<SEC-DOCUMENT>0001415889-15-000433.txt : 20150206
<SEC-HEADER>0001415889-15-000433.hdr.sgml : 20150206
<ACCEPTANCE-DATETIME>20150205194215
ACCESSION NUMBER:		0001415889-15-000433
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150205
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150206
DATE AS OF CHANGE:		20150205

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PARK CITY GROUP INC
		CENTRAL INDEX KEY:			0000050471
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
		IRS NUMBER:				371454128
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34941
		FILM NUMBER:		15581694

	BUSINESS ADDRESS:	
		STREET 1:		299 S. MAIN STREET
		STREET 2:		SUITE 2370
		CITY:			SALT LAKE CITY
		STATE:			UT
		ZIP:			84111
		BUSINESS PHONE:		435-645-2100

	MAIL ADDRESS:	
		STREET 1:		299 S. MAIN STREET
		STREET 2:		SUITE 2370
		CITY:			SALT LAKE CITY
		STATE:			UT
		ZIP:			84111

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIELDS TECHNOLOGIES INC
		DATE OF NAME CHANGE:	20010626

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERINET GROUP COM INC
		DATE OF NAME CHANGE:	19990803

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EQUITY GROWTH SYSTEMS INC /DE/
		DATE OF NAME CHANGE:	19951214
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k-02052015_040208.htm
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<html><head><title>Park City Group, Inc. - FORM 8-k</title></head><body bgcolor="#ffffff">
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; font-size: 10pt; FONT-FAMILY: Times New Roman">CURRENT REPORT</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; font-size: 10pt; FONT-FAMILY: Times New Roman;">Date of report (Date of earliest event reported): &nbsp;</font><font style="DISPLAY: inline; font-size: 10pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">February 5, 2015</font></div>
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	<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Park City Group, Inc.</font><br><font style="DISPLAY: inline; font-size: 10pt; FONT-FAMILY: Times New Roman">(Exact name of small business issuer as specified in its charter)</font>
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			<font style="DISPLAY: inline; font-size: 10pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline">Nevada</font><br><font style="DISPLAY: inline; font-size: 10pt; FONT-FAMILY: times new roman;">(State or other jurisdiction of incorporation or organization)</font>
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			<font style="DISPLAY: inline; font-size: 10pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline">37-1454128</font><br><font style="DISPLAY: inline; font-size: 10pt; FONT-FAMILY: times new roman">(IRS Employer Identification No.)</font>
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	<font style="DISPLAY: inline; font-size: 10pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline">299 S Main Street, Suite 2370, Salt Lake City, Utah 84111</font><br><font style="DISPLAY: inline; font-size: 10pt; FONT-FAMILY: Times New Roman">(Address of principal executive offices)</font>
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	<font style="DISPLAY: inline; font-size: 10pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline">435-645-2000</font><br><font style="DISPLAY: inline; font-size: 10pt; FONT-FAMILY: Times New Roman">(Registrant's Telephone number)</font>
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	<font style="DISPLAY: inline; font-size: 10pt; FONT-FAMILY: Times New Roman;  TEXT-DECORATION: underline">Not Applicable</font><br><font style="DISPLAY: inline; font-size: 10pt; FONT-FAMILY: Times New Roman">(Former Name or Former Address, if Changed Since Last Report)</font>
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	<font style="DISPLAY: inline; font-size: 10pt; FONT-FAMILY: Times New Roman">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</font>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; text-align:left;"><font style="DISPLAY: inline; font-size: 10pt; FONT-FAMILY: Times New Roman">[  ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt;text-align:left;"><font style="DISPLAY: inline; font-size: 10pt; FONT-FAMILY: Times New Roman">[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt;text-align:left;"><font style="DISPLAY: inline; font-size: 10pt; FONT-FAMILY: Times New Roman">[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt;text-align:left;"><font style="DISPLAY: inline; font-size: 10pt; FONT-FAMILY: Times New Roman">[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div>

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<p align="left">
	</p><div class="left" style="text-align:left;"><font style="display: inline; font-weight: bold; font-size: 10pt; font-family: Times New Roman;"><b>Item 1.01 Entry into a Material Definitive Agreement.</b></font></div>

