitals.

 

“Encumbrance”
means any lien, pledge, mortgage, deed of trust, security interest, charge, claim, easement, encroachment, encumbrance or other restriction.

 

    	4

    	 

    

 

“Environmental
Law” means any and all federal, state or local Laws (including common law), any Governmental Order or binding
agreement with any Governmental Authority and any judicial or administrative interpretation thereof: (a) relating to pollution (or
the cleanup thereof) or the protection of natural resources, endangered or threatened species, human health or safety, or the
environment (including ambient air, soil, surface water or groundwater, or subsurface strata); or (b) concerning the presence of,
exposure to, or the management, manufacture, use, containment, storage, recycling, reclamation, reuse, treatment, generation,
discharge, transportation, processing, production, disposal or remediation of any Hazardous Materials. The term “ Environmental
Law ”  includes, without limitation, the following (including their implementing regulations and any state analogs):
the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended by the Superfund Amendments and
Reauthorization Act of 1986, 42 U.S.C. §§ 9601 et seq.; the Solid Waste Disposal Act, as amended by the Resource
Conservation and Recovery Act of 1976, as amended by the Hazardous and Solid Waste Amendments of 1984, 42 U.S.C. §§ 6901
et seq.; the Federal Water Pollution Control Act of 1972, as amended by the Clean Water Act of 1977, 33 U.S.C. §§ 1251 et
seq.; the Toxic Substances Control Act of 1976, as amended, 15 U.S.C. §§ 2601 et seq.; the Emergency Planning and
Community Right-to-Know Act of 1986, 42 U.S.C. §§ 11001 et seq.; the Clean Air Act of 1966, as amended by the Clean Air
Act Amendments of 1990, 42 U.S.C. §§ 7401 et seq.; and the Occupational Safety and Health Act of 1970, as amended, 29
U.S.C. §§ 651 et seq.

 

“Environmental
Permit” means any Permit, letter, clearance, consent, waiver, closure, exemption, decision or other action required under
or issued, granted, given, authorized by or made pursuant to Environmental Law.

 

“Equity
Interest” means, with respect to any Person, any share, share capital, capital stock, partnership, limited liability company,
member or similar interest in such person, and any option, warrant, right or security (including debt securities) convertible, exchangeable
or exercisable thereto or therefor.

 

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

 

“Exchange
Act” means the Securities Exchange Act of 1934, and the rules and regulations thereunder.

 

“Excluded
Assets” has the meaning set forth in Section 2.02.

 

“Expiration
Date” has the meaning set forth in Section 8.01.

 

“Excluded
Liabilities” has the meaning set forth in Section 2.04.

 

“Financial
Statements” has the meaning set forth in Section 4.04.

 

“Financing”
means third party debt financing on commercially reasonable terms and conditions, including, without limitation, amounts and interest
rate, acceptable to Buyer in its sole discretion.

 

“Fraud”
means the following, to the extent determined by the finder of fact after full adjudication (not subject to any further appeals) (a)
a Person made a false representation; (b) such Person had knowledge or belief that the representation was false, or made the representation
with requisite indifference to the truth; (c) such Person intended to induce another Person party to this Agreement to act or refrain
from acting; (d) such other Person party to this Agreement acted or did not act in justifiable reliance on the representation; and (e)
such other Person party to this Agreement suffered damages as a result of such reliance.

 

    	5

    	 

    

 

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

 

“Governmental
Authority” means any United States or non-United States national, federal, state, local, provincial or international government
or political subdivision thereof, or any agency or instrumentality of such government or political subdivision, or any stock exchange
or self-regulated organization or other non-governmental regulatory authority or quasi-governmental authority (to the extent that the
rules, regulations or orders of such organization or authority have the force of Law), or any arbitrator, court or tribunal of competent
jurisdiction.

 

“Governmental
Order” means any order, writ, judgment, injunction, decree, stipulation, determination or award entered by or with any
Governmental Authority.

 

“Hazardous
Materials” means: (a) any material, substance, chemical, waste, product, derivative, compound, mixture, solid, liquid,
mineral or gas, in each case, whether naturally occurring or man-made, that is hazardous, acutely hazardous, toxic, or words of similar
import or regulatory effect under Environmental Laws; and (b) any petroleum or petroleum-derived products, radon, radioactive materials
or wastes, asbestos in any form, lead or lead-containing materials, urea formaldehyde foam insulation and polychlorinated biphenyls.

 

“HIPAA”
means the Health Insurance Portability and Accountability Act of 1996, and the Health Information Technology for Economic and Clinical
Health Act, and their implementing regulations.

 

“Inbound
IP Agreement” means any Contract that is related to the operation of the Business that grants to Seller any rights in Intellectual
Property or Technology owned by a third party, excluding any “shrink-wrap” or “click-wrap” license agreements
relating to Software.

 

“Indebtedness”
means, as to any Person, without duplication, (a) all obligations or liabilities of such Person for borrowed money or in respect of loans
or advances (including, without limitation, reimbursement and all other obligations with respect to surety bonds, guarantees, letters
of credit, banker’s acceptances, corporate credit card or business credit lines whether or not matured, indemnities, performance
letters, comfort letters and other arrangements similar to the foregoing); (b) all obligations or liabilities of such Person under or
pursuant to any arrangement to pay the deferred purchase price of property or services or the acquisition of any business, as obligor
or otherwise, except trade accounts payable and accrued commercial or trade liabilities arising in the ordinary course and included in
the calculation of Closing Working Capital as finally determined; (c) all obligations or liabilities of such Person under or pursuant
to any interest rate and currency swaps, caps collars, interest rate cap agreements, interest rate swap agreements, foreign currency
exchange agreements and similar agreements or hedging devices; (d) all obligations or liabilities created or arising under any conditional
sale or other title retention agreement with respect to property acquired by such Person (even though the rights and remedies of Seller
or lender under such agreement in the event of default are limited to repossession or sale of such property); (e) all obligations or
liabilities of such Person under or pursuant to leases which are required to be, in accordance with GAAP, recorded as capital leases;
(f) all obligations or liabilities secured by any Encumbrance excluding Permitted Encumbrances on any property or asset owned by that
Person, regardless of whether the indebtedness secured thereby shall have been assumed by that Person or is non-recourse to the credit
of that Person; (g) all obligations or liabilities of such Person for off balance sheet financing of such Person (other than operating
leases); (h) all obligations or liabilities of such Person evidenced by bonds, debentures, notes or other similar securities or instruments;
(i) all obligations or liabilities of such Person for any direct or indirect guarantees made by such Person of any Indebtedness of any
other Person described in clauses (a) through (h); and (j) any accrued but unpaid interest, Taxes, interest, unpaid prepayment or redemption
penalties, premiums or payments and unpaid fees and expenses that are payable in connection with retirement, payment or prepayment of
any of the foregoing liabilities or obligations.

 

    	6

    	 

    

 

“Indemnification
Cap” has the meaning set forth in Section 8.04(a).

 

“Indemnified
Party” has the meaning set forth in Section 8.05.

 

“Indemnifying
Party” has the meaning set forth in Section 8.05.

 

“Independent
Accountant” has the meaning set forth in Section 2.08(c)(iii).

 

“Initial
Superior Proposal Notice” has the meaning set forth in Section 6.18(c).

 

“Intellectual
Property” means any and all intellectual property rights in the world arising under the Laws of any jurisdiction with respect
to, arising from or associated with the following: (a) all Internet addresses and domain names (“Domain Names”);
(b) trade names, trademarks and service marks (registered and unregistered), trade dress, industrial designs, brand names, trade dress
rights, logos, emblems, signs or insignia, social media handles and names, and similar rights and applications to register any of the
foregoing, and all goodwill associated therewith throughout the world (collectively, “Marks”); (c) patents,
patent applications (including any provisional or non-provisional patent applications, Patent Cooperation Treaty applications, divisionals,
continuations, continuations-in-part, renewals, reexaminations, extensions, and reissues), rights therein provided by international treaties
or conventions and rights in respect of utility models or industrial designs (collectively, “Patents”); (d)
copyrights and works of authorship (including copyrights in software programs) and registrations and applications therefor and all other
rights corresponding thereto, moral rights, database and design rights, and mask works and registrations and applications therefor (collectively,
“Copyrights”); (e) know-how, discoveries, trade secrets, methods, processes, technical data, specifications,
research and development information, technology, data bases and other proprietary or confidential information, including customer lists,
in each case that derives economic value from not being generally known to other Persons who can obtain economic value from its disclosure,
but excluding any Copyrights or Patents that cover or protect any of the foregoing (collectively, “Trade Secrets”);
and (f) all other intellectual property and industrial property rights and assets, and all rights, interests and protections that are
associated with, similar to, or required for the exercise of, any of the foregoing.

 

“Intellectual
Property Agreements” means all Contracts that are related to the operation of the Business by or through which other Persons
grants Seller or Seller grants to any other Person(s) any exclusive or nonexclusive rights or interests in or to any Intellectual Property.

 

“Intellectual
Property Assets” means all Intellectual Property that is owned or controlled by Seller and used or held for use in the
operation of the Business.

 

“Intellectual
Property Assignment Agreement” has the meaning set forth in Section 3.02(a)(ii).

 

“Intellectual
Property Registrations” means all Intellectual Property Assets that are subject to any registration, patent,
application or other filing by, to or with any Governmental Authority or authorized private registrar in any jurisdiction, including
Marks, Domain Names, Trade Secrets and Copyrights, issued and reissued Patents and pending applications for any of the
foregoing.

 

“Intellectual
Property Rights” has the meaning set forth in Section 4.10(c).

 

“Interim
Financial Statements” has the meaning set forth in Section 4.04(a).

 

    	7

    	 

    

 

“Intervening
Event” means a material event, occurrence or fact first occurring or arising after the date hereof that was not known (and
not reasonably foreseeable) to the board of directors of Seller as of the date of this Agreement, other than any event, occurrence or
fact that relates to an Acquisition Proposal.

 

“Knowledge
of Seller” or any other similar knowledge qualification, means the actual knowledge, after reasonable investigation, of
those persons listed on Section 1.01(d) of the Disclosure Schedules and that knowledge which such Persons would have acquired after using
commercially reasonable and customary efforts to make a due inquiry into the underlying subject.

 

“Law”
means any domestic or foreign statute, law, ordinance, regulation, rule, code, order, injunction, constitution, treaty, common law, judgment,
decree, other requirement or rule of law of any Governmental Authority and generally accepted industry standards.

 

“Lien
Release Agreements” has the meaning set forth in Section 3.02(a)(ix).

 

“Liability”
means any Indebtedness, obligation, or liability, including any interest, penalties, fees, costs and expenses, whether known or unknown,
matured or unmatured, accrued or unaccrued, vested or unvested, asserted or unasserted, actual or contingent.

 

“Losses”
means all losses, damages, liabilities, deficiencies, claims, interest, awards, judgments, penalties, costs or expenses, including reasonable
attorneys’ fees, costs and other out-of-pocket expenses incurred in investigating, preparing or defending the foregoing.

 

“Material
Adverse Effect” means any event, occurrence, fact, condition, change, circumstance, effect, development or state of
facts that has had, or would reasonably be expected to have, a material adverse effect on (a) the business, results of operations,
condition (financial or otherwise), assets or liabilities of the Business, taken as a whole, or (b) the ability of Seller to perform
its obligations under this Agreement or the Transaction Documents or consummate the transaction contemplated hereby or thereby; provided,
however, that “ Material Adverse Effect ” shall not include any event, occurrence, fact, condition or
change, directly or indirectly, arising out of or attributable to: (i) general economic or political conditions; (ii) conditions
generally affecting the industry in which the Business operates, [including any impact from COVID-19 related matters]; (iii) any
changes in financial, banking or securities markets in general, including any disruption thereof and any decline in the price of any
security or any market index or any change in prevailing interest rates; (iv) acts of war (whether or not declared), armed
hostilities or terrorism, or the escalation or worsening thereof; (v) any action required by this Agreement or any action taken with
the written consent of or at the written request of Buyer; (vi) any matter that is set forth in the Disclosure Schedules to the
extent it is reasonably apparent from the face of such disclosure that it could have a Material Adverse Effect; (vii) any changes in
applicable Laws or accounting rules (including GAAP) or the enforcement, implementation or interpretation thereof; (viii) the
announcement or completion of the transactions contemplated by this Agreement, including losses or threatened losses of employees,
customers, suppliers, distributors or others having relationships with the Seller and the Business; (ix) any natural or man-made
disaster or acts of God; or (x) any failure by the Business to meet any internal or published projections, forecasts or revenue or
earnings predictions (provided, however, that, with respect to this clause (x) the underlying causes of such failures
(subject to the other provisions of this definition) shall not be excluded); and, provided, however, that the
exclusions under clauses (i), (ii), (iii), (iv) and (vii) and (ix) shall not apply to the extent that such event, occurrence, fact,
condition or change disproportionately affects the Seller with respect to the Business (taken as a whole) as compared to other
businesses or participants in the industry in which the Business operates.

 

“Material
Contract” has the meaning set forth in Section 4.06(a).

 

    	8

    	 

    

 

“Material
Customer” has the meaning set forth in Section 4.21(a).

 

“Material
Supplier” has the meaning set forth in Section 4.21(b).

 

“Money
Laundering Laws” has the meaning set forth in Section 4.23.

 

“Notice
Period” has the meaning set forth in Section 6.18(c).

 

“Open
Source Licenses” has the meaning set forth in Section 4.10(i).

 

“Payroll
Taxes” means social security, Medicare, unemployment and other payroll, employment or similar or related Taxes and employer
national insurance contributions or similar obligations payable.

 

“PCAOB
Audit” means a generally accepted accounting principles (“GAAP”) audit by a PCAOB audit firm covering the Purchased
Assets and the assets acquired pursuant to the April Purchase Agreement.

 

“Permits”
means all federal, state, local and foreign permits, licenses, franchises, approvals, waivers, certificates, certifications, authorizations
and consents required to be obtained from Governmental Authorities.

 

“Permitted
Encumbrances” means (a) statutory liens for Taxes not yet due and payable or being contested in good faith by appropriate
procedures; (b) mechanics’, carriers’, workmen’s, repairmen’s or other like liens arising or incurred in the
ordinary course of business; (c) easements, rights of way, zoning ordinances and other similar encumbrances affecting Leased Real Property
that do not interfere with the use of such assets or properties as currently used; and (d) liens arising under original purchase price
conditional sales contracts and equipment leases with third parties entered into in the ordinary course of business, in each case as
related to the Business or the Purchase Assets.

 

“Person”
means an individual, corporation, partnership, joint venture, limited liability company, Governmental Authority, unincorporated organization,
trust, association or other entity.

 

“Personal
Information” means any information that, alone or in combination with other information, identifies or allows the identification
of, or contact with, any individual, including an individual’s name, address, telephone number, e-mail address, IP address, mobile
device identifier, geolocation, date of birth, photograph, social security number or tax identification number, credit card number, bank
information, or biometric identifiers.

 

“Post-Closing
Representation” has the meaning set forth in Section 10.15(a).

 

“Post-Closing
Tax Period” means any taxable period beginning after the Closing Date and, with respect to any taxable period beginning
before and ending after the Closing Date, the portion of such taxable period beginning after the Closing Date.

 

“Pre-Closing
Tax Period” means any taxable period ending on or before the Closing Date and, with respect to any taxable period beginning
before and ending after the Closing Date, the portion of such taxable period ending on and including the Closing Date.

 

“Purchase
Price” has the meaning set forth in Section 2.05.

 

“Purchased
Assets” has the meaning set forth in Section 2.01.

 

    	9

    	 

    

 

“Receivables”
means all receivables (including, without limitation, accounts receivable, loans receivable and customer advances) arising from or related
to the Business and which are set forth in Section 2.01(a) of the Disclosure Schedules. An updated Schedule 2.01(a) of the Disclosure
Schedules shall be delivered by Seller to Buyer on and as of the Closing Date. Such updated Schedule 2.01(a) of the Disclosure Schedules
shall be incorporated into the Disclosure Schedules as if delivered as of the date hereof.

 

“Related
Party” shall mean any present stockholder, officer, director, Affiliate, or employee of Seller, or any person who was a
stockholder, officer, director, Affiliate or employee of Seller within the twelve months preceding the Closing Date, or any parent, child,
sibling or spouse who resides with, or is a dependent of, any such person or entity controlled by such person.

 

“Release”
means any actual or threatened release, spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching,
dumping, abandonment, disposing or allowing to escape or migrate into or through the environment (including, without limitation, ambient
air (indoor or outdoor), surface water, groundwater, land surface or subsurface strata or within any building, structure, facility or
fixture).

 

“Representative”
means, with respect to any Person, any and all directors, partners, members, managers, officers, employees, consultants, financial advisors,
counsel, accountants and other agents of such Person.

 

“Resolution
Period” has the meaning set forth in Section 2.08(c)(ii).

 

“Review
Period” has the meaning set forth in Section 2.08(c)(i).

 

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

 

“Sanctions”
has the meaning set forth in Section 4.24.

 

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

 

“Seller
Acquisition Agreement” has the meaning set forth in Section 6.18(b).

 

“Seller
Adverse Recommendation Change” has the meaning set forth in Section 6.18(b).

 

“Seller
Board Recommendation” has the meaning set forth in Section 6.18(b).

 

“SEC”
means the United States Securities and Exchange Commission.

 

“Seller
Fundamental Representations” has the meaning set forth in Section 8.01.

 

“Seller
Indemnified Party(ies)” has the meaning set forth in Section 8.03.

 

“Seller
IP Representations” has the meaning set forth in Section 8.01.

 

“Seller
Related Parties” has the meaning set forth in Section 9.02(f).

 

“Seller
Special Indemnification Matters” has the meaning set forth in Section 8.04(a).

 

“Sensitive
Data” means all confidential information, proprietary information, Personal Information, trade secrets and any other information
protected by Law or Contract that is collected, created, maintained, stored, transmitted, used, disclosed or otherwise processed by or
for the Business, including any information that is governed, regulated or protected by any Law, or Contract.

 

    	10

    	 

    

 

“Statement
of Objections” has the meaning set forth in Section 2.08(c)(ii).

 

“Subsidiary”
or “Subsidiaries” means, with respect to any Person, any other Person of which an amount of the voting securities,
other voting ownership or voting partnership interests of which is sufficient to elect at least a majority of its board of directors
or other governing body (or, if there are no such voting interests, 50% or more of the Equity Interests of which) is owned directly or
indirectly by such first Person. For the purposes hereof, the term Subsidiary shall include all Subsidiaries of such Subsidiary.

 

“Superior
Proposal” means a bona fide written Acquisition Proposal, which did not result from or arise in connection with a breach
(or the making thereof constitutes a breach) of Section 6.18, that the board of directors of Seller or a duly authorized committee concludes
in good faith by a majority vote, after consultation with outside legal counsel to be (a) more favorable to Seller’s stockholders
(in their capacities as such) from a financial point of view than the transactions contemplated by this Agreement (including any material
alterations to this Agreement proposed in writing by Buyer within five (5) Business Days after receipt of the Initial Superior Proposal
Notice in response thereto), and (b) reasonably likely to be consummated on the terms proposed and the purchaser has represented that
either it has sufficient funds available to consummate the proposal or the financing of which is fully committed, in each case, taking
into account, in its good faith judgment, (i) the financial terms of such Acquisition Proposal, (ii) the identity of the third party
making such Acquisition Proposal, (iii) the anticipated timing, conditions (including any financing condition or the reliability of any
debt or equity funding commitments) and prospects for completion of such Acquisition Proposal, and (iv) the other terms and conditions
of such Acquisition Proposal and the implications thereof on Seller, including relevant legal, regulatory and other aspects of such Acquisition
Proposal deemed relevant by the board of directors of Seller; provided, that for purposes of the definition of “Superior Proposal,”
the references to “20%” in the definition of Acquisition Proposal shall be deemed to be references to “50%”.

 

“Survival
Period” has the meaning set forth in Section 8.01.

 

“Takeover
Statute” means the restrictions on a “takeover” set forth in Wy-Stat Section 17-18-109 other similar anti-takeover
statute or regulation enacted under any Laws applicable to Seller or any of its Subsidiaries.

