Document:

Ron Pitcock Employment Agreement

 Exhibit 10.17 
 EXECUTIVE EMPLOYMENT AGREEMENT 
 Executive Employment Agreement (“Agreement”), including the
attached Exhibits “A”, “B”, “C” and “D” is entered into this 22nd day of February 2008, between IPtimize, Inc., a publicly owned and traded Delaware corporation with offices at 2135 S. Cherry St., Suite 200,
Denver, CO. 80222 (the “Company”) and Ron Pitcock, an individual residing at, 7654 Spirit Ranch Road, Golden, Colorado 80403 (the “Executive”). The Agreement shall become effective on the Effective Date as that term is defined in
Section 1.1 below. The Company and the Executive are sometimes individually referred to as a “Party” and collectively as the “Parties”. 
 W I T N E S S E T H: 
 WHEREAS, the Executive has been serving as an independent consultant to
the Company since April 1, 2007 at the agreed upon rate of $10,000 per month through December 31, 2007 and at $12,500 per month starting on January 1, 2008, none of which has been paid; and 
 WHEREAS, the Company is indebted to the Executive for unpaid consulting services rendered to the Company in the sum of $90,000 for 2007 and
$25,000 for 2008 or a total of $115,000 (the “Consulting Debt”); and 
 WHEREAS, on August 20, 2007 the Parties entered
into a written consulting agreement (the “Consulting Agreement”) memorializing the Executive’s consulting relationship with the Company and granting the Executive an option (the “Consulting Option”) to purchase 1,073,333
shares of the Executive’s Common Stock, $.001 par value per share, at an exercise price of $.24 per share (the “Consulting Option Shares”); and 
 WHEREAS, the Parties desire to: (i) incorporate the terms and conditions of the Consulting Agreement into this Agreement; (ii) set forth herein the terms and conditions of the Executive’s
employment by the Company; and (iii) settle the Consulting Debt to the Executive. 
 NOW, THEREFORE, for and in consideration of
the mutual promises, covenants, and obligations contained herein, the Company and the Executive agree as follows: 
 ARTICLE 1

 EMPLOYMENT AND DUTIES: 
 1.1 The Company hereby employs the Executive, and the Executive hereby agrees to be employed by the Company, beginning as of March 1, 2008 (the “Effective Date”) and continuing until the date set forth on Exhibit A
annexed hereto and hereby incorporated herein by reference (the “Term”), subject to the terms and conditions of this Agreement. 
 1.2 The Executive shall be employed in the positions set forth on Exhibit A. 

 1.3 The Executive shall, during the period of the Executive’s employment by the Company, devote
substantially his full business time, energy, and best efforts to the business and affairs of the Company, subject to reasonable vacation and sick leave and reasonable charitable and civic activities for the Executive. Subject to the foregoing,
and except for the Executive’s service as a member of the Board of Directors of the Rain Trust Foundation, the Colorado National Land Trust, Trade Base, Inc., and the National Versatility Ranch Horse Association, the Executive may not knowingly
engage, directly or indirectly, in any other business, investment, or activity that materially interferes with the Executive’s performance of the Executive’s duties hereunder, is materially contrary to the interests of the Company, or
requires any material portion of the Executive’s business time. 
 1.4 In connection with the Executive’s employment by the
Company, the Company will provide the Executive access to confidential information pertaining to the business and services of the Company as is appropriate for the Executive’s employment responsibilities. The Company also shall provide to
the Executive the opportunity to develop business relationships pertaining to the business and services of the Company that are appropriate for the Executive’s employment responsibilities. 
 1.5 The Executive acknowledges and agrees that, at all times during the employment relationship, the Executive owes fiduciary duties to the Company,
including but not limited to the fiduciary duties of the highest loyalty, fidelity and allegiance to act at all times in the best interests of the Company including compliance with the Sarbanes-Oxley Act of 2002. A violation or threatened violation
of this provision may be enjoined by the courts. Subject to Section 5.7, the rights afforded under this provision are in addition to any and all rights and remedies otherwise afforded by law. 
 1.6 It is agreed that any direct or indirect interest in, connection with, or benefit from any outside activities, particularly commercial
activities, which interest might in any way adversely affect the Company or any of its affiliates, involves a possible conflict of interest. In keeping with the Executive’s fiduciary duties to the Company, the Executive agrees that during
the employment relationship the Executive shall not knowingly become involved in a material conflict of interest with the Company or its affiliates, or upon discovery thereof, knowingly allow such a conflict to continue beyond such period of time as
is reasonably required under the circumstances. Moreover, the Executive agrees that the Executive shall disclose to the Company’s chairman of the Board any material facts, which involve such a material conflict of interest that has not been
approved by the Company’s Board of Directors. A violation or threatened violation of this prohibition may be enjoined by the courts. Subject to Section 5.7, the rights afforded under this provision are in addition to any and all rights and
remedies otherwise afforded by law. 
 1.7 As set forth in Exhibit “B” annexed hereto, the Executive and the Company each
understand and acknowledge that the terms and conditions of this Agreement constitute confidential information, and each shall keep confidential the terms of this Agreement and shall not disclose this confidential information to anyone other than
their respective attorneys and tax advisors, or as required or compelled by law or legal proceeding. 

 ARTICLE 2 
 COMPENSATION, BENEFITS AND SETTLEMENT OF THE CONSULTING DEBT 
 2.1 The Executive’s monthly base
salary at all times during the Term shall be not less than the amount set forth under the heading “Annual Base Salary” on Exhibit A, which shall be the subject of an annual review by the Company’s Board of Directors and subject to
increase at the sole discretion of the Company, which shall be paid in monthly installments in accordance with the Company’s standard payroll practice. Any calculation to be made under this Agreement with respect to the Executive’s
Annual Base Salary shall be made using the then current Annual Base Salary in effect at the time of the event for which such calculation is made. In addition, and during the Term, the Executive shall be entitled to receive the participation in
the Company’s 2007 Stock Option Plan listed on Exhibit A. 
 2.2 The Company and the Executive hereby agree that the Consulting Debt is
and shall be settled as follows: (i) the Company’s issuance and delivery to the Executive of an aggregate of 277,777 shares of the Company’s Common Stock, $.001 par value per share (the “Consulting Shares”) which are being
valued at $.45 per Consulting Share, a price hereby accepted by the Executive; and (ii) the Company’s issuance and delivery to the Executive of an Incentive Stock Option under the Company’s 2007 Stock Option Plan to purchase an
aggregate of 250,000 shares of the Company’s Common Stock, $.001 par value per share at $.45 per share (the “Incentive Stock Options”), all of which shall vest upon the execution of this Agreement. The Executive hereby accepts the
Consulting Shares and the Incentive Stock Options in full and complete settlement of the Consulting Debt, and hereby releases the Company from any and all further obligation with respect to the Consulting Debt. The Company hereby covenants and
agrees to register the Consulting Shares and the Incentive Stock Options in the first Registration Statement filed by the Company with the Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933 as amended (the
“Securities Act”). The foregoing are in addition to the 1,073,333 Consulting Option Shares issued to the Executive on August 20, 2007 under the Consulting Agreement. 
 2.3 While employed by the Company (both during the Term and thereafter), the Executive shall be allowed to participate, on the same basis generally
as other senior executive employees of the Company, in all employee benefit plans and programs, including improvements or modifications of the same, which on the Effective Date or thereafter are made available by the Company to all or most of the
Company’s senior executive employees.
 2.4 The Company shall not by reason of this Article 2 be obligated to institute, maintain, or
refrain from changing, amending, or discontinuing, any such employee benefit plan or program, so long as such actions are similarly applicable to covered employees generally. Moreover, except as specifically provided herein to the contrary,
none of the benefits or arrangements described in this Article 2 shall be secured or funded in any way, and each shall instead constitute an unfunded and unsecured promise to pay money in the future exclusively from the general assets of the
Company. 

 2.5 The Company may withhold from any compensation, benefits, or amounts payable under this Agreement all
federal, state, city, or other taxes as may be required pursuant to any law or governmental regulation or ruling. 
 2.6 The failure of the
Company to pay the Executive his Annual Base Salary as provided in Section 2.1 may, in the Executive’s sole discretion, be deemed a breach of this Agreement and, unless such breach is cured within fifteen days after written notice to the
Company, this Agreement shall terminate. the Executive’s claims against the Company arising out of the nonpayment shall survive termination of this Agreement. 
 2.7 During the first year of the term of this Agreement, the Executive shall be entitled to a vacation of two non-consecutive weeks during which time his compensation shall be paid in full. During the Term, the length
of annual vacation time shall increase by one week for every year of service to the Company up to a maximum of four weeks. 
 2.8 Within 45
days from the execution of this Agreement, the Company shall have procured and shall maintain throughout the remainder of the term of this Agreement, a policy or policies of liability insurance for the protection and benefit of directors and
officers of the Company. Such insurance shall have a combined limit of not less than $1,000,000.00 and may have a deductible of not more than $10,000.00. In addition, and to the fullest extent permitted by law, the Company shall indemnify and hold
harmless the Executive for any and all lost, cost, damage and expense including attorneys’ fees and court costs incurred or sustained by the Executive, arising out of the proper discharge by the Executive of his duties hereunder in good faith.

 2.9 The Executive shall be entitled to all benefits offered generally to employees of the Company. Nothing in this Agreement shall be
construed as limiting or restricting any benefit to the Executive under any pension, profit-sharing or similar retirement plan, or under any group life or group health or accident or other plan of the Company, for the benefit of its employees
generally or a group of them, now or hereafter in existence. 
 2.10 Subject to such expense policy as may be adopted and/or modified by the
Company’s Board of Directors, the Company shall reimburse the Executive for reasonable out-of-pocket expenses that the Executive shall incur in connection with his services for the Company. 

 ARTICLE 3 
 TERMINATION AND SEVERANCE: 
 3.1 Termination of the Agreement. Notwithstanding any other
provisions of this Agreement, the Company shall have the right to terminate the Executive’s employment under this Agreement at any time prior to the expiration of the Term for any of the following reasons: 
 A. For “cause” upon the good faith determination by the Company’s Board of Directors that “cause” exists for the
termination of the employment relationship. As used in this Section 3.1.a, the term “cause” shall mean only (i) the Executive’s material gross negligence or material willful misconduct in the performance of the duties and
services required of the Executive pursuant to this Agreement, (ii) the indictment of the Executive, (iii) the Executive’s knowing involvement in a material conflict of interest as referenced in Section 1.6 which remains
knowingly uncorrected beyond such period of time as may be reasonably required by the circumstances following written notice to the Executive by the Company, or (iv) the Executive’s breach of any representation, warranty or any other
material provision of this Agreement which remains knowingly uncorrected beyond such period of time as may be reasonably required by the circumstances following written notice to the Executive by the Company of such breach; 
 B. Upon a Voluntary Termination by the Executive. By reason of a 30 day notice of Involuntary Termination. Since the Executive, in his
sole discretion and on thirty (30) days prior written notice to the Company, shall have the right to terminate the employment relationship under this Agreement at any time upon or prior to the expiration of the Term of employment, the
termination of the Executive’s employment upon or prior to the expiration of the Term shall constitute a “Voluntary Termination.” As set forth on Exhibit “A”, there shall be no forward vesting of stock options in Voluntary
Termination situations. 
 C. Upon the Executive’s death; or 
 D. Upon Permanent Disability of the Executive. For purposes of this Agreement, the term “Permanent Disability” shall mean that
the Executive, for a period of not less than ninety (90) consecutive days, (a) is unable to perform the important duties of his own occupation on a full-time basis because of injury or sickness; (b) does not work at all; and
(c) is under a Doctor’s Care. For purposes of this definition, “Doctor’s Care” means the regular and personal care of a doctor or physician (licensed to practice the healing arts and practicing within the scope of his or her
license) that, under prevailing medical standards, is appropriate for the condition causing the disability. 
 3.2 Severance. In the
event of the termination of the Executive’s employment under the Agreement, the severance provisions of Exhibit A shall govern any and all payments to the Executive. 
 3.3 Change of Control. In the event of a “change of control” of the Company (as that phrase is defined in Section 5.2 below), all of the Incentive Stock Options granted to the Executive as set
forth on Exhibit A, shall be deemed vested as of the effective date of the change of control. 
 ARTICLE 4 
 REPRESENTATIONS AND WARRANTIES 
 4.1
By virtue of his execution of this Agreement, and in order to induce the Company to enter into this Agreement and to issue the Consulting Shares, the Executive hereby represents and warrants as follows: 
 A. He is not presently actively engaged in any business, employment or venture which is or may be in conflict with the business of the
Company; 

 B. He has full power and authority to enter this Agreement, to enter into the employ of
the Company and to otherwise perform this Agreement in the time and manner contemplated; and 
 C. He is in good health and is
not aware of any material medical conditions that will act as a bar to the Company’s obtaining a key man and/or disability income insurance policy on his life; 
 D. He has the experience, skill and knowledge to perform the services expected of him hereunder; 
 E. His compliance with the terms and conditions of this Agreement in the time and manner contemplated herein will not conflict with any
instrument or agreement pertaining to the transaction contemplated herein; and will not conflict in, result in a breach of, or constitute a default under any instrument to which he is a party 
 F. He acknowledges, accepts and understands that until and unless the same are registered under the Securities Act: (i) the
Consulting Shares will be “restricted securities” as that term is defined under the Securities Act; (ii) the Executive will be acquiring the Consulting Shares solely for the Executive’s own account, for investment purposes and
without a view towards the resale or distribution thereof; (iii) the Consulting Shares will be subject of stop transfer orders on the books and records of the Company’s transfer agent and shall be imprinted with a standard form of
restrictive legend; and (iv) any sale of the Consulting Shares will be accomplished only in accordance with the Securities Act and the rules and regulations of the Commission adopted thereunder; and 
 G. As evidenced by the Executive’s completion of the individual questionnaire annexed hereto as Exhibit “D” and hereby
incorporated herein by reference, the Executive is an “accredited investor” as that terms is defined in Regulation D of the Securities Act and as such: (i) has adequate means of providing for the Executive’s current needs and
possible contingencies; (ii) is able to bear the economic risk of the Executive’s investment in the Consulting Shares; (iii) is capable of evaluating the relative risks and merits of the Executive’ investment in the Company;
(iv) can bear the economic risk of losing the Executive’s entire investment in the Company represented by the Consulting Shares; (v) has not relied upon any oral statements or representations by the Company or its principals;
(vi) understands the undercapitalized and speculative nature of the Company’s business as well as the uncertainties attendant upon the Company’s ability to reach profitability from its present insolvent status; and (vii) has
consulted the Executive’ own financial, legal and tax advisors with respect to the economic, legal and tax consequences of the Executive’s investment in the Company represented by the Consulting Shares. 