<p align="left" style="clear:both;"><font style="display: inline; font-size: 10pt; font-family: Times New Roman;text-align:left;">On February 5, 2015, Park City Group, Inc. (the "Company") entered into a Letter of Intent (the "LOI") with Leavitt Partners, LP and LP Special Asset 4, LLC (together, "Leavitt") to acquire 346,668 shares of capital stock of ReposiTrak, Inc.  ("ReposiTrak") owned by Leavitt ("ReposiTrak Shares") in consideration for the issuance to Leavitt of 537,439 restricted shares of the Company's common stock, par value $0.01 per share ("Common Stock").  A copy of the LOI is attached to this Current Report on Form 8-K as Exhibit 10.1.  In addition, the Company has entered into similar agreements with certain other stockholders of ReposiTrak to acquire the remaining outstanding shares of ReposiTrak that are not subject to the Company's purchase option.  In total, upon closing of the transactions contemplated by the LOI and the related agreements, the Company intends to issue 873,437 shares of Common Stock of the Company in exchange for the ReposiTrak Shares.<br><br>
The LOI has certain binding and non-binding obligations, including the purchase price, which is not subject to adjustment.  However, the transaction is subject to various conditions to closing, including the Company's satisfactory completion of due diligence, compliance with certain rules and regulations, and approval of definitive agreements. The foregoing description of the LOI does not purport to be complete, and is qualified in its entirety by reference to the full text of the LOI, which is attached to this Current Report on Form 8-K as Exhibit 10.1 and incorporated by reference herein.<br><br>
The LOI and this Current Report on Form 8-K do not constitute an offer to buy, or solicitation of an offer to sell, any securities of the Company and no offer or sale of such securities will be made in any jurisdiction where it would be unlawful to do so.<br></font></p>

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	</p><div class="left" style="text-align:left;"><font style="display: inline; font-weight: bold; font-size: 10pt; font-family: Times New Roman;"><b>Item 8.01 Other Events.</b></font></div>

<p align="left" style="clear:both;"><font style="display: inline; font-size: 10pt; font-family: Times New Roman;text-align:left;">See Item 1.01 above.</font></p>

<p align="left">
	</p><div class="left" style="text-align:left;"><font style="display: inline; font-weight: bold; font-size: 10pt; font-family: Times New Roman;"><b>Item 9.01 Financial Statements and Exhibits.</b></font></div>

<p align="left" style="clear:both;"><font style="display: inline; font-size: 10pt; font-family: Times New Roman;text-align:left;">See Exhibit Index.</font></p>


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	</p><div class="left" style="text-align:left;"><font style="display: inline; font-weight: bold; font-size: 10pt; font-family: Times New Roman;"><b>Disclaimer.</b></font></div>

<p align="left" style="clear:both;"><font style="display: inline; font-size: 10pt; font-family: Times New Roman;text-align:left;">This Current Report on Form 8-K may contain, among other things, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, (i) statements with respect to the Company's plans, objectives, expectations and intentions; and (ii) other statements identified by words such as "may", "could", "would", "should",  "believes", "expects","anticipates",  "estimates", "intends", "plans" or similar expressions. These statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties.</font></p>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt;" align="center"><font style="display: inline; font-weight: bold; font-size: 10pt; font-family: Times New Roman;">SIGNATURES </font></div>
<div style="display: block; text-indent: 0pt;">&nbsp;</div>
<div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; text-align: justify;" align="justify"><font style="display: inline; font-size: 10pt; font-family: Times New Roman;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </font></div>
<div style="display: block; text-indent: 0pt;">&nbsp;</div>
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    <div style="float:left; width:49%; text-align:left;"><font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;</font></div>
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       				<font style="font-size: 10pt; font-family: Times New Roman;FONT-WEIGHT: bold;">Park City Group, Inc.</font>
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    <br><br><div style="clear:both;"></div>

