Document:

Exhibit
10.13

 

STOCKHOLDERS’
AGREEMENT

 

This
STOCKHOLDERS’ AGREEMENT (this “Agreement”) is made and entered into effective as of December 11,
2020, among IMPACT BIOLIFE SCIENCE, INC., a Nevada corporation, (the “Company”) and all of the Company’s
stockholders, as listed on the signature page hereto (individually, a “Stockholder” and collectively, the “Stockholders”).

 

PRELIMINARY
STATEMENTS

 

A.
Each Stockholder owns shares of the Company’s Common Stock, par value $0.001 per share (the “Common Stock”
or “Stock”) in such amounts as of the date hereof as are set forth on Exhibit A hereto.

 

B.
The Stockholders and the Company desire to enter into this Agreement for the purpose of regulating certain aspects of the relationship
between the Stockholders as stockholders of the Company and to, among other things, (i) place certain restrictions on the sale, transfer
or other disposition of the shares of Stock owned by the Stockholders; and (ii) provide for certain rights and obligations with respect
thereto as hereinafter provided.

 

STATEMENT
OF AGREEMENT

 

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

 

ARTICLE
I

DEFINITIONS

 

1.1
Certain Definitions. For purposes of this Agreement, the following terms shall have the meanings set forth below:

 

“Affiliate”
of a Person means any other Person Controlling, Controlled by or under common Control with such Person. An “Affiliate”
of the Company includes each of the Company’s direct or indirect subsidiaries, whether or not in existence on the date hereof.
An “Affiliate” of a Stockholder that is a corporation includes its parent and each of the Stockholder’s
or its parent’s direct or indirect subsidiaries, whether or not in existence on the date hereof. For the purposes hereof, the Company
and its subsidiaries shall not be deemed an Affiliate of any Stockholder.

 

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

 

“Board”
means the board of directors of the Company.

 

“Common
Stock” has the meaning set forth in the Preliminary Statements.

 

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

 

“Company
Representatives” has the meaning set forth in Section 4.1(a) hereof.

 

    	 	 	Initials:___ /___ /____

     

    

 

“Confidential
Information” has the meaning set forth in Section 4.1(a) hereto.

 

“Control”
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 ownership of voting securities, by contract or otherwise.

 

“Director”
means any member of the Board.

 

“Intellectual
Property” means all inventions, patents, pending patent applications, works, copyrights, trademarks (including service
marks), design rights, trade secrets, technology, compositions, formulas, processes, methods, specifications, schematics, mechanical
designs, programs, know-how, software, data, results, information, improvements, modifications, derivatives, financial and business processes,
functionality, and confidential information presented to the Company by GRDG Sciences, LLC, along with all rights in and to any of the
foregoing, whether registered, registerable, or unregistered, and including any application for registration of any of the foregoing
and all rights or forms of protection of a similar nature having equivalent or similar effect to any of these, which may exist anywhere
in the world.

 

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

 

“Stock”
has the meaning set forth in the Preliminary Statements.

 

“Stockholder”
has the meaning set forth in the preface.

 

ARTICLE
II

MANAGEMENT

 

2.1
Board Composition.

 

(a)
There shall never be less than one nor more than five (5) Directors on the Board and such number shall be determined from time to time
by the Board. A Director need not be a stockholder of the Company or a resident of the State of Nevada. Subject to Section 2.1(b),
the Directors will be elected by the Stockholders of the Company.

 

(b)
Each Stockholder shall vote all of such Stockholder’s Stock and any other voting securities of the Company over which such Stockholder
has voting control and shall take all other reasonably necessary or desirable actions within such Stockholder’s control (whether
in such holder’s capacity as a stockholder, manager, member of a Board committee, officer of the Company or otherwise, and including,
without limitation, attendance at meetings in person or by proxy for purposes of obtaining a quorum and execution of written consents
in lieu of meetings), and the Company shall take all reasonably necessary or desirable actions within its control (including, without
limitation, calling special Board and Stockholder meetings), to elect such Directors as follows:

 

(i)
GRDG Sciences, LLC shall be entitled to nominate one Director, so long as it shall remain a Stockholder of the Company and each Director
so elected will hold office until his or her successor has been duly elected and qualified or until his or her earlier resignation or
removal.