 4.2. By virtue of its execution of this Agreement, the Company hereby represents and warrants to the
Executive as follows: 
 A. The Company has full power, right and authority to execute and perform this Agreement in the time
and manner contemplated and all corporate action required to be taken by the Company to authorize and execute this Agreement has been taken prior to the delivery hereof; 
 B. As of the date of this Agreement, the Company is a corporation duly organized, validly existing and in good standing under the laws of
the State of Delaware with full power and authority to conduct its business; 
 C. The person executing this Agreement on
behalf of the Company has been duly authorized to execute this Agreement; 
 D. The Consulting Shares and the Option Shares
(as that term is defined in Exhibit A) shall be when issued, duly and validly issued, fully paid and non-assessable; and 
 E.
The Company shall reserve the Option Shares for issuance upon the Executive’s exercise of the Option (as that term is defined in Exhibit A). 
 ARTICLE 5 
 MISCELLANEOUS: 
 5.1 For the purposes of this Agreement the terms “affiliates” or “affiliated” means an entity who directly, or indirectly through one or more intermediaries, controls, is controlled by, or is
under common control with the Company. 
 5.2 For the purposes of this Agreement the term “Change of Control” means
(i) the Company merges or consolidates with any other entity and is not the surviving entity (or survives only as the subsidiary of another entity), (ii) the Company sells all or substantially all of its assets to any other person or
entity, (iii) the Company is dissolved, (iv) if any third person or entity (for this purpose the spouse or any member of the extended family of the Executive shall not be considered a third person) together with its affiliates or others
knowingly and intentionally acting in concert, shall become, directly or indirectly, the beneficial owner of at least 66.666% of the issued and outstanding shares of the Company’s Common Stock, no par value per share, entitled to vote generally
in elections for directors, considered as one class. 
 5.3 The Company and the Executive each shall refrain, both during the employment
relationship and after the employment relationship terminates, from publishing any oral or written statements about the other, any of their subsidiaries or affiliates, or any of such individuals’ or entities’ officers, employees,
shareholders, agents or representatives, that are slanderous, libelous, or defamatory; or that constitute a misappropriation of the name or likeness of the Executive or the Company, any of their subsidiaries or affiliates, or any of such
individual’s or entities’ or their officers, employees, shareholders, agents, or representatives. A violation or threatened violation of this prohibition may be enjoined by the courts. Subject to Section 5.7, the rights afforded
under this provision are in addition to any and all rights and remedies otherwise afforded by law. 

 5.4 For the purposes of this Agreement, notices and all other communications provided for herein shall be
in writing and shall be deemed to have been duly given when personally delivered or when mailed by United States registered or certified mail, return receipt requested, postage prepaid, addressed to the Parties at the addresses first set forth
above. Either the Company or the Executive may furnish a change of address to the other in writing in accordance herewith, except that notices of changes of address shall be effective only upon receipt. 
 5.5 The interpretation and enforcement of this Agreement, and the rights obligations and remedies of the parties hereto, shall be governed by and
construed in accordance with the laws of the state of Colorado, without regard to conflict of law principles. Further, any suit involving any dispute or matter arising under this Agreement may only be brought in the United States District Court for
the District of Colorado or any Colorado court sitting in Arapahoe County having jurisdiction over the subject matter of the dispute or matter. The Parties to this Agreement hereby consent to the exercise of personal jurisdiction by any such court
with respect to any such proceeding. 
 5.6 No failure by either party hereto at any time to give notice of any breach by the other
party or to require compliance with, any condition or provision of this agreement shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 
 5.7 Except as otherwise specifically provided in Section 1.5, Section 1.6, Section 5.3, or the Agreement Regarding Confidentiality
and Non-Competition (referenced in Section 5.12 herein below), if a dispute arises out of or related to this Agreement or the Agreement Regarding Confidentiality and Non-Competition, and if the dispute cannot be settled through direct
discussions, then the Company and the Executive agree to first endeavor to settle the dispute in an amicable manner by mediation, before having recourse to any other remedy, proceeding or forum. 
 5.8 During the term of this Agreement, the Executive agrees to travel to such places as may be reasonably requested by the Company’s Board of
Directors. This Agreement shall be deemed to be performed in Denver, Colorado. 
 5.9 This Agreement shall be binding upon and inure to
the benefit of the Company and any other person, association, or entity which may hereafter acquire or succeed to all or substantially all of the business or assets of the Company by any means whether direct or indirect, by purchase, merger,
consolidation, or otherwise. The Executive’s rights and obligations under Agreement hereof are personal and such rights, benefits, and obligations of the Executive shall not be voluntarily or involuntarily assigned, alienated, or
transferred, whether by operation of law or otherwise, without the prior written consent of the Company. The Company shall not assign this Agreement without the prior written consent of the Executive. 

 5.10 This Agreement replaces and merges previous agreements and discussions pertaining to the
following subject matters covered herein: the nature of the Executive’s employment relationship with the Company and the term and termination of such relationship. This Agreement constitutes the entire agreement of the Parties with regard
to such subject matters, and contains all of the covenants, promises, representations, warranties, and agreements between the parties with respect to such subject matters; provided that the Executive shall also reasonably comply with all reasonable
policies and procedures of the Company as clearly established from time to time, provided that such policies and procedures are not inconsistent with this Agreement or any other written agreement between the Executive and the Company. Each
party to this Agreement acknowledges that no representation, inducement, promise, or agreement, oral or written, has been made by either party with respect to such subject matters, which is not embodied herein, and that no agreement, statement, or
promise relating to the employment of the Executive by the Company that is not contained in this Agreement shall be valid or binding. Any modification of this Agreement will be effective only if it is in writing and signed by each party whose
rights hereunder are affected thereby, provided that any such modification must be authorized or approved by the Board of Directors of the Company. 
 5.11 The Executive agrees to be bound by the terms of that certain Agreement Regarding Confidentiality and Non-Competition, by and between the Company and the Executive, a copy of which is attached hereto and incorporated herein by
reference as Exhibit B. 
 IN WITNESS WHEREOF, the Company and the Executive have duly executed this Agreement in multiple originals. 
  

			
	IPTIMIZE, INC.
		
	By:	 	/s/ Clinton J. Wilson
		 	Clinton J. Wilson, President

  

	
	
	/s/ Ron Pitcock
	Ron Pitcock, the Executive

 The remainder of this page has intentionally been left blank. 

 EXHIBIT A 
  

			
		
	Executive’s Name:	  	Ron Pitcock
		
	Term:	  	Three years
		
	Position:	  	Chief the Executive Officer and Chairman of the Board of Directors
		
	Location:	  	Denver, Colorado
		
	Annual Base	  	
	Salary:	  	Year One: $150,000
		  	Year Two: As determined by the Company’s Board of Directors
		  	Year Three: As determined by the Company’s Board of Directors
		
	 Salary
 Payment Terms:
	  	Monthly in accordance with the Company’s regular payroll practices
		
	Bonus:	  	First Year Bonus:
		
		  	As determined by the Company’s Board of Directors and payable within 30 days after the Company’s receipt of its audited financial statements for the fiscal year ended December 31,
2008; and
		
		  	Second Year’s Bonus:
		
		  	As determined by the Company’s Board of Directors and payable within 30 days after the Company’s receipt of its audited financial statements for the fiscal year ended December 31,
2009; and
		
		  	Third year’s Bonus:
		
		  	As determined by the Company’s Board of Directors and payable within 30 days after the Company’s receipt of its audited financial statements for the fiscal year ended December 31,
2010.
		
	 Long Term
 Incentive
	  	
	Compensation:	  	As enumerated in Section 2.2 and in partial consideration for the settlement of the Consulting Debt and rolling the Consulting Agreement into this Agreement, the Company shall issue the
Incentive Stock Option to the Executive entitling him to purchase an aggregate of 250,000 shares of the Company’s Common Stock, $.001 par value per share at an exercise price of $.45, the price per share paid by investors in the Company’s
February 2008 bridge financing. All of the Incentive Option Shares shall vest upon the execution of this Agreement.

			
		
		  	The Incentive Stock Option is in addition to the 1,073,333 Consulting Option Shares issued to the Executive on August 20, 2007 under the Consulting Agreement, an aggregate of 357,778 of
which shall vest upon the execution of this Agreement, and the remaining 715,555 Consulting Option Shares shall vest at the rate of 59,629 shares per quarter during the Term.
		
	Benefits:	  	Health and hospitalization benefits commensurate with other executive officers of the Company.
		
	Severance:	  	In the event the Executive’s employment is terminated by the the Company for cause, or the Executive voluntarily terminates his employment during the Term, the Executive shall not be
entitled to any severance.
		
		  	In the event of any other termination during the first year of the Term, the Executive shall be entitled to one month’s severance. In the event of any other termination during the second
year of the Term, the Executive shall be entitled to two month’s severance, and three months severance for any termination during the third and final year of the Term. The Executive shall be entitled to retain all options vested through the
date of termination.

 IN WITNESS WHEREOF, the Company and the Executive have duly executed this Exhibit A to the Executive
Employment Agreement between IPtimize, Inc. and Ron Pitcock in multiple originals to be effective on the Effective Date. 
  

			
	IPTIMIZE, INC.
		
	By:	 	/s/ Clinton J. Wilson
		 	Clinton J. Wilson, President

  

	
	
	/s/ Ron Pitcock
	Ron Pitcock, the Executive

 EXHIBIT B 
 AGREEMENT REGARDING CONFIDENTIALITY AND NON-COMPETITION  
 This Agreement is by and between the employer, IPtimize,
Inc. (the “the Company”), and Ron Pitcock (the “the Executive”). In consideration of the Company’s employment of the Executive, the compensation paid for the Executive’s services in the course of such employment,
and the training (internal and external, formal and informal) received by the Executive in the course of such employment, the Executive agrees as follows: 
 1. CONFIDENTIALITY OF INFORMATION. 
 A. In the course of performing his duties, the Executive
may have access to and/or receive legally protected confidential and proprietary information about the Company, the Company’s employees, and the Company’s clients. The Company and the Executive agree that such legally protected
confidential and proprietary information is deemed to be Confidential Information (“Confidential Information”). Under appropriate circumstances, Confidential Information may include, without limitation, information about the Company and
the Company’s clients, such as earnings, acquisitions or other businesses, and changes in management which, if known to the public, might affect the decision of a reasonable investor to buy, sell, or hold securities issued by the Company or the
Company’s client. Under appropriate circumstances, Confidential Information may also include, without limitation, information disclosed by the Company’s clients which is not in the public domain; and information relative to the
Company’s business plans, client lists, financial and billing information, marketing strategies, personnel information, proprietary methodologies, proprietary software, research, development and/or design projects as well as data relating to
them, systems for project management and application development, proposal formats, and working papers. 
 B. the Executive will not
knowingly, directly or indirectly, disclose any Confidential Information of the Company, its subsidiaries, employees, affiliates, or clients to any person, firm, corporation, or other entity, during and at all times after the expiration of the term
of this Agreement; provided, however, that nothing in this Agreement shall prohibit the Executive from communicating, disclosing or using information as required or permitted under law. 
 C. the Executive will use due care and take all reasonable precautions to prevent disclosure, use or transfer of any Confidential Information in
violation of this Agreement, and will deliver to the Company all Confidential Information and any other client or the Company-owned material in his possession whenever the Company shall so request, or in the event of the termination of the
Executive’s employment. Upon termination of the Executive’s employment by the Company, for any reason, the Executive promptly shall deliver the same, and all copies thereof, to the Company. 
 D. In the event the Executive must disclose Confidential Information to third parties during the normal course of business, such disclosure shall be
permitted, provided that the Executive, where appropriate, makes those persons aware of the confidential nature of the information which is being divulged. 