 

“Tangible
Personal Property” has the meaning set forth in Section 2.01(d).

 

“Taxes”
means (i) all federal, state, local or foreign taxes, including all income, gross receipts, capital, sales, use, ad valorem, value added,
transfer, franchise, profits, inventory, capital stock, license, withholding, payroll, employment, social security, unemployment, excise,
severance, stamp, occupation, property and estimated taxes, customs duties, fees, assessments and charges in the nature of a tax, (ii)
all interest, penalties, fines, additions to tax or additional amounts imposed by any Governmental Authority in connection with any item
described in clause (i), and (iii) any liability in respect of any items described in clauses (i) or (ii) payable by reason of Contract,
assumption, transferee liability, operation of Law, or Treasury Regulation Section 1.1502-6(a) (or any predecessor or successor thereof
or any analogous or similar provision under Law).

 

“Tax
Return” means any return, report or statement filed or required to be filed with a Governmental Authority with respect
to any Taxes (including any elections, declarations, schedules or attachments thereto, and any amendment thereof) including any information
return, claim for refund, amended return or declaration of estimated Taxes.

 

    	11

    	 

    

 

“Technology”
means, collectively, all designs, formulas, algorithms, procedures, methods, techniques, ideas, know-how, research and development, technical
data, Software, tools, materials, specifications, processes, inventions (whether patentable or unpatentable and whether or not reduced
to practice), apparatus, creations, improvements, works of authorship and other similar materials, and all recordings, graphs, drawings,
reports, analyses, and other writings, and other tangible embodiments of the foregoing, in any form whether or not specifically listed
herein, and all related technology.

 

“Termination
Agreements” has the meaning set forth in Section 3.02(a)(x).

 

“Third
Party Claim” has the meaning set forth in Section 8.05(a).

 

“Threshold”
has the meaning set forth in Section 8.04(b).

 

“Transaction
Documents” means this Agreement, the Bill of Sale, the Intellectual Property Assignment Agreement, the Dr. Andy Goren Employment
Agreement, and the other agreements, instruments and documents required to be delivered at the Closing.

 

“Transaction
Expenses” means (a) the aggregate amount required to pay and satisfy in full all costs, fees, expenses and other payment
obligations (including, but not limited to, legal, accounting, consulting, advisory and brokerage fees and expenses) incurred by Seller
or the Business prior to the Closing in connection with the negotiation, preparation, execution, consummation and performance of this
Agreement and the Transaction Documents and consummation of the transactions contemplated hereby and thereby, (provided that the portion
of such costs payable by Seller shall not exceed $25,000, and the fees and expenses of professionals retained by Seller, (b) all bonuses
(including stay bonuses, transaction bonuses or similar bonuses), severance payments, retention payments and other change-of- control
payments payable to any officer, employee or director of Seller or the Business in connection with this Agreement and the employer portion
of any Payroll Taxes related thereto, (c) and the amounts due to a PCOAB accountant to conduct a PCOAB audit. For the avoidance of doubt,
Transaction Expenses shall exclude all amounts otherwise included in the calculation of Working Capital.

 

“Transaction
Litigation” has the meaning set forth in Section 6.18.

 

“Transfer
Taxes” has the meaning set forth in Section 6.08(c).

 

“Willful
Breach” means a breach that is a consequence of an act or omission knowingly undertaken or knowingly omitted by the breaching
party with the knowledge that such act or omission would cause a breach of this Agreement.

 

ARTICLE
II

PURCHASE
AND SALE

 

Section
2.01 Purchase and Sale of the Purchased Assets. Subject to the terms and conditions set forth herein, at the Closing, Seller shall,
sell, assign, transfer, convey and deliver to Buyer, and Buyer shall purchase from Seller all Receivables, Intellectual Property, Permits,
trademarks, goodwill and confidential information as of the Closing Date, in each case, to the extent that such business, assets, properties,
goodwill and rights exist as of the Closing Date and primarily relate to the Business, except for the Excluded Assets (collectively,
the “Purchased Assets”), free and clear of all Encumbrances, other than Permitted Encumbrances, including (except
in each case with respect to the Excluded Assets) all of such right, title and interest in and to the following:

 

(a)
all Receivables as set forth in Section 2.01(a) of the Disclosure Schedules;

 

    	12

    	 

    

 

(b)
all Contracts as set forth in Section 2.01(b) of the Disclosure Schedules, including the Intellectual Property Agreements (the “Assigned
Contracts”) and the assets contemplated by the third whereas clause of this Agreement;

 

(c)
all Intellectual Property Assets and Technology of the Business, including the Intellectual Property Assets and Technology set forth
in Section 2.01(c) of the Disclosure Schedules;

 

(d)
all Permits, if any, used or held for use primarily in connection with the Purchased Assets; all of Sellers’ books and records
related to or used or held for use primarily in connection with the Business including, without limitation: (a) all corporate records
related to the Purchased Assets; (b) executed copies of all of the Assigned Contracts; (b) all equipment, products and other warranties
pertaining to the Purchased Assets; (c) all technical information and data, maps, computer files, diagrams, blueprints and schematics;
(d) all filings made with or records required to be kept by any Governmental Authority (including all backup information on which such
filings are based); (e) all research and development reports; (f) all equipment and operating logs; (g) all creative, promotional or
advertising materials; (h) all customer, vendor and supplier invoices and lists, client and supplier correspondence (in all cases, in
any form or medium, including computerized media), mailing lists and other distribution lists; and (i) all sales data and information,
billing records and manuals , all as set forth in Section 2.01(d) of the Disclosure Schedules (“Books and Records”);

 

(e)
all rights, claims, credits, causes of action, rights to indemnification and contribution or rights of setoff against third parties
(other than Seller) relating to any Purchased Asset or any Assumed Liability that exist prior to the Closing Date;

 

(f)
all rights to receive mail and other communications related to the Business;

 

(g)
all control authorization documentation related to each of the following things:

 

	 	●	all
    telephone, facsimile numbers;
	 	●	paper
    and electronic documentation related to investigative results, research, data, customer lists, supply lists, and other business records
    related to the Purchased Assets or related to the Business;
	 	●	all
    websites, social media sites, filings, applicable financial or accounting records or spreadsheets and financial information (not
    including bank accounts); and
	 	●	similar
    business records or technology for the Purchased Assets of the Business, including, without limitation, those items set forth in
    Section 2.01(g) of the Disclosure Schedule.

 

(h)
all historical records, images, advertisements, brochures and similar items related to or used or held for use in connection
with the Business;

 

    	13

    	 

    

 

(i)
all goodwill, trade secrets and confidential information associated with the Business including, without limitation, the goodwill
associated with existing customer relationships of the Business, and all rights, claims or credits relating to or deriving from, any
of the assets described in the foregoing clauses; and

 

(j)
the sole right to use the name “Applied Biology” and derivations thereof.

 

To
the extent any assets used in the Business that are not Excluded Assets are held by Affiliates of Seller, then Seller shall cause its
Affiliates to transfer such assets to Buyer, which shall be included as “Purchased Assets” hereunder. Buyer agrees that Applied
Biology s.r.o. (a Czech Republic company) is excluded from the assets purchased.

 

Section
2.02 Excluded Assets. Other than the Purchased Assets subject to Section 2.01, Buyer expressly understands and agrees that
it is not purchasing or acquiring, and Seller is not selling or assigning, any other assets or properties of Seller, and all such assets
and properties listed below shall be excluded from the Purchased Assets (the “Excluded Assets”). Excluded Assets
are the following assets and properties of Seller:

 

(a)
all cash and cash equivalents, bank accounts and securities of Seller;

 

(b)
all accounts or notes receivable of the businesses of Seller other than Receivables;

 

(c)
all Contracts that are not Assigned Contracts;

 

(d)
all Intellectual Property of Seller other than the Intellectual Property Assets;

 

(e)
the corporate seals, organizational documents, minute books, stock books, Tax Returns and related records and workpapers, books of
account or other records having to do with the corporate organization of Seller, all employee-related or employee benefit-related files
or records, other than personnel files of Buyer Employees, and any other books and records which Seller is prohibited from disclosing
or transferring to Buyer under applicable Law and is required by applicable Law to retain;

 

(f)
all insurance policies of Seller and all rights to applicable claims and proceeds thereunder;

 

(g)
all Benefit Plans and trusts or other assets attributable thereto;

 

(h)
all rights to any Action of any nature available to or being pursued by Seller, whether arising by way of counterclaim or otherwise,
to the extent primarily relating to any Excluded Asset or any Liability that is not an Assumed Liability;

 

(i)
all securities or other Equity Interests of any Person owned or held by Seller;

 

    	14

    	 

    

 

(j)
all documents maintained by Seller in connection with the transactions contemplated by this Agreement or any of the Transaction
Documents;

 

(k) the
rights which accrue or will accrue to Seller under the Transaction Documents;

 

(l)
all collectible watches of Seller; and

 

(m)
Applied Biology s.r.o. (a Czech Republic company), which Buyer specifically acknowledges is excluded from the Purchased Assets;
and

 

(n)
all automobiles leased or owned by Seller; and

 

Section
2.03 Assumed Liabilities. Subject to the terms and conditions set forth herein, at the Closing, Buyer shall assume and agree to
pay, perform and discharge when due the following (collectively, the “Assumed Liabilities”):

 

(a) all
trade accounts payable of Seller to third parties in connection with the Business that remain unpaid as of the Closing Date and are
reflected in the Closing Working Capital;

 

(b) all
liabilities and obligations under the Assigned Contracts arising from the ownership, operation and conduct of the Business after the
Closing, except those liabilities and obligations relating to the Excluded Assets or Excluded Liabilities; provided, however,
that any trade accounts payable of Seller in connection with an Assigned Contract that remain unpaid as of the Closing Date and are
not reflected in the Closing Working Capital shall be Excluded Liabilities;

 

(c) all
Liabilities for (i) Taxes with respect to the Business or the Purchased Assets for any post-Closing Tax Period and (ii) Transfer
Taxes for which Buyer is responsible under Section 6.08(c);

 

(d) all
liabilities for sales commissions for the calendar quarter commencing April 1, 2022 which are earned and payable to Buyer Employees
after the Closing and are reflected in Closing Working Capital; and

 

(e) all
Current Liabilities of the Business reflected in Closing Working Capital;

 

provided,
however, that the Assumed Liabilities shall not include any liabilities or obligations (A) arising from or relating to any breach
by Seller of any Assumed Contract, (B) arising from or relating to any event, circumstance or condition occurring or existing on or prior
to the Closing Date that, with notice or lapse of time or both, would constitute or result in a breach by Seller of any Assumed Contract
or (C) arising from any violation of Laws, breach of warranty, tort or infringement or other condition, fact or circumstance existing
or occurring on or before the Closing Date.

 

    	15

    	 

    

 

Section
2.04 Excluded Liabilities. Except for the Assumed Liabilities subject to Section 2.03, Buyer shall not assume and shall not be
responsible to pay, perform or discharge any other liabilities or obligations of Seller or its Subsidiaries (collectively, the
“Excluded Liabilities”). Excluded Liabilities, without limitation, are as follows:

 

(a) any
liabilities or obligations of Seller not arising out of or relating to Seller’s ownership or operation of the Business and the
Purchased Assets;

 

(b) any
liability, obligation or commitment arising out of any Contract that is not an Assigned Contract;

 

(c) any
default or breach of any Contract, breach of warranty, tort, infringement, violation of Laws or environmental, health or safety
matter, including, without limitation, any arising under any Environmental Laws or relating to Hazardous Substances;

 

(d) any
Liabilities for (i) Taxes with respect to the Business or the Excluded Assets, for any Pre-Closing Tax Period, (ii) Taxes of Seller,
including any liability of Seller for Taxes of any Person under Treasury Regulation Section 1.1502-6 (or any similar provisions of
state, local or foreign law), as a transferee or as a result of a Tax sharing or similar agreement, and (iii) Transfer Taxes for
which Seller is responsible under Section 6.08(c);

 

(e) any
liability, obligation or commitment arising out of or relating to (i) the employment (including the application for or termination
of employment) of any Business Employee by Seller prior to or on the Closing Date, or (ii) the provision of services by any other
Person to Seller prior to or on the Closing Date;

 

(f) any
liability, obligation or commitment of Seller (including any liabilities resulting from unfunded liabilities under any employee
benefit plan subject to ERISA) under any Benefit Plan, employment, benefit or compensation, pension, profit-sharing or welfare
plans, contracts, employment agreements or offer letters, policies, practices or arrangements, oral or written, covering the
Business Employees, including, but not limited to, “employee benefit plans” within the meaning of Section 3(3) of ERISA,
and deferred compensation, stock option, stock purchase, stock appreciation rights, equity-based, incentive and bonus
plans;

 

(g) any
bonuses (including stay bonuses, transaction bonuses or similar bonuses), severance payments, retention payments and other
change-of-control payments payable to any officer, employee or director of Seller or the Business in connection with this Agreement
and the employer portion of any Payroll Taxes related thereto;

 

    	16

    	 

    

 

(h) any
liability, obligation or commitment of any of Sellers to the extent relating to, or arising out of, any Excluded Asset, or to the
extent arising out of the ownership by Seller of the Excluded Assets or associated with the realization of the benefits of any
Excluded Asset;

 

(i) any
liability or obligation arising out of or related to Indebtedness;

 

(j) any
liability or obligation arising out of or related to Transaction Expenses; and

 

(k) any
liability or obligation arising from, relating to or in connection with the Business prior to the Closing unless expressly included
as an Assumed Liability.

 

Section
2.05 Purchase Price. The aggregate purchase price for the Purchased Assets (the “Purchase Price”)
shall be:

 

(a) 2,000,000
restricted shares of Common Stock (“Common Shares”) (the “Base Purchase
Price”);

 

(i)
to Seller, transfer of shares shall occur as follows (the “Closing Payment Amount”);

 

	1)	1,000,000
    shares delivered on the Closing Date of this transaction.
	2)	1,000,000
    shares delivered in 71 days after closing upon the completion of PCAOB Audit.

 

(ii) to
the Persons to whom Transaction Expenses are owed and outstanding as of the Closing Date, by wire transfer of immediately available
funds, such amounts and to such accounts as specified in writing by Seller to Buyer at least two (2) Business Days prior to the
Closing Date; and

 

(iii) the
Purchase Price specified in Section 2.05(a)(1-3)

 

Section
2.06 Allocation of Purchase Price. Within one hundred twenty (120) days after the Closing Date, Buyer shall deliver to Seller a
schedule allocating the Purchase Price, as adjusted in accordance with Section 2.07 (including any liabilities and other items
treated as consideration for the Purchased Assets for U.S. federal income Tax purposes) (the “Allocation
Schedule”). The Allocation Schedule shall be prepared in accordance with Section 1060 of the Code. The Allocation
Schedule shall be deemed final unless Seller notifies the Buyer in writing that Buyer objects to one or more items reflected in the
Allocation Schedule within forty-five (45) days after delivery of the Allocation Schedule to Seller. In the event of any such
objection, Seller and Buyer shall negotiate in good faith to resolve such dispute; provided, however, that if Seller and
Buyer are unable to resolve any dispute with respect to the Allocation Schedule within thirty (30) days after the delivery of the
Allocation Schedule to Seller, such dispute shall be resolved by an Independent Accountant (as defined below). The fees and expenses
of such Independent Accountant shall be borne by Seller. Seller and Buyer agree to file their respective Internal Revenue Service
Forms 8594 and all federal, state and local Tax Returns in accordance with the Allocation Schedule. Neither Buyer nor Sellers shall
take any position (whether in audits, Tax returns or otherwise) that is inconsistent with such allocation unless required to do so
by applicable legal requirements. For U.S. federal income and applicable state tax purposes, the parties intend to treat Seller as
contributing a portion of the Purchased Assets with a value equal up to 2 million multiplied by the share price the day before the
closing in exchange for the Purchase Price.

 

    	17

    	 

    

 

Section
2.07 Working Capital. Closing Working Capital shall be $0 USD.

 

Section
2.08 Non-assignable Assets; Third Party Consents.

 

(a) Notwithstanding
anything to the contrary in this Agreement, and subject to the provisions of this Section 2.08, to the extent that the sale,
assignment, transfer, conveyance or delivery, or attempted sale, assignment, transfer, conveyance or delivery, to Buyer of any
Purchased Asset would result in a violation of applicable Law, or would require the consent, authorization, approval or waiver of a
Person who is not a party to this Agreement or an Affiliate of a party to this Agreement (including any Governmental Authority), and
such consent, authorization, approval or waiver shall not have been obtained prior to the Closing, this Agreement shall not
constitute a sale, assignment, transfer, conveyance or delivery, or an attempted sale, assignment, transfer, conveyance or delivery,
thereof; provided, however, that, subject to the satisfaction or waiver of the conditions contained in Article VII, the
Closing shall occur notwithstanding the foregoing without any adjustment to the Purchase Price on account thereof. Following the
Closing, Seller and Buyer shall use commercially reasonable best efforts, and shall cooperate with each other, and Seller shall
cause its Affiliates to use commercially reasonable best efforts and cooperate with Buyer, to obtain any such required consent,
authorization, approval or waiver, or any release, substitution or amendment required to novate all liabilities and obligations
under any and all Purchased Assets or other liabilities that constitute Assumed Liabilities or to obtain in writing the
unconditional release of all parties to such arrangements, so that, in any case, Buyer shall be solely responsible for such Assumed
Liabilities and obligations from and after the Closing Date and solely benefit from the Purchased Assets from and after the Closing
Date; provided, however, that neither Seller nor Buyer shall be required to pay any consideration therefor. Once such
consent, authorization, approval, waiver, release, substitution or amendment is obtained, Seller shall, and shall cause its
Affiliates to, sell, assign, transfer, convey and deliver to Buyer the relevant Purchased Asset to which such consent,
authorization, approval, waiver, release, substitution or amendment relates for no additional consideration. Applicable Transfer
Taxes in connection with such sale, assignment, transfer, conveyance or license shall be paid by the parties in accordance with
Section 6.08.

 

(b) To
the extent that any Purchased Asset and/or Assumed Liability cannot be transferred to Buyer following the Closing pursuant to this
Section 2.08, Buyer and Seller, to the maximum extent permitted by Law, shall, and Seller shall cause its Affiliates to, enter into
such arrangements (such as subleasing, sublicensing or subcontracting) to provide to the parties the economic and, to (i) the extent
permitted under applicable Law and (ii) not prohibited by the Purchase Asset, operational equivalent of the transfer of such
Purchased Asset and/or Assumed Liability to Buyer as of the Closing and the performance by Buyer of its obligations with respect
thereto. To the extent such an arrangement cannot be entered into, Seller shall, and shall cause its Affiliates to, (a) use
commercially reasonable best efforts to enforce any rights of Seller or its Affiliates, as applicable, arising from such Purchased
Asset (including, without limitation, a right of termination) and (b) indemnify and hold harmless each Buyer Indemnified Party from
any and all damages incurred or suffered by a Buyer Indemnified Party resulting from, arising out of or related to such arrangement
not being obtained. Notwithstanding any provision in this Section 2.08 to the contrary, Buyer shall not be deemed to have waived its
rights under Section 7.02 hereof unless and until Buyer either provides written waiver thereof or elects to proceed to consummate
the transactions contemplated by this Agreement at Closing. To the extent permitted under applicable Law, Buyer shall, as agent or
subcontractor for Seller or its Affiliates, as applicable, pay, perform and discharge fully the liabilities and obligations of
Seller, to the extent they are Assumed Liabilities of such Purchased Asset, thereunder from and after the Closing Date. To the
extent permitted under applicable Law, Seller shall, and shall cause its Affiliates to, hold in trust for and pay to Buyer promptly
upon receipt thereof, such Purchased Asset and all income, proceeds and other monies received by Seller or its Affiliates, as
applicable, to the extent related to such Purchased Asset in connection with the arrangements under this Section 2.08. Each party
shall be permitted, as applicable, to set off against such amounts all direct costs associated with the retention and maintenance of
such Purchased Assets and all direct costs associated with the payment, performance and discharge of the Assumed Liabilities of such
Purchased Asset.

