<SEC-DOCUMENT>0001104659-20-058093.txt : 20200507
<SEC-HEADER>0001104659-20-058093.hdr.sgml : 20200507
<ACCEPTANCE-DATETIME>20200507160759
ACCESSION NUMBER:		0001104659-20-058093
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200504
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200507
DATE AS OF CHANGE:		20200507

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INNOVATIVE SOLUTIONS & SUPPORT INC
		CENTRAL INDEX KEY:			0000836690
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING SERVICES [7371]
		IRS NUMBER:				232507402
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-31157
		FILM NUMBER:		20856363

	BUSINESS ADDRESS:	
		STREET 1:		420 LAPP RD
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355
		BUSINESS PHONE:		6108899898

	MAIL ADDRESS:	
		STREET 1:		420 LAPP ROAD
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>tm2018732d1_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Washington</B></FONT><B>,
DC 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>current
report</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Securities
</B></FONT><B>Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Date of Report (Date of earliest event
reported): May 4, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>INNOVATIVE
SOLUTIONS AND SUPPORT, INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 33%; padding-top: 2pt; padding-right: -0.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Pennsylvania</B></FONT></TD>
    <TD STYLE="width: 34%; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>0-31157</B></FONT></TD>
    <TD STYLE="width: 33%; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>23-2507402</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or other jurisdiction of Incorporation)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Commission File Number) </FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S. Employer Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>720 Pennsylvania Drive</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exton, Pennsylvania 19341</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)
(Zip Code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(610) 646-9800</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&rsquo;s telephone number, including
area code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section 12(b) of the Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 2.2pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title of each class</FONT></TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 2.2pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading Symbol(s)</FONT></TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 2.2pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name of each exchange on which registered</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 2.2pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Stock, par value $0.001 per share</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 2.2pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ISSC</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 2.2pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NASDAQ Global Market</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;&thinsp;230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (&sect;&thinsp;240.12b-2 of this chapter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">Emerging
growth company&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 1.01</B></TD><TD><B>Entry into a Material Definitive Agreement.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On May 4, 2020, Innovative Solutions and
Support LLC, a Pennsylvania limited liability company and a wholly-owned subsidiary of Innovative Solutions and Support, Inc.
(together with its subsidiaries, the &ldquo;<U>Company</U>&rdquo;), entered into an unsecured loan in the aggregate principal
amount of $1,203,900 (the &ldquo;<U>Loan</U>&rdquo;) with PNC Bank, National Association under the Paycheck Protection Program
(the &ldquo;<U>PPP</U>&rdquo;) administered by the U.S. Small Business Administration. The PPP is part of the Coronavirus Aid,
Relief, and Economic Security Act (together with applicable regulations, the &ldquo;<U>CARES Act</U>&rdquo;) passed by the U.S.
federal government to provide economic relief to U.S. companies impacted by the coronavirus (&ldquo;<U>COVID-19</U>&rdquo;) pandemic.
The Loan matures on April 17, 2022 and bears interest at a fixed rate of 1.00% per annum. The Loan is subject to customary events
of default including the non-payment of principal or interest as and when due, which may result in, among other things, the acceleration
of all Loan amounts outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Funds from the Loan may only be used for
certain purposes, including payroll, benefits, rent and utilities, and a portion of the Loan used to pay certain costs may be forgivable,
all as provided by the terms of the PPP and as determined in accordance with the provisions of the CARES Act. The Company will be
obligated to repay any portion of the principal amount of the Loan that is not forgiven, together with interest accrued and accruing
thereon at the rate set forth above, until such unforgiven portion is paid in full, and no assurances can be given that the Company
will obtain forgiveness of the Loan in whole or in part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The foregoing summary description of the
terms and conditions of the Loan does not purport to be complete and is qualified in its entirety by reference to the full text
of the promissory note underlying the Loan, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated
herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 2.03</B></TD><TD STYLE="text-align: justify"><B>Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a Registrant.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The information with respect to the Loan