 E. the Executive will not remove from the Company’s or any client’s premises any documents,
files, records, computer programs, software, correspondence, notes or other papers (including copies, electronic and otherwise) belonging to the Company, its clients, or its employees, except as his employment with the Company shall require. In such
cases, the Executive will promptly return such items and any copies within his/her possession or control to the Company upon request or upon termination of the Executive’s employment. 
 F. Notwithstanding the preceding provisions of Paragraph 1, the obligations of the Executive regarding Confidential Information shall not apply to:

 (1) Information which, at the time of disclosure, uses or transfer was published, known publicly, or otherwise in the
public domain; 
 (2) Information which, after disclosure, use or transfer, is published, becomes known publicly or
otherwise becomes part of the public domain through no fault of the Executive; 
 (3) Information which, prior to the time of
disclosure, use or transfer is known to the Executive as evidenced by his written records; 
 (4) Information which is
subsequently independently developed by the Executive without recourse to Confidential Information and without the Executive having violated any of his obligations under the Agreement; and 
 (5) Information, which, after disclosure, use or transfer, is made available to the Executive in good faith by a third party under no
obligation of confidentiality.  
 2. PATENTS AND INVENTIONS.
 If, during the Executive’s employment by the Company, the Executive creates any original work of authorship fixed in any tangible medium of expression which is the subject mater of copyright (such as videotapes,
written presentations on acquisitions, computer programs, drawings, maps, architectural renditions, models, manuals, brochures, or the like) and which relates principally to the Company’s business, products, or services, whether such work is
created solely by the Executive or jointly with others (whether during business hours or otherwise and whether on the Company’s premises or otherwise), the Company shall be deemed the author of such work if the work is prepared by the Executive
in the scope of his employment; or if the work is prepared by the Executive within the scope of his employment but is specially ordered by the Company as a contribution to a collective work, as a part of a motion picture or other audio-visual work,
as a translation, as a supplementary work, as a compilation, or as an instructional text, then the work shall be considered to be work made for hire and the Company shall be the author of the work. Both during the period of the Executive’s
employment by the Company and thereafter, the Executive reasonably shall assist (without any cost to the Executive) the Company and its 

 
nominee, at any time, in the protection of the Company’s worldwide right, title, and interest in and to information, ideas, concepts, improvements,
discoveries, and inventions, and its copyrighted works, including without limitation, the execution of all formal assignment documents requested by the Company or its nominee and the execution of all lawful oaths and applications for applications
for patents and registration of copyright in the United States and foreign countries. 
 3. NON-COMPETITION.
 During the term of employment and for a period of two (2) years after the termination of employment, the Executive agrees that he will not: (i) engage in a
business in competition with the Company; or (ii) knowingly provide services for current clients or customers of the Company to whom he was first introduced during such term of employment as a result of the nature of his work in his practice
area of the Company. A current client is defined as a company that the Company has provided services or products to within the one (1) year period prior to the date of termination of the Executive’s employment. 
 4. SOLICITATION.
 As part of the
consideration for the compensation and benefits to be paid to the Executive thereunder, in keeping with the Executive’s duties as a fiduciary, and in order to protect the Company’s interest in the trade secrets of the Company, and as an
additional incentive for the Company to enter into this Agreement, the Executive agrees that the Executive will not, directly or indirectly, for the Executive for others, knowingly induce any employee of the Company or any of its affiliates to
terminate his or her employment with the Company or its affiliates, or knowingly hire or assist in the hiring of any such employee by any person, association, or entity not affiliated with the Company. The obligations in this Section shall
extend throughout the Term of this Agreement and for a period of one (1) year after the termination of the employment relationship between the Company and the Executive. the Executive acknowledges that money damages would not be sufficient
remedy for any breach of this Section by the Executive, and the Company shall be entitled to specific performance and injunctive relief as remedies for such breach or any threatened breach. Such remedies shall not be deemed the exclusive
remedies for a breach, but shall be in addition to all remedies available at law or in equity to the Company, including, without limitation, the recovery of damages from the Executive and his agents involved in such breach. 

 5. PROFESSIONAL CONDUCT.
 the Executive shall at all times conduct himself in a professional manner. 
 IN WITNESS WHEREOF, the Company and the
Executive have duly executed this Agreement in multiple originals. 
  

			
	IPTIMIZE, INC.
		
	By:	 	/s/ Clinton J. Wilson
		 	Clinton J. Wilson, President

  

	
	
	/s/ Ron Pitcock
	Ron Pitcock, the Executive

 EXHIBIT C 
 IPTIMIZE, INC. 
 INCENTIVE STOCK OPTION AGREEMENT 
 This Incentive Stock Option Agreement (this “Agreement”) is effective as of February 20, 2008 (the “Date of Grant”) and is
between IPtimize, Inc., a Delaware corporation with offices at 2135 S. Cherry St., Suite 200, Denver, CO. 80222 ((hereinafter referred to as the (the “Company”) and Ron Pitcock, an individual residing at, 7654 Spirit Ranch Road, Golden,
Colorado 80403 (the “Executive”) who is an employee of the Company. 
 WHEREAS, the Company has adopted the IPtimize, Inc.
2007 Stock Option Plan (the “Plan;” all terms defined in the Plan will have the same meanings in this Agreement unless such terms are otherwise defined herein), a copy of which has been delivered to the Executive contemporaneously
herewith; 
 WHEREAS, the Plan provides for the granting of Stock Options including Incentive Stock Options to eligible participants
as determined by the Board of Directors of the Company or a Committee of the Board (the term “Committee” to refer to the Board of Directors or such Committee if one is appointed); and 
 WHEREAS, the Committee has determined that the Executive is a person eligible to receive Incentive Stock Options under the Plan and has determined
that it would be in the best interest of the Company to grant the Incentive Stock Option provided for herein. 
 NOW, THEREFORE, the
parties agree as follows: 
 1. Summary of Terms. The following is a Summary of the Terms of the Option: 
  

			
	 Number of Option Shares:
	  	250,000 shares of the Company’s Common Stock, $.001 par value per share (“Incentive Option Shares”).
		
	 Purchase Price per Share:
	  	$0.45 per Incentive Option Share.
		
	 Termination Date:
	  	The last business day prior to the third anniversary of the Date of Grant.
		
	 Exercise Schedule:
	  	The Option shall be exercisable in its entirety commencing upon on the execution of this Agreement.

 2. Grant of Option. Subject to the terms and conditions of the Plan and this Agreement, the
Company grants to the Executive an Incentive Stock Option under the Plan to purchase all or any part of the Number of Incentive Option Shares set forth in the Summary of Terms (the “Summary”) of the Stock of the Company at a Purchase Price
per Share set forth in 

 
the Summary and in accordance with the Exercise Schedule provided for in the Summary. This Option is intended by the parties hereto to be an “incentive
stock option,” as such term is defined under Code Section 422. The Executive has executed a Representation Letter, which is substantially similar to the attached Exhibit A, contemporaneously herewith as a condition to receiving the Option.

 3. Exercise Schedule. Subject to the other provisions of this Agreement and the Plan, the Option shall be immediately exercisable
in its entirety in accordance with the Exercise Schedule. The Option may only be exercised for a whole number of Incentive Option Shares, and if any fractional share results from application of the Exercise Schedule, the fraction will be ignored.

 4. Termination of Option. 
 (a) Option Term. The Option and all rights hereunder with respect thereto, to the extent such rights have not previously been exercised, shall terminate and may be exercised on, but not after, the Termination
Date set forth in the Summary unless the Option terminates earlier in accordance with the terms of this Agreement or the Plan. 
 (b) Termination of Employment. If the Executive ceases for any reason to be employed by the Company (whether due to resignation, death, disability, termination for cause, termination without cause, or otherwise), the Option may be
exercised only during the following periods after the first date the Executive is no longer employed by the Company (the “Service Termination Date”) (and will terminate upon the expiration of such periods), but only to the extent that the
Option was outstanding and exercisable in accordance with the Exercise Schedule on the Service Termination Date; provided, however, that in no event will the Option be exercisable after the Termination Date set forth in Section 1 above.

 (i) If a termination of employment resulted from the Executive’s death while employed with the Company, the Option
shall be exercisable only during the one-year period commencing on the date of death; 
 (ii) If a termination of employment
resulted from the Executive’s permanent and total disability as determined by the Committee in its absolute discretion, the Option shall be exercisable only during the one-year period that commences on the Service Termination Date; and

 (iii) In any other case (except as provided below), the Option shall be exercisable only during the 30-day period
commencing on the Service Termination Date. 
 (c) Exercise on Death. In the event of the death of the Executive, the
Option may be exercised (but only to the extent it is exercisable as provided above) by the legal representative of the estate of the Executive or the legatees of the Executive under the Last Will and Testament of the Executive or by the heirs of
the Executive under the laws of decent and distribution. The Company may require that any person exercising the Option granted to a decedent provide satisfactory evidence of his or her status or authority. 

 (d) Termination for Cause. Notwithstanding any other provision set forth in this
Agreement or in the Plan, if the Executive (i) is convicted of a felony or fails to contest the Executive’s prosecution for a felony, (ii) engages in willful misconduct or dishonesty in connection with the Executive’s employment,
(iii) breaches any proprietary information agreement, covenant not to compete, employment contract or similar agreement with the Company, or (iv) continues to fail to perform the duties of an employee after written notice of such failure,
then upon the occurrence of any one or more of the above events, any unexercised portion of the Option shall immediately terminate and the Option will thereafter be null and void. 
 5. Exercise of Option. 
 (a) Notice of Exercise. The Executive may exercise the Option with respect to all or any part of the Number of Incentive Option Shares for which it is then exercisable in accordance with the Exercise Schedule by giving the Secretary
of the Company a written notice of exercise. The notice of exercise shall specify the number of Incentive Option Shares as to which the Option is being exercised and the date of purchase, which date shall be at least five days and no more than 30
days after the giving of the exercise notice unless a different time has been mutually agreed upon. 
 (b) Payment and
Representation Letter. Full payment (in U.S. dollars) by the Executive of the Purchase Price for the Incentive Option Shares purchased shall be made on or before the purchase date specified in the notice of exercise in one or more of the
following forms: (i) in cash or by certified or bank cashier’s check or by personal check (subject to collection); (ii) by surrendering or attesting to the ownership of securities of the Company, which securities shall be surrendered
in good form for transfer and valued at their fair market value on the date the Option is exercised, as determined by the Committee, and provided that no securities may be surrendered in payment of the purchase price if such action would cause the
Company to recognize compensation expense (or additional compensation expense) with respect to this Option for financial reporting purposes; (iii) if the Stock subject to the Option is publicly traded, all or any part of the purchase price and
any withholding taxes may be paid by the delivery (on a form prescribed by the Company) of an irrevocable direction to a securities broker approved by the Company to sell the Stock and to deliver all or a part of the sales proceeds to the Company;
(iv) if the Stock subject to the Option is publicly traded, all or any part of the purchase price and any withholding taxes may be paid by the delivery (on the form prescribed by the Company) of an irrevocable direction to pledge the Stock to a
securities broker or lender approved by the Company, as security for a loan, and to deliver all or a part of the loan proceeds to the Company; (v) by means of a Cashless Exercise, as defined in Section 5(c); or (vi) with the prior
written consent of the Committee in its absolute discretion, by the delivery of other consideration approved by it. Payment shall be accompanied by a fully completed and executed Representation Letter dated the date of purchase in the form executed
contemporaneously herewith or in such other form as the Committee may establish from time to time. 
 On the purchase date
specified in the Notice, the Company will cause a stock certificate to be issued in the Executive’s name and recorded in the Company’s stock records upon receiving full payment for such Incentive Option Shares. The obligation of the
Company 

 
to issue the Incentive Option Shares shall, however, be subject to the condition that if at any time the Committee shall determine in its discretion that the
listing, registration or qualification of the Option or the Incentive Option Shares upon any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body, or the disclosure to the Executive of
material information relating to the Company is necessary or desirable as a condition of, or in connection with, the Option or the issuance or purchase of Incentive Option Shares thereunder, the Option may not be exercised in whole or in part unless
such listing, registration, qualification, consent, approval or disclosure shall have been effected or obtained free of any conditions not acceptable to the Committee. If because of the foregoing restrictions this Option cannot be exercised during
any part of the 30-day period commencing on the Service Termination Date (other than a termination as a result of death or Disability and other than a termination for cause), the period during which this Option may be exercised shall be extended by
the amount of time during such 30-day period that the Option could not be exercised as a result of the restrictions set forth above. Once the stock certificate has been issued and recorded in the Company’s stock records, the Company shall
deliver physical possession of the certificate(s) to the secretary of the Company or other person designated by the Company (the “Escrow Holder”), to be retained by the Escrow Holder and held in escrow as provided in Section 9(c)
below. Notwithstanding any other provision of the Plan or applicable law, if a stock certificate is to be delivered for any reason to the Executive, such delivery shall only be made to the Executive in person at the principal offices of the Company
in Colorado. 
 (c) Limitations on Forms of Consideration. 
 (i) Tender of Stock. Notwithstanding the foregoing, the Option may not be exercised by tender to the Company, or attestation to the
ownership, of securities of the Company to the extent such tender or attestation would constitute a violation of the provisions of any law, regulation or agreement restricting the redemption of securities of the Company. The Option may not be
exercised by tender to the Company, or attestation to the ownership, of securities of the Company unless such shares either have been owned by the Optionee for more than six months (and not used for another option exercise by attestation during such
period) or were not acquired, directly or indirectly, from the Company. 
 (ii) Cashless Exercise. A “Cashless
Exercise” means the delivery of a properly executed notice together with irrevocable instructions to a broker in a form acceptable to the Company providing for the assignment to the Company of the proceeds of a sale or loan with respect to some
or all of the shares of Stock acquired upon the exercise of the Option pursuant to a program or procedure approved by the Company (including, without limitation, through an exercise complying with the provisions of Regulation T as promulgated
from time to time by the Board of Governors of the Federal Reserve System). The Company reserves, at any and all times, the right, in the Company’s sole and absolute discretion, to decline to approve or terminate any such program or procedure.