 

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Section
2.09 Withholding Taxes. Buyer shall be entitled to deduct and withhold from the Purchase Price and any Earn-out Payment all
Taxes that Buyer may be required to deduct and withhold under any provision of Tax Law. All such withheld amounts shall be treated
as delivered to Seller hereunder. If any amounts under this section or any other sections result in any amounts due by Seller to
Buyer, Buyer is entitled to withhold shares, sell those shares and use the cash proceeds to pay applicable taxes under this Section
or other amounts under other Sections.

 

Section
2.10 Buyer Assignment. Notwithstanding anything herein to the contrary, and for all purposes of this Agreement and the
transactions contemplated hereby, Seller and the Buyer agree that the Buyer shall be entitled to assign its rights to purchase all
or a portion of the Purchased Assets and its obligations to assume all or portion the Assumed Liabilities to any one or more
Affiliates of the Buyer.

 

ARTICLE
III

CLOSING

 

Section
3.01 Closing. Subject to the terms and conditions of this Agreement, the consummation of the transactions contemplated by this
Agreement (the “Closing”) shall take place at the offices of Lucosky Brookman LLP, located at 111
Broadway, Suite 807, New York, NY 10006, on or before June 20, 2022; provided, that all the conditions to Closing set forth in
Article VII are either satisfied or waived; provided, further, if all such conditions to Closing are not satisfied as June 20, 2022,
(other than conditions which, by their nature, are to be satisfied on the Closing Date), Buyer may, in its discretion, determine
that the Closing shall take place on June 20, 2022. The date on which the Closing is to occur is herein referred to as the
“Closing Date”.

 

Section
3.02 Closing Deliverables.

 

(a) At
the Closing, Seller shall deliver to Buyer the following:

 

(i)
a bill of sale in the form of Exhibit B hereto (the “Bill of Sale”) duly executed by Seller,
transferring the tangible personal property included in the Purchased Assets to Buyer;

 

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(ii) an
assignment agreement in the form of Exhibit C hereto (the “Intellectual Property Assignment
Agreement”) duly executed by Seller, effecting the assignment to Buyer of the Purchased Assets and the Assumed
Liabilities;

 

(iii) a
certificate pursuant to Treasury Regulations Section 1.1445-2(b) that Seller is not a foreign person within the meaning of Section
1445 of the Code duly executed by Seller;

 

(iv) a
certificate of the Secretary or an Assistant Secretary (or equivalent officer) of Seller certifying (i) the names and signatures of
the officers of Seller who are authorized to sign this Agreement and the Transaction Documents and the other documents to be
delivered hereunder and thereunder, (ii) that attached thereto are true and complete copies of all resolutions adopted by the board
of directors of Seller authorizing the execution, delivery and performance of this Agreement and the other Transaction Documents and
the consummation of the transactions contemplated hereby and thereby, and (iii) that all such resolutions are in full force and
effect and are all the resolutions adopted in connection with the transactions contemplated hereby and thereby;

 

(vi) if
applicable, a letter signed by each of the Seller’s creditors who have an Encumbrance, and which Encumbrance is listed on
Section 3.02(a) of the Disclosure Schedules on any portion of the Purchased Assets, completely and unconditionally terminating such
Encumbrance releasing any claims or rights that such creditor has or may have with respect to such Purchased Assets (each, a
“Lien Release Agreement”) such that Buyer shall acquire the Purchased Assets at Closing free and clear of
any Encumbrance, other than Permitted Encumbrances;

 

(vii) satisfactory
evidence of the good standing of Seller and its subsidiaries in their respective jurisdictions or organization and their good
standing as foreign entities in such other jurisdictions, in each case in writing or any standard form of telecommunication from the
appropriate governmental authorities of each such jurisdictions;

 

(viii) a
certificate, dated and duly executed as of the Closing Date on behalf of Seller by a duly authorized officer (in such Person’s
capacity as such and not individually), that each of the conditions set forth in Section 7.02(a), Section 7.02(b), Section 7.02(f)
and Section 7.02(i) have been satisfied;

 

(ix) Schedule
2.01(a) of the Disclosure Schedules setting forth all receivables (including, without limitation, accounts receivable, loans
receivable and customer advances) arising from or related to the Business as of the Closing Date; and

 

(x) Schedule
2.01(b) of the Disclosure Schedules setting forth all Assigned Contracts, including the Intellectual Property Agreements, as of the
Closing Date.

 

(b) At
the Closing, Buyer shall deliver to Seller the following:

 

(i) the
Closing Payment Amount;

 

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(ii) the
Intellectual Property Assignment Agreement duly executed by Buyer;

 

(iii) a
certificate of the Secretary or an Assistant Secretary (or equivalent officer) of Buyer certifying (i) the names and signatures of
the officers of Buyer authorized to sign this Agreement, the Transaction Documents and the other documents to be delivered hereunder
and thereunder, (ii) that attached thereto are true and complete copies of all resolutions adopted by the board of directors of
Buyer authorizing the execution, delivery and performance of this Agreement and the other Transaction Documents and the consummation
of the transactions contemplated hereby and thereby, and (iii) that all such resolutions are in full force and effect and are all
the resolutions adopted in connection with the transactions contemplated hereby and thereby; and

 

(iv) a
certificate, dated and duly executed as of the Closing Date on behalf of Buyer by a duly authorized officer of Buyer (in such
Person’s capacity as such and not individually), that each of the conditions set forth in Section 7.03(a) and Section 7.03(b)
have been satisfied.

 

ARTICLE
IV

REPRESENTATIONS
AND WARRANTIES OF SELLER

 

Seller
represents and warrants to Buyer that the statements contained in this Article IV are true and correct as of the date hereof and as of
the Closing Date.

 

Section
4.01 Organization and Qualification of Seller. Seller is duly organized, validly existing and in good standing under the Laws of
its jurisdiction of incorporation and has all necessary corporate or entity power and authority to own, operate or lease the
properties and assets now owned, operated or leased by it and to carry on the Business as currently conducted and contemplated to be
conducted through Closing. Except as would not, individually or in the aggregate, be expected to be material to the Business taken
as a whole, Seller is duly licensed or qualified to do business and is in good standing in each jurisdiction in which the ownership
of the Purchased Assets or the operation of the Business as currently conducted makes such licensing or qualification
necessary.

 

Section
4.02 Authority of Seller. Seller has all necessary corporate power and authority to enter into this Agreement and the other
Transaction Documents to which Seller is a party, to carry out its obligations hereunder and thereunder and to consummate the
transactions contemplated hereby and thereby. The execution and delivery by Seller of this Agreement and any other Transaction
Document to which Seller is a party, the performance by Seller of its obligations hereunder and thereunder and the consummation by
Seller of the transactions contemplated hereby and thereby have been duly authorized by all requisite corporate action on the part
of Seller. This Agreement has been duly executed and delivered by Seller, and (assuming due authorization, execution and delivery by
Buyer) this Agreement constitutes a legal, valid and binding obligation of Seller, enforceable against Seller in accordance with its
terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting
creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding
at law or in equity). When each other Transaction Document to which Seller is or will be a party has been duly executed and
delivered by Seller (assuming due authorization, execution and delivery by Buyer and each other party thereto), such Transaction
Document will constitute a legal and binding obligation of Seller enforceable against it in accordance with its terms, except as
such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’
rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in
equity).

 

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Section
4.03 No Conflicts; Consents. Except as set forth in Section 4.03 of the Disclosure Schedules, the execution, delivery and
performance by Seller of this Agreement and the other Transaction Documents to which Seller is a party, and the consummation of the
transactions contemplated hereby and thereby, do not and will not: (a) result in a violation or breach of any provision of the
certificate of incorporation or by-laws of Seller; (b) result in a violation or breach of any provision of any Law or Governmental
Order applicable to Seller, the Business, the Purchased Assets or the Assumed Liabilities; (c) require the consent, notice or other
action by any Person under, conflict with, result in a violation or breach of, constitute a default under or result in the
acceleration of any Material Contract; (d) require the consent, notice, vote, approval or other action by the stockholders of
Seller; or (e) result in the creation or imposition of any Encumbrance on any Purchased Asset. No consent, approval, Permit,
Governmental Order, declaration or filing with, or notice to, any Governmental Authority is required by or with respect to Seller in
connection with the execution and delivery of this Agreement and the other Transaction Documents and the consummation of the
transactions contemplated hereby and thereby.

 

Section
4.04 Financial Statements; Undisclosed Liabilities.

 

(a) Section
4.04 of the Disclosure Schedules includes true, correct and complete copies of (i) the pro forma unaudited statements of revenues,
cost of goods sold and gross margin and direct expenses associated with the Business for the fiscal years ended 2020 and 2021 (the
schedules in clauses (i) and (ii), the “Financial Statements”).

 

(b) The
Financial Statements fairly and accurately present in all material respects the standalone financial condition of the Business as of
the respective dates and for the periods indicated therein (subject to normal adjustments which will not, individually or in the
aggregate, be material in nature or amount).

 

(c) Seller
has no Liabilities against, relating to or affecting the Business, except (i) those which are adequately reflected or reserved
against in the Interim Financial Statements, (ii) those which have been incurred in the ordinary course of business since April 1,
2022, and which are not, individually or in the aggregate, material in amount, (iii) performance obligations under the executory
portion of any Assumed Contracts, and (iv) those incurred pursuant to the Transaction Agreements and the transactions contemplated
hereby.

 

(d) Seller
is solvent for all purposes under federal bankruptcy and applicable state fraudulent transfer and fraudulent conveyance Laws. The
sale of the Purchased Assets by Seller hereunder will not render Seller insolvent and does not constitute a fraudulent transfer or
conveyance under such Law.

 

Section
4.05 Absence of Certain Changes, Events and Conditions. Except as set forth in Section 4.05 of the Disclosure Schedules, from
January 1, 2021, until the date of this Agreement, Seller has operated the Business in the ordinary course of business consistent
with past practice in all material respects and there has not been, with respect to the Business, any event or circumstance that,
individually or in the aggregate, has had or is reasonably expected to have a Material Adverse Effect. Except as set forth in
Section 4.05 of the Disclosure Schedules or as would not, individually or in the aggregate, be expected to be material to the
Business taken as a whole, since January 1, 2021, until the date of this Agreement there has not been, in each case solely with
respect to the Business unless indicated otherwise:

 

(a) any
theft, damage, destruction or casualty loss in excess of $25,000 in the aggregate to the Purchased Assets, whether or not covered by
insurance;

 

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(b) any
mortgage, pledge, lien, or grant of a security interest in, or other Encumbrance of any of the Purchased Assets;

 

(c) any
sale, disposal of or license of any of the Purchased Assets (including, without limitation, Intellectual Property Assets) to any
Person;

 

(d) any
failure to pay and discharge any trade payables or other material obligations relating to the Purchased Assets or the Business in
accordance with Seller’s customary business practices as of the date hereof;

 

(e) any
change in the financial accounting methods relating to or affecting the Purchased Assets, the Assumed Liabilities or the
Business;

 

(f) any
write up, write down or write off of the book value of any Purchased Assets, except as consistent with past practices;

 

(g) any
amendment or termination of any Assigned Contracts, except in the ordinary course of business;

 

(h) any
action to terminate or modify, or permit the lapse or termination of, the present insurance policies and coverage of Seller relating
to or applicable to the Business or the Purchased Assets;

 

(i) any
abandonment of or failure to maintain any Intellectual Property Assets;

 

(j) any
material grant or commitment to grant any retention, severance or termination payment to any current or former employee or
consultant of the Business or any material threat or payment related to an employee or consultant dispute;

 

(k) any
claim or lawsuit threatened, initiated or settled for an amount involving in excess of 25,000 in the aggregate or involving
equitable or injunctive relief;

 

(l) a
grant of any performance guarantee to any customer of the Business;

 

(m) any
failure to comply in all material respects with all Laws applicable to the conduct of the Business or the ownership and use of the
Purchased Assets;

 

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(n) with
respect to the Business, the Acquired Assets or the Assumed Liabilities: (i) any material Tax election or change in any Tax
election, (ii) any change of any annual Tax accounting period or any change of any method of Tax accounting (except as required by
Law), (iii) any amended Tax Return or any claim for Tax refunds, (iv) any entry into any closing agreement relating to Taxes or (v)
any settlement of any Tax claim, audit or assessment;

 

(o) any
agreement or commitment to do any of the things described in the preceding clauses of this Section 4.05.

 

Section
4.06 Material Contracts.

 

(a) Section
4.06(a) of the Disclosure Schedules lists each of the following Contracts (x) by which any of the Purchased Assets are bound or
affected, (y) to which Seller is a party or by which it is bound primarily in connection with the Business or the Purchased Assets
or (z) which relate or pertain to the Business but is not part of the Purchased Assets (excluding any Benefit Plan and any Excluded
Assets, collectively, the “Material Contracts”):

 

(i) all
Contracts pursuant to which the Seller licenses data from a third party and which are material to the Business;

 

(ii) any
Contract relating to capital expenditures or other purchases of material, supplies, equipment or other assets or properties or
services by Seller (other than purchase orders for inventory or supplies in the ordinary course of business) in excess of $25,000
individually, or $50,000 in the aggregate, during the 12- month period preceding the date hereof;

 

(iii) all
Contracts (including, without limitation, letters of intent) that relate to the disposition or acquisition of assets or properties
(other than in the ordinary course of business) involving consideration of more than $25,000, individually or $50,000 in the
aggregate, or any merger, consolidation or similar business combination transaction, whether or not enforceable, or (B) relating to
the acquisition by Seller of any operating business or Equity Interest of any other Person pursuant to which such Seller has any
obligations as of the date hereof;

 

(iv) all
Contracts relating to Indebtedness and any guaranty agreement or other evidence of Indebtedness, including capitalized lease
obligations;

 

(v) all
Contracts containing provisions (A) that expressly limit the ability of the Business to engage in any business activity or compete
with any Person, or the expansion thereof to other geographical areas, customers, suppliers or lines of business, (B) limiting
solicitation of employees or clients, or (C) that grants the other party or any third person “most favored nation” or
similar status;

 

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(vi) any
Contract (or group of related Contracts) relating to payments by or to Seller of more than $25,000 individually or $50,000 in the
aggregate during the 12-month period preceding the date hereof or which is reasonably likely to require payments by or to Seller
after the date hereof in excess of such amounts;

 

(vii) any
Contract pursuant to which Seller subcontracts work to third parties;

 

(viii) any
Contract (including, without limitation, letters of intent) (A) involving the future disposition or acquisition of assets or
properties (other than in the ordinary course of business) involving consideration of more than $25,000, individually or $50,000 in
the aggregate, or any merger, consolidation or similar business combination transaction, whether or not enforceable, or (B) relating
to the acquisition by Seller of any operating business or Equity Interest of any other Person pursuant to which such Seller has any
obligations as of the date hereof;

 

(ix) any
lease (whether as lessor or lessee) of Tangible Personal Property providing for annual rentals of more than $25,000, individually or
$50,000 in the aggregate;

 

(x) any
Contract that restricts or limits the ability of any individual Business Employee to engage in any business, solicit customers or
employees of Seller, or compete with Seller or the Business during or following employment with Seller;

 

(xi) all
Contracts that are intercompany agreements relating to the Business or the Purchased Assets;

 

(xii) any
Contract (or group of related Contracts) which is not terminable on less than ninety (90) days’ notice or that contains a
minimum annual commitment in excess of $25,000, individually or $50,000 in the aggregate;

 

(xiii) any
Contract with third-party sales agents, sales representatives, brokers or distributors, none of which are Business
Employees;

 

(xiv) any
Contract creating a shareholders’ agreement, strategic alliance, partnership, joint venture agreement, development, joint
development or similar arrangement which is material to the Business;

 

(xv) any
Contract entered into by Seller granting a license or other grant of rights to any third party for the use of any Intellectual
Property Assets and any Contract entered into by Seller in which a license or other grant of rights is provided to Seller for the
use of any intellectual property rights of any third party (other than off-the-shelf, commercially available Software), in each case
including, without limitation, royalty Contracts or management, consulting or advisory contracts (collectively, the
“Material IP Contracts”);

 

(xvi) any
Leased Real Property;

 

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(xvii) any
Contract granting any Person an Encumbrance on any of the Purchased Assets, other than Permitted Encumbrances;

 

(xviii) any
Contract of any character (contingent or otherwise) pursuant to which any consultant is or may be entitled to receive any payment
based on the revenues, earnings or financial performance or assets of the Business or calculated in accordance therewith;

 

(xix) any
Contracts with any Governmental Authority;

 

(xx) any
Contract that relates to the settlement of any legal proceeding;

 

(xxi) any
other Contract that would be required to be filed with the United States Securities and Exchange Commission as an exhibit to a
registration statement on Form S-1 if the Business was registering securities under the Securities Act;

 

(xxii) any
Contract or other arrangements between Seller, on the one hand, and any Related Parties, on the other hand (each, an
“Affiliate Arrangement”); and

 

(xxiii) any
Contract not listed above that is material to the Business.

 

(b) Seller
has made available to Buyer true and complete copies of all Material Contracts and all amendments thereto. Except as would not,
individually or in the aggregate, be expected to be material to the Business taken as a whole, each Material Contract (i) is valid
and binding on Seller and, to the Knowledge of Seller, the counterparties thereto and is in full force and effect, enforceable
against Seller, and, to the Knowledge of Seller, against all third parties, in each case in accordance with its terms, except as
enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
creditors’ rights generally and by general principles of equity (regardless of whether considered in a proceeding in equity or
at law); and (ii) shall continue in full force and effect upon consummation of the transactions contemplated by this Agreement, and
enforceable against Buyer, and, to the Knowledge of Seller, against all third parties, in accordance with its terms, except as
enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
creditors’ rights generally and by general principles of equity (regardless of whether considered in a proceeding in equity or
at law). Except as set forth in Section 4.06(b) of the Disclosure Schedules, Seller is not in material breach of, or default (with
or without the giving of notice, lapse of time or both) under, any Material Contract. To the Knowledge of Seller, no other party to
any Material Contract is in breach or default thereunder, nor, to the Knowledge of Seller, does any condition exist that with the
lapse of time or both would constitute a default by any such other party thereunder. No other party to any Material Contract has (i)
notified Seller that such other party intends to cancel or otherwise terminate such Material Contract or (ii) since January 1, 2021,
taken any action or threatened to take any action, with respect to seeking a repayment of amounts paid to Seller pursuant to such
Material Contract or a reduction in fees or other payments that will become due to Seller pursuant to such Material
Contract.

 

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Section
4.07 Title to Tangible Personal Property. Seller has good, valid title and marketable title to, or a valid leasehold interest in
all Tangible Personal Property included in the Purchased Assets, free and clear of Encumbrances except as set forth in Section 4.07
of the Disclosure Schedules and for Permitted Encumbrances. Except as would not, individually or in the aggregate, be expected to be
material to the Business taken as a whole, all Tangible Personal Property included in the Purchased Assets are structurally sound,
are in good operating condition and repair, and are suitable for their current and intended use, ordinary wear and tear excepted.
Except as would not, individually or in the aggregate, be expected to be material to the Business taken as a whole, none of such
Tangible Personal Property is in need of maintenance or repairs except for ordinary, routine maintenance and repairs that are not
material in nature.

 

Section
4.08 Sufficiency of Assets.

 

The
Purchased Assets (including, without limitation, the Assigned Contracts), (i) constitute all the rights, property and assets
necessary and sufficient for the continued conduct of the Business after the Closing by Buyer as currently conducted and as
currently proposed to be conducted by Seller prior to the Closing, and (ii) there are no material assets, assets, properties or
rights used in, held for use, or relied upon for the conduct of the Business other than the Purchased Assets. The Assigned Contracts
listed in Section 2.01(b) of the Disclosure Schedules include all Contracts with any customer of the Business.

 

Section
4.09 Intellectual Property.