        <div style="float:left; width:49%; text-align:left;"><font style="font-size: 10pt; font-family: Times New Roman;">Date:&nbsp;&nbsp; <i>February 5, 2015</i></font></div>
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            <table width="300" cellpadding="0" cellspacing="0" align="center"><tr><td width="30" rowspan="4" valign="top"><font style="font-size: 10pt; font-family: Times New Roman;">By:</font></td>
                    <td nowrap align="left"><font style="font-size: 10pt; font-family: Times New Roman;">/s/ Ed Clissold</font></td>
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                </tr><tr><td nowrap align="left"><font style="font-size: 10pt; font-family: Times New Roman;"><i>Name: Ed Clissold</i></font></td>
                </tr><tr><td align="left"><font style="font-size: 10pt; font-family: Times New Roman;"><i>Title: Chief Financial Officer</i></font></td>
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<div align="center"><font style="display: inline; font-weight: bold; font-size: 10pt; font-family: Times New Roman;">Exhibit Index</font></div>
<div><font size="2">&nbsp;</font></div>
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				<div align="left"><font style="display: inline; font-weight: bold; font-size: 10pt; font-family: Times New Roman;"><b>Exhibit&nbsp;No.</b></font></div>
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				<font size="2">&nbsp;&nbsp;</font>
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				<div><font style="display: inline; font-weight: bold; font-size: 10pt; font-family: Times New Roman;"><b>Description</b></font></div>
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				<div><font style="display: inline; font-size: 10pt; font-family: Times New Roman;">EX-10.1</font></div>
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				<font size="2">&nbsp;&nbsp;</font>
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				<div><font style="display: inline;font-size: 10pt; font-family: Times New Roman;">Leavitt LOI</font></div>
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<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>2
<FILENAME>ex10-02052015_040208.htm
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<p style="margin:0px; padding-bottom:1.333px; font-family:Calibri,Times New Roman; color:#808080; border-bottom:1px solid #D9D9D9" align="right">Page<b style="color:#000000;font-weight:normal;"> | </b><b style="color:#000000;font-weight:normal;">1</b></p>
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<p style="margin-top:0px; margin-bottom:12.2px; font-size:11pt">February 5, 2015</p>
<p style="margin-top:0px; margin-bottom:12.2px"><br></p>
<p style="margin:0px; font-size:11pt">Leavitt Partners, LP</p>
<p style="margin:0px; font-size:11pt">299 South Main Street</p>
<p style="margin:0px; font-size:11pt">Suite 2300</p>
<p style="margin:0px; font-size:11pt">Salt Lake City, UT 84111</p>
<p style="margin-top:0px; margin-bottom:8px"><br></p>
<p style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; font-size:11pt; float:left">Re:</p>
<p style="margin-top:0px; margin-bottom:8px; text-indent:-2px; font-size:11pt">ReposiTrak, Inc.</p>
<p style="margin-top:0px; margin-bottom:12.2px; font-size:11pt; clear:left">Ladies and Gentlemen:</p>
<p style="margin-top:0px; margin-bottom:12.2px; text-indent:48px; font-size:11pt">This letter of intent (this "<i>Letter of Intent</i>") sets forth the proposed terms on which Park City Group, Inc., a Nevada corporation (the "<i>Purchaser</i>"), will acquire 346,668 shares of capital stock of ReposiTrak Inc., a Utah corporation (the "<i>Company</i>"), issued and owned by Leavitt Partners, LP and LP Special Asset 4 (together, <font style="font-family:Arial Unicode MS,Times New Roman">&ldquo;</font><i>Leavitt</i><font style="font-family:Arial Unicode MS,Times New Roman">&rdquo;</font>) on the Closing Date, as such term is defined below. &nbsp;</p>