in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 9.01</B></TD><TD><B>Financial Statements and Exhibits. </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT>
Exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">                                                                                                                                      <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"></Font><U>Exhibit
Number</U></TD><TD STYLE="text-align: justify"><U>Description</U></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 15%; text-align: left"><A HREF="tm2018732d1_ex10-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.1</FONT></A></TD><TD STYLE="text-align: justify; width: 85%"><A HREF="tm2018732d1_ex10-1.htm">Promissory Note, executed May 4, 2020, between <FONT STYLE="font-family: Times New Roman, Times, Serif">Innovative
Solutions and Support LLC and</FONT> PNC Bank, National Association</A></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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, thereunto duly
authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">INNOVATIVE SOLUTIONS AND SUPPORT, INC.</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="width: 50%">Date: May 7, 2020</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; width: 47%">/s/ Relland M. Winand</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Relland M. Winand</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Chief Financial Officer</TD></TR>
</TABLE>


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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>tm2018732d1_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Paycheck
Protection Program Term Note</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2018732d1_ex10-1img001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%">$1,203,900.00</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; width: 20%">April 17, 2020</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>FOR VALUE RECEIVED, INNOVATIVE SOLUTIONS
AND SUPPORT, LLC </B>(the &ldquo;<B>Borrower</B>&rdquo;), with an address at 720 PENNSYLVANIA DRIVE, EXTON, PENNSYLVANIA 19341-1129,
promises to pay to the order of <B>PNC BANK, NATIONAL ASSOCIATION </B>(the <B>&ldquo;Bank</B>&rdquo;), in lawful money of the
United States of America in immediately available funds at its offices located at 222 Delaware Avenue, Wilmington, Delaware 19801,
Attn: Business Banking, or at such other location as the Bank may designate from time to time, the principal sum of <B>$1,203,900.00
</B>(the &ldquo;<B>Facility</B>&rdquo;), together with interest accruing on the outstanding principal balance from the date hereof,
all as provided below. This Note is being issued pursuant to the Coronavirus Aid, Relief, and Economic Security Act&rsquo;s (the
<B>&ldquo;CARES Act&rdquo;) </B>(P.L. 116-136) Paycheck Protection Program (the &ldquo;<B>Program</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Rate of Interest</U>. </B>Amounts outstanding under this Note will bear interest at a rate per annum (&ldquo;<B>Fixed Rate</B>&rdquo;)
which is at all times equal to 1.00%. Interest will be calculated based on the actual number of days that principal is outstanding
over a year of 360 days. In no event will the rate of interest hereunder exceed the maximum rate allowed by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Structure; Payment Terms</U>. </B>During the period (the &ldquo;<B>Deferral Period</B>&rdquo;) beginning on the date of this
Note and ending on the 6 month anniversary of the date of this Note (the &ldquo;<B>Deferral Expiration Date</B>&rdquo;), interest
on the outstanding principal balance will accrue at the Fixed Rate, but neither principal nor interest shall be due and payable
during the Deferral Period. On the Deferral Expiration Date, the outstanding principal of the Facility that is not forgiven under
the Program (the &ldquo;<B>Conversion Balance</B>&rdquo;) shall convert to an amortizing term loan payable as set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On the 15<SUP>th</SUP> day of the 7<SUP>th
</SUP>month following the date of this Note (the &ldquo;<B>First Payment Date</B>&rdquo;), all accrued interest that is not forgiven
under the Program shall be due and payable. Additionally, on the First Payment Date, and continuing on the 15th day of each month
thereafter until the 2<SUP>nd</SUP> anniversary of the date of this Note (the &ldquo;<B>Maturity Date</B>&rdquo;), equal installments
of principal shall be due and payable, each in an amount determined by dividing the Conversion Balance by 18 (the &ldquo;<B>Monthly
Principal Amount</B>&rdquo;). Interest shall be payable at the same times as the Monthly Principal Amount. Any outstanding principal
and accrued interest shall be due and payable in full on the Maturity Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If any payment under this Note shall become
due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day and such extension of time
shall be included in computing interest in connection with such payment. &ldquo;<B>Business Day</B>&rdquo; shall mean any day other
than a Saturday or Sunday or a legal holiday on which commercial banks are authorized or required by law to be closed for business
in the State of Delaware. The Borrower hereby authorizes the Bank to charge the Borrower&rsquo;s deposit account at the Bank for
any payment when due. Payments received will be applied to charges, fees and expenses (including attorneys&rsquo; fees), accrued
interest and principal in any order the Bank may choose, in its sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Forgiveness of the Facility</U>. </B>All or a portion
of this Facility may be forgiven in accordance with the Program requirements. The amount of forgiveness shall be calculated (and
may be reduced) in accordance with the requirements of the Program, including the provisions of Section 1106 of the CARES Act.