 

(a) Section
4.09(a) of the Disclosure Schedules set forth an accurate and complete list of (i) all Domain Names included in the Intellectual
Property Assets of which Seller is the registrant or beneficial owner specifying for each its registrant (and, if anonymized, the
beneficial owner) and renewal date, and whether it is active (collectively, the “Business Registered Domain
Names”); (ii) all registered Marks, pending applications for registration of Marks included in the Intellectual
Property Assets (collectively, the “Business Registered Marks”); (iii) all Patents included in the
Intellectual Property Assets (collectively, the “Business Patents”); and (iv) all registered and material
unregistered Copyrights (including, without limitation, software programs and proprietary databases) and all pending applications
for registration of Copyrights included in the Intellectual Property Assets (collectively, the “Business Registered
Copyrights” and, together with the Business Registered Domain Names, the Business Registered Marks and the Business
Patents, the “Business Registered IP”), indicating as to each item in (ii)-(iv) as applicable: (i) the
current owner; (ii) the jurisdictions in which the item is issued or registered or in which any application for issuance or
registration has been filed, (iii) the respective issuance, registration, or application number of the item, and (iv) the dates of
application, issuance or registration of the item. Except as and to the extent disclosed on Section 4.09(a) of the Disclosure
Schedules, Seller has timely paid all filing, extension, examination, issuance, post registration and maintenance fees, annuities
and the like associated with or required with respect to any of the Business Registered IP, and all documents, assignments,
recordations and certificates necessary to be filed by Seller to maintain the effectiveness of the Business Registered IP and to
secure and record title to Business Registered IP have been filed with the relevant patent, copyright, trademark or other
authorities in the United States or other foreign jurisdictions, as the case may be, so that no item required to be listed on
Section 4.09(a) of the Disclosure Schedules has lapsed, expired or been abandoned or canceled other than in the ordinary course of
business.

 

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(b) To
the Knowledge of Seller, all Intellectual Property and Technology in which Seller has rights and which are material to the conduct
of the Business (i) are valid and enforceable and (ii) are not subject to any outstanding injunction, judgment, order, decree,
ruling or charge, including allegations of infringement, against Seller of which Seller has received notice. The Contracts set forth
in Section 4.09(b) of the Disclosure Schedule are the only Material Contracts to which Seller is a party and which provides for the
license of Intellectual Property or Technology to Seller.

 

(c) Seller
owns all right, title and interest in and to the Business Registered IP and is entitled to use such Business Registered IP in the
operation of the Business as currently conducted, free and clear of all Encumbrances other than Permitted Encumbrances. Seller owns
all right, title and interest in and to, or has a valid, enforceable and continuing license or right to use, practice, manufacture,
have manufactured, sell, offer for sale, import, export, exploit and license, each other item of Intellectual Property or Technology
(“Intellectual Property Rights”) included in the Intellectual Property Assets, and is entitled to use such
Intellectual Property Assets in the operation of the Business as currently conducted, free and clear of all Encumbrances other than
Permitted Encumbrances. For the avoidance of doubt, the representations and warranties set forth in this Section 4.09(c) do not
apply to the infringement upon or misappropriation or violation of the Intellectual Property of any third party, which are covered
in Section 4.09(f).

 

(d) Except
with respect to the Assigned Contracts and licenses of commercial off-the-shelf Software available on reasonable terms for a license
fee of no more than $25,000 per annum, Seller is not obligated to make any payments by way of royalties, fees or otherwise to any
owner or licensor of, or other claimant to, any Intellectual Property Rights, with respect to the use thereof or in connection with
the conduct of the Business as currently being conducted (including all research and development).

 

(e) Seller
has exercised a degree of care that is consistent in all material respects with the standards of the industry in which Seller
operates (but in no event less than a reasonable degree of care) in order to protect the secrecy and maintain the confidentiality
and legal validity of all Trade Secrets included in the Intellectual Property Assets. Except as set forth in Section 4.09(e) of the
Disclosure Schedules, no material (individually or in the aggregate) Trade Secret has been disclosed or authorized to be disclosed
to any third party other than pursuant to a non-disclosure agreement that protects Seller’s proprietary interests in and to
such Trade Secrets.

 

(f) Except
as and to the extent disclosed on Section 4.09(f) of the Disclosure Schedules and to the Knowledge of Seller, the conduct of the
Business as currently conducted, does not infringe upon or misappropriate or violate the Intellectual Property of any third party.
Except as and to the extent disclosed on Section 4.09(f) of the Disclosure Schedules, Seller have not received written or, to the
Knowledge of Seller, oral, notice of any claim or notice asserting that the conduct of the Business by Seller as currently conducted
infringes upon or misappropriates the Intellectual Property of any third party.

 

(g) There
are no claims asserted or threatened by Seller that a third party infringes or otherwise violates any of the Business Registered IP
or any other rights protecting Intellectual Property or Technology owned by or exclusively licensed to Seller. To the Knowledge of
Seller, no third party is misappropriating, infringing or violating any Intellectual Property or Technology owned by or exclusively
licensed to Seller.

 

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(h) The
Business Registered IP and the other Intellectual Property or Technology owned by Seller and included in the Intellectual Property
Assets, together with the rights granted to Seller under the Inbound IP Agreements and under any “shrink-wrap” or
“click-wrap” license agreements, are sufficient for the continued conduct of the Business by Buyer after the Closing
Date in the same manner as such business was conducted prior to the Closing Date in all material respects. Neither the execution of
this Agreement nor the consummation of any transaction contemplated hereby will materially and adversely affect any of Buyer’s
rights in and to the Intellectual Property Assets.

 

(i) The
software of Seller, if any, included in the Intellectual Property Assets does not, to the Knowledge of Seller, contain any program
routine, device, or other undisclosed feature, including, without limitation, a time bomb, virus, software lock, drop-dead device,
malicious logic, worm, trojan horse, bug, error, defect or trap door, that deletes, disables, deactivates, interferes with, or
otherwise harms such software, or the hardware, data, or computer programs or codes, or that provides access or produces
modifications not authorized by Seller.

 

(j) Seller
implements and maintains industry-standard security, disaster recovery and business continuity plans. To the Knowledge of Seller,
Seller has not experienced any breach of security or otherwise unauthorized access by third parties to Trade Secrets.

 

(k) Seller
has not granted any options, licenses or agreements of any kind relating to any Intellectual Property outside customer agreements
entered in the ordinary course (copies of which have been provided to Buyer).

 

(l)
Section 4.09(g) of the Disclosure Schedules sets forth all Intellectual Property that relates or pertains to the Business and is not
part of the Purchased Assets.

 

Section
4.10 Legal Proceedings; Governmental Orders.

 

(a) There
are no Actions or other legal proceedings pending or, to the Knowledge of Seller, threatened in writing against or by Seller
relating to or affecting the Business, the Purchased Assets or the Assumed Liabilities, or that would affect the legality, validity
or enforceability of this Agreement or any Transaction Documents or the consummation of the transactions contemplated hereby or
thereby. No event has occurred or circumstances exist that may give rise to, or serve as a basis for, any such Action or other legal
proceeding.

 

(b) There
are no outstanding Governmental Orders, or inquiry pending before a Governmental Authority or, to the Knowledge of Seller,
threatened in writing against Seller and no unsatisfied judgments, penalties or awards against, relating to or affecting the
Business or the Purchased Assets or the Assumed Liabilities, or that would affect the legality, validity or enforceability of this
Agreement or any Transaction Documents or the consummation of the transactions contemplated hereby or thereby. No event has occurred
or circumstances exist that may constitute or result in (with or without notice or lapse of time) a violation of any such
Governmental Order.

 

    	29

    	 

    

 

Section
4.11 Compliance With Laws; Permits.

 

(a)
Seller is in compliance with all Laws applicable to the conduct of the Business as currently conducted and the ownership and use of
the Purchased Assets, and Seller has been in compliance with all Laws applicable to the Business and the ownership and use of the
Purchase Assets during the two (2) years prior to the date hereof except as would not, individually or in the aggregate, be expected
to be material to the Business taken as a whole. Seller has not received any written notice that any violation of the foregoing is
being alleged.

 

(b)
Except for general authorizations to conduct business as set forth in Section 4.11 of the Disclosure Schedules, no Permits are required
for Seller to conduct the Business as currently conducted or for the ownership and use of the Purchased Assets.

 

Section
4.12 Environmental Matters. Seller is and has been in compliance in all material respects with all Environmental Laws applicable
to the Business, and has obtained all required Permits in connection therewith and is in compliance in all material respects with
the requirements thereunder. During the three years prior to the date hereof, Seller has not received any written notice from any
Governmental Authority or any written notice from any citizens group or other Person that alleges that Seller is not in compliance
with any Environmental Law. To the Knowledge of Seller: (a) all Leased Real Property and all surface water, groundwater and soil
associated with or adjacent to such property, is free of any chemicals, pollutants, contaminants, wastes, toxic substances or
material environmental contamination of any nature; (b) none of the Leased Real Property contain any underground storage tanks,
asbestos, equipment using PCBs or underground injection wells; and (c) none of the Leased Real Property contains any septic tanks in
which process wastewater or any chemicals, pollutants, contaminants, wastes or toxic substance have been released.

 

Section
4.13 Employee Benefit Matters.

 

(a) Section
4.13 of the Disclosure Schedules contains a list of (i) each “employee benefit plan” (as defined in Section 3(3)
of ERISA, without regard to whether ERISA applies thereto), (ii) all employment, deferred compensation, retention, consulting,
severance, individual compensation or similar agreements, and (iii) all other retention, change-in-control, bonus, stock option,
stock purchase, restricted stock, stock appreciation right, phantom equity, incentive, deferred compensation, medical, life
insurance, flexible spending, supplemental retirement, severance, vacation, salary continuation, leave of absence, educational
assistance, company car, housing allowance, paid time off, welfare, fringe-benefit or other benefit plans, programs, policies,
arrangements or agreements of any kind (whether written or oral), and covering one or more Business Employees, current or former
directors of the Business, or the beneficiaries or dependents of any such Persons that is maintained, sponsored, contributed to, or
required to be contributed to by Seller, or under which Seller has any material liability for premiums or benefits (as listed on
Section 4.13 of the Disclosure Schedules, each, a “Benefit Plan”). Seller has made available copies of
each Benefit Plan and related trust documents and funding arrangements.

 

(b) Each
Benefit Plan and related trust has been maintained, operated and administered in accordance with its terms and the requirements of
all applicable Laws (including ERISA and the Code). Each Benefit Plan that is intended to be qualified under Section 401(a) of the
Code (a “Qualified Benefit Plan”) has received a favorable determination letter from the Internal Revenue
Service, or with respect to a prototype plan, can rely on an opinion letter from the Internal Revenue Service to the prototype plan
sponsor, to the effect that such Qualified Benefit Plan is so qualified. No Action or other claim (other than claims for benefits in
the ordinary course) is pending or, to the Knowledge of Seller, threatened with respect to any Benefit Plan that would reasonably be
expected to result in liability to Buyer.

 

    	30

    	 

    

 

(c) No
Benefit Plan is or at any time has been: (i) subject to Title IV of ERISA or the minimum funding standards of Section 302 of ERISA
or Section 412 of the Code; or (ii) a “multi-employer plan” (as defined in Section 3(37) of ERISA). Seller
has not: (A) withdrawn from any pension plan under circumstances resulting (or expected to result) in liability; or (B) engaged in
any transaction which would give rise to a liability under Section 4069 or Section 4212(c) of ERISA.

 

(d) Other
than as required under Section 4980B of the Code or other applicable Law, no Benefit Plan that is subject to ERISA provides benefits
or coverage in the nature of health, life or disability insurance following retirement or other termination of employment (other
than death benefits when termination occurs upon death).

 

(e) No
Benefit Plan exists that would: (i) result in the payment to any Business Employee, director or consultant of the Business of any
money or other property; or (ii) accelerate the vesting of or provide any additional rights or benefits (including funding of
compensation or benefits through a trust or otherwise) to any Business Employee, director or consultant of the Business, in each
case, as a result of the execution of this Agreement or the Transaction Documents or the consummation of the transactions
contemplated hereby and thereby.

 

(f) As
of the Closing, there will be no Contract or plan to which Seller is a party covering any current or former employee, director or
independent contractor of the Business that, individually or collectively, provides for payment or benefits that would reasonably be
expected to constitute an “excess parachute payment” under Section 280G of the Code as a result of the execution of this
Agreement or the Transaction Documents or the consummation of the transactions contemplated hereby and thereby.

 

(g) Each
Benefit Plan that is or contains a “deferred compensation” plan, arrangement or feature, that is subject to Code Section
409A, has been operated in compliance, in all material respects, with such Code section and applicable regulations thereunder.
Seller has not agreed to pay or reimburse taxes under Code Section 409A incurred by any service provider participating in any
deferred compensation arrangement.

 

Section
4.14 Employment Matters.

 

(a) Section
4.14(a)(i) of the Disclosure Schedules sets forth as of the date hereof a list of the names of each current Business Employee,
together with their title or job classification, work location, employing entity, current annual salary and target annual cash bonus
and commissions, if any and Section 4.14(a)(ii) of the Disclosure Schedules sets forth a list of all employees that have had a
material contribution to the Business over the last three (3) years. Except as set forth in Section 4.14(a)(i) of the Disclosure
Schedules, none of such persons has an employment Contract with Seller. Seller represents that they have at all times complied with
all terms of any employment Contract with any Business Employee.

 

    	31

    	 

    

 

(b) Section
4.14(b) of the Disclosure Schedules sets forth a list as of the date of this Agreement, separately by company and location, of the
names of all individuals who perform services primarily for the Business at an annualized rate in excess of $25,000 per year as a
consultant or an independent contractor. Seller represents that they have paid all Business Employees, consultants, and independent
contractors for all hours worked, including commissions, overtime, or other wages due, along with related Taxes (or have
appropriately accrued for such amounts).

 

(c) There
are no Actions or other legal proceedings pending or, to the Knowledge of Seller, threatened by or on behalf of any Business
Employee, representative, consultant, or independent contractor against Seller relating to his or her employment with, or the
performance of services for, Seller.

 

(d) Seller
is not a party to, or bound by any collective bargaining or other agreement with a labor organization representing any of the
Business Employees. Since January 1, 2021 (i) no labor organization or group of employees has sought to organize any Business
Employees for purposes of collective bargaining, made a demand for recognition or certification, or filed a petition for
recognition, (ii) there has not been, nor, to the Knowledge of Seller, has there been any threat of, any strike, slowdown, work
stoppage, lockout, concerted refusal to work overtime or other similar labor activity or dispute affecting Seller or any of the
Business Employees, and (iii) no unfair labor practices or other labor-related grievances have been filed against Seller.

 

(e) Since
January 1, 2021 Seller has been in material compliance with all applicable Laws pertaining to employment and employment practices,
including but not limited Laws relating to wages, overtime, expenses, sick time, leave, contributions, classification of contractors
and employees, reductions in force, hours, meal and rest periods, employment discrimination and equal opportunity laws, harassment,
collective bargaining, labor relations, occupational safety and health, disability, background checks, drug and alcohol testing,
immigration and the payment of Social Security and other taxes.

 

Section
4.15 Taxes.

 

(a) Seller
has filed (taking into account any valid extensions) all Tax Returns with respect to the Business and Purchased Assets required to
be filed by Seller. Such Tax Returns are, or will be, true, complete and correct in all respects. All Taxes due and owing by Seller
(whether or not shown on any Tax Return) have been, or will be, timely paid.

 

(b) Seller
has withheld and paid each Tax required to have been withheld and paid in connection with amounts paid or owing to any employee,
independent contractor, creditor, customer, shareholder or other party, and complied with all information reporting and backup
withholding provisions of applicable Law.

 

(c) No
extensions or waivers of statutes of limitations have been given or requested with respect to any Taxes of Seller.

 

(d) All
deficiencies asserted, or assessments made, against Seller as a result of any examinations by any Governmental Authority have been
fully paid.

 

    	32

    	 

    

 

(e) No
jurisdiction where Seller does not file a Tax Return has made a claim in writing that Seller is required to file a Tax Return
relating to the Business or the Purchased Assets for such jurisdiction or that any Taxes relating to the Business or the Purchased
Assets are due as a result of doing business in any such jurisdiction.

 

(f) Seller
is not a “foreign person” as that term is used in Treasury Regulations Section 1.1445-2.

 

(g) There
are no Encumbrances for Taxes upon any of the Purchased Assets nor is any Governmental Authority in the process of imposing any
Encumbrances for Taxes on any of the Purchased Assets, other than Permitted Encumbrances.

 

(h) No
power of attorney that is currently in effect has been granted by Seller with respect to the Business or the Purchased Assets (other
than powers of attorney granted in the ordinary course of business, such as to a payroll provider).

 

(i) The
Purchased Assets do not include any stock or other ownership interests in any corporations, partnerships, joint ventures, limited
liability companies, business trusts, or other entities.

 

(j) None
of the Purchased Assets are (i) property required to be treated as being owned by another Person pursuant to the provisions of
Section 168(f)(8) of the Internal Revenue Code of 1954, as amended and in effect immediately prior to the enactment of the Tax
Reform Act of 1986, (ii) “tax-exempt use property” within the meaning of Section 168(h)(1) of the Code, or (iii)
“tax-exempt bond financed property” within the meaning of Section 168(g) of the Code.

 

(k) Seller
is not a party to any Tax allocation, Tax sharing or Tax indemnification agreement other than any such agreement entered into in the
ordinary course of business (such as a loan or a lease) the primary purpose of which is unrelated to Taxes. Seller has not ever been
a member of any affiliated group within the meaning of Section 1504(a) of the Code, or any similar provision of state, local or
foreign Law (other than an affiliated group the parent of which is Seller).

 

(l) Seller
is not currently a party to any pending examination, audit, Action, administrative or judicial proceeding relating to Taxes, nor, to
the Knowledge of Seller, has any examination, audit, Action or proceeding been threatened in writing by any Governmental Authority,
and no claim for assessment or collection of Taxes which previously has been asserted relating in whole or in part to Seller that
remains unpaid.

 

Section
4.16 Operation of the Business. No part of the Business is currently operated through any entity other than Seller.

 

    	33

    	 

    

 

Section
4.17 Privacy and Data Security.

 

(a)
Seller has been and is in compliance in all material respects with all applicable Law regarding the collection, creation, processing,
use, disclosure, storage, transfer and secure destruction of Sensitive Data, which was collected or processed in connection with the
Business (collectively, “Data Protection Laws”). Except as would not, individually or in the aggregate, be
expected to be material to the Business taken as a whole, Seller has made all required material filings, disclosures and registrations
under applicable Data Protection Laws with any relevant Governmental Authority, to the extent applicable, and all such filings, disclosures
and registrations are current and up-to-date) in all material respects. Section 4.17(a) of the Disclosure Schedules sets forth a complete
list of all such filings, disclosures and registrations.

 

(b)
Seller has established, implemented, and maintains privacy, data security and cybersecurity policies,
programs and procedures that are in compliance in all material respects with any applicable Law, applicable industry practices, and Seller’s
obligations under any Contracts, including reasonable and appropriate administrative, technical and physical safeguards, and disaster
recovery, business continuity, and incident response plans, designed to protect the confidentiality, integrity, availability and security
of Sensitive Data in its possession, custody or control against unauthorized access, use, disclosure or other misuse, and to safeguard
the Business IT Systems against the risk of material business disruption.

 

(c)
Seller has complied and is in compliance with its online and internal privacy policies in all material
respects.

 

(d)
Except as set forth in Section 4.17(e) of the Disclosure Schedules, (i) there have been no material
failures, breakdowns, continued substandard performance, introduction of any malware, viruses, ransomware, bugs, or other malicious codes
into any of the Business IT Systems that have caused a material disruption or material interruption in or to the use of such Business
IT Systems; (ii) there have been no privacy or data security breaches (including ransomware or a cyber-attack) resulting in the unauthorized
access, acquisition, exfiltration, manipulation, erasure, use, or disclosure of any Sensitive Data or that triggered any reporting requirement
under any breach notification Law or Contract provision; and (iii) to the Knowledge of Seller, no service provider (in the course of
providing services for or on behalf of Seller) has suffered any material privacy or data security breach that resulted in the unauthorized
access, acquisition, exfiltration, manipulation, erasure, use, or disclosure of any Sensitive Data.

 

(e)
Except as set forth in Section 4.17(f) of the Disclosure Schedules, Seller does not perform any operations
or provide any services outside of the United States of America. For the avoidance of doubt, Seller is not subject to the EU General
Data Protection Regulation. Seller does not store or transfer any Sensitive Data offshore to, or receives any Sensitive Data from, any
location outside the United States of America.