 (d) Failure to Pay or Deliver Representation Letter. Notwithstanding the foregoing, if the Executive fails to pay
for any of the Incentive Option Shares specified in an Exercise Notice, or fails or is unable to truthfully complete and execute the Representation Letter, the Company shall have no obligation to issue any of the Incentive Option Shares and may
terminate the Executive’s right to purchase the Incentive Option Shares described in the notice of exercise. 

 (e) Withholding Taxes. The Executive shall, no later than the date as of which any
part or value of the Option first becomes includable as compensation in the Executive’s gross income for federal, state or local income tax purposes, pay to the Company, or make arrangements satisfactory to the Committee regarding the payment
of any federal, state or local taxes of any kind required by law to be withheld with respect to the Option. The right of the Executive to exercise the Option shall be conditional on such payment or arrangements and the Company shall, to the extent
permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the Executive. 
 6. Adjustment
for Changes in Stock of the Company. If the Company effects a stock split or reverse stock split, declares a dividend on its Stock payable in securities of the Company, otherwise effects a reclassification or recapitalization whereby the holders
of its Stock receive other securities in exchange for or as a distribution on the Stock without the payment of any consideration therefore, or effects a merger in which the Company is the surviving corporation and which provides for the continuation
of outstanding Options, the number, class and price per share of the Stock subject to this Option shall be appropriately adjusted in accordance with the Plan. If the Company merges or consolidates with another corporation, whether or not the Company
is the surviving corporation, this Option shall be subject to the provisions of the Plan. 
 7. No Rights of a Shareholder. Neither
the Executive nor any legal representative, legatee or heir shall have any rights or privileges of a stock holder of the Company with respect to any shares of Stock purchasable or issuable upon exercise of the Option, in whole or in part, prior to
the date of exercise of the Option, payment in full of the purchase price and execution and delivery of a fully completed Representation Letter. 
 8. Non-Transferability of Option. During the Executive’s lifetime, the Option shall be exercisable only by the Executive or any guardian or legal representative of the Executive, and the Option shall not be transferable except,
in case of the death of the Executive, by the Last Will and Testament of the Executive or by the laws of descent and distribution, nor shall the Option be subject to attachment, execution or similar process. In the event of (a) any attempt by
the Executive to alienate, assign, pledge, hypothecate or otherwise dispose of the Option, except as provided for herein, or (b) the levy of any attachment, execution or similar process upon the rights or interests herein conferred, the Company
may terminate the Option by notice to the Executive and it shall thereafter become null and void. Notwithstanding the foregoing, with the approval of the Company in its sole and absolute discretion, an Option may be transferred by a Executive solely
to (i) members of the Executive’s immediate family (children, grandchildren, or spouse), (ii) trusts for the benefit of such family members, or (iii) partnerships, limited partnerships or limited liability companies where the
only partners are such family members, but only to the extent such transfer does not affect the status of the Option as an Incentive Stock Option without the consent of the Executive. Neither the granting of the Option nor its exercise shall be
construed as granting the Executive any right with respect to continuance of employment with the Company. 

 9. Restriction on Transfers; Company’s Right to Repurchase; Escrow. As a condition of
participation in the Plan, and only until the Company becomes publicly owned or experiences a change of control, the Executive hereby agrees that: (i) any Incentive Option Shares shall be subject to the restrictions on transferability set forth
in subsection (a) below; (ii) the Company shall have a right to repurchase the Incentive Option Shares subject to the provisions of subsection (b) below; and (iii) the Escrow Holder shall hold the stock certificate(s)
representing the Incentive Option Shares in escrow in accordance with subsection (c) below. 
 (a) Restrictions on
Transfer. During the 5-year period commencing on the Date of Grant, the Executive shall not sell, transfer, pledge, hypothecate, assign, or otherwise, in any manner, dispose of any of such Incentive Option Shares, without the prior written
consent of the Company. Any purported sale, transfer, pledge, hypothecation, assignment, or other disposition of the Incentive Option Shares by the Executive in breach of the preceding sentence shall be null and void and without effect and shall not
vest any interest or title in the purported transferee. No dividends shall be paid to the holder of the Incentive Option Shares sold, transferred, assigned, hypothecated, pledged or otherwise disposed of in breach of this covenant, nor shall the
holder of such Incentive Option Shares be entitled to vote or to exercise any rights of a shareholder for any purpose whatsoever. The foregoing restrictions shall not apply after (1) a Change in Control (as defined in the Plan) of the Company,
or (2) the initial underwritten public offering by the Company of its equity securities pursuant to an effective registration statement filed under the Securities Act of 1933, as amended, (the “Securities Act”). The foregoing
restrictions shall also not apply to any transfer at death to an executor, personal representative or other person duly authorized by a court of competent jurisdiction to represent the estate of a deceased Executive, and any transfer to a
beneficiary or other distributee of the estate of a deceased Executive, provided that the beneficiary or distributee, as the case may be, is bound by the restrictions on the transferability of the Incentive Option Shares and the Company’s right
to repurchase set forth in subsection (b) below and executes an agreement acknowledging the same. 
 (b) Right to
Repurchase. If the Executive’s employment by the Company is terminated (whether by reason of death, retirement, disability, resignation, discharge for Cause, discharge without Cause, or for any other reason) or if the Executive or a Person
to whom the Executive has transferred Incentive Option Shares in accordance with Section 12(d) below becomes Bankrupt or is involved in an event of Divorce, then, within one year after the date of such termination of employment, Bankruptcy or
event of Divorce, the Company may, in its sole discretion, repurchase all or any part of the Incentive Option Shares held by the Executive whose employment is terminated (or by any allowable transferee of the Executive that received such Incentive
Option Shares pursuant to a transfer within the purview of Section 12(d); collectively, the “Restricted Shares”) or all or any part of the Incentive Option Shares held by a Executive or other Person to whom the Executive has
transferred Incentive Option Shares pursuant to a transfer within the purview of Section 12(d), for the following purchase price, whichever is applicable (the “Consideration”): 
 (i) In the event of a termination of the Executive’s employment by the Company for Cause, the purchase price for the Restricted
Shares shall be the total amount that the Executive paid for all or such portion of the Restricted Shares that the Company intends to repurchase; 

 (ii) In the event of a termination of the Executive’s employment by the Company for
any reason other than for Cause, the purchase price shall be the Fair Market Value of the Restricted Stock as determined by the Committee, which value shall be communicated by the Company to the Executive by written notice; or 
 (iii) In the event of the Bankruptcy or Divorce of either a Executive or a Person to whom the Executive has transferred Incentive Option
Shares pursuant to a transfer within the purview of Section 12(d) below, the purchase price shall be the Fair Market Value of the Restricted Stock as determined by the Committee, which value shall be communicated by the Company to the Executive
by written notice. 
 (c) Escrow. As security for a Executive’s faithful performance of the provisions of this
Agreement, the participant agrees that the stock certificate(s) evidencing the Restricted Shares shall be delivered to the Escrow Holder, who is hereby appointed to hold such stock certificate(s) in escrow and to take all such actions and to
effectuate all such transfers and/or releases of such Restricted Shares as are in accordance with the terms of this Agreement. The Escrow Holder will act solely for the Company as its agent and not as a fiduciary. The Executive and the Company agree
that the Escrow Holder will not be liable to either (or to any other party) for any actions or omissions unless the Escrow Holder is grossly negligent or intentionally fraudulent in carrying out the duties of the Escrow Holder under this subsection
(c). The Escrow Holder may rely upon any letter, notice or other document executed with any signature purported to be genuine and may rely on the advice of counsel (which may be counsel for the Company) and obey any order of any court with respect
to the transactions contemplated by this Agreement. In the event that the Company exercises its right to repurchase Restricted Shares held by the Escrow Holder, then upon payment by the Company of the Consideration for such Restricted Shares, the
Escrow Holder shall deliver to the Company the stock certificate(s) evidencing those Restricted Shares. The Escrow Holder is empowered to act as the Executive’s attorney-in-fact to make such endorsements and execute such stock powers as may be
necessary to effect the repurchase contemplated under this Section. The Escrow Holder will release from escrow, and deliver to the Executive, only those stock certificates that evidence the Restricted Shares for which the Company’s right to
repurchase, as described in subsection (b) above, has expired. 
 (d) Assignment. The Company may assign its
rights under this Section in whole or in part. 
 (e) Inapplicability. All of the restrictive provisions of this
Section 9 shall automatically cease and become inapplicable after (1) a Change in Control (as defined in the Plan) of the Company, or (2) the initial underwritten public offering by the Company of its equity securities pursuant to an
effective registration statement filed under the Securities Act; or (3) the date the Company’s common stock commences trading in the over-the-counter market or on a recognized exchange in the United States. 

 10. $100,000 Limitation. To the extent that the aggregate Fair Market Value of Stock (determined
at the time of grant) with respect to which Incentive Stock Options are exercisable for the first time by a Executive for any calendar year exceeds $100,000, such options shall be treated as Nonqualified Stock Options by reason of the $100,000
annual limitation under Code Section 422(d). 
 11. Termination of Option upon Change in Control. In the event that a proposed
Change in Control (as defined in the Plan) has been approved by the Board, then the Board shall provide the Executive with at least 10 days prior written notice of the proposed Change in Control, the Option shall become fully vested and immediately
exercisable and, as provided in the Plan, the Option shall either be: (i) continued by the Company; (ii) assumed by the acquiring entity or its parent; (iii) substituted for an option of the acquiring entity or its parent; or
(iv) terminated by either the Company or the acquiring entity. Notwithstanding the preceding sentence, the Option shall only become fully vested and immediately exercisable to the extent that the vesting or exercise thereof does not result in
an “excess parachute payment” within the meaning of Code Section 280G, and if a Change in Control has not been consummated within 30 days after written notice of the proposed Change in Control has been provided to the Executive and
the Executive has not fully exercised the Option, the Option shall no longer be fully vested and immediately exercisable and to the extent the Option was not fully exercised by the Executive, it shall be subject to the vesting provisions that would
have existed had the preceding sentence not applied. 
 12. Right of First Refusal. The following provisions shall remain effective
only until and shall automatically cease and become inapplicable after (1) a Change in Control (as defined in the Plan) of the Company, or (2) the initial underwritten public offering by the Company of its equity securities pursuant to an
effective registration statement filed under the Securities Act; or (3) the date the Company’s common stock commences trading in the over-the-counter market or on a recognized exchange in the United States. 
 (a) In the event that the Executive proposes to sell, pledge or otherwise transfer any Incentive Option Shares, or any interest in the
Incentive Option Shares, the Company will have a right of first refusal under this Section. If the Executive desires to transfer any of the Incentive Option Shares, the Executive shall give a written notice (the “Offer Notice”) to the
Company fully describing the proposed transfer, including the number of Incentive Option Shares proposed to be transferred (the “Subject Shares”), the purchase price, the name and address of the proposed transferee, the other terms and
conditions of transfer and evidence satisfactory to the Company that the proposed sale or transfer will not violate any applicable federal or state securities laws. The Offer Notice shall be signed by both the Executive and the proposed transferee
and must be a binding agreement of both parties to transfer the Subject Shares. The Company shall have the right to purchase all, but not less than all, of the Subject Shares on the terms of the proposal described in the Offer Notice (subject to any
change in any terms permitted under subsection (b) below) by delivery of a written notice of exercise to the Executive within 30 days after the date the Offer Notice was received by the Company. The Company shall have the right to assign its
rights under this subsection (a) in whole or in part. 