Not more than 25% of the amount forgiven can be attributable to non-payroll costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>PPP - Term Note April 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Late Payments; Default Rate</U>.</B> If the Borrower fails to make any payment of principal, interest or other amount coming
due pursuant to the provisions of this Note within fifteen (15) calendar days of the date due and payable, the Borrower also shall
pay to the Bank a late charge equal to the lesser of five percent (5%) of the amount of such payment or $100.00 (the &ldquo;<B>Late
Charge</B>&rdquo;). Such fifteen (15) day period shall not be construed in any way to extend the due date of any such payment.
Upon maturity, whether by acceleration, demand or otherwise, and at the Bank&rsquo;s option upon the occurrence of any Event of
Default (as hereinafter defined) and during the continuance thereof, each advance outstanding under this Note shall bear interest
at a rate per annum (based on the actual number of days that principal is outstanding over a year of 360 days) which shall be
five percentage points (5.00%) in excess of the interest rate in effect from time to time under this Note but not more than the
maximum rate allowed by law (the &ldquo;<B>Default Rate</B>&rdquo;). The Default Rate shall continue to apply whether or not judgment
shall be entered on this Note. Both the Late Charge and the Default Rate are imposed as liquidated damages for the purpose of
defraying the Bank&rsquo;s expenses incident to the handling of delinquent payments, but are in addition to, and not in lieu of,
the Bank&rsquo;s exercise of any rights and remedies hereunder, under the other Loan Documents (as defined below) or under applicable
law, and any fees and expenses of any agents or attorneys which the Bank may employ. In addition, the Default Rate reflects the
increased credit risk to the Bank of carrying a loan that is in default. The Borrower agrees that the Late Charge and Default
Rate are reasonable forecasts of just compensation for anticipated and actual harm incurred by the Bank, and that the actual harm
incurred by the Bank cannot be estimated with certainty and without difficulty. As used in this Note, &ldquo;<B>Loan Documents</B>&rdquo;
means, individually and collectively, this Note, together with all other agreements and documents executed and/or delivered in
connection with this Note or referred to in this Note, as amended, modified or renewed from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Prepayment</U>.</B> The Borrower shall have the right
to prepay any amounts outstanding under this Note at any time and from time to time, in whole or in part, without penalty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Increased Costs; Yield Protection</U>.</B> On written demand, together with written evidence of the justification therefor,
the Borrower agrees to pay the Bank all direct costs incurred, any losses suffered or payments made by the Bank as a result of
any Change in Law (hereinafter defined), imposing any reserve, deposit, allocation of capital or similar requirement (including
without limitation, Regulation D of the Board of Governors of the Federal Reserve System) on the Bank, its holding company or
any of their respective assets relative to the Facility. &ldquo;<B>Change in Law</B>&rdquo; means the occurrence, after the date
of this Note, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change
in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any
governmental authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force
of law) by any governmental authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall
Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection
therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel
Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities,
in each case pursuant to Basel III, shall in each case be deemed to be a &ldquo;Change in Law&rdquo;, regardless of the date enacted,
adopted or issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Representations, Warranties and Covenants</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) The Borrower hereby represents and warrants
that, if not a natural person, the Borrower is duly organized, validly existing and in good standing under the laws of the state
of its incorporation or organization and has the power and authority to own and operate its assets and to conduct its business
as now or proposed to be carried on, and is duly qualified, licensed and in good standing to do business in all jurisdictions where
its ownership of property or the nature of its business requires such qualification or licensing. The Borrower further hereby represents
and warrants that it was duly organized, validly existing and in good standing as of February 15, 2020 and had employees for whom
it paid salaries and payroll taxes or paid independent contractors, as reported on a Form 1099-MISC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) The Borrower certifies, acknowledges
and agrees that the certifications contained in the Paycheck Protection Program Certification and the Program application delivered
to the Bank are true and correct, which certifications are hereby incorporated herein by this reference as if set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>PPP - Term Note April 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) The Borrower covenants and agrees that
the Borrower will do all things necessary to (i) maintain, renew and keep in full force and effect its organizational existence