 

    	 	2	Initials:___ /___ /____

     

    

 

(ii)
Impact BioMedical, Inc. shall be entitled to nominate the remaining Directors, so long as it shall remain a Stockholder of the Company
and each Director so elected will hold office until his or her successor has been duly elected and qualified or until his or her earlier
resignation or removal. In addition, Impact BioMedical, Inc. shall, so long as it shall remain a Stockholder of the Company, be entitled
to appoint the Company’s Chief Executive Officer, who may, at the discretion of Impact BioMedical, Inc., also be nominated to serve
as a Director, in addition to the three other Directors Impact BioMedical, Inc. shall be entitled to appoint.

 

(iii)
The parties hereto hereby agree that the initial Directors of the Company shall be Heng Fai Ambrose Chan, Frank D. Heuszel and Daryl
Thompson.

 

(iv)
Impact BioMedical, Inc. shall appoint the Chairman of the Company’s Board of Directors. The initial Chairman of the Company’s
Board of Directors shall be Heng Fai Ambrose Chan.

 

(v)
In the event of any tie in any vote of the Company’s Board of Directors, the Chairman of the Board shall be entitled to cast the
tie-breaking vote.

 

ARTICLE
III

ADDITIONAL
AGREEMENTS

 

3.1
Distributions of Licensing Income of the Company. Any licensing income of the Company that may be distributed to the Stockholders
shall be distributed on a pro rata basis, with each Stockholder to receive a percentage of such profits equal to their ownership percentage
in the Company. Any income received by the Company for the licensing or sale of any patent or project or for the sale of any subsidiary
or division of the Company shall be distributed to Stockholders as soon as reasonably and prudently possible, with only such necessary
funds retained by the Company (i) as required to be withheld by applicable law or regulation, or at the advice of the Company’s
counsel or auditors; (ii) as may be required to pay any taxes or government imposed fees owed by the Company or any subsidiary thereof;
and (iii) in connection with amounts expended to promote or complete the sale or licensing of any project or patent of the Company, or
sale of any subsidiary or division of the Company, including any percentage of income, revenue or other consideration to be paid to broker(s),
or any similar commission to be paid to any attorney, broker, investment banker, financial adviser, consultant or similar individual
or entity for their services. The parties hereto acknowledge and agree that the amounts described in items (i) through (iii) above must
be paid, disbursed or retained by the Company as described above prior to any pro rata distribution of profits.

 

    	 	3	Initials:___ /___ /____

     

    

 

ARTICLE
IV

CONFIDENTIALITY

 

4.1
Confidentiality.

 

(a)
Non-Disclosure. In connection with each Stockholder’s rights hereunder, the Company and its advisors and agents may make
available to such Stockholder certain information that is non-public, confidential or proprietary in nature (the “Confidential
Information”). Each Stockholder agrees to keep the Confidential Information confidential and will not disclose the Confidential
Information to any third party without the Company’s prior written consent. Each Stockholder further agrees to reimburse, indemnify
and hold harmless the Company and its employees, affiliates, officers, directors, managers, partners, agents, advisors and representatives
(collectively, “Company Representatives”) from any damage, loss or expense incurred as a result of the use
of the Confidential Information by such Stockholder or other recipients contrary to the terms of this Agreement.

 

(b)
Confidential Information. Confidential Information includes: (i) information transferred or transmitted in writing, orally, visually,
electronically or by any other means, whether prior to, on or after the date hereof; (ii) information provided to the Stockholder by
third parties under circumstances where such Stockholder has an obligation not to disclose that information; and (iii) any memoranda,
reports, analyses or extracts such Stockholder produces that are based on, reflect or contain any of the Confidential Information.