<p style="margin-top:0px; margin-bottom:12.2px; text-indent:48px; font-size:11pt">Except for the paragraph entitled&nbsp;<b style="font-family:Arial Unicode MS,Arial;font-weight:normal;"><font style="font-family:Arial Unicode MS,Arial">&ldquo;</font></b>Applicable Law<b style="font-family:Arial Unicode MS,Arial;font-weight:normal;"><font style="font-family:Arial Unicode MS,Arial">&rdquo;</font></b>, the Purchase Price (as defined below) and the entirety of Part II, which are intended to be binding and enforceable, nothing contained herein is intended to create (i) an express or implied obligation to negotiate or execute a binding contract or to complete a transaction or (ii) any other legally binding or enforceable obligation on any party referenced in this Letter of Intent, unless and until the Definitive Agreements (as defined below) are executed and delivered; provided, however, the parties shall be obligated to negotiate in good faith towards the execution of Definitive Agreements on the terms and conditions set forth below.</p>
<p style="margin:0px; text-indent:48px; font-size:11pt">1.<u> Acquisition of Capital Stock</u>. &nbsp;The Purchaser will acquire 346,668 shares of capital stock of the Company issued and owned by Leavitt (<font style="font-family:Arial Unicode MS,Times New Roman">&ldquo;</font><i>Shares</i><font style="font-family:Arial Unicode MS,Times New Roman">&rdquo;</font>) in exchange for shares of the Purchaser<b style="font-family:Arial Unicode MS,Arial;font-weight:normal;"><font style="font-family:Arial Unicode MS,Arial">&rsquo;</font></b>s common stock, par value $0.01 per share (the&nbsp;<b style="font-family:Arial Unicode MS,Arial;font-weight:normal;"><font style="font-family:Arial Unicode MS,Arial">&ldquo;</font></b><i>Common Stock</i><b style="font-family:Arial Unicode MS,Arial;font-weight:normal;"><font style="font-family:Arial Unicode MS,Arial">&rdquo;</font></b>), which, in the aggregate, will equal 537,439 shares of Common Stock, of Purchaser (the&nbsp;<b style="font-family:Arial Unicode MS,Arial;font-weight:normal;"><font style="font-family:Arial Unicode MS,Arial">&ldquo;</font></b><i>Purchase Price</i><b style="font-family:Arial Unicode MS,Arial;font-weight:normal;"><font style="font-family:Arial Unicode MS,Arial">&rdquo;</font></b>). &nbsp;Leavitt represents and warrants that the Shares constitute all of the Shares beneficially owned by Leavitt. &nbsp;The shares of Common Stock to be issued to Leavitt shall be issued with a restrictive legend prohibiting their transfer except in compliance with applicable federal and state securities laws, including the Securities Act of 1933. &nbsp;</p>
<p style="margin:0px"><br></p>
<p style="margin:0px; text-indent:48px; font-size:11pt">2.<u> Definitive Agreements</u>. &nbsp;The transactions contemplated hereby will be subject to, and conditioned upon, among other things, the negotiation, execution and delivery of a definitive Stock Purchase Agreement between the Purchaser and Leavitt (the&nbsp;<b style="font-family:Arial Unicode MS,Arial;font-weight:normal;"><font style="font-family:Arial Unicode MS,Arial">&ldquo;</font></b><i>Stock Purchase Agreement</i><b style="font-family:Arial Unicode MS,Arial;font-weight:normal;"><font style="font-family:Arial Unicode MS,Arial">&rdquo;</font></b>) providing for, among other things, customary representations and warranties, covenants and closing conditions; and (b) such other agreements and instruments of transfer as the Purchaser shall reasonably request (the Stock Purchase Agreement and such other agreements, together, <font style="font-family:Arial Unicode MS,Times New Roman">&ldquo;</font><i>Definitive Agreements</i><font style="font-family:Arial Unicode MS,Times New Roman">&rdquo;</font>).</p>
<p style="margin:0px"><br></p>
<p style="margin-top:0px; margin-bottom:12.2px; text-indent:48px; font-size:11pt">3.<u> Conditions</u>. &nbsp;The consummation of the transactions contemplated by this Letter of Intent shall be subject to satisfaction of the following conditions:</p>
<p style="margin-top:0px; margin-bottom:12.2px"><br><br></p>
<p style="margin:0px; font-family:Calibri,Times New Roman; color:#C00000" align="center"><b>|</b><b style="color:#404040;font-weight:normal;">299 South Main Street, Suite 2370</b><b style="color:#404040;font-weight:normal;"> </b><b>|</b><b style="color:#000000;font-weight:normal;"> </b><b style="color:#404040;font-weight:normal;">Salt Lake City, Utah 84111 </b><b>|</b><b style="color:#000000;font-weight:normal;"> </b><b style="color:#404040;font-weight:normal;">435.645.2000</b></p>