 

Section
4.18 Customers and Suppliers.

 

(a)
Section 4.18(a) of the Disclosure Schedules sets forth (i) the top 10 customers of the Business (calculated based on sales to such
customers during the 12 months ending April 30, 2022, (ii) each customer that accounts for more than five percent (5%) of the consolidated
gross revenues of the Business during the 12-month period ended April 30, 2022 (each, a “Material Customer”)
and (iii) the amounts paid by such Material Customers to the Business during the 12 months immediately preceding the date hereof. Except
as set forth in Section 4.18(a) of the Disclosure Schedules, no Material Customer has canceled or otherwise terminated, or materially
reduced, or made any threat in writing (or, to the Knowledge of Seller, orally) to Seller to cancel or otherwise terminate, or materially
reduce, its relationship with Seller and (ii) this Agreement and the Transaction Documents and the consummation of the transactions contemplated
hereby and thereby will not materially and adversely affect the relationship of Buyer with any Material Customer.

 

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(b)
Section 4.18(b) of the Disclosure Schedules sets forth (i) the top 10 suppliers of the Business
(calculated based on purchases from such suppliers during the 12 months immediately preceding the date hereof) (each, a “Material
Supplier”) and (ii) the amounts paid to such Material Suppliers by the Business during the 12 months immediately preceding
the date hereof. Except as set forth in Section 4.18(b) no Material Supplier has canceled or otherwise terminated, or materially reduced,
or made any threat in writing (or, to the Knowledge of Seller, orally) to Seller to cancel or otherwise terminate, or materially reduce,
its relationship with Seller and (ii) this Agreement and the Transaction Documents and the consummation of the transactions contemplated
hereby and thereby will not materially and adversely affect the relationship of Buyer with any Material Suppler.

 

(c)
To the Knowledge of Seller, there has not been a material decrease in any business activity between
the Persons listed on Section 4.18(c) of the Disclosure Schedules.

 

Section
4.19 Transactions with Affiliates.

 

(a)
Section 4.19(a) of the Disclosure Schedules sets forth all Affiliate Arrangements.

 

(b)
Except as set forth in Section 4.19(b) of the Disclosure Schedules no Related Party possesses,
directly or indirectly, any financial interest in or is a director, officer, manager or employee of any Person which is a client, supplier,
distributor, customer, lessor, lessee, financial source or competitor or potential competitor of Seller or the Business.

 

Section
4.20 Receivables. Except as set forth in Section 4.20 of the Disclosure Schedules, (i) all Receivables
represent bona fide, third party (i.e., non-Affiliate) and valid obligations arising from services actually performed in the ordinary
course of business, (ii) all such Receivables are or will be at Closing current within at least 90 days and collectible and (iii) there
is no contest, Claim or right of set-off, other than returns in the ordinary course of business, pursuant to any Contract with any obligor
of any Receivables related to the amount or validity of such Receivable and, to the Knowledge of Seller, no bankruptcy, insolvency or
similar proceedings have been commenced by or against any such obligor which, individually or in the aggregate, involves an amount in
excess of $25,000.

 

Section
4.21 No Unlawful Payments; FCPA. Neither Seller nor any director or officer of Seller, nor, to the
Knowledge of Seller, any employee, agent, controlled affiliate or other Person acting on behalf of Seller has, in the operation of the
Business, (a) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political
activity, (b) made any direct or indirect unlawful payment to any government official or employee, (c) violated or is in violation of
any provision of the Foreign Corrupt Practices Act of 1977, as amended, (d) violated or is in violation of any provision of the Bribery
Act 2010 of the United Kingdom or (e) made, offered, or taken an act in furtherance of any bribe, rebate, payoff, influence payment,
kickback or other unlawful payment.

 

    	35

    	 

    

 

Section
4.22 Compliance with Money Laundering Laws. The operations of the Business by Seller has been conducted
at all times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions
Reporting Act of 1970, as amended, the applicable money laundering statutes of all jurisdictions where Seller operate the Business, the
applicable rules and regulations thereunder and any applicable, related or similar rules, regulations or guidelines, issued, administered
or enforced by any Governmental Authority (collectively, the “Money Laundering Laws”) and no Action or proceeding
by or before any court or Governmental Authority or body or any arbitrator involving Seller with respect to any applicable Money Laundering
Laws is pending or, to the Knowledge of Seller, threatened.

 

Section
4.23 No Conflicts with Sanctions Laws. Seller nor, to the Knowledge of Seller, any director, officer,
agent or employee of Seller is currently subject to any sanctions administered or imposed by the United States (including any administered
or enforced by the Office of Foreign Assets Control of the U.S. Treasury Department, the U.S. Department of State, or the Bureau of Industry
and Security of the U.S. Department of Commerce), the United Nations Security Council, the European Union, or the United Kingdom (including
sanctions administered or controlled by Her Majesty’s Treasury) (collectively, “Sanctions”) in connection with
the operation of the Business. Neither Seller, nor, to the Knowledge of Seller, any director, officer, agent or employee of Seller, is
a Person that is, or is controlled by a Person that is (a) the subject of any Sanctions or (b) located, organized or resident in a country
or territory that is, or whose government is, the subject of Sanctions that broadly prohibit dealings with that country or territory
(currently, Cuba, Iran, North Korea, Sudan, and Syria).

 

Section
4.24 Insurance. Seller maintains, and has maintained without interruption during the two (2) years
prior to the date hereof, policies or binders of insurance covering risks and events in amounts which Sellers determined to be adequate
for the Business. With respect to any insurance policies maintained by Seller with respect to the Purchased Assets and Business for periods
prior to the Closing, (a) there is no material claim pending as to which coverage has been questioned, denied or disputed by the underwriters
of such policies, and (b) Seller is in compliance in all material respects with the terms of such policies including, without limitation,
the payment of all premiums due with respect to such policies.

 

Section
4.25 Exclusivity of Representations and Warranties. Except for the representations and warranties contained
in this Article IV (including the related portions of the Disclosure Schedules), and without derogating from the Seller’s representations
and warranties in Section 4.26, neither the Seller nor any other Person on behalf of the Seller has made, nor are any of them making,
any express or implied representation or warranty, either written or oral, at law or in equity, on behalf or in respect of the Seller
or the Purchased Assets, including (a) any representation or warranty as to the future revenue, profitability or success of the Business
(the inherent uncertainties of which Buyer acknowledges), (b) any representation or warranty with respect to merchantability or fitness
for any particular purpose (except for the representations and warranties set forth in Section 4.08), or (c) any representation or warranty
arising from statute or otherwise in law. Buyer acknowledges and agrees that, in making its decision to enter into this Agreement and
to consummate the transactions contemplated hereby, Buyer has relied solely upon the express representations and warranties of the Seller
set forth in Article IV (including the representations and warranties in Section 4.26 and the related portions of the Disclosure Schedules)
and disclaims reliance on any other representations and warranties, of any kind or nature, express or implied (including of the nature
described in clauses (a), (b) and (c) above). Notwithstanding the foregoing, nothing in this Section 4.25 or any other provision of this
Agreement shall be a defense against or a limit to Buyer’s ability to bring a claim for Fraud or constructive fraud.

 

    	36

    	 

    

 

Section
4.26 Disclosure. No representation or warranty made by Seller contained in this Agreement, and no statement
contained in the Disclosure Schedules or in any certificate furnished to Buyer pursuant to any provision of this Agreement, contains
any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements herein or therein,
in the light of the circumstances under which they were made, not misleading in any material respect. Seller acknowledge and agrees that,
in making its decision to enter into this Agreement and to consummate the transactions contemplated hereby, Buyer has relied on the representations
and warranties set forth in this Section 4.26 and in the other subsections of Article IV of this Agreement (including related portions
of the Disclosure Schedules), and the accuracy and completeness of the representations and warranties in this Section 4.26 and in the
other subsections of Article IV of this Agreement (including related portions of the Disclosure Schedules) are a major inducement to
Buyer’s decision to enter into this Agreement and to consummate the transactions contemplated hereby.

 

ARTICLE
V

REPRESENTATIONS
AND WARRANTIES OF BUYER

 

Buyer
represents and warrants to Seller that the statements contained in this Article V are true and correct as of the date hereof and as of
the Closing Date.

 

Section
5.01 Organization of Buyer. The Buyer is duly organized, validly existing and in good standing under
the Laws of the State of Delaware.

 

Section
5.02 Authority of Buyer. Buyer has all necessary organizational power and authority to enter into this
Agreement and the other Transaction Documents to which Buyer is a party, to carry out its obligations hereunder and thereunder and to
consummate the transactions contemplated hereby and thereby. The execution and delivery by Buyer of this Agreement and any other Transaction
Document to which Buyer is a party, the performance by Buyer of its obligations hereunder and thereunder and the consummation by Buyer
of the transactions contemplated hereby and thereby have been duly authorized by all requisite organizational power on the part of Buyer.
This Agreement has been duly executed and delivered by Buyer, and (assuming due authorization, execution and delivery by Seller) this
Agreement constitutes a legal, valid and binding obligation of Buyer enforceable against Buyer in accordance with its terms, except as
such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights
generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). When
each other Transaction Document to which Buyer is or will be a party has been duly executed and delivered by Buyer (assuming due authorization,
execution and delivery by Seller and each other party thereto), such Transaction Document will constitute a legal and binding obligation
of Buyer enforceable against it in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar Laws affecting creditors’ rights generally and by general principles of equity (regardless
of whether enforcement is sought in a proceeding at law or in equity).

 

    	37

    	 

    

 

Section
5.03 No Conflicts; Consents. The execution, delivery and performance by Buyer of this Agreement and
the other Transaction Documents to which Buyer is a party, and the consummation of the transactions contemplated hereby and thereby,
do not and will not: (a) result in a violation or breach of any provision of any organizational document of Buyer; (b) result in a violation
or breach of any provision of any Law or Governmental Order applicable to Buyer; or (c) require the consent, notice or other action by
any Person under, conflict with, result in a violation or breach of, constitute a default under or result in the acceleration of any
agreement to which Buyer is a party, except in the cases of clauses (b) and (c), where the violation, breach, conflict, default, acceleration
or failure to give notice would not have a Material Adverse Effect on Buyer’s ability to consummate the transactions contemplated
hereby. No consent, approval, Permit, Governmental Order, declaration or filing with, or notice to, any Governmental Authority is required
by or with respect to Buyer in connection with the execution and delivery of this Agreement and the other Transaction Documents and the
consummation of the transactions contemplated hereby and thereby, except for such consents, approvals, Permits, Governmental Orders,
declarations, filings or notices which would not have a Material Adverse Effect on Buyer’s ability to consummate the transactions
contemplated hereby and thereby.

 

Section
5.04 Brokers. Buyer has not used a broker, finder or investment banker in connection with the transactions
contemplated hereby, and Buyer shall not have any liability or otherwise suffer or incur any loss as a result of or in connection with
any brokerage, finder’s fee, investment banker’s fee or other commission of any Person retained by Seller in connection with
this Agreement, the Transaction Documents or any of the transactions contemplated hereby and thereby (or any Person who is entitled to
any broker’s commission, finder’s fee, investment banker’s fee or similar payment).

 

Section
5.05 Sufficiency of Funds. Buyer currently has, and will have as of the Closing, sufficient Common
Shares to enable it to make payment of the Purchase Price and consummate the transactions contemplated by this Agreement.

 

Section
5.06 Legal Proceedings. There are no Actions or other legal proceedings pending or, to Buyer’s
knowledge, threatened in writing against or by Buyer or any Affiliate of Buyer that challenge or seek to prevent, enjoin or otherwise
delay the transactions contemplated by this Agreement.

 

ARTICLE
VI

COVENANTS

 

Section
6.01 Conduct of Business Prior to the Closing. Except as otherwise required by this Agreement or applicable Law, during the period
on and from the date of this Agreement through and including the Closing Date or the termination of this Agreement, Seller shall (i)
conduct the Business in the ordinary course consistent with past practices in all material respects, (ii) maintain and preserve intact
the current organization, operations and franchise of the Business, (iii) use its commercially reasonable efforts to preserve goodwill
and relationships of its Business Employees, customers, lenders, suppliers, regulators and others having relationships with the Business.
Except as otherwise required by this Agreement or applicable Law, during the period on and from the date of this Agreement through and
including the Closing Date or the termination of this Agreement, Seller will not, without the prior written consent of Buyer (not to
be unreasonably withheld, conditioned or delayed), in each case solely with respect to the Business:

 

(a)
mortgage, pledge, subject to a lien, or grant a security interest in, or suffer to exist or otherwise
encumber, any of the Purchased Assets, excluding guarantees and letters of credit provided to customers in the ordinary course of business
or any Encumbrances existing on the date hereof;

 

(b)
sell, dispose of or license any of the Purchased Assets to any Person, except licenses in the ordinary
course of business and consistent with past practices;

 

    	38

    	 

    

 

(c)
fail to maintain the Tangible Personal Property in good working condition and repair according to the
standards they have maintained up to the date of this Agreement, subject only to ordinary wear and tear;

 

(d)
fail to pay and discharge any trade payables or other material obligations relating to the Purchased
Assets or the Business in accordance with Seller’s customary business practices as of the date hereof;

 

(e)
change financial accounting methods relating to or affecting the Purchased Assets, the Assumed Liabilities
or the Business;

 

(f)
write up, write down or write off the book value of any Purchased Assets, except as consistent with
past practices;

 

(g)
amend or terminate any Assigned Contracts, except in the ordinary course of business;

 

(h)
amend the certificate of incorporation or by-laws of Seller;

 

(i)
incur any Indebtedness or guarantee Indebtedness of another Person;

 

(j)
take any action to terminate or modify, or permit the lapse or termination of, the present insurance
policies and coverage of Seller relating to or applicable to the Business or the Purchased Assets;

 

(k)
enter into, modify, amend, terminate or waive any material right or obligation under any Contract that
would constitute a Material Contract or real property related to the Business, except in the ordinary course of business and consistent
with past practices (whether directly or through distributors, resellers, partners and the like);

 

(l)
abandon or fail to maintain any Intellectual Property Assets;

 

(m)
grant or make any commitment to grant any retention, severance or termination payment to any Business Employee or consultant;

 

(n)
except as required under Law or existing Contract: (x) adopt or amend any material Benefit Plan as it relates to the Business or
the Purchased Assets; (y) enter into any collective bargaining agreement or employment contract with any Business Employee; or (z) increase
the salaries or severance of, or other compensation of, or pay any bonus, retention payments or other change-of-control payments to,
any Business Employee;

 

(o)
grant any performance guarantee to any customer of the Business;

 

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(p) fail to comply in all material respects with all Laws applicable to the conduct of the Business or the ownership and use of the Purchased Assets;

 

 (q) waive, cancel or release any material right or any Indebtedness owed to the Business, except, with respect to any trade payables, in the ordinary course of business consistent with past practice;

 

 (r) with respect to the Business, the Purchased Assets or the Assumed Liabilities: (i) make or change any Tax election, (ii) change an annual Tax accounting period or change a method of Tax accounting (except as required by Law), (iii) file any amended Tax Returns or make any claim for Tax refunds, (iv) enter into any closing agreement relating to Taxes or (v) settle any Tax claim, audit or assessment;

 

 (s) take any action that would require notification or otherwise occur any liability under the Work Adjustment and Retraining Notification Act, 29 U.S.C. § 2101, et seq., or any similar state or local Law;

 

 (t) fail to maintain true, complete and accurate Books and Records in a manner consistent with Seller’s past practices; or

 

 (u) agree to do any of the things described in the preceding clauses of this Section 6.01.

 

Section
6.02 Access to Information. From the date hereof until the Closing or the termination of this Agreement,
Seller shall (a) afford Buyer and its Representatives reasonable access to and the right to inspect all of the Leased Real Property,
properties, assets, premises, Books and Records, Assigned Contracts and other documents and data related to the Business; (b) furnish
Buyer and its Representatives with such financial, operating and other data and information related to the Business as Buyer or any of
its Representatives may reasonably request; and (c) instruct its Representatives to cooperate with Buyer with respect to the foregoing;
provided, however , that any such investigation shall be conducted during normal business hours upon reasonable advance notice
to Seller, under the supervision of Seller’s personnel and in such a manner as not to interfere with the conduct of the Business
or any other businesses of Seller. All requests by Buyer for access pursuant to this Section 6.02 shall be submitted or directed exclusively
to Seller or such other individuals as Seller may designate in writing from time to time. Prior to the Closing, without the prior written
consent of Seller, which consent can be withheld for any reason, Buyer shall not contact any suppliers to, or customers of, the Business.

 

Section
6.03 Employees and Employee Benefits.

 

(a)
Prior to the Closing Date, Buyer shall determine in its sole discretion which Business Employees, if any, to offer employment, and
shall set initial terms and conditions of employment for any such employees to whom it offers employment, including wages, benefits,
job duties and responsibilities, and work assignments. Only Business Employees who are offered and accept such offers of employment,
and actually commence employment with Buyer based upon the initial terms and conditions set by Buyer, shall become “Buyer
Employees” after the Closing Date. Seller shall make available for interviews the Business Employees if so requested by
Buyer to facilitate Buyer’s right to offer employment to such employees in its sole discretion pursuant to this Section 6.03(a).
Buyer shall be responsible for any liability, obligation or commitment arising out of or relating to the (i) employment (including the
application for or termination of employment) of any Buyer Employee by Buyer arising after the Closing Date pursuant to the terms and
conditions of employment set by Buyer, and (ii) the provision of services by any other Person to Buyer after the Closing Date.

 

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(b)
Seller shall terminate, or shall cause to be terminated, on or prior to the Closing Date the employment
and service of all Business Employees (which shall include releasing such Business Employees from any obligations to Seller or its Affiliates
following the Closing Date incurred or that arose in connection with such employment or service, including confidentiality, non-competition
and non-solicitation agreements) who are offered and accept offers of employment with Buyer pursuant to this Section 6.03. For the avoidance
of doubt, (i) Buyer shall not be obligated to provide any severance, separation pay, final wage payments, or other payment or benefits
to any Business Employee on account of any termination of such Business Employee’s employment on or before the Closing Date, and
(ii) Seller acknowledges and agrees that any and all liabilities, obligations or commitments of Seller to pay any employee or former
employee of Seller (including the Buyer Employees) for any salary, bonus, commission, vacation pay, severance, separation, key employee
retention payments, or other compensation earned or accrued on or prior to the Closing Date, shall be an Excluded Liability and be borne
solely by Seller.

 

(c)
Seller shall have full responsibility under the WARN Act or any other labor or employment Law relating
to any obligation, act, or omission of Seller prior to or on the Closing Date with respect to the Business Employees including, without
limitation, any Liabilities that result from the Business Employees’ separation of employment from Seller or Business Employees
not becoming Buyer Employees.

 

(d)
With respect to any employee benefit plan maintained by Buyer or an Affiliate of Buyer for the
benefit of any Buyer Employee (collectively, “Buyer Benefit Plans”), effective
as of the Closing, Buyer shall, or shall cause its Affiliate to, recognize, to the extent permitted under applicable Law, all service
of the Buyer Employees with Seller, as if such service were with Buyer, for purposes of any applicable Buyer Benefit Plan; provided,
however, such service shall not be recognized to the extent that (x) such recognition would result in a duplication of benefits or
(y) such service was not recognized under the corresponding Benefit Plan. Further, with respect to each Buyer Benefit Plan, in which
any Buyer Employee will be eligible to participate effective as of the Closing, Buyer shall, or shall cause its applicable Affiliate(s)
to, (i) waive, to the extent permitted under applicable Law, all pre-existing conditions, exclusions and waiting periods with respect
to participation and coverage requirements applicable to such Buyer Employee under any such Buyer Benefit Plan in which such Buyer Employee
may be eligible to participate on or after the Closing, except to the extent such pre-existing conditions, exclusions or waiting periods
would apply under the analogous Benefit Plan; and (ii) to the extent permitted under applicable Law, provide each such Buyer Employee
with credit for any payments made under any cost-sharing provisions prior to the Closing (to the same extent such credit was given under
the analogous Benefit Plan prior to the Closing) in satisfying any applicable cost-sharing provisions in any Buyer Benefit Plan in which
such Buyer Employee may be eligible to participate on or after the Closing.