and all rights, permits and franchises necessary to enable it to continue its business as currently conducted; (ii) continue in
operation in substantially the same manner as at present, to the extent permitted by applicable law (including without limitation
any statute, ordinance, rule or regulation relating to employment practices, pension benefits or environmental, occupational and
health standards and controls); and (iii) comply with all laws applicable to the Borrower and to the operation of its business
(including without limitation any statute, ordinance, rule or regulation relating to employment practices, pension benefits or
environmental, occupational and health standards and controls).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d) The Borrower represents and warrants
that (i) the Borrower has full power and authority to enter into the transactions provided for in this Note and the other Loan
Documents; (ii) all necessary action to authorize the execution and delivery of this Note and the other Loan Documents has been
properly taken; (iii) this Note and the other Loan Documents, when executed and delivered by the Borrower, will constitute the
legal, valid and binding obligations of the Borrower enforceable in accordance with their terms; (iv) the Borrower is and will
continue to be duly authorized to perform all of the terms and provisions of this Note and the other Loan Documents; (v) there
does not exist, either before or after giving effect to the terms of this Note, any default or violation by the Borrower of or
under any of the terms, conditions or obligations of any of its governing documents; and (vi) the Borrower does not require the
consent of any party with respect to this Note, the other Loan Documents or the Facility except for such consents that have been
obtained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e) The Borrower covenants and agrees to
take all such additional actions and promptly provide to the Bank all additional documents, statements and information as the Bank
may require from time to time, in its discretion, in connection with the SBA&rsquo;s requirements or requests under or in respect
of the Program or the general standard operating procedures of the SBA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f) The Borrower authorizes and directs
the Bank to disburse the proceeds of the Facility and to direct payments due under the Facility in accordance with the Disbursement
and Payment Authorization Instructions attached to this Note as <U>Exhibit A</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Other Loan Documents</U>. </B>Notwithstanding any provision
to the contrary in any Loan Document or any other collateral security documents that may have been or may in the future be executed
and delivered to the Bank, or an agent acting on behalf of the Bank, to secure any obligations of the Borrower to the Bank, this
Note is not intended to be secured by real property, and the applicability of any lien on such real property to secure this Note
is expressly disclaimed by the Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Events of Default</U>. </B>The occurrence of any of
the following events will be deemed to be an <B>&ldquo;Event of Default&rdquo; </B>under this Note: (i) the nonpayment of any principal,
interest or other indebtedness under this Note when due; (ii) the occurrence of any event of default or any default and the lapse
of any notice or cure period, or the Borrower&rsquo;s failure to observe or perform any covenant or other agreement, under or contained
in any Loan Document; (iii) the filing by or against the Borrower of any proceeding in bankruptcy, receivership, insolvency, reorganization,
liquidation, conservatorship or similar proceeding (and, in the case of any such proceeding instituted against the Borrower, such
proceeding is not dismissed or stayed within 30 days of the commencement thereof, provided that the Bank shall not be obligated
to advance additional funds hereunder during such period); (iv) any assignment by the Borrower for the benefit of creditors, or
any levy, garnishment, attachment or similar proceeding is instituted against any property of the Borrower held by or deposited
with the Bank; (v) the commencement of any foreclosure or forfeiture proceeding, execution or attachment against any collateral
securing the obligations of the Borrower to the Bank; (vi) the entry of a final judgment against the Borrower and the failure of
the Borrower to discharge the judgment within ten (10) days of the entry thereof; (vii) any change in the Borrower&rsquo;s equity
ownership, or any merger, consolidation, division or other reorganization of, with or by the Borrower, or the sale or other transfer
of all or any substantial part of the Borrower&rsquo;s property or assets, except as otherwise permitted by the Bank; (viii) any
change in the Borrower&rsquo;s business, assets, operations, financial condition or results of operations that has or could reasonably
be expected to have any material adverse effect on the Borrower; (ix) the Borrower ceases doing business as a going concern; (x)
any representation or warranty made by the Borrower to the Bank in any Loan Document or any
other documents now or in the future evidencing or securing the obligations of the Borrower to the Bank, is false, erroneous or
misleading in any material respect; (xi) the death, incarceration, indictment or legal incompetency of any individual Borrower