 

4.2
Remedies. Each Stockholder acknowledges and agrees that the Company would be damaged irreparably if any provision of this Article
IV were not performed in accordance with its specific terms or were otherwise breached. Accordingly, the Company will be entitled
to equitable relief, including, without limitation, an injunction or injunctions to prevent breaches of the provisions of this Article
IV and to enforce specifically this Article IV and its provisions in addition to any other remedy to which the Company may
be entitled, at law or in equity.

 

4.3
Permitted Disclosures.

 

(a)
Agents and Advisors. Each Stockholder shall be allowed to disclose Confidential Information to its agents and advisors as is proper,
with the understanding that they shall keep the information confidential as set forth herein.

 

(b)
Regulatory and Compliance. The provisions of this Article IV shall in no way limit the ability of any Stockholder, or the corporate
parent or affiliate thereof, to make any disclosure regarding any project, research or agreement of the Company, of a kind required to
comply with either (i) the securities laws and regulations of the United States, the Republic of Singapore or any other jurisdiction
in which such entity shall have any securities or reporting obligations; or (ii) the disclosure rules of any securities exchange, market,
quotation system, alternative trading system or similar institution on which the securities of such entity are traded, quoted, marketed
or otherwise listed or available for sale.

 

(c)
Disclosure Required By Legal Proceedings. If a Stockholder is requested to disclose any Confidential Information in connection
with any legal or administrative proceeding or investigation, such Stockholder will notify the Company of the terms and circumstances
surrounding such a request so that the Company may seek a protective order or other appropriate remedy and/or take steps to resist or
narrow the scope of the disclosure sought by such request.

 

    	 	4	Initials:___ /___ /____

     

    

 

ARTICLE
V

GENERAL
PROVISIONS

 

5.1
Waiver. None of the terms of this Agreement shall be deemed to have been waived by any party hereto, unless such waiver is in
writing and signed by that party. The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or
be construed as a waiver of any other provision of this Agreement or any further breach of the provision so waived.

 

5.2
Notices. All notices that are required or permitted to be given under this Agreement shall be in writing and shall be delivered
by e-mail or overnight courier and addressed, if to a Stockholder, to such Stockholder or his or her personal representative at his or
her last address known as disclosed on the records of the Company. Any notice under this Agreement shall be deemed to have been given
one (1) business day following e-mail transmission or delivery to the courier (as the case may be).

 

5.3
Termination. This Agreement will terminate (a) upon the dissolution and winding up of the Company; (b) on the date as of which
the parties hereto terminate this Agreement by unanimous written consent; (c) the fifth anniversary of the date of this Agreement, unless
the parties hereto shall mutually agree to extend it; or (d) upon six (6) months’ written notice by either party.

 

5.4
Entire Agreement. This Agreement contains the entire agreement, and supersedes all prior agreements and understandings and arrangements,
oral or written, among the parties hereto with respect to the subject matter hereof.

 

5.5
Amendments and Modifications. Any amendment, modification or change to this Agreement must be approved by written consent of the
Stockholders who are a party hereto, or any successor to the Stockholders and the Company.

 

5.6
Binding Effect; Benefits. Except as otherwise provided in this Agreement, no party may assign either this Agreement or any of
its rights, interests or obligations hereunder without the prior written approval of the other parties.

 

5.7
No Third-Party Beneficiaries. This Agreement is made solely and specifically among and for the benefit of the parties hereto,
and their respective successors and assigns subject to the express provisions hereof relating to successors and assigns, and no other
Person will have any rights, interest or claims hereunder or be entitled to any benefits under or on account of this Agreement as a third-party
beneficiary or otherwise.

 

5.8
Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement shall be unenforceable or invalid under applicable law, such provision shall
be ineffective only to the extent of such unenforceability or invalidity, and the remaining provisions of this Agreement shall continue
to be binding and in full force and effect.