 

(e)
Effective as of the Closing Date, the Buyer Employees shall cease active participation in the Benefit
Plans. Seller shall remain liable for all eligible claims for benefits under the Benefit Plans that are incurred by the Business Employees
on or prior to the Closing Date. For purposes of this Agreement, the following claims shall be deemed to be incurred as follows: (i)
life, accidental death and dismemberment, short-term disability, and workers’ compensation insurance benefits, on the event giving
rise to such benefits; (ii) medical, vision, dental, and prescription drug benefits, on the date the applicable services, materials or
supplies were provided; and (iii) long-term disability benefits, on the eligibility date determined by the long-term disability insurance
carrier for the plan in which the applicable Business Employee participates.

 

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(f)
Buyer and Seller intend that the transactions contemplated by this Agreement should not constitute
a separation, termination or severance of employment of any Business Employee who accepts an employment offer by Buyer that is consistent
with the requirements of Section 6.03(b), including for purposes of any Benefit Plan that provides for separation, termination or severance
benefits (if any). Each Buyer Employee shall resign from Seller and accept employment with Buyer at the same time resulting in no period
of unemployment. Buyer shall be liable and hold Seller harmless for any claims relating to the employment of any Buyer Employee only
to the extent such claims relate to activity occurring after the Closing Date.

 

(g)
This Section 6.03 shall be binding upon and inure solely to the benefit of each of the parties to this
Agreement, and nothing in this Section 6.03, express or implied, shall confer upon any other Person any rights or remedies of any nature
whatsoever under or by reason of this Section 6.03. Nothing contained herein, express or implied, shall be construed to establish, amend
or modify any benefit plan, program, agreement or arrangement. The parties hereto acknowledge and agree that the terms set forth in this
Section 6.03 shall not create any right in any Business Employee, Buyer Employee or any other Person to any continued employment with
Buyer or any of its Affiliates or compensation or benefits of any nature or kind whatsoever.

 

(h)
Seller shall follow the “standard procedure” for preparing and filing Internal Revenue
Service Forms W-2 (Wage and Tax Statements), as described in Revenue Procedure 2004-53 for Buyer Employees. Under this procedure, (i)
Seller shall provide all required Forms W-2 to (x) all Buyer Employees reflecting wages paid and Taxes withheld by Seller in respect
of such Buyer Employees’ employment with Seller through the Closing Date, and (y) all other employees and former employees of Seller
who are not Buyer Employees reflecting all wages paid and taxes withheld by Seller, and (ii) Buyer (or one of its Affiliates) shall provide
all required Forms W-2 to all Buyer Employees reflecting all wages paid and taxes withheld by Buyer (or one of its Affiliates) after
the Closing Date.

 

Section
6.04 Confidentiality. Each party acknowledges and agrees that the standard confidentiality agreement
and no- trading agreement policies applicable to a public company apply and remain in full force and effect (the “Confidentiality
Agreement”).

 

Section
6.05 Books and Records.

 

(a)
In order to facilitate the resolution of any claims made against or incurred by Seller, or for any other reasonable purpose, for
a period of ten (10) years after the Closing, Buyer shall:

 

(i)
retain the Books and Records (including personnel files) relating to periods prior to the Closing;
and

 

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(ii)
upon reasonable notice, afford Seller’s Representatives reasonable access (including the right
to make, at Seller’s expense, electronic or photocopies), during normal business hours, to such Books and Records (subject to the
delivery of customary confidentiality undertakings to the satisfaction of Buyer).

 

(b)
In order to facilitate the resolution of any claims made by or against or incurred by Buyer after
the Closing, or for any other reasonable purpose, for a period of ten (10) years after the Closing, Seller shall:

 

(i)
retain the books and records (including personnel files) of Seller which relate to the Business and
its operations for periods prior to the Closing; and

 

(ii)
upon reasonable notice, afford Buyer’s Representatives reasonable access (including the right
to make, at Buyer’s expense, electronic or photocopies), during normal business hours, to such books and records.

 

(c)
Neither Buyer nor Seller shall be obligated to provide the other party with access to any books
or records (including personnel files) pursuant to this Section 6.05 where such access would violate any Law, fiduciary duty, contractual
obligation or attorney-client privilege of such party.

 

Section
6.06 Public Announcements. Buyer, on the one hand, and Seller, on the other hand, shall consult with
each other before issuing any press release or otherwise making any public statement with respect to this Agreement, the other Transaction
Documents and the transactions contemplated hereby and thereby and shall not issue any such press release or make any such public statement
without the prior written consent of the other, which consent shall not be unreasonably withheld or delayed; provided, however,
that Buyer or Seller may, without the prior written consent of the other party, issue such press release or make such public statement
as may, upon the advice of counsel, be required by applicable Law or stock exchange requirements. Notwithstanding the foregoing, following
the Closing the parties may issue a press release or other public statement with respect to this Agreement, the other Transaction Documents
and the transactions contemplated hereby and thereby, as long as such press release or public statement does not disclose the material
terms of this Agreement or the other Transaction Documents (including the material terms of the consideration payable to Seller) except
to the extent required, upon the advice of counsel, by applicable Law or stock exchange requirements. Notwithstanding the foregoing,
(a) Buyer shall be permitted to disclose the terms of this Agreement and the transactions contemplated hereby after the Closing (i) to
its authorized representatives, employees, customers, suppliers, equityholders, and affiliates and (ii) to its or its Affiliates, auditors,
attorneys, financing sources, potential investors or other agents or any other Person to whom Buyer discloses such information in the
ordinary course of business (so long as such Persons agree to, or are bound by contract or professional or fiduciary obligations to,
keep the terms of this Agreement confidential and so long as the parties shall be responsible to the other parties hereto for breach
of this Section 6.06 or such confidentiality obligations by the recipients of its disclosure).

 

Section
6.07 Bulk Sales Laws. The parties hereby waive compliance with the provisions of any bulk sales, bulk
transfer or similar Laws of any jurisdiction that may otherwise be applicable with respect to the sale of any or all of the Purchased
Assets to Buyer; it being understood that any liabilities arising out of the failure of Seller to comply with requirements and provisions
of any bulk sales, bulk transfer or similar Laws of any jurisdiction which would not otherwise constitute Assumed Liabilities shall be
treated as Excluded Liabilities.

 

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Section
6.08 Tax Matters.

 

(a)
The Parties agree that the transactions contemplated in this Agreement will be treated for U.S. Federal (and as applicable, state
and local) income tax purposes as a purchase and sale of the assets of Seller. Prior to Closing, Seller shall provide Buyer a schedule
setting forth a proposed allocation of the Purchase Price (including any assumed liabilities) among the classes of Seller’s Assets
on IRS Form 8594 in accordance with Section 1060 of the Code and the U.S. Treasury Regulations promulgated thereunder (the “Allocation”).
If within thirty (30) days after receipt of the Allocation, Buyer notifies Seller that Buyer objects to the Allocation, Buyer and Seller
shall use commercially reasonable efforts to resolve such dispute within thirty (30) days thereafter. In the event Buyer and Seller are
unable to resolve such dispute, Buyer and Seller shall retain a qualified accounting firm to resolve the dispute (the “Firm”).
In the event Buyer and Seller cannot agree on a Firm to review the Allocation, Buyer’s accounting firm shall be the Firm. Buyer
and Seller shall be allowed to present information to the Firm, and the Firm shall make a determination regarding the proper Allocation,
which shall be binding on Buyer and Seller. Buyer and Seller will share equally in the cost of paying the Firm to resolve such a dispute
regarding the Allocation.

 

(b)
Seller and Buyer agree to furnish or cause to be furnished to the other, upon request, as promptly
as practicable, information and assistance relating to the Business and the Purchased Assets, including access to books and records,
as is reasonably necessary in connection with (i) the preparation or filing of any Tax Return by Buyer or Seller, (ii) the making of
any Tax election by Buyer or Seller, (iii) Buyer or Seller’s claim for any Tax refund, (iv) the determination of liability for
Taxes, and (v) any audit, examination or other proceeding in respect of Taxes related to the Business or the Purchased Assets. Each of
Buyer and Seller shall retain all Tax Returns, work papers and other material records or other documentation in its possession (or in
the possession of any Affiliate) in respect of Tax matters relating to the Business and the Purchased Assets for any Tax period that
includes the Closing Date and all prior taxable periods until the expiration of the statute of limitations of the taxable periods to
which such Tax Returns and other documents relate.

 

(c)
All real property Taxes, personal property Taxes and similar ad valorem Taxes (“Property
Taxes”) levied with respect to the Business or the Purchased Assets (other than Taxes allocated
pursuant to Section 6.08) for a taxable period that includes (but does not end on) the Closing Date shall be apportioned between Seller
and Buyer as of the Closing based on the number of days of such taxable period included in the Pre-Closing Tax Period and the number
of days of such taxable period included in the Post-Closing Tax Period. Seller shall be liable for the proportionate amount of such Property
Taxes that is attributable to the Pre-Closing Tax Period, and Buyer shall be liable for the proportionate amount of such Property Taxes
that is attributable to the Post-Closing Tax Period. Upon receipt of any bill for Property Taxes relating to the Business or the Purchased
Assets, Buyer or Seller, as applicable, shall present a statement to the other party setting forth the amount of reimbursement to which
each is entitled under this Section 6.08 together with such supporting evidence as is reasonably necessary to calculate the proration
amount (calculated as a difference between the actual amount payable and the amount reflected in the Working Capital calculation as a
reserve). In each case, the amount shall be paid by the party owing it to the other party within twenty (20) days after delivery of such
statement, subject to any adjustments to reflect amounts included in the calculation of Working Capital. In the event that either Seller
or Buyer shall make any other payment for which it is entitled to reimbursement under this Section 6.08, the other party shall make such
reimbursement promptly but in no event later than twenty (20) days after the presentation of a statement setting forth the amount of
reimbursement to which the presenting party is entitled along with such supporting evidence as is reasonably necessary to calculate the
amount of reimbursement. For the avoidance of doubt, Section 6.08 shall survive the Closing Date.

 

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(d)
All transfer, documentary, sales, use, stamp, registration, value added and other similar Taxes and
fees (including any additions thereto, penalties and interest) incurred in connection with this Agreement and the other Transaction Documents
(including any real property transfer Tax and any other similar Tax) (“Transfer Taxes”) shall be divided, borne and
paid equally 50% by Buyer and 50% by Seller when due. All necessary documentation and Tax Returns with respect to such Transfer Taxes
shall be prepared and filed by the party required under applicable Law to file such Tax Returns. If required by applicable Law, Seller
and Buyer shall, and shall cause their respective Affiliates to, cooperate in preparing and filing, and join in the execution of, any
such Tax Returns. Seller and Buyer shall cooperate in providing each other with any appropriate certification and other similar documentation
relating to exemption from Transfer Taxes (including any appropriate resale exemption certifications), as provided under applicable Law.

 

Section
6.09 Non-Solicitation/Non-Competition.

 

(a)
Seller agrees that, for the period commencing on the Closing Date and expiring on the three (3) year anniversary of the Closing Date,
Seller shall not and shall cause its respective Affiliates not to directly or indirectly, (i) contact, approach, hire or solicit for
the purpose of offering employment or any similar arrangement any Buyer Employee or independent contractor, or (ii) assists any other
Person in hiring any Buyer Employee or independent contractor; provided, however, that this Section 6.09(a) shall not prohibit
general solicitations for employment through advertisements or other means not directly targeted at the employees of the Business (including,
without limitation, Business Employees and Buyer Employees), or apply to any Business Employees that are not Buyer Employees or Buyer
Employees that are terminated by the Buyer after the Closing Date due to no fault of such employee.

 

(b)
Buyer agrees that, for the period commencing on the Closing Date and expiring on the second anniversary
of the Closing Date, Buyer shall not and shall not direct any of their controlled Affiliates to, (ii) contact, approach, hire or solicit
for the purpose of offering employment or any similar arrangement any employee of Seller who is not a Buyer Employee or (ii) assist any
other Person in hiring any such employee; provided, however, that this Section 6.10(c) shall not prohibit general solicitations
for employment through advertisements or other means or apply to any such employee who is terminated by Seller after the Closing Date.

 

Section
6.10 Further Assurances. Following the Closing, each of the parties hereto shall, and Seller shall
cause its Affiliates to, execute and deliver such additional documents, instruments, conveyances and assurances and take such further
actions as may be reasonably required to carry out the provisions hereof and give effect to the transactions contemplated by this Agreement
and the other Transaction Documents, including without limitation that (a) Seller will take the actions set forth in Section 6.10 of
the Disclosure Schedules and (b) Seller or its Affiliates, as applicable, shall instruct all account debtors with respect to Receivables
constituting Purchased Assets to pay such amounts to Buyer and, if Seller or its Affiliates, as applicable, receive payment of any such
Receivables, they shall remit such amounts to Buyer on a weekly basis. For the avoidance of doubt, nothing in this Section 6.10 shall
require either party to waive any of its rights under this Agreement.

 

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Section
6.11 Third Party Consents. Seller shall use commercially reasonable efforts to give all notices, obtain
all consents and to and make all filings with third parties that are described in Section 4.03 of the Disclosure Schedules.

 

Section
6.12 Closing Conditions. From the date hereof until the Closing, each party hereto shall use commercially
reasonable efforts to take such actions as are necessary to expeditiously satisfy the closing conditions set forth in Article VII hereof.

 

Section
6.13 Termination of Related Party Agreements. Except as otherwise set forth herein or in any other
Transaction Document, at or prior to Closing, all Contracts, whether written or oral, between Seller and/or any of its Affiliates, on
the one hand, and any Buyer Employee, on the other hand, shall be terminated without any further force and effect, and Seller and/or
any of its Affiliates shall release the counterparties to such Contracts for any further liabilities or obligations with respect to Seller
thereunder; provided, that this Section 6.13 shall not relieve Seller of its other obligations under this Agreement with respect
to the termination of the Affiliate Agreements. Seller acknowledges that Applied Biology sro is not an Affilate and such the agreement
between Seller and Applied Biology sro shall continue in full force and effect.

 

Section
6.14 Trademark Matters. From and after the Closing:

 

(a)
Buyer hereby grants to Seller a non-exclusive, non-assignable, non-sublicenseable royalty-free license
to use the “Applied Biology Marks” solely as necessary to fulfill its obligations under this Agreement and the other Transaction
Documents, and not for its independent use or that of any other Person. Such license to Seller shall automatically expire upon expiration
or termination of this Agreement. Seller shall not assign its rights under this Section 6.14(b) to and another Person. Any attempted
assignment by Seller in violation of this Section 6.14(b) shall be null and void ab initio and of no force or effect. If exercising
its rights under Section 6.14(b), Seller shall use (and shall cause its applicable Affiliates to use) the Applied Biology Marks consistent
with the standards of quality associated with the services provided by Seller through the Business prior to the date hereof. Any and
all goodwill arising from Seller’s use of the Applied Biology Marks shall inure solely to the benefit of Buyer.

 

(c)
Seller hereby grants to Buyer a non-exclusive, perpetual, irrevocable, royalty-free right and license
to use Applied Biology Marks, and as Domain Names or a part thereof. If exercising its rights under Section 6.14(c), Buyer shall use
(and shall cause its applicable Affiliates to use) the Applied Biology Marks consistent with the standards of quality associated with
the services provided by Seller through the Business prior to the date hereof.The license granted by Seller in Section 6.14(c) (i)
shall not be terminated, canceled, or modified without the prior written consent of Buyer, or Buyer’s successors or assigns, as
applicable and (ii) is freely assignable by Buyer.

 

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Section
6.15 Advise of Changes. Seller shall promptly advise Buyer of (a) any notice or other communication
from any person alleging that the consent of such person is or may be required in connection with the transactions contemplated by this
Agreement, (b) any notice or other communication from any Governmental Authority in connection with the transactions contemplated by
this Agreement, (c) any Actions commenced, or to Seller’s Knowledge, threatened in writing, against Seller or any of its Subsidiaries,
as applicable, that are related to the transactions contemplated by this Agreement, and (d) any fact, change, event or circumstance known
to Seller, any breach, inaccuracy or misrepresentation of a representation or warranty of Seller set forth in this Agreement or any breach
or non-performance of a covenant or obligation of Seller set forth in this Agreement (i) that has had or would reasonably be expected
to have, either individually or in the aggregate with all other such matters, a Material Adverse Effect, or (ii) which Seller believes
would or would be reasonably expected to cause a condition to Closing set forth in Article VII to not be satisfied. In no event shall
(x) the delivery of any notice by Seller pursuant to this Section 6.15 limit or otherwise affect the respective rights, obligations,
representations, warranties, covenants or agreements of Seller or the conditions to the obligations of Seller under this Agreement, or
(y) disclosure by Seller be deemed to amend or supplement the Disclosure Schedules or constitute an exception to any representation or
warranty.

 

Section
6.16 No Solicitation; Change in Recommendation.

 

(a)
Seller shall, and shall cause each of its Subsidiaries and their respective Representatives to immediately (i) cease and terminate
any solicitation, encouragement, discussions or negotiations with any Persons with respect to an Acquisition Proposal or a potential
Acquisition Proposal, (ii) terminate access to any physical or electronic data rooms related to a possible Acquisition Proposal (other
than a data room utilized solely by Buyer, its Affiliates and their respective Representatives and not any third Person) and (iii) request
that any such Person and its Representatives promptly return or destroy all confidential information concerning Seller and its Subsidiaries
theretofore furnished thereto by or on behalf of Seller or any of its Subsidiaries, and destroy all analyses and other materials prepared
by or on behalf of such Person that contain, reflect or analyze such information, in each case, in accordance with the applicable confidentiality
agreement between Seller or any of its Affiliates, on one hand, and such Person, on the other hand. Until the Closing Date or, if earlier,
the termination of this Agreement in accordance with Article IX, Seller shall not, and shall cause each of its Subsidiaries and their
respective Representatives not to, directly or indirectly, (A) solicit, initiate, knowingly facilitate or knowingly encourage (including
by way of furnishing non-public information) any inquiries regarding, or the making or announcement of any proposal or offer that constitutes,
or would reasonably be expected to lead to, an Acquisition Proposal, (B) conduct or engage in, enter into, continue or otherwise participate
in any discussions or negotiations with, or furnish any information or data to, any Person that is seeking to make, has made or is considering
making an Acquisition Proposal or otherwise take such actions in connection with or for the purpose of knowingly encouraging or knowingly
facilitating an Acquisition Proposal, (C) approve, endorse or recommend any Acquisition Proposal or (D) enter into any Seller Acquisition
Agreement (as defined below) with respect to an Acquisition Proposal (including any confidentiality agreement).

 

(b)
Except as expressly permitted by Section 6.16(c), neither the board of directors of Seller nor
any committee thereof shall (i) (A) take any formal action or make any recommendation or public statement in connection with a tender
offer or exchange offer (other than a temporary “stop, look and listen” communication by the board of directors of Seller
pursuant to Rule 14d-9(f) of the Exchange Act, or an express rejection of such tender offer or exchange offer), (B) fail to recommend
against acceptance of any tender offer or exchange offer within ten (10) Business Days of the commencement of such offer, (C) adopt,
approve, endorse or recommend, or publicly propose to approve or recommend to the stockholders of Seller an Acquisition Proposal or (D)
agree to take any of the foregoing actions (actions described in this clause (i) being referred to as a “Seller Adverse
Recommendation Change”), (ii) authorize, cause or permit Seller or any of its Subsidiaries
to enter into any letter of intent, agreement or agreement in principle, memorandum of understanding, or other similar agreement relating
to or providing for any Acquisition Proposal or an acquisition agreement, merger agreement or similar definitive agreement providing
for or with respect to any Acquisition Proposal (each, a “Seller Acquisition Agreement”),
(iii) grant any waiver, amendment or release under any standstill or similar agreement with respect to any class of Equity Interests
of Seller or any of its Subsidiaries, any confidentiality agreement or Takeover Statute or (iv) take any action pursuant to Section 9.01(f).