or, if the Borrower is a partnership or limited liability company, the death, incarceration, indictment or legal incompetency of
any individual general partner or member; or (xii) failure of the Borrower to notify the Bank within ten (10) days of any change
of the Borrower&rsquo;s address.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>PPP - Term Note April 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Upon the occurrence of an Event of Default: (a) the Bank shall
be under no further obligation to make advances hereunder; (b) if an Event of Default specified in clause (iii) or (iv) above shall
occur, the outstanding principal balance and accrued interest hereunder together with any additional amounts payable hereunder
shall be immediately due and payable without demand or notice of any kind; (c) if any other Event of Default shall occur, the outstanding
principal balance and accrued interest hereunder together with any additional amounts payable hereunder, at the Bank&rsquo;s option
and without demand or notice of any kind, may be accelerated and become immediately due and payable; (d) at the Bank&rsquo;s option,
this Note will bear interest at the Default Rate from the date of the occurrence of the Event of Default; and (e) the Bank may
exercise from time to time any of the rights and remedies available under the Loan Documents or under applicable law. The Borrower
acknowledges that upon the occurrence of an Event of Default, SBA, as defined below, may be required to pay the Lender under the
SBA guarantee, and SBA may then seek recovery on the Facility (to the extent any balance remains after loan forgiveness).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Right of Setoff</U>.</B> In addition to all liens upon and rights of setoff against the Borrower&rsquo;s money, securities
or other property given to the Bank by law, the Bank shall have, with respect to the Borrower&rsquo;s obligations to the Bank
under this Note and to the extent permitted by law, a contractual possessory security interest in and a contractual right of setoff
against, and the Borrower hereby grants the Bank a security interest in, and hereby assigns, conveys, delivers, pledges and transfers
to the Bank, all of the Borrower&rsquo;s right, title and interest in and to, all of the Borrower&rsquo;s deposits, moneys, securities
and other property now or hereafter in the possession of or on deposit with, or in transit to, the Bank or any other direct or
indirect subsidiary of The PNC Financial Services Group, Inc., whether held in a general or special account or deposit, whether
held jointly with someone else, or whether held for safekeeping or otherwise, excluding, however, all IRA, Keogh, and trust accounts.
Every such security interest and right of setoff may be exercised without demand upon or notice to the Borrower. Every such right
of setoff shall be deemed to have been exercised immediately upon the occurrence of an Event of Default hereunder without any
action of the Bank, although the Bank may enter such setoff on its books and records at a later time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Financial and Other Information</U>. </B>Within forty
five (45) days after the Bank&rsquo;s request, the Borrower agrees to deliver any financial and other business and ownership information
concerning the Borrower that the Bank may request from time to time, such as annual and interim financial statements (all of which
shall be prepared in accordance with generally accepted accounting principles), federal income tax returns. The Borrower also agrees
to deliver to the Bank, promptly upon the Bank&rsquo;s request, certification(s) of beneficial owners in the form requested by
the Bank (as executed and delivered to the Bank on or prior to the date of this Note and updated from time to time, the <B>&ldquo;Certification
of Beneficial Owners&rdquo;). </B>If the Borrower was required to execute and deliver to the Bank a Certification of Beneficial
Owners, (a) the Borrower represents and warrants, as of the date of this Note and as of the date each updated Certification of
Beneficial Owners is provided to the Bank, that the information in the Certification of Beneficial Owners is true, complete and
correct, and (b) the Borrower agrees to provide confirmation of the accuracy of the information set forth in the Certification
of Beneficial Owners, or deliver a new Certification of Beneficial Owners in form and substance acceptable to the Bank, as and
when requested by the Bank and/or when any individual identified on the most recent Certification of Beneficial Owners provided
to the Bank as a controlling party and/or a direct or indirect individual owner has changed. The Borrower further agrees to provide
such other information and documentation as may reasonably be requested by the Bank from time to time for purposes of compliance
by the Bank with applicable laws (including without limitation the USA PATRIOT Act and other &ldquo;know your customer&rdquo; and
anti-money laundering rules and regulations), and any policy or procedure implemented by the Bank to comply therewith. Additionally,
the Borrower will keep books and records in a manner satisfactory
to the Bank and allow the Bank and SBA to inspect and audit books, records and papers relating to the Borrower&rsquo;s financial
or business condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>PPP - Term Note April 2020</B></P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Anti-Money Laundering/International Trade Law Compliance</U>.