 

5.9
No Strict Construction. The parties hereto jointly participated in the negotiation and drafting of this Agreement. The language
used in this Agreement shall be deemed to be the language chosen by the parties hereto to express their collective mutual intent, this
Agreement shall be construed as if drafted jointly by the parties hereto, and no rule of strict construction shall be applied against
any Person.

 

    	 	5	Initials:___ /___ /____

     

    

 

5.10
Counterparts. This Agreement may be executed in any number of counterparts, and by facsimile, each of which shall be effective
only upon delivery and thereafter shall be deemed to be an original, and all of which shall be taken to be one and the same instrument
with the same effect as if each of the parties hereto had signed the same signature page.

 

5.11
Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Nevada without
giving effect to any choice or conflict of law provision or rule (whether of the State of Nevada or any other jurisdiction) that would
cause the application of laws of any jurisdiction other than those of the State of Nevada. Any legal suit, action or proceeding arising
out of or related to this Agreement or the matters contemplated hereunder shall be instituted exclusively in the federal courts of the
United States or the courts of the State of Nevada in each case located in the city of Reno and County of Washoe, and each Party irrevocably
submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding and waives any objection based on improper
venue or forum non convenient. 

 

ARTICLE
VI

SPECIFIC
VENTURE PROVISIONS

 

6.1
Contributions.

 

(a)
GRDG SCIENCES, LLC. GRDG Sciences, LLC shall contribute to the Company (i) the Intellectual Property on the terms set forth herein,
and (ii) the advice and services of Daryl Thompson as a scientist during the term of this Agreement in connection with all projects as
the Company may from time to time pursue. GRDG agrees that during the term of this Agreement, Daryl Thompson shall (a) devote substantially
all of his professional time and efforts to the business of the Company, including but not limited to the development of new Intellectual
Property for the Company and (b) not transfer to or develop in or through any person or entity other than GRDG Sciences, LLC, or the
Company any technology other than as contemplated by this Agreement. It is the intent of the parties hereto that the Company shall have
the option to fund, own and develop any Intellectual Property developed by GRDG Sciences, LLC on or subsequent to August 1, 2020 through
the term of the Agreement, as described in further detail in Section 6.2(a), below.

 

(b)
IMPACT BIOMEDICAL, INC. Impact BioMedical, Inc. shall contribute to the Company such reasonable amounts as the Board shall in
future annual periods authorize as the Company’s business plan and budget. Such budget shall include (i) a payment of $35,000.00
per month to GRDG Sciences, LLC (the “Monthly Payment”); and (ii) such other amounts as shall be necessary
to fund the research, development and other scientific operations that the Board shall agree to pursue.

 

(c)
Affiliated Entities. The Stockholders agree that the payment set forth in Section 6.1(b) hereof shall be instead of, and not in
addition to, any amount that any Stockholder, or subsidiary or affiliate thereof, including but not limited to Global BioMedical, Inc.,
would be required to contribute to the monthly or annual budget of GRDG Sciences, LLC, pursuant to the Stockholders’ Agreement
of Global BioLife Inc., dated as of April 26, 2017, as amended, and that Global BioMedical, Inc. shall accordingly not be obligated to
make any further monthly or annual payment to GRDG Sciences, LLC as of the date hereof.

 

    	 	6	Initials:___ /___ /____

     

    

 

6.2
Intellectual Property Rights.

 