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<hr style="margin-bottom:9.6px; padding-top:9.6px" noshade size="1.333"><p style="margin:0px; padding-bottom:1.333px; font-family:Calibri,Times New Roman; color:#808080; page-break-before:always; border-bottom:1px solid #D9D9D9" align="right">Page<b style="color:#000000;font-weight:normal;"> | </b><b style="color:#000000;font-weight:normal;">2</b></p>
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<p style="margin-top:0px; margin-bottom:12.2px; text-indent:72px; font-size:11pt">(a) &nbsp;the completion of due diligence investigations by Purchaser of the Company<font style="font-family:Arial Unicode MS,Times New Roman">&rsquo;</font>s business, assets and liabilities, the scope and results of which shall be satisfactory to the Purchaser in its reasonable discretion;</p>
<p style="margin-top:0px; margin-bottom:12.2px; text-indent:72px; font-size:11pt">(b) &nbsp;the negotiation, execution and delivery of the Definitive Agreements, and the satisfaction or waiver of the conditions to closing set forth therein;</p>
<p style="margin-top:0px; margin-bottom:12.2px; text-indent:72px; font-size:11pt">(c) &nbsp;satisfaction of all applicable federal and state filing and licensing requirements related to or in connection with the proposed transaction, and receipt of all applicable federal and state regulatory approvals required to consummate the proposed transaction, including any necessary approvals from NASDAQ Capital Market; </p>
<p style="margin-top:0px; margin-bottom:12.2px; text-indent:72px; font-size:11pt">(d) payment of the Purchase Price is also in satisfaction of currently outstanding notes owed by ReposiTrak to Leavitt;</p>
<p style="margin-top:0px; margin-bottom:12.2px; text-indent:72px; font-size:11pt">(e) &nbsp;receipt of all third-party consents, if any, required to consummate the proposed transaction; and</p>
<p style="margin-top:0px; margin-bottom:12.2px; text-indent:72px; font-size:11pt">(f) &nbsp;execution of Definitive Agreements, which includes an agreement &nbsp;on a Closing Date to occur on or before July 1, 2015.</p>
<p style="margin-top:0px; margin-bottom:12.2px; text-indent:48px; font-size:11pt">4. <u>Termination</u>. &nbsp;This Letter of Intent may be abandoned or terminated at any time by mutual agreement of the Purchaser and Leavitt.</p>
<p style="margin-top:0px; margin-bottom:12.2px; text-indent:48px; font-size:11pt">5.<u> Intent of the Parties</u>. &nbsp;It is understood and agreed that this Letter of Intent, when executed by all of the parties hereto, constitutes a statement of mutual intentions with respect to the proposed transaction, and, therefore does not constitute a binding commitment with respect to the proposed transaction itself. &nbsp;A binding commitment with respect to the proposed transaction will result only from the execution of the Stock Purchase Agreement, subject to the terms and conditions expressed therein, and customary terms and conditions set forth in the Stock Purchase Agreement. &nbsp; </p>
<p style="margin-top:0px; margin-bottom:12.2px; font-size:11pt" align="center">Part II</p>
<p style="margin-top:0px; margin-bottom:12.2px; font-size:11pt" align="center">Binding Provisions</p>
<p style="margin-top:0px; margin-bottom:12.2px; text-indent:48px; font-size:11pt">6. &nbsp;<u>Information and Access</u>. &nbsp;Leavitt will afford to the officers, accountants, legal counsel and other representatives of the Purchaser reasonable access to the properties, books, records and personnel of the Company in order that Purchaser may have full opportunity to make such investigation of the other as it reasonably desires to make in connection with the transactions contemplated hereby.</p>