 

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(c)
Notwithstanding anything to the contrary herein the board of directors of Seller may, in each case
so long as Seller has complied in all material respects with the requirements of and not breached in any material respect this Section
6.16, (A) make a Seller Adverse Recommendation Change in response to an Intervening Event or Superior Proposal and/or (B) terminate this
Agreement pursuant to Section 9.01(f) to enter into a Seller Acquisition Agreement with respect to a Superior Proposal, in each case,
if and only if, prior to taking of the action in either clause (A) or (B), the board of directors of Seller or a duly authorized committee
thereof concludes in good faith, after consultation with outside legal counsel, (x) that failure to take such action would be reasonably
expected to be inconsistent with the directors’ fiduciary duties under applicable Law and (y) that, if applicable, such Acquisition
Proposal constitutes a Superior Proposal; provided, further, that, prior to taking the action in either clause (A) or (B)
above, (i) the board of directors of Seller has given Buyer at least five (5) Business Days’ prior written notice (such period,
the “Notice Period” and any such notice with respect to a Superior Proposal,
the “Initial Superior Proposal Notice”) of its intention to take such action
(which notice shall include, as applicable, a reasonably detailed written summary of the Intervening Event or unredacted copies of the
Superior Proposal and any material transaction agreements and financing commitments (provided that such financing commitments may include
customary redactions) and a written summary of the material terms of any Superior Proposal not made in writing, including any financing
commitments relating thereto), (ii) after providing such notice, Seller shall have negotiated, and shall have caused its Representatives
to negotiate, with Buyer in good faith (to the extent Buyer desires to negotiate) during the Notice Period to make such adjustments in
the terms and conditions of this Agreement and the Financing as would permit the board of directors of Seller not to take such action,
and (iii) following the end of the Notice Period, the board of directors of Seller or a duly authorized committee thereof, shall have
considered in good faith any proposed revisions to this Agreement and the Financing proposed in writing by Buyer, and shall have determined,
after consultation with outside legal counsel, that failure to take such actions continues to be reasonably expected to be inconsistent
with the directors’ fiduciary duties under applicable Law even if such proposed revisions by Buyer to this Agreement and the Financing
were to be given effect.

 

(d)
From and after the date hereof, Seller shall notify Buyer as promptly as reasonably practicable (but
in any event within twenty-four (24) hours) in the event that (i) Seller, its Subsidiaries, Affiliates or any of their respective Representatives
receives (A) an Acquisition Proposal or any amendment thereto or (B) any request for discussions or negotiations, any request for access
to the properties or Books and Records of Seller or any of its Subsidiaries of which Buyer or any of its Representatives is or has become
aware, or any request for information relating to Seller or any of its Subsidiaries, in each case, by any Person that could reasonably
be expected to be considering making an Acquisition Proposal or (ii) Seller enters into any confidentiality agreement (which notice shall
include a copy of such confidentiality agreement). Such notice to Buyer shall indicate the identity of the Person or group of Persons
making such Acquisition Proposal or amendment thereto and provide (x) an unredacted copy of such written Acquisition Proposal or amendment
thereto (including, in each case, financing commitments with customary redaction) and any material transaction documents, and (y) with
respect to any Acquisition Proposal or amendment thereto not made in writing, a written summary of the material terms and conditions
of each such Acquisition Proposal or amendment thereto. Seller shall keep Buyer informed, on a reasonably current basis (and, in any
event within twenty-four (24) hours of Seller’s knowledge of any such event) of any material developments, discussions or negotiations
regarding any Acquisition Proposals, or material changes to the terms of any such Acquisition Proposal or any amendment thereto (including
copies of any written proposed agreements). Seller hereby agrees that it shall not, and shall not permit its Subsidiaries to, enter into
any Contract that prohibits or restricts it from providing to Buyer the information contemplated by this Section 6.16(d) or from complying
with the other provisions of this Section 6.16.

 

    	48

    	 

    

 

(e)
Nothing contained in this Agreement shall prevent Seller or the board of directors of Seller from complying
with Rules 14a-9, 14d-9 and 14e-2 under the Exchange Act and Item 1012(a) of Regulation M-A promulgated under the Exchange Act with respect
to an Acquisition Proposal or from issuing a “stop, look and listen” statement pending disclosure of its position thereunder
or making any required disclosure to Seller’s stockholders if, in the good faith judgment of the board of directors of Seller,
after consultation with its outside legal counsel, the failure to do so would be inconsistent with its fiduciary duties to stockholders
under applicable Law or such disclosure is otherwise required under applicable Law. For the avoidance of doubt, complying with such obligations
or making such disclosure shall not in any way limit or modify the effect that any such action has under this Agreement (including whether
such action constitutes a Seller Adverse Recommendation Change).

 

Section
6.17 Transaction Litigation. Seller shall promptly notify Buyer in writing of any action, arbitration,
audit, hearing, investigation, litigation, suit, subpoena or summons issued, commenced, brought, conducted or heard by or before, or
otherwise involving, any third-party or Governmental Authority or arbitrator pending or, to the Knowledge of Seller, threatened against
Seller, its Subsidiaries or any of their respective directors or officers relating to the transactions contemplated by this Agreement,
including the Sale (“Transaction Litigation”), Seller shall control the defense of any Transaction Litigation threatened
against Seller or its Subsidiaries; provided, however, that Seller shall (a) give Buyer the right to review and comment
on all material filings or responses to be made by Seller in connection with any such Transaction Litigation (and Seller shall in good
faith take such comments into account), and the opportunity to participate in the defense and settlement of, any such Transaction Litigation
and (b) if Buyer does not exercise such right to participate (subject to Seller’s control right), keep Buyer reasonably and promptly
informed with respect to the status of such Transaction Litigation. Seller agrees that it shall not settle, or offer to settle, any Transaction
Litigation without the prior written consent of Buyer (such consent not to be unreasonably withheld, conditioned or delayed). In the
event of a Transaction Litigation, Buyer shall indemnify and hold Seller and its Affiliates harmless as well as pay all legal fees, fines
or settlement payments to Seller or its Affiliates associated with the Transaction Litigation. In no event Seller or its Affiliates shall
be responsible for any Transaction Litigations fees or payments.

 

ARTICLE
VII

CONDITIONS
TO CLOSING

 

Section
7.01 Conditions to Obligations of All Parties. The obligations of each party to consummate the transactions contemplated by this
Agreement shall be subject to the fulfillment, at or prior to the Closing, of the following condition:

 

No
Governmental Authority shall have enacted, issued, promulgated, enforced or entered any Governmental Order that is in effect and has
the effect of making the transactions contemplated by this Agreement illegal, otherwise restraining or prohibiting consummation of such
transactions or causing any of the transactions contemplated hereunder to be rescinded following completion thereof.

 

    	49

    	 

    

 

Section
7.02 Conditions to Obligations of Buyer. The obligation of Buyer to consummate the transactions contemplated
by this Agreement shall be subject to the fulfillment or Buyer’s waiver, at or prior to the Closing, of each of the following conditions:

 

(a)
The representations and warranties of Seller contained in Article IV (other than the Seller Fundamental
Representations) shall be true and correct in all material respects as of the Closing Date and the Seller Fundamental Representations
shall be true and correct in all respects, in each case, with the same effect as though made at and as of such date (except those representations
and warranties that address matters only as of a specified date, which shall be true and correct in all material respects as of that
specified date); provided , however , that representations and warranties qualified by Material Adverse Effect or other
materiality qualifier must instead be true and correct in all respects;

 

(b)
Seller shall have duly performed and complied in all material respects with all agreements and covenants
required by this Agreement to be performed or complied with by them prior to or at the Closing;

 

(c)
Seller shall have delivered to Buyer duly executed counterparts to the Transaction Documents (other
than this Agreement and the Employment Agreements) and such other documents and deliverables set forth in Section 3.02(a);

 

(d)
Buyer shall have received a certificate, dated the Closing Date and signed on behalf of Seller by a
duly authorized officer (in such Person’s capacity as such and not individually), that each of the conditions set forth in Section
7.02(a), Section 7.02(b) and Section 7.02 (i) have been satisfied (the “Closing Certificate”);

 

(e)
Buyer shall have received a certificate pursuant to Treasury Regulations Section 1.1445-2(b) that Seller
is not a foreign person within the meaning of Section 1445 of the Code duly executed by Seller;

 

(f)
Since the date of this Agreement, there shall not have been a Material Adverse Effect;

 

Section
7.03 Conditions to Obligations of Seller. The obligations of Seller to consummate the transactions
contemplated by this Agreement shall be subject to the fulfillment or Seller’s waiver, at or prior to the Closing, of each of the
following conditions:

 

(a)
The representations and warranties of Buyer contained in Article V shall be true and correct in all
material respects as of the Closing Date with the same effect as though made at and as of such date (except those representations and
warranties that address matters only as of a specified date, which shall be true and correct in all material respects as of that specified
date); provided, however, that representations and warranties qualified by Material Adverse Effect or other materiality
qualifier must instead be true and correct in all respects;

 

(b)
Buyer shall have duly performed and complied in all material respects with all agreements and covenants
required by this Agreement to be performed or complied with by it prior to or at the Closing;

 

(c)
Buyer shall have delivered to the Seller the Closing Payment Amount, duly executed counterparts to
the Transaction Documents (other than this Agreement and the Employment Agreement) and such other documents and deliveries set forth
in Section 3.02(b);

 

    	50

    	 

    

 

(d)
Seller shall have received a certificate, dated the Closing Date and signed on behalf of Buyer by a
duly authorized officer of Buyer (in such Person’s capacity as such and not individually), that each of the conditions set forth
in Section 7.03(a) and Section 7.03(b) have been satisfied (the “Buyer Closing Certificate”);
and

 

(e)
Seller shall have received a certificate of the Secretary or an Assistant Secretary (or equivalent
officer) of Buyer as to matters set forth in Section 3.02(b)(v).

 

ARTICLE
VIII

INDEMNIFICATION

 

Section
8.01 Survival. Subject to the limitations and other provisions of this Agreement, the representations and warranties contained herein
shall survive the Closing and shall remain in full force and effect until the date that is fifteen (15) months from the Closing Date
(the “Expiration Date”); provided, however, (i) that the representations and warranties contained in
Section 4.01 (Organization and Qualification of Seller), Section 4.02 (Authority of Seller), Section 4.07 (Title to Tangible Personal
Property), Section 4.08 (Sufficiency of Assets), and Section 4.16 (Taxes) (collectively, the “Seller Fundamental Representations”),
and Section 5.01 (Organization of Buyer) and Section 5.02 (Authority of Buyer) (collectively, the “Buyer Fundamental Representations”)
shall survive the Closing indefinitely, and (ii) the representations and warranties contained in Section 4.09 (Intellectual Property)
and Section 4.20 (Privacy and Data Security) (collectively, the “Seller IP Representations”) shall survive
the Closing and shall remain in full force and effect indefinitely. None of the covenants or other agreements contained in this Agreement
shall survive the Closing Date other than those which by their terms contemplate performance after the Closing Date, and each such surviving
covenant and agreement shall survive the Closing for the period contemplated by its terms (the applicable period of survival with respect
to any representation, warranty, covenant or agreement, the “Survival Period”). Notwithstanding the foregoing,
any claims asserted in good faith with reasonable specificity (to the extent known at such time) and in writing by notice from the non-breaching
party to the breaching party prior to the Expiration Date of the applicable survival period shall not thereafter be barred by the expiration
of such survival period and such claims shall survive until finally resolved. It is the express intent of the parties that, if the applicable
Survival Period is shorter than the statute of limitations that would otherwise have been applicable to such item, then, by contract,
the applicable statute of limitations with respect to such item shall be reduced to the shortened Survival Period contemplated hereby.

 

Section
8.02 Indemnification By Seller. After the Closing, subject to the other terms and conditions of this
Article VIII, Seller shall indemnify Buyer and its Affiliates and their respective Representatives (collectively, the “Buyer
Indemnified Parties”) against, and shall hold Buyer Indemnified Parties harmless from and
against, any and all Losses incurred or sustained by, or imposed upon, the Buyer Indemnified Parties based upon, arising out of, with
respect to or by reason of:

 

(a)
any inaccuracy in or breach of any of the representations or warranties of Seller contained in this
Agreement or in any Transaction Document (for purposes of calculating any Losses arising from such inaccuracy or breach and for purposes
of determining whether there has been an inaccuracy in or breach of any such representation or warranty, such representation and warranty
shall be read as if it were not qualified by any concept of “material,” “materiality,” “Material Adverse
Effect,” or similar qualifiers);

 

    	51

    	 

    

 

(b)
any breach or non-fulfillment of any covenant, agreement or obligation to be performed by Seller pursuant
to this Agreement or in any Transaction Document;

 

(c)
any Third Party Claims related to the Business, operations, properties, assets or obligations of Seller
or any of its Affiliates conducted, existing or arising before the Closing;

 

(d)
any Excluded Asset or Excluded Liabilities; or

 

(e)
any claim made by any stockholder of Seller against any Buyer Indemnified Party directly or indirectly
related to the Transaction Documents and consummation of the transactions contemplated hereby and thereby;

 

Section
8.03 Indemnification By Buyer. After the Closing, subject to the other terms and conditions of this
Article VIII, Buyer shall indemnify Seller and its Affiliates (collectively, the “Seller Indemnified Parties”)
against, and shall hold the Seller Indemnified Parties harmless from and against, any and all Losses incurred or sustained by, or imposed
upon, the Seller Indemnified Parties based upon, arising out of, with respect to or by reason of:

 

(a)
any inaccuracy in or breach of any of the representations or warranties of Buyer contained in this
Agreement or in any Transaction Document (for purposes of calculating any Losses arising from such inaccuracy or breach and for purposes
of determining whether there has been an inaccuracy in or breach of any such representation or warranty, such representation and warranty
shall be read as if it were not qualified by any concept of “material,” “materiality,” “Material Adverse
Effect,” or similar qualifiers);

 

(b)
any breach or non-fulfillment of any covenant, agreement or obligation to be performed by Buyer pursuant
to this Agreement or in any Transaction Document;

 

(c)
any Third Party Claims related to the Business, operations, properties, assets or obligations of Buyer
or any of its Affiliates conducted or arising after the Closing; or

 

(d)
any Purchased Assets or Assumed Liabilities.

 

(e)
Any Transaction Litigation

 

    	52

    	 

    

 

Section
8.04 Certain Limitations. The indemnification provided for in Section 8.02 and Section 8.03 shall be
subject to the following limitations:

 

(a)
The aggregate amount of Losses for which the Buyer Indemnified Parties or Seller Indemnified Parties,
as applicable, shall be entitled to indemnification pursuant to this Article VIII shall not exceed the Purchase Price (the “Indemnification
Cap”), other than with respect to the following: (x)(i) claims based on breaches in, or inaccuracies
of, the Seller Fundamental Representations or the Seller IP Representations, (ii) claims arising under Section 8.02(b) through and including
8.02(e), and (iii) claims based on Fraud, criminal activity or willful misconduct of Seller (the claims described in clauses (i), (ii),
and (iii), the “Seller Special Indemnification Matters”) and (y)(i) claims
based on breaches of the Buyer Fundamental Representations, (ii) claims arising under Sections 8.03(b) through and including 8.03(d),
and (iii) claims based on Fraud, criminal activity or willful misconduct of Buyer (the claims described in clauses (i), (ii) and (iii),
the “Buyer Special Indemnification Matters”).

 

(b)
Seller shall not be liable to the Buyer Indemnified Parties for indemnification under Section 8.02
unless and until the aggregate amount of Losses in respect of indemnification under Section 8.02 exceed $100,000 (the “Threshold”)
(provided that any individual or series of related Losses which do not exceed $25,000 (“De-Minimis Losses”)
shall not be counted towards the Threshold), at which time the Buyer Indemnified Party shall be indemnified for the amount of Losses
in excess of the Threshold, including, for the avoidance of doubt, De-Minimis Losses; provided, however, that the Threshold
and the exclusion of De-Minimis Losses shall not be applicable with respect to, and each Buyer Indemnified Party shall be entitled to
be indemnified for, all Losses arising out of or resulting from the indemnification obligation with respect to Seller Special Indemnification
Matters. Buyer shall not be liable to the Seller Indemnified Parties for indemnification under Section 8.03 unless and until the aggregate
amount of Losses in respect of indemnification under Section 8.03 exceeds the Threshold (provided that De-Minimis Losses shall not be
counted towards the Threshold), at which time the Seller Indemnified Party shall be indemnified for the amount of Losses in excess of
the Threshold, including, for the avoidance of doubt, De-Minimis Losses; provided, however, that the Threshold and the
exclusion of De-Minimis Losses shall not be applicable with respect to, and each Seller Indemnified Party shall be entitled to be indemnified
for, all Losses arising out of or resulting from the indemnification obligation with respect to Buyer Special Indemnification Matters.

 

(c)
Payments by the Indemnifying Party (as defined in Section 8.05) pursuant to Article VIII in respect
of any Loss shall be limited to the amount of any liability or damage that remains after deducting therefrom any insurance proceeds and
any indemnity, contribution or other similar payment actually received by the Indemnified Party (as defined in Section 8.05) in respect
of any such claim.

 

(d)
Notwithstanding the foregoing, in no event shall the Indemnifying Party be liable to the Indemnified
Party for any punitive, incidental, consequential, special or indirect damages, including loss of future revenue or income, loss of business
reputation or opportunity relating to the breach or alleged breach of this Agreement, or any damages based on any type of multiple except
to the extent adjudicated and owed to a third party with respect to a Third Party Claim.

 

(e)
Each Indemnified Party shall take, and cause its Affiliates to take, all reasonable steps to mitigate
any Loss, including by pursuing insurance claims and claims against third parties, and shall reasonably consult and cooperate with the
Indemnifying Party with a view toward mitigating Losses upon becoming aware of any event or circumstance that would be reasonably expected
to, or does, give rise to Losses.

 

Section
8.05 Indemnification Procedures. The party making a claim under this Article VIII is referred to as
the “Indemnified Party”, and the party against whom such claims are asserted under this Article VIII is referred to
as the “Indemnifying Party”. Notwithstanding the foregoing, nothing in the preceding sentence shall relieve the Indemnified
Party from any notice provisions contained herein.

 

    	53

    	 

    

 

(a)
Third Party Claims. If any Indemnified Party receives written notice of the assertion or commencement
of any Action or other legal proceeding made or brought by any Person who is not a party to this Agreement or an Affiliate of a party
to this Agreement or a Representative of the foregoing (a “Third Party Claim”) against such Indemnified Party, the
Indemnified Party shall give the Indemnifying Party prompt written notice thereof (a “Claim Notice”). The failure
to give such prompt written notice shall not, however, relieve the Indemnifying Party of its indemnification obligations. Such Claim
Notice shall describe the Third Party Claim in reasonable detail, shall include a copy of all papers served with respect to such Third
Party Claim, if any, and any other documents reasonably necessary (as determined by the Indemnified Party) and shall indicate the estimated
amount, if reasonably practicable, of the Loss that has been or may be sustained by the Indemnified Party. The Indemnifying Party shall
have the right to participate in or, by giving written notice within ten (10) Business Days of receipt of a Third Party Claim, to assume
the defense of any Third Party Claim at the Indemnifying Party’s expense and by the Indemnifying Party’s own counsel; provided,
that such notice contains confirmation that the Indemnifying Party has agree to indemnify the Indemnified Party (subject to the limitation
on indemnification set forth herein) for the Losses arising out of or resulting from the Third Party Claim of which it is assuming the
right to conduct and control the defense thereof. In the event that the Indemnifying Party assumes the defense of any Third Party Claim,
subject to Section 8.05(b), it shall have the right to take such action as it deems necessary to avoid, dispute, defend, appeal or make
counterclaims pertaining to any such Third Party Claim in the name and on behalf of the Indemnified Party; provided, however,
that the Indemnifying Party shall not be entitled to control, and the Indemnified Party shall be entitled to have sole control over,
the defense or settlement of any claim if: (i) such claim is part of an Action to which the Indemnifying Party is also a party and the
Indemnified Party is advised by counsel that a conflict exists as a result of the Indemnifying Party’s control over such proceedings,
(ii) such Third Party Claim seeks injunctive or other equitable relief against the Indemnified Party, (iii) the Third Party Claim relates
to or arises in connection with any governmental proceeding, action, indictment, allegation or investigation in respect of the business
of Buyer or their respective Affiliates, (iv) the Indemnifying Party failed or is failing to reasonably prosecute or defend such Third
Party Claim, or (v) such claim involves any customer, supplier, distributor or other material business relation of Buyer or its Affiliates.
If the Indemnifying Party has validly made such election, the Indemnified Party shall have the right, at its own cost and expense, to
participate in the defense of any Third Party Claim with counsel selected by it subject to the Indemnifying Party’s right to control
the defense thereof. If the Indemnifying Party elects not to compromise or defend such Third Party Claim or fails to promptly notify
the Indemnified Party in writing of its election to defend as provided in this Agreement, the Indemnifying Party shall be liable for
the fees and expenses of counsel employed by the Indemnified Party. The Indemnified Party and the Indemnifying Party shall cooperate
with each other in all reasonable respects to ensure the proper and adequate defense of any Third Party Claim, including making available
Books and Records and other information relating to such Third Party Claim and furnishing employees and representatives as may be reasonably
necessary for the preparation of the defense of such Third Party Claim.