 (b) If the Company fails to exercise its right of first refusal within 30 days after the
date it receives the Offer Notice, the Executive may, within 90 days after the receipt of the Offer Notice by the Company, consummate a transfer of the Subject Shares on the terms and conditions described in the Offer Notice; provided, however, that
any such sale is made in compliance with applicable federal and state securities laws and is not in violation of any contractual restrictions to which the Executive is bound. Any proposed transfer on terms and conditions different from those
described in the Offer Notice, as well as any subsequent proposed transfer by the Executive, shall again be subject to the right of first refusal and shall require compliance with the procedure described in subsection (a) above. If the Company
exercises its right of first refusal, the parties shall consummate the sale of the Subject Shares on the terms set forth in the Offer Notice within 60 days after the date the Company received the Offer Notice (or within such longer period as may
have been specified in the Offer Notice); provided, however, that in the event the Offer Notice provided that payment for the Subject Shares was to be made in a form other than cash or cash equivalents paid at the time of transfer, the Company shall
have the right to pay for the Subject Shares with cash or cash equivalents equal to the present value, as determined by the Committee in good faith, of the consideration described in the Offer Notice. 
 (c) Any other provision of this Section notwithstanding, in the event that the Incentive Option Shares are readily tradable on an
established securities market when the Executive desires to transfer the Incentive Option Shares or any portion thereof, the Company will have no right of first refusal and the Executive shall have no obligation to comply with the procedures
described in this Section. 
 (d) This Section shall not apply to transfers of Incentive Option Shares solely to
(i) members of the Executive’s immediate family (e.g., children, grandchildren, or spouse), (ii) trusts for the benefit of such family members, or (iii) partnerships or limited liability companies where the only partners
are such family members; provided, however, that in all such cases the transferees have signed an agreement satisfactory to the Company to be bound by all the provisions of this Agreement. 
 (e) If the Company tenders, at the time and place and in the amount and form provided in this Agreement, the consideration for the Subject
Shares to be purchased in accordance with this Section, then after such time the person from whom the Subject Shares are to be purchased shall no longer have any rights as a holder of the Subject Shares (other than the right to receive payment in
accordance with this Agreement). Such Subject Shares shall be deemed to have been purchased in accordance with the applicable provisions hereof, whether or not certificate(s) therefore have been delivered as required by this Agreement. 

(f) The Company may assign its rights under this Section in whole or in part. 
 13. Release of the Company. As partial consideration for receiving the grant of the Option set forth herein, the Executive, individually and on
behalf of the Executive’s heirs and assigns, hereby releases, waives and discharges the Company and all persons that served as or are, whether past or present, directors, officers, shareholders, employees, partners, attorneys and 

 
agents of the Company, and the respective successors, heirs and assigns of any of the above described persons or entities (collectively, the “Released
Persons”) from any and all claims, causes of action, losses, damages and liabilities of every kind and character, whether known or unknown, including any right to receive compensation or equity in the Company for services provided to the
Company that the Executive may have or claim to have, in any way relating to or arising out of any event, act or omission occurring on or before the signing of this Agreement, including Claims arising by reason of the continued effects of any such
events or acts, which occurred on or before the date of this Agreement (collectively, the “Released Claims”). The Executive hereby warrants that: (i) the Executive has all authority necessary to grant the foregoing release, waiver and
discharge; and (ii) no assignment or transfer or other disposition of any type, whether voluntary or involuntary, has been made, or has occurred with respect to any Released Claim. The Executive understands and agrees that this release is
intended to be interpreted in the broadest possible manner in favor of the Released Persons. In addition, the Executive covenants not to commence any suit, proceeding or action against the Company or any Released Person with respect to any Released
Claim. 
 14. Amendments and Termination. The Company may (a) amend, alter or discontinue the Plan, (b) amend the terms of
this Option prospectively or retroactively, or (c) substitute a new stock option for this Option, but no amendment, alteration, substitution or discontinuation shall be made (except those specifically permitted under other provisions of this
Agreement or the Plan) that would impair the rights of the Executive under the Option, or that would cause the Option to no longer qualify as an Incentive Stock Option, without the Executive’s consent. 
 15. Holding Period. The Executive may lose a portion of the favorable tax treatment afforded incentive stock options, if the Executive disposes of
the stock issued upon exercise of the Option prior to the date which is the later of: (i) two years from the Date of Grant; or (ii) one year from the date that the shares were transferred to the Executive upon exercise of the Option.

 16. Tax Consequences of this Option. The tax consequences resulting from the grant of this Option, the receipt of the Incentive
Option Shares upon exercise of this Option and any events or transactions with respect thereto may be dependent upon various factors or events that are not determined by this Agreement. The Company makes no representation with respect to, and
disclaims all responsibility as to, the tax consequences of this Option, the Incentive Option Shares or any transaction with respect thereto. The Executive acknowledges that the Executive has been advised and has had the opportunity to consult with
the Executive’s own tax advisor with respect to these matters prior to entering into this Agreement. 
 17. Public Offering
Restriction. In connection with any underwritten public offering by the Company of its equity securities pursuant to an effective registration statement filed under the Securities Act, including the Company’s initial public offering, the
Executive shall not directly or indirectly sell, make any short sale of, loan, hypothecate, pledge, offer, grant or sell any option or other contract for the purchase of, purchase any option or other contract for the sale of, or otherwise dispose of
or transfer, or agree to engage in any of the foregoing transactions with respect to, any Incentive Option Shares without the prior written consent of the Company and its underwriters. Such restriction shall be in effect for such period of time
following the date of the final prospectus for the offering as may be requested by the Company or its underwriters. 

 
In order to enforce the provisions of this Section, the Company may impose stop transfer instructions with respect the Incentive Option Shares and/or may
require the Executive to deposit the stock certificate(s) evidencing the Incentive Option Shares in escrow until the end of the applicable stand-off period if such certificate is not already held in escrow pursuant to Section 9 above. The
Company’s underwriters shall be beneficiaries of the agreement set forth in this Section, and, if requested by the underwriters, the Executive agrees to execute the underwriters’ standard form of lock-up agreement. This Section shall not
apply to shares that are specifically included in shares registered in a public offering under the Securities Act. 
 18. Legend. All
certificates evidencing shares purchased under this Agreement or constituting Incentive Option Shares shall bear the following legend: 
 THE
SHARES REPRESENTED HEREBY MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED OR IN ANY MANNER DISPOSED OF, EXCEPT IN COMPLIANCE WITH THE TERMS OF A WRITTEN AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER OF THE SHARES (OR THE PREDECESSOR IN
INTEREST TO THE SHARES). SUCH AGREEMENT GRANTS TO THE COMPANY CERTAIN RIGHTS TO REPURCHASE SUCH SHARES AND RESTRICTS THE TRANSFER OF SUCH SHARES. A COPY OF THE AGREEMENT MAY BE OBTAINED WITHOUT CHARGE FROM THE SECRETARY OF THE COMPANY, UPON WRITTEN
REQUEST. 
 19. Notices. All notices under this Agreement shall be in writing and shall be deemed delivered when personally delivered
to the Secretary of the Company or to the Executive or upon deposit of the same in the United States mail, first class postage prepaid, or upon delivery to a recognized overnight delivery service addressed in the case of mail or delivery service to
the Secretary of the Company at the Company’s executive offices or to the Executive at the Executive’s current address as shown on the payroll records of the Company. 
 20. Interpretation of this Agreement. The Option is granted pursuant to the terms of the Plan, which are incorporated herein by reference, and the
Option and this Agreement shall in all respects be interpreted in accordance with the Plan. The Committee shall interpret and construe the Plan and this Agreement, and the Committee’s interpretations and determinations shall be conclusive and
binding on the parties hereto and any other person claiming an interest hereunder. 
 21. Governing Law. The validity, interpretation
and effect of this Agreement shall be governed by and determined in accordance with the laws of the State of Colorado, without giving effect to principles of conflict of laws. 

 IN WITNESS WHEREOF, this Agreement has been executed as of the date set forth above. 
 IPTIMIZE, INC. 
  

			
		
	By:	 	/s/ Clinton J. Wilson
		 	Clinton J. Wilson, President

  

	
	
	/s/ Ron Pitcock
	  Ron Pitcock, the Executive

 EXHIBIT 1 
 IPTIMIZE, INC. 
 INCENTIVE STOCK OPTION REPRESENTATION LETTER 
 The undersigned, in connection with the undersigned’s receipt of an incentive stock option from IPtimize, Inc., a Delaware corporation (the
“Company”), and/or upon the exercise of the incentive stock option issued to the undersigned by the Company, hereby represents and warrants to the Company as follows: 
 The undersigned understands that the certificate representing the Company’s common stock which will be transferred to the undersigned upon exercise of the incentive stock option will contain a standard
restrictive legend. 
 1. The undersigned hereby represents and warrants to the Company as follows. 
 A. The undersigned is an adult and any stock that the undersigned purchases upon exercise of the option will be purchased solely for the
undersigned’s own account, for investment purposes only, and not with a view to, or for sale in connection with, any distribution thereof. 
 B. The undersigned has the financial ability to bear the economic risks of the investment, has adequate means for providing for the undersigned’s current needs and personal contingencies, has no need for
liquidity in the undersigned’s investment in the Company, and can afford to lose the undersigned’s entire investment. 
 C. The undersigned has evaluated the risk of investing in the Company and the undersigned has been given the opportunity to ask questions of and receive answers from the Company and its officers concerning the terms and conditions of the
option and the Company’s business, prospects and financial situation, and to obtain additional information necessary to verify the accuracy of any information supplied to the undersigned in order to allow the undersigned to sufficiently
evaluate the investment. 
 D. In making the decision to accept an incentive stock option and/or to purchase the
Company’s common stock upon exercise of the incentive stock option, the undersigned has relied solely upon independent investigation made by or on behalf of the undersigned and not upon representations of any officer or employee of the Company.

 E. The undersigned understands that the Company’s stock is a speculative investment that involves a substantial risk
and that the undersigned may lose the undersigned’s entire investment. 

 1.) The undersigned understands that the Company’s common stock has not been
registered under the Securities Act of 1933, as amended, (the “Securities Act”) or any state’s securities laws and agrees that the stock may not be sold, offered for sale, transferred, pledged, hypothecated, or otherwise disposed of
except in compliance with the Securities Act and applicable state securities laws. The undersigned has been advised that the Company has no obligation, and does not currently intend, to cause the stock issuable upon exercise of the incentive stock
option to be registered under the Securities Act or state law, or to comply with any exemption under the Securities Act or state law that would permit the stock to be sold by the undersigned. The undersigned understands that the legal consequences
of the foregoing mean that the undersigned must bear the economic risk of the undersigned’s investment in the Company’s common stock for an indefinite period of time. The undersigned agrees that any stock purchased upon exercise of the
option will be subject to the restrictions on transfer described in this paragraph, and the undersigned understands that the Company will issue stop transfer orders with the Company’s transfer agent to enforce such restrictions. 
 2.) The undersigned understands that the undersigned is accepting an incentive stock option and that there are certain federal and state
tax consequences that result from the undersigned’s acceptance or exercise of the Option or the sale of stock issued upon exercise of the option. The undersigned acknowledges that the undersigned has been advised to consult with the
undersigned’s own tax advisors with respect to all tax consequences. 
 3.) The undersigned is aware that there is no
market for the resale of the Company’s securities, and no market may exist in the future for such resale. 
 4.) The
undersigned hereby agrees that, upon receiving notification from the Company or its underwriter, the undersigned will refrain from the offer, sale or transfer of the Company’s common stock. This restriction will be in effect commencing after
the effectiveness of any registered public offering of the Company’s securities and ending on the date specified by the Company. 
 5.) The undersigned has reviewed the Company’s Registration Statement on Form 10-SB filed with the Securities and Exchange Commission on June 24, 2007, and which became effective on September 24, 2007.

  

			
	 IPTIMIZE, INC.
  

		
	By:	 	/s/ Clinton J. Wilson
		 	Clinton J. Wilson, President

	
	
	/s/ Ron Pitcock
	  Ron Pitcock, the ExecutivePre-Bridge Loan Agreement

 Exhibit 10.18 
 Pre-Bridge Loan Agreement (the “Pre-Bridge Agreement”) is entered into as of March 4, 2007 between Ron Pitcock, residing at 7654 Spirit Ranch Road, Golden, Colorado (the “Lender”) and IPtimize, Inc., a
Minnesota corporation located at 2135 S. Cherry Street, Suite 200, Denver, Colorado 80222 (the “Borrower”). The Lender and the Borrower are sometimes individually referred to as a “Party” and collectively as the
“Parties”. 
 W I T N E S S E T H: 
 WHEREAS, Borrower desires to borrow up to $250,000, in one or several installments (the “Pre Bridge Loan”), to meet the immediate working capital needs of the Borrower prior to the Borrower’s implementation of a
proposed $750,000 bridge loan (the “Bridge Loan”); and 
 WHEREAS, the Lender together with all other third party lenders, each of which
shall participate in the Pre Bridge Loan on a pro rata and pari passu basis and who shall each execute its own Pre-Bridge Agreement with the Borrower (collectively the “Additional Lenders”) is willing to lend a portion of the Loan Amount
to the Borrower. 
 NOW, THEREFORE, in consideration of the representations, warranties, covenants and agreements herein contained, the receipt and
adequacy of which is hereby acknowledged and accepted, the Parties hereby agree as follows: 
  

	 	1.	Terms of the Pre Bridge Loan. 

 1.1
The Pre Bridge Loan. The Lender and the Additional Lenders (hereinafter collectively referred to as the “Participating Lenders”) hereby agree to lend up to $250,000 to the Borrower and the Borrower hereby accepts Loan Amount
(defined below) from the Participating Lenders and agrees to repay the same in lawful money of the United States of America. The final amount that shall ultimately be advanced to the Borrower by the Participating Lenders is hereinafter referred to
as the “Loan Amount.” The Loan Amount shall be evidenced by a number of identical but separate promissory notes, each bearing interest at the rate of ten (10.0%) percent per annum on an actual day/360 day basis and payable on the Due
Date (as that term is defined below), in the specimen form annexed hereto as Exhibit “A” and hereby incorporated herein by reference (collectively the “Notes”). The original Notes shall be duly executed by the Borrower and
delivered to the Participating Lenders simultaneously with the execution of individual Pre Bridge Agreements. 
 1.2 Due
Date. The Loan Amount shall be due and payable on the earlier of: (i) the closing of the Bridge Loan; (ii) one year from the date of this Agreement; or (iii) the receipt by each Participating Lender of Commission Income (as that
term is defined in Section 1.5 below) equal to its pro rata portion of the Loan Amount (the “Due Date”). 