<p style="margin-top:0px; margin-bottom:12.2px; text-indent:48px; font-size:11pt">&nbsp;&nbsp;7. &nbsp;<u>Information; Confidentiality; Non-circumvention</u>. &nbsp;The parties agree that any information furnished by the other party or its representatives is solely for the recipient party<b style="font-family:Arial Unicode MS,Arial;font-weight:normal;"><font style="font-family:Arial Unicode MS,Arial">&rsquo;</font></b>s confidential use in connection with the transaction. &nbsp;Except as otherwise required by law, rule, regulations, or judicial or administrative process, neither party will disclose or otherwise refer to confidential information of the other party without the disclosing party<b style="font-family:Arial Unicode MS,Arial;font-weight:normal;"><font style="font-family:Arial Unicode MS,Arial">&rsquo;</font></b>s prior written consent. &nbsp;It is understood that Purchaser may share </p>
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<p style="margin:0px; font-family:Calibri,Times New Roman; color:#C00000" align="center"><b>|</b><b style="color:#404040;font-weight:normal;">299 South Main Street, Suite 2370</b><b style="color:#404040;font-weight:normal;"> </b><b>|</b><b style="color:#000000;font-weight:normal;"> </b><b style="color:#404040;font-weight:normal;">Salt Lake City, Utah 84111 </b><b>|</b><b style="color:#000000;font-weight:normal;"> </b><b style="color:#404040;font-weight:normal;">435.645.2000</b></p>
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<hr style="margin-bottom:9.6px; padding-top:9.6px" noshade size="1.333"><p style="margin:0px; padding-bottom:1.333px; font-family:Calibri,Times New Roman; color:#808080; page-break-before:always; border-bottom:1px solid #D9D9D9" align="right">Page<b style="color:#000000;font-weight:normal;"> | </b><b style="color:#000000;font-weight:normal;">3</b></p>
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<p style="margin-top:0px; margin-bottom:12.2px; text-indent:48px; font-size:11pt">this information with its advisors and consultants and material shareholders without the prior consent of Leavitt provided such parties are bound by obligations to preserve the confidentiality of such information. &nbsp;</p>
<p style="margin:0px; text-indent:48px; font-size:11pt">In the period between the date of this Letter of Intent and the termination of this Letter of Intent pursuant to Section 4 herein (as may be extended by the parties) the Leavitt shall not (and will not permit any of their affiliates, employees, partners, officers, directors, stockholders, agents or other person acting on behalf of Leavitt or each of the Company<b style="font-family:Arial Unicode MS,Arial;font-weight:normal;"><font style="font-family:Arial Unicode MS,Arial">&rsquo;</font></b>s partners to) discuss or negotiate with any other person a possible sale of all or any material part of the Company, whether such transaction takes the form of a sale of stock or other equity interests, merger, liquidation, dissolution, reorganization, recapitalization, consolidation, sale of assets or otherwise (an <b style="font-family:Arial Unicode MS,Arial;font-weight:normal;"><font style="font-family:Arial Unicode MS,Arial">&ldquo;</font></b><i>Acquisition Proposal</i><b style="font-family:Arial Unicode MS,Arial;font-weight:normal;"><font style="font-family:Arial Unicode MS,Arial">&rdquo;</font></b>) or provide any information to any other person concerning the Company or the Company<b style="font-family:Arial Unicode MS,Arial;font-weight:normal;"><font style="font-family:Arial Unicode MS,Arial">&rsquo;</font></b>s assets (other than information which the Company provides to other persons in the ordinary course of business consistent with past custom and practice, so long as the Leavitt and Leavitt<font style="font-family:Arial Unicode MS,Times New Roman">&rsquo;</font>s partners have no reason to believe that the information may be utilized to evaluate an Acquisition Proposal). &nbsp;Each of Leavitt and Leavitt<b style="font-family:Arial Unicode MS,Arial;font-weight:normal;"><font style="font-family:Arial Unicode MS,Arial">&rsquo;</font></b>s partners, and each affiliate, employee, officer, director, stockholder, agent or other person acting on their behalf (a) do not have any agreement, arrangement or understanding with respect to any Acquisition Proposal, (b) will cease and cause to be terminated any and all discussions with third parties regarding any Acquisition Proposal and (c) will promptly notify Purchaser if any Acquisition Proposal, or any inquiry or contact with any person or entity with respect thereto, is made. &nbsp;A breach of this section by any of the other named