(a)
Intellectual Property Development. GRDG Sciences, LLC shall not be obligated to contribute the items identified on Exhibit
B hereto (including any patents, trademarks, copyrights, already applied for), and the Company shall not be entitled to any royalties
or other payments from those items. Upon the execution of this Agreement, any Intellectual Property (i) which has been developed by GRDG
Sciences, LLC and presented to, approved of, and funded by the Board, on or subsequent to August 1, 2020; or (ii) which are to be developed
by GRDG Sciences, LLC during the term of this Agreement and presented to, approved of, and funded by the Board, shall become the property
of the Company. The management of GRDG Sciences, LLC shall execute such agreements, instruments, affidavits and certifications as shall
be necessary and proper to assign, transfer, convey and deliver to the Company all of its right, title, interest and ownership in such
Intellectual Property, and such agreements, instruments, affidavits and certifications as shall be necessary for the Company to maintain
its right, title, interest and ownership during the life thereof. Should the Board affirmatively decide not to pursue the development
and/or commercialization of any new project, discovery or invention presented by GRDG Sciences, LLC, then the Board shall provide GRDG
Sciences, LLC with a written notification thereof within thirty (30) calendar days of such decision, and GRDG Sciences, LLC shall be
free to develop, market, commercialize and sell the Intellectual Property for its own benefit, free from any payment or other claim from
the Company. GRDG Sciences, LLC shall keep the Board apprised of its research and development on a weekly basis. The Company shall retain
any and all Intellectual Property that it shall acquire from GRDG Sciences, LLC, including in the event of the termination of this Agreement.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	 	7	Initials:___ /___ /____

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

 

	 	STOCKHOLDERS:
	 	 
	 	IMPACT BIOMEDICAL, INC.,

                                                                                A NEVADA CORPORATION

	 	 	 
	 	By: 	 
	 	Name:	Chan Heng Fai 
	 	Title:	Director 
	 	 	 
	 	GRDG SCIENCES, LLC, A FLORIDA

                                                                                LIMITED LIABILITY COMPANY 

	 	 	 
	 	By: 	 
	 	Name:	Daryl Thompson 
	 	Title:	Director of Scientific Initiatives
    
	 	 	 
	 	COMPANY:
	 	 
	 	IMPACT BIOLIFE SCIENCE, INC.,

                                                                                A NEVADA CORPORATION

	 	 	 
	 	By: 	 
	 	Name:	Chan Heng Fai 
	 	Title:	Director 

 

Signature
Page

 

    	 

    	 

    

 

EXHIBIT
A

 

Stockholder
Ownership

 

	Stockholder Name	 	Number of Shares Owned	 
	 	 	 	 
	Impact BioMedical, Inc.	 	 	800	 
	 	 	 	 	 
	GRDG Sciences, LLC	 	 	200	 

 

    	 	 	Initials:___ /___ /____

     

    

 

EXHIBIT B

 

List of Intellectual
Property Developed after August 1, 2020 to be owned by the Company

 

Bioplastics Project

Boostrap OPV Vaccine for COVID

 

    	 	 	Initials:___ /___ /____Exhibit
10.16

 

REVOLVING
PROMISSORY NOTE

 

(DSS, INC

promissory
note insrument WITH, or Between, affiliates)

 

REVOLVING
LOAN COMMITMENT:

 

	Loan
    Date:	December
    31, 2021
	Maturity
    Date:	December
    31,2022
	Amount:	$12,523,615
	Borrower:	Impact
    BioMedical, Inc.
	Borrower
    Address:	6
    Framark Drive, Victor, NY 14564
	Lender:	DSS, Inc.
	Lender
    Address:	6
    Framark Drive, Victor, NY 14564

 

FUNDING
AGREEMENT. This Revolving Promissory Note (the “Revolving Note” or “Note”) evidences one or more advances
made by Lender to Borrower pursuant to a written advance request (the “Advance Request) made by Borrower during the term of this
Note. Subject to the Lender’s sole and absolute discretion, the Lender may authorize and fund, part or all, such Lender requests
under the terms of this Note and the Advance Request(s).

 

REVOLVING
NOTE FEATURE. Principal amounts borrowed and repaid hereunder may be reborrowed, and accordingly, the gross sum of all advances made
under this Note may exceed the Revolving Loan Commitment, provided, however, that the outstanding principal balance hereof shall at no
time exceed the Revolving Loan Commitment. All payments of principal under this Revolving Note shall reduce the unpaid balance of principal
due hereunder but shall not extinguish this Revolving Note until the entire principal balance and all accrued interest hereon
has been paid in full, and all, if any, obligation of Lender to advance funds under the terms of this Note, has been terminated including
by virtue of the maturity of this Note.