 1.3 Payments and Prepayments. Borrower shall not be entitled to re-borrow any
prepaid Loan Amounts or other costs or charges. All payments made pursuant to this Pre Bridge Agreement shall be first applied to accrued and unpaid interest, then to any lien or other proper charges under this Pre Bridge Agreement and finally to
the aggregated principal balance of the Loan Amount. Absent the foregoing, interest on the Loan Amount shall be due and payable in one lump sum on the Due Date. 
 1.4 Closings. The closing of the Pre Bridge Loan shall take place simultaneously with the execution of each of the individual Pre
Bridge Agreement via facsimile. Simultaneously with the execution of each of the individual Pre Bridge Agreements, the Participating Lenders shall deliver their respective portion of the Loan Amount proceeds to the Borrower via Federal wire transfer
or such other manner as shall be mutually agreed upon between the Borrower and the Participating Lender (the “Closings”). At each of the Closings, the Borrower shall deliver an original Pre Bridge Agreement duly executed by the Borrower.

 1.5 Collateral Security. As collateral security for the Borrower’s repayment of the Loan Amount to the
Participating Lenders (defined below), as evidenced by the filing of the UCC-1 Financing Statement as described in Section 1.6 below, and until the Loan Amount has been repaid, the Borrower hereby covenants and agrees that its President,
Clinton J. Wilson and/or such other executive officers or employees designated by him and indicated to the Participating Lenders in writing shall deposit all of the monthly commission income received by the Borrower from its agreements with Qwest
Communications and Level 3 Communications (collectively the “Commission Income”) into a separate segregated account to be maintained at Vectra Bank Colorado with respect to which Gary J. Graham, in his capacity as President of First
Capital Business Development, LLC, a Colorado limited liability company, located at 16293 East Dorado Place, Centennial, CO 80015 (“FCBD”) in its capacity as collection and disbursement agent for the Additional Lenders (“each
Participating Lender”), shall be the sole signatory (the “Account”). The Commission Income shall be deposited into the Account on the first day after the same has been received into the Borrower’s regularly maintained account and
cleared collection. 
 The Borrower shall continue to promptly deposit the Commission Income into the Account until the
earlier of: (i) the Participating Lenders having collectively received the full Loan Amount together with all accrued interest from the Commission Income; or (ii) the Participating Lenders having collectively received the full Loan Amount
together with all accrued interest from the Bridge Loan. 
 Simultaneously with the execution of this Pre Bridge Agreement,
the Borrower shall execute and deliver to Qwest Communications and Level 3 Communications a letter requesting them to deposit the Commission Income into a designated lock box. The letter shall be delivered via overnight package delivery service or
by registered or certified mail with a copy to the Lender. 

 In its capacity as the lead and first Participating Lender, and without any other legal
duty or obligation to do so, FCBD hereby covenants and agrees to faithfully and impartially: (i) collect the Commission Income from the Account; (ii) to disburse the Commission Income pro rata to the Participating Lenders; (iii) to
maintain accurate books and records of all transaction for and on behalf of the Participating Lenders; and (iv) as soon as the Participating Lenders are repaid the Loan Amount and all accrued interest from the Commission Income and/or the
proceeds of the Bridge Loan, FCBD shall return any un-disbursed Commission Income in its possession back to the Borrower, and shall execute and deliver to the Borrower a UCC-2 Termination Statement evidencing the termination of FCBD’s interest
in the Account and in the Commission Income. 
 In addition to the Commission Income, the Loan Amount shall also be satisfied
from the un-pledged assets of the Borrower. Until the Loan Amount together with all accrued interest shall have been repaid in full, any and all free credit balances of the Borrower shall be paid to the Participating Lenders prior to any repayment
of trade payables, other indebtedness or investment to equity holders of the Borrower. 
 1.6 Security Documents and
Fees. Simultaneously with the execution and delivery of this Agreement, the Borrower shall execute and deliver to each Participating Lender on behalf of the Participating Lenders a UCC-1 financing statement evidencing the Participating
Lender’s First Lien security interest. In addition, the Borrower hereby specifically agrees and consents that a photocopy or other reproduction of this Pre Bridge Agreement shall be deemed to be the legal equivalent of a financing statement and
may be filed with any county clerk as evidence of the Participating Lender’s security interest. At the closing of the Bridge Loan, the Borrower shall pay to FCBD a Commission Income processing fee of $25,000. 
 1.7 Warrants as Additional Consideration. As additional consideration for the Loan Amount, the Borrower hereby covenants and agrees
that it shall cause the issuance and delivery to each Participating Lender of a warrant in the specimen form annexed hereto as Exhibit “B” and hereby incorporated herein by reference with a ten (10) year term (the
“Warrants”) entitling the Participating Lenders to purchase an aggregate of one share of the Borrower’s Common Stock, $.001 par value per share (the “Shares”), at an exercise price of $0.75 per Share or such greater or
lesser amount paid by the investors in the Bridge Loan for each one Dollar loaned to the Borrower and aggregating the Loan Amount (the “Warrant Shares”). The Warrant Shares shall be registered under the Securities Act of 1933, as amended
(the “Securities Act”), in accordance with the following: 
 A. If at any time during the ten year term of the
Warrants, the Borrower proposes to file a Registration Statement under the Securities Act (a “Registration Statement”); it will at such time give written notice to each Participating Lender of its intention to do so. Upon written request
of any Participating Lender, given within 15 days after the giving of any such notice by the Borrower, the Borrower will advise such Participating Lender that it shall include its Warrant Shares in the Registration Statement. If, however, the
offering to which the Registration Statement relates is to be distributed by or through an underwriter approved by the Borrower, each Participating Lender hereof may at its option agree to sell the Warrant Shares through such underwriter on the same
terms and conditions as the underwriter agrees to sell the other securities proposed to be registered. In addition, if such underwriter determines that the inclusion of all the Warrant Shares sought to be sold would have an adverse effect on the
offering, each Participating Lender shall be entitled to participate in the underwriting and register 

 
its Warrant Shares on a pro rata basis or as such other quantity of the Warrant Shares as the underwriter may determine. If any Participating Lender hereof
elects not to sell its Warrant Shares through such underwriter, the Participating Lender may use the Registration Statement to register its Warrant Shares under the Securities Act within 60 days after the Registration Statement becomes effective;

 B. The Borrower covenants and agrees that it shall prepare and promptly file with the Securities and Exchange Commission
(the “Commission”) all amendments, post-effective amendments and supplements to the Registration Statement as may be necessary under the Securities Act and the regulations of the Commission to permit the sale of the Warrant Shares to the
public; and 
 C. The rights of the Participating Lenders hereof pursuant to this Section 1.7 may be exercised only by
each Participating Lender or any affiliate thereof. 
  

	 	2.	Brief Description of the Company.  

 Information
about the Borrower and its business derived from the Borrower’s Form SB-2 Registration Statement as filed with the Commission but not yet ordered effective, is set forth in Exhibit “C” annexed to this Agreement and hereby incorporated
herein by reference. This information presents an overview of the Borrower’s business but does not reflect events that occurred subsequent to the date of its filing. 
  

	 	3.	Risk Factors Associated with the Company and the Notes. 

 An investment in the Borrower involves a high degree of risk and should be considered only by Lender’s who can sustain the loss of their entire investment. Accordingly, the Lender hereby represents that, prior to the signing of this
Agreement, the Lender has read the disclosures contained under the captions “Risks Related to the Company” and “Risks Related to the Offering” set forth in Exhibit “D” annexed to this Agreement and hereby incorporated
herein by reference. 
  

	 	4.	Representations, Warranties and Covenants.  

 In order to
implement the operation of this Pre Bridge Agreement, the Parties hereby jointly and severally represent, warrant, covenant, agree and consent as follows: 
 4.1 Insolvent Financial Condition of the Borrower. The Borrower represents and warrants that it has provided, or will provide as available, all material information regarding the financial condition of the
Borrower; and that as of the date of this Agreement, the Borrower is insolvent, has a negative shareholder equity balance, has outstanding liabilities that can not presently be met by its revenues, and has effectively no market value as a
“Pink-Sheet” traded company; 
 4.2 No Breach. The execution, delivery and performance of this Agreement, in
the time and manner herein specified, will not cause a default in any other previously executed agreement signed by either the Borrower or any Participating Lender; 

 4.3 Authority. The Borrower and all Participating Lenders have full legal
authority to enter into this Agreement and to perform the same in the time and manner contemplated; 
 4.4 Approval.
This Agreement has been submitted to, ratified and approved by the Board of Directors of the Borrower and by each participating Lender in the manner required by the law of his, her or its jurisdiction of residence, incorporation or formation;

 4.5 Licenses, Etc. The Borrower shall comply with all applicable laws and regulatory requirements at all times. The
Borrower shall obtain and maintain such authorizations, licenses, permits and other governmental or regulatory agency approvals as are required for the performance of this Agreement; 
 4.6 Valid Issuance. The Warrant and the Warrant Shares shall be when issued, duly and validly issued, fully paid and
non-assessable; 
 4.7 Reservation. The Borrower shall reserve the Warrant Shares for issuance upon the exercise of the
Warrants by the Participating Lenders; 
 4.8 Restricted Securities. Each Participating Lender acknowledges, accepts
and understands that until and unless the same are registered under the Securities Act: (i) the Warrant Shares will be “restricted securities” as that term is defined under the Securities Act of; (ii) each Participating Lender
will be acquiring the Warrant Shares solely for its respective own account, for investment purposes and without a view towards the resale or distribution thereof; (iii) the Warrant Shares will be subject of stop transfer orders on the books and
records of the Borrower’s transfer agent and shall be imprinted with a standard form of restrictive legend; and (iv) any sale of the Warrant Shares will be accomplished only in accordance with the Securities Act and the rules and
regulations of the Securities and Exchange Commission adopted thereunder; and 
 4.9 Accredited Investors. Each
Participating Lender: (i) has adequate means of providing for the Participating Lender’s current needs and possible contingencies, and the Participating Lender has no need for liquidity of the Participating Lender’s investment in the
Borrower (ii) the Participating Lender is an “Accredited Investor” able to bear the economic risk of his or its investment in the Borrower; (iii) has such knowledge and experience in business and financial matters that the
Participating Lender is capable of evaluating the relative risks and merits of the Participating Lender’s investment in the Borrower; (iv) can bear the economic risk of losing the Participating Lender’s entire investment in the
Borrower represented by the Loan; (v) has not relied upon any oral statements or representations by the Borrower or its principals; (vi) understands the undercapitalized and speculative nature of the Borrower’s business as well as the
uncertainties attendant upon the Company’s ability to reach profitability from its present insolvent status; and (vii) has consulted the Participating Lender’s own financial, legal and tax advisors with respect to the economic, legal
and tax consequences of an investment in the Borrower. 

	 	5.	Default: Rights and Remedies on Default 

 5.1 Events of Default. The occurrence of any of the following events shall be an event of default under this Agreement (“Events of Default”): 
 A. The material breach of any representation, warranty or covenant of the Borrower contained in this Pre Bridge Agreement including the
failure to promptly deposit the Commission Income into the Account and any repayment not cured within fifteen (15) days of written notice of such breach; 
 B. If the Borrower: (i) files a petition in bankruptcy or a petition to take advantage of any insolvency act or other act for the
relief or aid of debtors; (ii) makes an assignment for the benefit of its creditors; (iii) consents to or acquiesces in the appointment of a receiver, liquidator or trustee of itself or of the whole or any part of its properties and
assets; (iv) files a petition or answer seeking for itself reorganization, arrangement, composition, readjustment. liquidation, dissolution or similar relief under the federal bankruptcy laws or any other applicable law; (v) on a petition
in bankruptcy filed against it, is adjudicated a bankrupt; or (vi) is served with a three-day (3) notice to quit any of its leasehold premises, which notice is not discharged or contested in good faith by appropriate proceedings prior to
the initiation of an unlawful suit against the Borrower; 
 C. If a court of competent jurisdiction shall enter an order,
judgment or decree appointing, without the consent of acquiescence of the Borrower, as a receiver, liquidator or trustee of the Borrower, or of the whole or any substantial part of its properties and assets, or approving a petition filed against it
seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the federal bankruptcy laws or any other applicable law, and such order judgment or decree shall remain un-vacated or not set aside or
un-stayed for an aggregate of thirty (30) days, whether or not consecutive, from the date of the entry thereto; or if, under the provisions of any other law for the relief or aid of debtors, any court of competent jurisdiction shall assume
custody or control of the Borrower or the whole or any substantial part of its operations and assets and such custody and control shall remain un-terminated or un-stayed for an aggregate of thirty (30) days, whether or not consecutive, from the
date of assumption of such custody or control. 
 5.2 Due and Payable. Upon the occurrences of any such Event of
Default, Lender at its option exercised by written notice to the Borrower, shall deem the principal under this Pre Bridge Agreement, together with the interest and charges accrued thereon, become immediately due and payable. The Participating
Lenders may exercise any or all of the rights and remedies granted to an unsecured party under the provisions of the Uniform Commercial Code of the State of Colorado (as now or hereafter in effect). Any proceeds realized from the disposition of the
assets of the Borrower under bankruptcy or liquidation provisions, shall: (i) first be applied to the payment of any wages due to any employees of the Borrower, pursuant to Colorado Department of Labor statutes; (ii) then to any secured
indebtedness of the Borrower; (iii) then to any expenses incurred by Participating Lenders in connection with the disposition; and (iv) the balance shall be applied to the payment of the Loan Amount; (v) then to any trade or vendor
indebtedness; (vi) thereafter to any other indebtedness and the equity shareholders of the Borrower. Any surplus proceeds shall be an asset of the Borrower. In the event such proceeds prove insufficient to satisfy all indebtedness secured
hereunder, then Borrower shall be liable for the deficiency. 