</B>The Borrower represents and warrants to the Bank, as of the date of this Note, the date of each advance of proceeds under the
Facility, the date of any renewal, extension or modification of the Facility, and at all times until the Facility has been terminated
and all amounts thereunder have been indefeasibly paid in full, that: (a) no Covered Entity (i) is a Sanctioned Person; (ii) has
any of its assets in a Sanctioned Country or in the possession, custody or control of a Sanctioned Person; or (iii) does business
in or with, or derives any of its operating income from investments in or transactions with, any Sanctioned Country or Sanctioned
Person in violation of any law, regulation, order or directive enforced by any Compliance Authority; (b) the proceeds of the Facility
will not be used to fund any operations in, finance any investments or activities in, or, make any payments to, a Sanctioned Country
or Sanctioned Person in violation of any law, regulation, order or directive enforced by any Compliance Authority; (c) the funds
used to repay the Facility are not derived from any unlawful activity; and (d) each Covered Entity is in compliance with, and no
Covered Entity engages in any dealings or transactions prohibited by, any laws of the United States, including but not limited
to any Anti-Terrorism Laws. Borrower covenants and agrees that it shall immediately notify the Bank in writing upon the occurrence
of a Reportable Compliance Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As used herein: <B>&ldquo;Anti-Terrorism Laws&rdquo; </B>means
any laws relating to terrorism, trade sanctions programs and embargoes, import/export licensing, money laundering, or bribery,
all as amended, supplemented or replaced from time to time; <B>&ldquo;Compliance Authority&rdquo; </B>means each and all of the
(a) U.S. Treasury Department/Office of Foreign Assets Control, (b) U.S. Treasury Department/Financial Crimes Enforcement Network,
(c) U.S. State Department/Directorate of Defense Trade Controls, (d) U.S. Commerce Department/Bureau of Industry and Security,
(e) U.S. Internal Revenue Service, (f) U.S. Justice Department, and (g) U.S. Securities and Exchange Commission; <B>&ldquo;Covered
Entity&rdquo; </B>means the Borrower, its affiliates and subsidiaries, all guarantors, pledgors of collateral, all owners of the
foregoing, and all brokers or other agents of the Borrower acting in any capacity in connection with the Facility; <B>&ldquo;Reportable
Compliance Event&rdquo; </B>means that any Covered Entity becomes a Sanctioned Person, or is indicted, arraigned, investigated
or custodially detained, or receives an inquiry from regulatory or law enforcement officials, in connection with any Anti-Terrorism
Law or any predicate crime to any Anti-Terrorism Law, or self-discovers facts or circumstances implicating any aspect of its operations
with the actual or possible violation of any Anti-Terrorism Law; <B>&ldquo;Sanctioned Country&rdquo; </B>means a country subject
to a sanctions program maintained by any Compliance Authority; and <B>&ldquo;Sanctioned Person&rdquo; </B>means any individual
person, group, regime, entity or thing listed or otherwise recognized as a specially designated, prohibited, sanctioned or debarred
person or entity, or subject to any limitations or prohibitions (including but not limited to the blocking of property or rejection
of transactions), under any order or directive of any Compliance Authority or otherwise subject to, or specially designated under,
any sanctions program maintained by any Compliance Authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Indemnity</U>. </B>The Borrower agrees to indemnify each of the Bank, each legal entity, if any, who controls, is controlled
by or is under common control with the Bank, and each of their respective directors, officers and employees (the <B>&ldquo;Indemnified
Parties&rdquo;), </B>and to defend and hold each Indemnified Party harmless from and against any and all claims, damages, losses,
liabilities and expenses (including all fees and charges of internal or external counsel with whom any Indemnified Party may consult
and all expenses of litigation and preparation therefor) which any Indemnified Party may incur or which may be asserted against
any Indemnified Party by any person, entity or governmental authority (including any person or entity claiming derivatively on
behalf of the Borrower), in connection with or arising out of or relating to the matters referred to in this Note or in the other
Loan Documents or the use of any advance hereunder, whether (a) arising from or incurred in connection with any breach of a representation,
warranty or covenant by the Borrower, or (b) arising out of or resulting from any suit, action, claim, proceeding or governmental
investigation, pending or threatened, whether based on statute, regulation or order, or tort, or contract or otherwise, before
any court or governmental authority; <U>provided</U>, <U>however</U>, that the foregoing indemnity agreement shall not apply to
any claims, damages, losses, liabilities and expenses solely attributable to an Indemnified Party&rsquo;s gross negligence or
willful misconduct. The indemnity agreement contained in this Paragraph shall survive the termination of this Note, payment of
any advance hereunder and the assignment of any rights hereunder. The Borrower may participate at its expense in the defense of
any such action or claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>PPP - Term Note April 2020</B></P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Miscellaneous</U>.</B> All notices, demands, requests, consents, approvals and other communications required or permitted hereunder
(&ldquo;<B><U>Notices</U></B>&rdquo;) must be in writing (except as may be agreed otherwise above with respect to borrowing requests
or as otherwise provided in this Note) and will be effective upon receipt. Notices may be given in any manner to which the parties
may agree. Without limiting the foregoing, first-class mail, postage prepaid, facsimile transmission and commercial courier service
are hereby agreed to as acceptable methods for giving Notices. In addition, the parties agree that Notices may be sent electronically
to any electronic address provided by a party from time to time. Notices may be sent to a party&rsquo;s address as set forth above
or to such other address as any party may give to the other for such purpose in accordance with this paragraph. No delay or omission
on the Bank&rsquo;s part to exercise any right or power arising hereunder will impair any such right or power or be considered
a waiver of any such right or power, nor will the Bank&rsquo;s action or inaction impair any such right or power. The Bank&rsquo;s
rights and remedies hereunder are cumulative and not exclusive of any other rights or remedies which the Bank may have under other
agreements, at law or in equity. No modification, amendment or waiver of, or consent to any departure by the Borrower from, any
provision of this Note will be effective unless made in a writing signed by the Bank, and then such waiver or consent shall be
effective only in the specific instance and for the purpose for which given. Notwithstanding the foregoing, the Bank may modify
this Note for the purposes of completing missing content or correcting erroneous content, without the need for a written amendment,
provided that the Bank shall send a copy of any such modification to the Borrower (which notice may be given by electronic mail).