 

PROMISE
TO PAY: For value received, Borrower promises to pay to the order of Lender at Lender’s Address, or such other place as Lender
shall notify Borrower, from time to time, the funded and outstanding principal balance, together with interest on the funded unpaid balance
of the Note, in lawful money of the United States of America, in accordance with all the terms, conditions and covenants of this Note,
any advance requests or other loan documents, if any.

 

PAYMENT
TERMS: The full amount of the advanced and then outstanding principal and interest balance under the terms of this Note shall be
due and payable at the earlier of (i) twelve (12) months from the origination date of this Note date, or (ii) the Maturity Date set forth
above. The Borrower may repay all or part of any funded and outstanding loan balance at any time during the term of this Note.

 

    	Document Security Systems Inc. Affiliated and Intercompany Promissory Note

	1

     

    

 

APPLICATION
OF PAYMENTS: Unless otherwise agreed to by Lender in writing, or otherwise required by applicable law, payments will be applied first
to accrued unpaid interest, then to any unpaid collection costs, late charges, and other charges, and any remaining amount to principal;
provided, however, following the occurrence of an Event of Default (as defined in the Loan Documents), Lender reserves the right to apply
payments among principal, interest, collection costs and other charges as Lender may from time to time determine in its sole discretion.
All prepayments shall be applied to the indebtedness owing hereunder in such order and manner as Lender may from time to time determine
in its sole discretion.

 

INTEREST
PROVISIONS:

 

	(a)	Note
                                            Interest Rate: The principal balance of this Promissory Note from time to time remaining
                                            unpaid prior to maturity shall bear interest at:
	 	four
                                            and one-quarter percent (4.25%) per annum.

 

	(b)	Interest
                                            Rate After Default: At Lender’s option, and to the extent permitted by applicable
                                            law, the unpaid principal balance shall bear interest after default and after maturity (whether
                                            by acceleration or otherwise) at the Default Interest Rate. The “Default Interest
                                            Rate” shall be, at Lender’s option, (i) eighteen percent (18%) per annum,
                                            or (ii) such lesser rate of interest as Lender in its sole discretion may choose to charge;
                                            but never more than the Maximum Lawful Rate or at a rate that would cause the total interest
                                            contracted for, charged or received by Lender to exceed the applicable maximum lawful amount.
	 	Daily
Computation of Interest: To the extent permitted by applicable law, Lender at its option may either (c) calculate the per diem interest
rate or amount based on the actual number of days in the year (365 or 366, as the case may be), and charge that per diem interest rate
or amount each day, or (d) calculate the per diem interest rate or amount as if each year has only 360 days, and charge that per diem
interest rate or amount each day for the actual number of days of the year (365 or 366 as the case may be).

 

DEFAULT
PROVISIONS:

 

	(a)	Acceleration
                                            of Maturity: Upon the occurrence of an event of default, which shall include the Borrower’s
                                            (i) failure to repay all amounts when due under the terms of the Note or the Advance Request(s),
                                            (ii) Borrower’s filing for bankruptcy protection, (iii) insolvency and/or receivership
                                            action initiated by Borrower or its creditors, (iv) a material change in the Borrower’s
                                            financial condition, (v) a change in control of the Borrower’s shareholders and/or
                                            Board of Directors, and (vi) statement of the inability to repay the debt by the Borrower.
                                            Upon any event of default, the Lender may accelerate the maturity of this Note and declare
                                            the entire unpaid principal balance and accrued interest at once due and payable. The Borrower
                                            and all other parties liable for this Note hereby waive demand, notice of intent to demand,
                                            presentment for payment, notice of nonpayment, protest, notice of protest, grace, notice
                                            of dishonor, notice of intent to accelerate maturity, notice of acceleration of maturity,
                                            and diligence in collection.