parties (i.e. affiliates or subsidiaries (whether existing now or formed later), employees, officers, directors, stockholders, agents or other persons acting on behalf of Leavitt or Leavitt<b style="font-family:Arial Unicode MS,Arial;font-weight:normal;"><font style="font-family:Arial Unicode MS,Arial">&rsquo;</font></b>s partners) shall be deemed a breach by Levitt and Leavitt<b style="font-family:Arial Unicode MS,Arial;font-weight:normal;"><font style="font-family:Arial Unicode MS,Arial">&rsquo;</font></b>s partners, for which Leavitt and Leavitt<b style="font-family:Arial Unicode MS,Arial;font-weight:normal;"><font style="font-family:Arial Unicode MS,Arial">&rsquo;</font></b>s partners shall be jointly and severally liable with respect to all harm, losses or damage suffered by Purchaser as a result of such breach. &nbsp;&nbsp;</p>
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<p style="margin-top:0px; margin-bottom:8px; text-indent:48px; font-size:11pt">If, after the reading the foregoing, you find that this Letter of Intent correctly expresses our intentions as stated, kindly so indicate by signing this Letter of Intent in the space provided below and returning one fully executed copy to us and return to us. </p>
<p style="margin-top:0px; margin-bottom:12.2px; text-indent:336px; font-size:11pt">Very truly yours,</p>
<p style="margin-top:0px; margin-bottom:12.2px; text-indent:336px; font-size:11pt">PARK CITY GROUP, INC.</p>
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<p style="margin-top:0px; margin-bottom:12.2px; text-indent:336px; font-size:11pt">By: &nbsp;<u>/s/ &nbsp;Ed Clissold</u></p>
<p style="margin-top:0px; margin-bottom:12.2px; text-indent:336px; font-size:11pt">Its: &nbsp;&nbsp;<u>Chief Financial Officer</u></p>
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<p style="margin:0px; font-family:Calibri,Times New Roman; color:#C00000" align="center"><b>|</b><b style="color:#404040;font-weight:normal;">299 South Main Street, Suite 2370</b><b style="color:#404040;font-weight:normal;"> </b><b>|</b><b style="color:#000000;font-weight:normal;"> </b><b style="color:#404040;font-weight:normal;">Salt Lake City, Utah 84111 </b><b>|</b><b style="color:#000000;font-weight:normal;"> </b><b style="color:#404040;font-weight:normal;">435.645.2000</b></p>
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<hr style="margin-bottom:9.6px; padding-top:9.6px" noshade size="1.333"><p style="margin:0px; padding-bottom:1.333px; font-family:Calibri,Times New Roman; color:#808080; page-break-before:always; border-bottom:1px solid #D9D9D9" align="right">Page<b style="color:#000000;font-weight:normal;"> | </b><b style="color:#000000;font-weight:normal;">4</b></p>
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<p style="margin-top:0px; margin-bottom:12.2px; font-size:11pt">Agreed to and accepted as of the</p>
<p style="margin-top:0px; margin-bottom:12.2px; font-size:11pt">date first above written:</p>
<p style="margin-top:0px; margin-bottom:12.2px; font-size:11pt">LEAVITT PARTNERS, LLC</p>
<p style="margin-top:0px; margin-bottom:12.2px; font-size:11pt">By: &nbsp;<u>/s/ Charlie E. Johnson</u></p>
<p style="margin-top:0px; margin-bottom:12.2px; font-size:11pt">Its: &nbsp;&nbsp;<u>Chief Financial Officer</u></p>
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<p style="margin-top:0px; margin-bottom:12.2px; font-size:11pt">LP Special Asset 4, LLC</p>
<p style="margin-top:0px; margin-bottom:12.2px; font-size:11pt">By: &nbsp;&nbsp;<u>/s/ Charlie E. Johnson</u></p>
<p style="margin-top:0px; margin-bottom:12.2px; font-size:11pt">Its: &nbsp;&nbsp;<u>Chief Financial Officer</u></p>
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<p style="margin:0px; font-family:Calibri,Times New Roman; color:#C00000" align="center"><b>|</b><b style="color:#404040;font-weight:normal;">299 South Main Street, Suite 2370</b><b style="color:#404040;font-weight:normal;"> </b><b>|</b><b style="color:#000000;font-weight:normal;"> </b><b style="color:#404040;font-weight:normal;">Salt Lake City, Utah 84111 </b><b>|</b><b style="color:#000000;font-weight:normal;"> </b><b style="color:#404040;font-weight:normal;">435.645.2000</b></p>
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