The Borrower agrees to pay on demand, to the extent permitted by law, all costs and expenses incurred by the Bank in the enforcement
of its rights in this Note and in any security therefor, including without limitation reasonable fees and expenses of the Bank&rsquo;s
counsel. If any provision of this Note is found to be invalid, illegal or unenforceable in any respect by a court, all the other
provisions of this Note will remain in full force and effect. The Borrower and all other makers and indorsers of this Note hereby
forever waive presentment, protest, notice of dishonor and notice of non-payment. The Borrower also waives all defenses based
on suretyship or impairment of collateral. If this Note is executed by more than one Borrower, the obligations of such persons
or entities hereunder will be joint and several. This Note shall bind the Borrower and its heirs, executors, administrators, successors
and assigns, and the benefits hereof shall inure to the benefit of the Bank and its successors and assigns; <U>provided</U>, <U>however</U>,
that the Borrower may not assign this Note in whole or in part without the Bank&rsquo;s written consent and the Bank at any time
may assign this Note in whole or in part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Note has been delivered to and accepted by the Bank and
will be deemed to be made in the State of <FONT STYLE="text-transform: capitalize">Delaware.</FONT> <B>THIS NOTE WILL BE INTERPRETED
AND THE RIGHTS AND LIABILITIES OF THE BANK AND THE BORROWER DETERMINED IN ACCORDANCE WITH (I) FEDERAL REGULATIONS, AND (II) TO
THE EXTENT NOT PREEMPTED BY FEDERAL LAWS OR REGULATIONS, THE LAWS OF THE STATE OF DELAWARE, EXCLUDING ITS CONFLICT OF LAWS RULES,
INCLUDING WITHOUT LIMITATION THE ELECTRONIC TRANSACTIONS ACT (OR EQUIVALENT) IN EFFECT IN THE STATE OF DELAWARE (OR, TO THE EXTENT
CONTROLLING, THE LAWS OF THE UNITED STATES OF AMERICA, INCLUDING WITHOUT LIMITATION THE ELECTRONIC SIGNATURES IN GLOBAL AND NATIONAL
COMMERCE ACT).</B> The Borrower hereby irrevocably consents to the exclusive jurisdiction of any state or federal court in the
State of Delaware; provided that nothing contained in this Note will prevent the Bank from bringing any action, enforcing any
award or judgment or exercising any rights against the Borrower individually, against any security or against any property of
the Borrower within any other county, state or other foreign or domestic jurisdiction. The Borrower acknowledges and agrees that
the venue provided above is the most convenient forum for both the Bank and the Borrower. The Borrower waives any objection to
venue and any objection based on a more convenient forum in any action instituted under this Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>15. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Commercial Purpose</U>.</B> The Borrower represents
that the indebtedness evidenced by this Note is being incurred by the Borrower solely for the purpose of acquiring or carrying
on a business, professional or commercial activity, and not for personal, family or household purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>USA PATRIOT Act Notice</U>.</B> To help the government
fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify
and record information that identifies each Borrower that opens an account. What this means:
when the Borrower opens an account, the Bank will ask for the business name, business address, taxpayer identifying number and
other information that will allow the Bank to identify the Borrower, such as organizational documents. For some businesses and
organizations, the Bank may also need to ask for identifying information and documentation relating to certain individuals associated
with the business or organization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>PPP - Term Note April 2020</B></P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Authorization to Obtain Credit Reports</U>. </B>By
signing below, each person, who is signing in his or her individual capacity, requests and provides written authorization to the
Bank or its designee (and any assignee or potential assignee hereof) to obtain such individual&rsquo;s personal credit profile
from one or more national credit bureaus. This authorization extends to obtaining a credit profile in (i) considering an application
for credit that is evidenced, guaranteed or secured by this document, (ii) assessing creditworthiness and (iii) considering extensions