 5.3 Other Remedies. The rights, powers and remedies granted to the Participating
Lenders pursuant to the provisions of this Pre Bridge Agreement shall be in addition to all the rights, powers and remedies granted to the Participating Lenders under any statute or rule of law. Any forbearance, failure or delay by order, exercising
any right, power or remedy under this Pre Bridge Agreement shall not be deemed to be waiver of such right, power or remedy. Any single or partial exercise (if any right, power or remedy under this Pre Bridge Agreement shall not preclude the further
exercise thereof, and every right, power and remedy of Lender under this Pre Bridge Agreement shall continue in full force and effect until such right, power or remedy is specifically waived by any instrument executed by the Participating Lenders.

 5.4 Waiver. The Borrower for itself and its legal representatives, successors and assigns, expressly waives
presentment, protest, demand, notice of dishonor, notice of nonpayment, notice of maturity, notice of protest, presentment for the purpose of accelerating maturity, and diligence in collection, and consents that the Participating Lenders may extend
the time for payment or otherwise modify the terms of payment or any part or the whole of the Loan Amount. To the fullest extent permitted by law, the Borrower waives the statute of limitations in any action brought by the Participating Lenders in
connection with this Pre Bridge Agreement and the right to a trial by jury. 
 6. Assignments. Neither Party shall assign or transfer
any rights or obligations hereunder, except that, (i) the Borrower may assign or transfer this Agreement to a successor corporation in the event of a merger, consolidation, transfer, or sale of all or substantially all of the assets of the
Borrower, provided that no such assignment shall relieve the Borrower from liability for the obligations assumed by it hereunder; and (ii) any Participating Lender may assign or transfer this Agreement to any firm which is an affiliate of the
Participating Lender provided that no such assignment shall relieve the Participating Lender from liability for its obligations hereunder. 
 7. Entire Agreement. Each Party hereby covenants that this Agreement is intended to and does contain and embody all of the understandings and agreements, both written or oral, of the Parties with respect to the subject matter of this
Agreement, and that there exists no oral agreement or understanding, expressed or implied, whereby the absolute, final and unconditional character and nature of this Agreement shall be in any way invalidated or affected. There are no
representations, warranties or covenants other than those set forth in this Agreement. 
 8. Binding Arbitration. The Parties agrees
that any and all disputes that arise out of this Agreement shall be submitted to and resolved through final and binding arbitration in the State of Colorado, a neutral forum, in accordance with the rules and regulations of the American Arbitration
Association. In such event, the Parties shall split the cost of any arbitration filing and hearing fees and the cost of the arbitrator. Each Party will bear its own attorneys’ fees, and the arbitrator will not have authority to award
attorneys’ fees unless a statutory section at issue in the dispute authorizes the award of attorneys’ fees to the prevailing Party, in which case the arbitrator has authority to make such award as permitted by the statute in question. The
arbitration shall be instead of any civil litigation; therefore, the Parties hereby waive any right to a trial, and agree that the arbitrator’s decision shall be final and binding to the fullest extent permitted by law and enforceable by any
court having jurisdiction thereof. The Parties shall accept the verdict or decision of the arbitrator and indemnify and hold the prevailing Party harmless from any and all liability arising out of the subject matter of the arbitration. 

 9. Facsimile Signatures and Counterparts. Facsimile signatures on this Agreement shall be
sufficient and acceptable to bind the Parties and for execution of this Agreement. This Agreement shall only be effective and binding when executed by both Parties hereto. This Agreement may be executed in counterparts, each of which so executed
shall be deemed an original and constitute one and the same agreement. 
 10. Notices. Any notice required or contemplated by this
Agreement shall be deemed sufficiently given when delivered in person, transmitted by facsimile (if followed by a copy by mail within three (3) business days) or sent by registered or certified mail or priority overnight package delivery
service to the principal office of the Party entitled to notice or at such other address as the same may designate in a notice for that purpose. All notices shall be deemed to have been made upon receipt, in the case of mail, personal delivery or
facsimile, or on the next business day, in the case of priority overnight package delivery service. Such notices shall be addressed and sent or delivered to the Parties at the addresses set forth in the first paragraph of this Agreement, or to such
other address of which a Party may notify the other Party in writing. 
 11. Modification, Waiver and Amendment. A modification or
waiver of any of the provisions of this Agreement shall be effective only if made in writing and executed with the same formality as this Agreement. The failure of any Party to insist upon strict performance of any of the provisions of this
Agreement shall not be construed as a waiver of any subsequent default of the same or similar nature or of any other nature. No Party may or shall amend this Agreement, in whole or in part, verbally, by reliance, by course of conduct or otherwise,
unless expressly and specifically acknowledged in writing and signed by both the Borrower and the Participating Lenders. 
 IN WITNESS WHEREOF, the
Parties have executed this Agreement as of the date above set forth. 
  

			
		
	By:	 	/s/ Clinton J. Wilson
		 	Clinton J. Wilson, President

  

	
	
	/s/ Ron Pitcock
	    Ron Pitcock, the Executive

 EXHIBIT “A” 
 THIS PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR QUALIFIED UNDER STATE SECURITIES LAWS AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE
TRANSFERRED UNLESS (A) COVERED BY AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, AND QUALIFIED UNDER APPLICABLE STATE SECURITIES LAWS, OR (B) IPTIMIZE, INC. HAS BEEN FURNISHED WITH AN OPINION OF COUNSEL ACCEPTABLE TO
IPTIMIZE, INC. TO THE EFFECT THAT NO REGISTRATION OR QUALIFICATION IS LEGALLY REQUIRED FOR SUCH TRANSFER. 
 IPTIMIZE, INC. 

 10% NON-NEGOTIABLE PRE –BRIDGE CONVERTIBLE PROMISSORY NOTE 
 FOR VALUE RECEIVED, IPtimize, Inc. a Minnesota corporation located at 2135 S. Cherry Street, Suite 200, Denver, Colorado 80222 (the
“Borrower”) hereby covenants and promises to pay to the order of Ron Pitcock, an individual residing at, 7654 Spirit Ranch Road, Golden, Colorado 80403 (the “Holder”), the principal sum of $100,000 in lawful money of the United
States of America, the with interest at a rate of ten (10%) percent per annum on an actual day/360 day basis and payable on the Due Date (as that term is defined below). All principal, interest and other costs hereunder (collectively the
“Loan Amount”) shall be due and payable to the Holder of this 10% Pre-Bridge Promissory Note (the “Note”) on the earlier of (i) the first anniversary of the execution of this Note by the Borrower; (ii) the closing date
of the Borrower’s contemplated $750,000 private bridge loan financing; or (iii) the receipt by each Holder of Commission Income (as that term is defined in Section 1.5 of the Pre-Bridge Loan Agreement of even date to which this Note
is attached as an exhibit (the “Agreement”) equal to its pro rata portion of the Loan Amount (the “Due Date”). 
 The
Borrower shall have the right to prepay, without penalty, all or any part of the unpaid balance of this Note at any time on five (5) days prior written notice. The Borrower shall not be entitled to re-borrow any prepaid amounts of the
principal, interest or other costs or charges. The Borrower is duly authorized to enter into this Note. This Note may not be assigned except as provided in Section 5 below. 
 The Borrower and all endorsers, guarantors, sureties, accommodation parties hereof and all other persons liable or to become liable for all or any part
of the indebtedness represented by this Note (collectively the “Obligors”), hereof severally and jointly waive presentment for payment, protect diligence, notice of nonpayment and of protest, and agreement to any extension of time of
payment and partial payments before, at or after maturity. Additionally, the Obligors hereby jointly and severally agree, to pay all costs of collection, including reasonable attorneys’ fees and all costs of suit, in case the unpaid principal
sum of this Note or any payment of interest or principal and interest thereon or any premium is not paid when due, or in case it becomes necessary to protect the security for the indebtedness evidenced hereby, or for the foreclosure by the Holder of
any collateral, or in the event the Holder is made a party to any litigation because of the existence of the indebtedness evidenced by this Note; or because of the existence of any security instrument pledged as security for the payment of this
Note, whether suit be brought or not, and whether through courts of original jurisdiction, as well as appellate or bankruptcy courts or other legal proceedings. 

	 	1.	Payments.  

 A. Interest.
Unless sooner converted as hereinafter enumerated in Section 2, a single interest payment shall be payable on the Due Date. In the event that the required interest payment shall not be paid when due, and shall remain unpaid for a period of five
business (5) days or more, then a late charge of two (2%) percent shall be due and owing for each month or any portion thereof that such payment shall remain unpaid. 
 B. Principal. Unless sooner converted as hereinafter enumerated in Section 2, payment of the full principal amount due under
this Note shall be made on the Due Date. In the event that the principal shall not be paid on the Due Date, and shall remain unpaid for a period of five business (5) days or more, then a late charge of two (2%) percent shall be due and
owing for each month or any portion thereof that such payment shall remain unpaid. 
  

	 	2.	Conversion.  

 At any time and from
time to time prior to the Due Date and not thereafter, the Holder shall have the right to convert the entire unpaid principal balance and all unpaid interest into fully paid and non-assessable shares of the Borrower’s Common Stock, $.001 par
value per share (the “Conversion Shares”) at $.75 per Conversion Share or such greater or lesser amount paid by the investors in the Borrower’s proposed $750,000 private bridge loan financing (the “Conversion Price”) on the
following terms and conditions. 
 A. Fair Conversion Price. The price the Borrower utilized in determining how many
Conversion Shares the Holder shall be entitled to receive, although arbitrarily determined, is nonetheless hereby acknowledged and accepted by the Borrower and Holder as fair and equitable given the Borrower’s precarious financial condition and
immediate need for capital. 
 B. Manner of Conversion. On the Holder’s presentation to the Borrower of a duly
executed Notice of Conversion in the form annexed to this Note together with the original executed copy of this Note, the Holder shall be entitled, subject to the limitations herein contained, to receive in exchange therefore a certificate or
certificates for fully paid and non-assessable Conversion Shares at the Conversion Price per Conversion Share. This Note shall be deemed to have been converted and the person converting the same to have become the holder of record of Conversion
Shares, for the purpose of receiving dividends and for all other purposes whatever as of the date when the Notice of Conversion and this Note are surrendered to the Borrower as aforesaid. The Borrower shall not be required to make any such
conversion, and no surrender of this Note shall be effective for such purpose, while the books for the transfer of any class of stock are closed for any purpose, but the surrender of this Note for conversion during any period while such books are
closed shall become effective for all purposes of conversion immediately upon the reopening of such books, as if the conversion had been made on the date this Note was surrendered. 