 

    	54

    	 

    

 

(b)
Settlement of Third Party Claims. Notwithstanding any other provision of this Agreement, if
the Indemnifying Party assumes the defense of any Third Party Claim pursuant to Section 8.05, (i) the Indemnified Party shall not file
any papers or consent to the entry of any judgment or enter into any settlement with respect to such Third Party Claim and (ii) the Indemnifying
Party shall not consent to the entry of any judgment or enter into any settlement with respect to such Third Party Claim without the
prior written consent of the Indemnified Party (which consent shall be given if the settlement by its terms (1) obligates the Indemnifying
Party to pay the full amount of the liability in connection with such Third Party Claim, (2) fully and finally releases the Indemnified
Party completely in connection with such Third Party Claim, and (3) does not impose any obligation or restriction on such Indemnified
Party or its Affiliates). If the Indemnifying Party does not assume the defense of such Third Party Claims or fails to diligently prosecute
or withdraws from the defense of a Third Party Claim, the Indemnifying Party will not be obligated to indemnify the Indemnified Party
for any settlement entered into or any judgment consented to without the prior the Indemnifying Party’s prior written consent (which
consent shall not be unreasonably withheld, delayed or conditioned). Notwithstanding any other provision of this Agreement, whether or
not the Indemnifying Party shall have assumed the defense of a Third Party Claim, if the Indemnified Party admits any liability with
respect to, or settles, compromises or discharges, such Third Party Claim without the Indemnifying Party’s prior written consent
(which consent shall not be unreasonably withheld, delayed or conditioned), then such admission, settlement or compromise will not be
binding upon or constitute evidence against the Indemnifying Party for purposes of determining whether the Indemnified Party has incurred
Losses that are indemnifiable pursuant to this Article VIII or the amount thereof.

 

(c)
Direct Claims. Any claim by an Indemnified Party on account of a Loss which does not result
from or involve a Third Party Claim (a “Direct Claim”) shall be asserted
by the Indemnified Party by providing prompt written notice thereof to the Indemnifying Party after the Indemnified Party becomes aware
of such Direct Claim. Such notice by the Indemnified Party shall describe the Direct Claim in reasonable detail and shall indicate the
estimated amount, if reasonably practicable, of the Loss that has been or may be sustained by the Indemnified Party. The Indemnifying
Party shall have thirty (30) days after its receipt of such notice to respond in writing to such Direct Claim asserting or denying its
responsibility with respect to such Direct Claim. During such thirty (30)-day period, the Indemnified Party shall allow the Indemnifying
Party and its professional advisors to investigate the matter or circumstance alleged to give rise to the Direct Claim, and whether and
to what extent any amount is payable in respect of the Direct Claim and the Indemnified Party shall reasonably assist the Indemnifying
Party’s investigation. If the Indemnifying Party does not so respond within such thirty (30)-day period, the Indemnifying Party
shall be deemed to have accepted such claim.

 

Section
8.06 Tax Treatment of Indemnification Payments. All indemnification payments made (or deemed to be
made) with respect to any claim pursuant to Article VIII shall be treated by the parties as an adjustment to the Purchase Price for Tax
purposes, unless otherwise required by Law.

 

Section
8.07 Exclusive Remedies. Subject to Section 8, the parties acknowledge and agree that except for Buyer’s
right to assert claims under the setoff rights in Sections 2.06(c) and 2.09(e), their sole and exclusive remedy with respect to any and
all claims for any breach of any representation, warranty, covenant, agreement or obligation set forth herein or otherwise relating to
the subject matter of this Agreement (except in the case of Fraud) shall be pursuant to the indemnification provisions set forth in this
Article VIII. In furtherance of the foregoing, each party hereby waives, to the fullest extent permitted under Law, any and all rights,
claims and causes of action for any breach of any representation, warranty, covenant, agreement or obligation set forth herein or otherwise
relating to the subject matter of this Agreement it may have against the other parties hereto and their Affiliates and each of their
respective Representatives arising under or based upon any Law, except pursuant to the indemnification provisions set forth in this Article
VIII. Nothing in this Section 8.07 shall limit any Person’s right to seek and obtain any equitable relief to which any Person shall
be entitled pursuant to Section 8.

 

    	55

    	 

    

 

ARTICLE
IX

TERMINATION

 

Section
9.01 Termination. This Agreement may be terminated at any time prior to the Closing:

 

(a)
by the mutual written consent of Seller and Buyer;

 

(b)
by Buyer by written notice to Seller if there has been a material breach, inaccuracy in or failure
to perform any representation, warranty, covenant or agreement made by Seller pursuant to this Agreement that would give rise to the
failure of any of the conditions specified in Section 7.01 or Section 7.02 and such breach, inaccuracy or failure cannot be cured by
Seller by June 10, 2022 (the “Drop Dead Date”); provided, that in
the event that Buyer extends the Closing Date to beyond June 10, 2022 pursuant to Section 3.01, the Drop Dead Date shall be fifteen days
thereafter.

 

(c)
by Seller by written notice to Buyer if there has been a material breach, inaccuracy in or failure
to perform any representation, warranty, covenant or agreement made by Buyer pursuant to this Agreement that would give rise to the failure
of any of the conditions specified in Section 7.01 or Section 7.03 and such breach, inaccuracy or failure cannot be cured by Buyer within
15 days of the Drop Dead Date;

 

(d)
by Buyer or Seller in the event that:

 

(i)
there shall be any Law that makes consummation of the transactions contemplated by this Agreement illegal
or otherwise prohibited;

 

(ii)
any Governmental Authority shall have issued a Governmental Order restraining or enjoining the transactions
contemplated by this Agreement, and such Governmental Order shall have become final and non-appealable; or

 

(iii)
the Closing does not occur by the Drop Dead Date.

 

(e)
by Buyer, if:

 

(i)
the board of directors of Seller shall have effected a Seller Adverse Recommendation Change;

 

(ii)
Seller shall have entered into, or publicly announced its intention to enter into, a Company Acquisition
Agreement; or

 

(iii)
Seller or the board of directors of Seller have publicly announced its intention to do any of the foregoing;
or

 

(i)
by Buyer or Seller if the Closing has not occurred by the Drop Dead Date; provided, that the
party electing to terminate this Agreement in such instance has not materially breached this Agreement and such breach is the primary
reason for such failure to consummate the Closing.

 

    	56

    	 

    

 

Section
9.02 Effect of Termination.

 

(a)
In the event of the termination of this Agreement in accordance with this Article IX, this Agreement shall immediately become null
and void and there shall be no liability or obligation on the part of any party hereto other than liability for any Willful Breach of
this Agreement prior to such termination; provided that the provisions of Section 6.04 (Confidentiality), this Section 9.02 (Effects
of Termination) and Article X (Miscellaneous) shall remain in full force and effect and survive any termination of this Agreement.

 

ARTICLE
X

MISCELLANEOUS

 

Section
10.01 Expenses. Except as otherwise expressly provided herein (including Section 6.08 hereof), all costs and expenses, including,
without limitation, fees and disbursements of counsel, financial advisors and accountants, incurred in connection with this Agreement
and the transactions contemplated hereby shall be paid by Buyer, whether or not the Closing shall have occurred.

 

Section
10.02 Notices. All notices, requests, consents, claims, demands, waivers and other communications hereunder
shall be in writing (including, without limitation, e-mail transmission) and shall be deemed to have been given (a) if delivered by hand,
when such delivery is made at the address specified on the signature pages hereto; (b) when received by the addressee if sent by a nationally
recognized overnight courier (receipt requested); (c) if delivered by e-mail or facsimile, when such e-mail or facsimile is transmitted
to the number or e-mail address specified on the signature page hereto or (d) on the day mailed, by certified or registered mail, return
receipt requested, postage prepaid. Such communications must be sent to the respective parties at the addresses or coordinates as provided
on the signature pages hereto (or at such other address for a party as shall be specified in a notice given in accordance with this Section
10.02).

 

All
notices and other communications hereunder shall be in writing and shall be addressed as follows (or at such other address for a Party
as shall be specified by like notice):

 

If
to Jupiter Wellness, to:

 

Jupiter
Wellness, Inc.

1061
E. Indiantown Rd., Ste. 110

Jupiter,
FL 33477

Attention: Dr. Wilson

Telephone: (561) 325-0482

Email:
drwilson@jupiterwellness.com

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

 

Lucosky
Brookman LLP

111 Broadway, Suite 807

New York, NY 10006

Attention: Adele Hogan

Email: ahogan@lucbro.com

If to Applied Biology, to:

 

Applied
Biology Inc.

109
E. 17th Street, Suite 5925

Cheyenne,
WY 82001

Attention: Dr. Andy Goren

E-Mail:
andyg@appliedbiology.com

 

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Section
10.03 Interpretation. For purposes of this Agreement, (a) the words “include,”
“includes” and “including”
shall be deemed to be followed by the words “without limitation”; (b) the
word “or” is not exclusive; and (c) the words “herein,”
“hereof,” “hereby,”
“hereto” and “hereunder”
refer to this Agreement as a whole. Unless the context otherwise requires, references herein: (x) to Articles, Sections, Disclosure Schedules
and Exhibits mean the Articles and Sections of, and Disclosure Schedules and Exhibits attached to, this Agreement; (i) to an agreement,
instrument or other document means such agreement, instrument or other document as amended, supplemented and modified from time to time
to the extent permitted by the provisions thereof and (ii) to a statute means such statute as amended from time to time and includes
any successor legislation thereto and any regulations promulgated thereunder. This Agreement shall be construed without regard to any
presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be
drafted. The Disclosure Schedules and Exhibits referred to herein shall be construed with, and as an integral part of, this Agreement
to the same extent as if they were set forth verbatim herein. All references in this Agreement or any of the other Transaction Documents
to “$” or “Dollars” are to United States Dollars, unless expressly stated otherwise.

 

Section
10.04 Headings. The headings in this Agreement are for reference only and shall not affect the interpretation
of this Agreement.

 

Section
10.05 Severability. If any term or provision of this Agreement is invalid, illegal or unenforceable
in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or
invalidate or render unenforceable such term or provision in any other jurisdiction.

 

Section
10.06 Entire Agreement. This Agreement (including the Exhibits and the Disclosure Schedules) and the
other Transaction Documents constitute the entire agreement of the parties with respect to the subject matter contained herein and therein,
and supersede all prior and contemporaneous representations, warranties, understandings and agreements, both written and oral, with respect
to such subject matter.

 

Section
10.07 Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of
the parties hereto and their respective successors and permitted assigns. Except as set forth in Section 2.12, neither party may assign
its rights or obligations hereunder without the prior written consent of the other party; provided, however, that Buyer
can assign its rights hereunder to any lender providing the Financing. No assignment (including pursuant to Section 2.12) shall relieve
the assigning party of any of its obligations hereunder.

 

Section
10.08 No Third Party Beneficiaries. This Agreement is for the sole benefit of the parties hereto and
their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other
Person or entity any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

 

    	58

    	 

    

 

Section
10.09 Amendment and Modification; Waiver. This Agreement may only be amended, modified or supplemented
by an agreement in writing signed by Seller and Buyer. No waiver by any party of any of the provisions hereof shall be effective unless
explicitly set forth in writing and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver
in respect of any failure, breach or default not expressly identified by such written waiver, whether of a similar or different character,
and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power or privilege
arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right,
remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power
or privilege.

 

Section
10.10 Governing Law; Submission to Jurisdiction; Waiver of Jury Trial.

 

(a)
This Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware without giving effect
to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction).

 

(b)
ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE OTHER TRANSACTION
DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY MAY BE INSTITUTED IN THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA
OR THE DELAWARE COURT OF CHANCERY (OR, ONLY IF THE DELAWARE COURT OF CHANCERY DECLINES TO ACCEPT JURISDICTION OVER A PARTICULAR MATTER,
ANY STATE COURT WITHIN THE STATE OF DELAWARE), AND EACH PARTY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS IN ANY
SUCH SUIT, ACTION OR PROCEEDING. SERVICE OF PROCESS, SUMMONS, NOTICE OR OTHER DOCUMENT BY MAIL TO SUCH PARTY’S ADDRESS SET FORTH
HEREIN SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY SUIT, ACTION OR OTHER PROCEEDING BROUGHT IN ANY SUCH COURT. THE PARTIES IRREVOCABLY
AND UNCONDITIONALLY WAIVE ANY OBJECTION TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR ANY PROCEEDING IN SUCH COURTS AND IRREVOCABLY WAIVE
AND AGREE NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT
IN AN INCONVENIENT FORUM.

 

(c)
EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT OR
THE OTHER TRANSACTION DOCUMENTS IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND
UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR THE OTHER TRANSACTION DOCUMENTS, THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES
THAT (A) NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE
THE FOREGOING WAIVER IN THE EVENT OF A LEGAL ACTION, (B) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) SUCH PARTY MAKES
THIS WAIVER VOLUNTARILY, AND (D) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS
AND CERTIFICATIONS IN THIS SECTION 10.10(c).

 

    	59

    	 

    

 

Section
10.11 Specific Performance. The parties agree that irreparable damage would occur if any provision
of this Agreement were not performed in accordance with the terms hereof or were otherwise breached. It is accordingly agreed that the
parties to this Agreement shall be entitled to seek equitable relief, including, without limitation, an injunction or injunctions (without
the payment or posting of any bond) in connection with any breach or threatened breach of this Agreement and to enforce specifically
the terms and provisions of this Agreement in any court of the United States or any state having jurisdiction, including, without limitation,
to enforce the obligations of each of Buyer and Seller to consummate the Closing. This paragraph shall not be construed as an election
of any remedy, or as a waiver of any right available to the parties under this Agreement or the law, including, without limitation, the
right to seek damages from the breaching party for a breach of any provision of this Agreement, nor shall this paragraph be construed
to limit the rights or remedies available under applicable law for any violation of any provision of this Agreement.

 

Section
10.12 Disclosure Schedule. The Disclosure Schedules will be arranged to correspond to the representations
and warranties in Article IV of this Agreement, and the disclosure in any portion of the Disclosure Schedules shall qualify the corresponding
provision in Article IV and any other provision of Article IV to which it is reasonably apparent from such disclosure that such disclosure
relates. No reference to or disclosure of any item or other matter in the Disclosure Schedules shall be construed as an admission or
indication that such item or other matter is material or that such item or other matter is required to be referred to or disclosed in
the Disclosure Schedules. The information set forth in the Disclosure Schedules is disclosed solely for the purposes of this Agreement,
and no information set forth therein shall be deemed to be an admission by any party hereto to any third party of any matter whatsoever,
including of any violation of law or breach of any agreement.

 

Section
10.13 Counterparts. This Agreement may be executed and delivered (including, without limitation, by
facsimile transmission or e-mail) in counterparts, each of which shall be deemed an original, but all of which together shall be deemed
to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic transmission
shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

 

Section
10.14 Non-recourse. This Agreement and the Transaction Documents may only be enforced against, and
any Action or other legal proceeding based upon, arising out of, or related to this Agreement and the Transaction Documents, or the negotiation,
execution or performance of this Agreement and the Transaction Documents, may only be brought against the entities that are expressly
named as a party hereto and thereto and then only with respect to the specific obligations set forth herein and therein with respect
to such party. No past, present or future director, officer, employee, incorporator, manager, member, partner, stockholder, Affiliate,
agent, attorney or other Representative of any party hereto or of any Affiliate of any party hereto and thereto, or any of their successors
or permitted assigns, shall have any liability for any obligations or liabilities of any party hereto under this Agreement and the Transaction
Documents or for any Action or other legal proceeding based on, in respect of or by reason of the transactions contemplated hereby and
thereby; provided, however, nothing in this Section 10.14 shall relieve or otherwise limit the liability of any party hereto
or thereto or any of their respective successors or permitted assigns for any breach or violation of its obligations under such agreements,
documents or instruments.

 

    	60

    	 

    

 

Section
10.15 Waiver of Conflicts Regarding Representation; Nonassertion of Attorney-Client Privilege.

 

(a)
Buyer waives and shall not assert, and agrees to cause its Affiliates to waive and not to assert, any conflict of interest arising
out of or relating to the representation, after the Closing (the “Post-Closing Representation”), of Seller
or any of their Affiliates or any shareholder, officer, employee or director of the or any of their Affiliates (any such Person, a “Designated
Person”) in any matter involving this Agreement, the Transaction Documents or the transactions contemplated hereby, by
Lucosky Brookman LLP, or Scott Olsen, Esq. (the “Current Representation”).

 

(b)
Buyer waives and shall not assert, and agrees to cause its Affiliates to waive and to not assert,
any attorney-client privilege solely to the extent inherited as a result of the transactions contemplated by this Agreement with respect
to any communication between any legal counsel and any Designated Person in any matter involving this Agreement, the Transaction Documents
or the transactions contemplated hereby occurring during the Current Representation prior to the Closing Date in connection with any
Post- Closing Representation, including in connection with a dispute with Buyer or any of its Affiliates, it being the intention of the
parties hereto that all rights to attorney-client privilege with respect to any communication between any legal counsel and any Designated
Person in any matter involving this Agreement, the Transaction Documents or the transactions contemplated hereby occurring during the
Current Representation and to control such attorney-client privilege shall be retained by Seller.

 

(c)
The attorney-client privilege, attorney work-product protection and expectation of client confidence
arising from the transactions contemplated hereby prior to the Closing Date, and all information and documents covered by such privilege
or protection, will belong to and be controlled by Seller and may be waived only by Seller, and not Buyer, and will not pass to or be
claimed or used by Buyer; provided, that Buyer may assert the privilege against a third party.

 

[Remainder
of Page Intentionally Left Blank]

 

    	61

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first written above by their respective
officers thereunto duly authorized.

 

	 	APPLIED
    BIOLOGY, INC.
	 	 	 
	 	By	
	 	Name:	Dr.
    Andy Goren
	 	Title:	President,
    Chief Medical Officer
	 	 	 
	 	Address:
    109 E. 17th St., Suite 5925, Cheyenne, WY 82001
	 	Email:	agoren@appliedbiology.com
	 	Phone:
    	(949)
    387-4526
	 	with
    a copy (which will not constitute notice) to: 
	 	Name:
    	Scott
    Olsen
	 	Email:
    	sdoesq@gmail.com
	 	 	 
	 	JUPITER
    WELLNESS, INC.
	 	 	 
	 	By	
	 	Name:
    	Brian
    John
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	Address:
    1061 E. Indiantown Road, Suite 110, Jupiter, FL 33477
	 	Email:
    	bjohn@jupiterwellness.com
	 	Phone:	(561)
    599-0080
	 	 	 
	 	with
    a copy to (which will not constitute notice) to:
	 	Lucosky
    Brookman LLP
	 	Address: 111 Broadway, Suite 807

                                                                     New York, NY 10006

	 	Attention: Adele Hogan, Esq. 
	 	Email:
    	ahogan@lucbro.com

 

    	62

    	 

    

 

EXHIBIT
A

 

EMPLOYMENT
AGREEMENT

 

    	63

    	 

    

 

EXHIBIT
B

 

BILL
OF SALE

 

    	64

    	 

    

 

EXHIBIT
C

 

INTELLECTUAL
PROPERTY ASSIGNMENT AGREEMENT

 

    	65

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