 

	(b)	 Non-Waiver
                                             by
                                            Lender: Any previous extension of time, forbearance, failure to pursue any remedy, acceptance
                                            of late payments, or acceptance of partial payment by Lender, before or after maturity, does
                                            not constitute a waiver by Lender of its subsequent right to strictly enforce the collection
                                            of this Note according to its terms.

 

    	Document Security Systems Inc. Affiliated and Intercompany Promissory Note

	2

     

    

 

	(c)	Other
                                            Remedies Not Required: Borrower may be required to pay this Note in full without the
                                            assistance of any other party, or any collateral or security for this Promissory Note. Lender
                                            shall not be required to mitigate damages, file suit, or take any action to foreclose, proceed
                                            against or exhaust any collateral or security in order to enforce payment of this Note.

 

	(d)	Collateral:
                                            Upon the Lender’s request, the Borrower agrees to provide collateral, acceptable to
                                            the Lender, at any time, whether the Borrower is in compliance or in default of the Note
                                            terms, including but not limited to the granting of a security interest in all of the Borrower’s
                                            assets.

 

	(e)	Attorney’s
                                            Fees: If Lender requires the services of an attorney to enforce the payment of this Note
                                            or the performance of any other loan document(s), or if this Note is collected through any
                                            lawsuit, probate, bankruptcy, or other judicial proceeding, Borrower agrees to pay Lender
                                            all court costs, reasonable attorney’s fees and expenses, and other collection costs
                                            incurred by Lender. This provision shall be limited by any applicable statutory restrictions
                                            relating to the collection of attorney’s fees.

 

MISCELLANEOUS
PROVISIONS:

 

	(a)	Subsequent
                                            Holder: All references to Lender in this Promissory Note shall also refer to any subsequent
                                            owner or holder of this Promissory Note by transfer, assignment, endorsement or otherwise.

 

	(b)	Transfer:
                                            Lender may transfer this Promissory Note or partial interests in the Promissory Note to one
                                            or more transferees or participants. Borrower authorizes Lender to disseminate any information
                                            it has pertaining to the loan evidenced by this Promissory Note, including, without limitation,
                                            credit information on Borrower and any guarantor of this Promissory Note, to any transferee
                                            or participant.

 

	(c)	Successors
                                            and Assigns: The provisions of this Promissory Note shall be binding upon and for the
                                            benefit of the successors, assigns, heirs, executors and administrators of Lender and Borrower.

 

	(d)	Borrower’s
                                            Address for Notice: All notices required to be sent by Lender to Borrower shall be sent
                                            by either (i) U.S. Mail, postage prepaid, registered or certified, return receipt requested,
                                            to Borrower’s Address stated on the first page of this Promissory Note, until Lender
                                            shall receive written notification from Borrower of a new address for notice, or (ii) to
                                            email address of the Borrower’s CEO or CFO, or (iii) by hand delivery to an officer
                                            of the Borrower.

 

	(e)	Lender’s
                                            Address for Payment: All sums payable by Borrower to Lender shall be paid at Lender’s
                                            Address stated on the first page of this Promissory Note, or at such other address as Lender
                                            shall designate from time to time.

 

	(f)	Applicable
                                            Law: This Promissory Note shall be construed
                                            in accordance with the applicable laws of the State of Texas and the laws of the United States
                                            of America applicable to transactions in Texas.

 

[SIGNATURE
PAGE FOR REVOLVING NOTE]

 

    	Document Security Systems Inc. Affiliated and Intercompany Promissory Note

	3

     

    

 

	 	

    BORROWER: Impact BioMedical, Inc.
	 	 	 
	 	By:	
	 	 	Frank
    D. Heuszel, CEO
	 	Date:	12/31/2021

 

Acknowledged
and Agreed:

 

DSS, Inc.

 

	By:		 
	 	Todd D. Macko, CFO	 
	Date:
    	12/31/2021	 

 

    	Document Security Systems Inc. Affiliated and Intercompany Promissory Note

	4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00347-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00347-of-00352.parquet"}]]