 C. No Fractional Shares. No fractional Conversion Shares shall be issuable upon
any conversion, it being intended and agreed that the number of Conversion Shares to be received by a Holder upon conversion of this Note be rounded out (up or down) to the nearest whole share. 
 D. Reservation of Shares. So long as any portion of the principal amount of this Note shall remain unpaid, the Borrower shall
reserve and keep available out of its authorized and unissued common share capitalization, solely for the purpose of effecting the conversion of this Note, such number of Conversion Shares as shall from time to time be sufficient to effect the
conversion of the unpaid principal balance and accrued interest of this Note. The Borrower shall from time to time increase its authorized common share capitalization and take such other action as may be necessary to permit the issuance from time to
time of the Conversion Shares as fully paid and non-assessable securities upon the conversion of this Note. 
 E. Payment
of Taxes. The Borrower shall pay any and all taxes which may be imposed upon it with respect to the issuance and delivery of the Conversion Shares upon the conversion of this Note as herein provided. However, the Borrower shall not be required
in any event, to pay any transfer or other taxes by reason of the issuance of such Shares in names other than that of the Holder and no such conversion or issuance of Conversion Shares shall be made unless and until the person requesting such
issuance has paid to the Holder the amount of any such tax, or has established to the satisfaction of the Borrower, and its transfer agent, if any, that no such tax is payable or has been paid. 
 F. Dividends. Upon any conversion of this Note, as herein provided, no adjustment or allowance shall be made for accumulated
dividends on the Conversion Shares, all rights to dividends, if any, shall commence as of the date of issuance thereof, and nothing in this sentence shall be deemed to relieve the Borrower from its obligation to pay any dividends which shall
thereafter be declared and shall be payable to Holders of Conversion Shares of record as of a date prior to such conversion even though the payment date for such dividend is subsequent to the date of conversion. 
 G. Investment Representations. The Holder has been advised, and by the acceptance of this Note, agrees and acknowledges that until
and unless the Conversion Shares have been registered under the Securities Act of 1933, as amended (the “Securities Act”), none of the Conversion Shares issuable upon conversion of this Note shall have been registered under the Securities
Act or under any state securities law; and that the Borrower is relying upon an exemption from registration based upon the Holder’s investment representations. In this regard, the Holder hereby represents and warrants to the Borrower that:
(i) in the event the Holder avails itself of the conversion feature of this Note, the Holder will acquire the Conversion Shares for investment purposes and without a view to the transfer or resale thereof; (ii) in the event the Holder
avails itself of the conversion feature of this Note, the Holder will hold the Conversion until the earlier of the effective date of the Registration Statement defined in Section H below or such later time after one as may be required under the
Securities Act; (iii) any sale of the Conversion Shares will be accomplished only in accordance with the Securities Act and the rules 

 
and regulations of the Securities and Exchange Commission adopted thereunder; and (iv) the Holder hereby consents to the issuance by the Borrower of a
standard form of stop transfer order against any and all certificates representing the Conversion Shares on the books and records of the Borrower and its transfer agent; and consents to the Borrower placing a standard form of investment legend on
any and all certificates representing the Conversion Shares. 
 H. Registration Rights. The Borrower hereby covenants
and agrees that the Conversion Shares shall be registered under the Securities Act in accordance with the following: 
 1).
If at any time prior to the repayment of the full Loan Amount, the Borrower proposes to file a Registration Statement under the Securities Act (a “Registration Statement”); it will at such time give written notice to each Holder of its
intention to do so. Upon written request of any Holder, given within 15 days after the giving of any such notice by the Borrower, the Borrower will advise such Holder that it shall include its Conversion Shares in the Registration Statement. If,
however, the offering to which the Registration Statement relates is to be distributed by or through an underwriter approved by the Borrower, each Holder hereof may at its option agree to sell the Conversion Shares through such underwriter on the
same terms and conditions as the underwriter agrees to sell the other securities proposed to be registered. In addition, if such underwriter determines that the inclusion of all the Conversion Shares sought to be sold would have an adverse effect on
the offering, each Holder shall be entitled to participate in the underwriting and register its Conversion Shares on a pro rata basis or as such other quantity of the Conversion Shares as the underwriter may determine. If any Holder hereof elect not
to sell its Conversion Shares through such underwriter, the Holder r may use the Registration Statement to register its Conversion Shares under the Securities Act within 60 days after the Registration Statement becomes effective; 
 B. The Borrower covenants and agrees that it shall prepare and promptly file with the Securities and Exchange Commission (the
“Commission”) all amendments, post-effective amendments and supplements to the Registration Statement as may be necessary under the Securities Act and the regulations of the Commission to permit the sale of the Conversion Shares to the
public; and 
 C. The rights of the Holders hereof pursuant to this Section 2 may be exercised only by each Holder or any
affiliate thereof. 
  

	 	3.	Events of Default. 

 This Note is made pursuant to
the Agreement. Any default of any obligation by the Borrower under this Note shall constitute an Event of Default of the obligations of the Company under the Agreement, and any Event of Default under the Agreement shall constitute an Event of
Default under this Note. The Borrower acknowledges that this Note is enforceable, valid and binding upon the Borrower. If for any reason, any court authority or governmental entity declares this Note invalid, unlawful or against public policy, then,
the parties hereto acknowledge that neither the obligation of the Borrower to repay the Note, nor any of the covenants, obligations or representations of the parties contained within the Agreement shall be affected by such declaration. 

 Upon the occurrence of an Event of Default, as that term is defined in Section 3 of the Agreement,
then and in such event, the Borrower will be deemed to have defaulted under this Note and the Holder(s) may, on written notice, accelerate all payments due under this Note or have the rights and remedies set forth in Section 3 of the Agreement.

  

	 	4.	Cumulative Remedies. 

 The rights and remedies of
the Holder hereof under this Note shall be deemed cumulative, and the exercise of any right or remedy shall not be regarded as barring any other remedy or remedies. The institution of any action to recovery any portion of the indebtedness evidenced
by this Note shall not be deemed a waiver of any other right of the Holder hereof. 
  

	 	5.	Assignments. 

 This Note is binding upon and shall
inure to the benefit of the parties hereto and their respective heirs, executors, administrators, representatives and/or successors and permitted assigns. Notwithstanding the foregoing, neither the Borrower nor the Holder shall assign or transfer
any rights or obligations hereunder, except that the Borrower may assign or transfer this Note to a successor corporation in the event of a merger, consolidation or transfer or sale of all or substantially all of the assets of the Borrower, provided
that no such further assignment shall relieve the Borrower from liability for the obligations assumed by it hereunder. 
 The acceptance of
any installments or payments by the Holder hereof after the due date herein, or the waiver of any other or subsequent breach or default may prevent the Holder hereof from immediately pursuing any or all of his remedies. 
 IN WITNESS WHEREOF, the Borrower hereto has caused this Note to be executed as of the day and year indicated below by the undersigned thereunto duly authorized.

     Loan Amount: $100,000 
  

			
	IPTIMIZE, INC.
		
	By:	 	/s/ Clinton J. Wilson
		 	Clinton J. Wilson,
		 	CEO and President

  

	
	
	/s/ Ron Pitcock
	    Ron Pitcock

 EXHIBIT “B: 
 COMMON STOCK PURCHASE WARRANT 
 THE WARRANT EVIDENCED BY THIS CERTIFICATE AND THE COMMON STOCK ISSUABLE UPON EXERCISE
HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE WARRANT OR SHARES OF COMMON STOCK ISSUABLE UPON ITS EXERCISE MAY NOT BE SOLD, TRANSFERRED,
ASSIGNED OR OTHERWISE DISPOSED OF UNLESS A REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS WITH RESPECT TO SUCH DISPOSITION IS THEN IN EFFECT OR UNLESS THE PERSON PROPOSING TO MAKE THE DISPOSITION SHALL
FURNISH, WITH RESPECT TO SUCH DISPOSITION, AN OPINION OF COUNSEL SATISFACTORY TO IPTIMIZE, INC. TO THE EFFECT THAT SUCH SALE, TRANSFER, ASSIGNMENT OR OTHER DISPOSITION WILL NOT INVOLVE ANY VIOLATION OF THE REGISTRATION PROVISIONS OF THE ACT (OR ANY
SUPERSEDING STATUTE) OR ANY APPLICABLE STATE SECURITIES LAWS. 
 

 
 IPTIMIZE, INC. 
 COMMON STOCK PURCHASE WARRANT 
 Warrant No. IPTZ- 050407-1 
 This certifies that, for value received, Ron Pitcock, residing at 7654 Spirit Ranch Road, Golden, Colorado (the “Holder”) or the Holder’s
permitted assigns, is entitled, subject to the terms and conditions hereinafter set forth in this Common Stock Purchase Warrant (the “Warrant”) at any time after issuance and delivery hereof, but before 5:00 o’clock p.m., Colorado
time on the tenth anniversary of the execution of this Warrant, and not thereafter (the “Expiration Date”), to purchase 100,000 shares of Common Stock, $.001 par value per share (the “Common Stock”), of IPtimize, Inc., a
Minnesota corporation located at 2135 South Cherry Street, Suite 200, Denver, Colorado 80222 (the “Company”) set forth on the last page of this Warrant (the Warrant Shares”). The purchase price payable upon the exercise of this
Warrant shall be $0.75 per Warrant Share or such greater or lesser amount paid by the investors in the Company’s proposed $750,000 private bridge loan financing(the “Warrant Price”). The Warrant Price shall be paid in lawful funds of
the United States of America payable in cash or by certified or official bank check. 
 Upon delivery of this Warrant duly executed, together
with payment of the entire Warrant Price for all of the Warrant Shares at the principal office of the Company, or at such other address as the Company may designate by notice in writing to the Holder, the Holder shall be entitled to receive a
certificate or certificates for the Warrant Shares. All shares of Common Stock which may be issued upon the exercise of this Warrant will, upon issuance and payment therefore in accordance with the terms hereof, be fully paid and non-assessable and
free from any taxes, liens, and charges with respect thereto. 

 This Warrant is subject to the following terms and conditions: 
 1. Full Exercise of Warrant. This Warrant may be exercised in its entirety at any time after issuance and delivery hereof and prior to the
Expiration Date. No partial exercise of this Warrant shall be permitted. 
 2. Charges, Taxes and Expenses. The issuance of
certificates for shares of Common Stock upon the exercise of this Warrant shall be made with charges to the Holder hereof for any tax or other expense in respect to the issuance of such certificates, all of which taxes and expenses shall be paid by
the Warrant holder, and such certificates shall be issued in the name of, or in such name or names as may be directed by, the Holder; provided, however, that in the event that certificate for shares of Common Stock are to be issued in a name other
than the name of the Holder, this Warrant when surrendered for exercise shall be duly executed by the Holder hereof in person or by an attorney duly authorized in writing. 
 3. Certain Obligations of the Company. The Company agrees that it will take any corporate action which may, in the opinion of its counsel, be
necessary in order that the Company may validly and legally issue fully-paid and non-assessable shares of Common Stock at the Warrant Price. 
 4. Notice to Warrant Holder. So long as this Warrant is outstanding: (i) if the Company shall pay any dividend or make any distribution upon the Common Stock; or (ii) if the Company shall offer to the holders of Common
Stock for subscription or purchase by them any share of stock of any class or any other rights; or (iii) if any capital reorganization of the Company, reclassification of the capital stock of the Company, consolidation or merger of the Company
with or into any corporation, sale, lease or transfer of all or substantially all of the property and assets of the Company to another corporation or voluntary or involuntary dissolution, liquidation or winding up of the Company shall be effected,
then, in any such case, the Company may cause to be mailed by certified mail to the Holder hereof, at least 15 days prior to the date specified in (x) or (y) below, as the case may be, a notice containing a brief description of the
proposed action and stating the date on which (x) a record is to be taken for the purpose of such dividend, distribution or rights, or (y) such reorganization, reclassification, consolidation, merger, sale, lease, transfer, dissolution,
liquidation or winding up to take place and the date, if any is to be fixed, as of which the holders of Common Stock of record shall be entitled to exchange their shares of Common Stock for securities or other property deliverable upon such
reorganization, reclassification, consolidation, merger, sale, lease, transfer, dissolution, liquidation or winding up. 
 5.
Registration. The Company hereby covenants and agrees to include the Warrant Shares in the Registration Statement as that term is defined in Section 1.7 of the Agreement to which this Warrant is attached as an exhibit. 
 6. Miscellaneous. 
 A.
The Company covenants that it will at all times reserve and keep available, solely for the purpose of issue upon the exercise hereof, a sufficient number of shares of Common Stock to permit the exercise holder in full. 

 B. The terms of this Warrant shall be binding upon and shall inure to the benefit of any
successors or assigns of the Company and of the heirs, representatives and estate of the Holder. 
 C. The Holder of this
Warrant shall not be entitled to vote or receive dividends or be deemed to be a shareholder of the Company for any purpose. 
 D. This Warrant may not be divided into separate Warrants. 
 E. This Warrant and all rights hereunder are not
transferable without the written consent of the Company which consent may be withheld in the Company’s sole discretion. The Company may deem and treat the Holder of this Warrant at any time as the absolute owner hereof for all purposes and
shall not be affected by any notice to the contrary. 
 F. Upon receipt by the Company of evidence satisfactory to it of the
loss, theft, destruction or mutilation of this Warrant, and (in the case of loss, theft or destruction) of reasonably satisfactory indemnification, and upon surrender and cancellation of this Warrant, if mutilated, the Company will execute and
deliver a new Warrant of like tenor and date. 
 IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by the
undersigned thereunto duly authorized, as of the date indicated below. 
 Dated: Denver, Colorado 
   March 4, 2007 
  

			
	IPTIMIZE, INC.
		
	By:	 	/s/ Clinton J. Wilson
		 	Clinton J. Wilson,
		 	CEO and President

 FORM OF SUBSCRIPTION 
 (To be signed only upon exercise of the Warrant.) 
 To: IPtimize, Inc.: 
 The undersigned, the holder of this Warrant, hereby irrevocably elects to exercise the purchase rights represented by this Warrant for, and to purchase
thereunder, pursuant to and in accordance with the terms of this Warrant,                      Shares of Common Stock, $.0001 par value per
share of IPtimize, Inc., and herewith makes payment of the Warrant Price per share of Common Stock, or an aggregate of $            , and requests that a certificate for such shares
of Common Stock be issued in the name of and be delivered to
                                        ,
whose address is
                                        
                        . 
  

									
					
	Dated:	 	 	 		 		 	 
		 		 		 		 	 (Signature must conform in all
 respects to name of
holder as
 specified on the face of the
 Warrant

 EXHIBIT “C” 
 BUSINESS 
 (Omitted) 
 EXHIBIT “D” 
 RISK FACTORS 
 (Omitted)

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