of credit, including on an ongoing basis, as necessary for the purposes of (a) update, renewal or extension of such credit or additional
credit, (b) reviewing, administering or collecting the resulting account and (c) reporting on the repayment and satisfaction of
such credit obligations. By signing below, such individual further ratifies and confirms his or her prior requests and authorizations
with respect to the matters set forth herein. For the avoidance of doubt, this provision does not apply to persons signing below
in their capacities as officers or other authorized representatives of entities, organizations or governmental bodies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Electronic Signatures and Records</U>. </B>Notwithstanding
any other provision herein, the Borrower agrees that this Note, the Loan Documents, any amendments thereto, and any other information,
notice, signature card, agreement or authorization related thereto (each, a <B>&ldquo;Communication&rdquo;) </B>may, at the Bank&rsquo;s
option, be in the form of an electronic record. Any Communication may, at the Bank&rsquo;s option, be signed or executed using
electronic signatures. For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use
or acceptance by the Bank of a manually signed paper Communication which has been converted into electronic form (such as scanned
into PDF format) for transmission, delivery and/or retention.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Depository</U>. </B>Unless the Bank otherwise agrees,
the Borrower will establish and maintain with the Bank the Borrower&rsquo;s primary depository accounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Federal Law</U>. </B>When the U.S. Small Business
Administration (&ldquo;SBA&rdquo;) is the holder, this Note will be interpreted and enforced under federal law, including SBA regulations.
The Bank or SBA may use state or local procedures for filing papers, recording documents, giving notice, foreclosing liens, and
other purposes. By using such procedures, SBA does not waive any federal immunity from state or local control, penalty, tax, or
liability. As to this Note, the Borrower may not claim or assert against SBA any local or state law to deny any obligation, defeat
any claim of SBA, or preempt federal law.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>DISPUTE RESOLUTION</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>WAIVER OF JURY TRIAL</U>. FOR
ANY DISPUTE THAT IS NOT ARBITRATED, AND TO THE EXTENT PERMITTED BY APPLICABLE LAW, THE BORROWER AND THE BANK IRREVOCABLY WAIVES
ANY AND ALL RIGHTS THE BORROWER OR THE BANK MAY HAVE TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR CLAIM OF ANY NATURE RELATING
TO THIS NOTE, ANY DOCUMENTS EXECUTED IN CONNECTION WITH THIS NOTE OR ANY TRANSACTION CONTEMPLATED IN ANY OF SUCH DOCUMENTS. THE
BORROWER ACKNOWLEDGES THAT THE FOREGOING WAIVER IS KNOWING AND VOLUNTARY.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(b)&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>ARBITRATION OF DISPUTES</U>. </B>The
Borrower or the Bank may elect to submit any and all disputes arising out of or relating to the Loan Documents or any breach thereof
(a <B>&ldquo;Dispute&rdquo;) </B>to binding arbitration</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Arbitration</U>.
Any arbitration shall be conducted pursuant to and in accordance with the AAA Commercial Arbitration Rules and, where
applicable, the Supplementary Rules for Large, Complex Commercial Disputes, and judgment upon the award rendered by the
arbitrator may be entered in any court having jurisdiction thereof. Such arbitration shall be conducted in a mutually
acceptable location.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>PPP - Term Note April 2020</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Except as expressly set forth below, the procedures specified
herein shall be the sole and exclusive procedures for the resolution of Disputes; provided, however, that the Borrower or the Bank
may seek provisional or ancillary remedies, such as preliminary injunctive relief, from a court having jurisdiction, before, during
or after the pendency of any arbitration proceeding. The institution and maintenance of any action for such judicial relief, or
pursuit of provisional or ancillary remedies, shall not constitute a waiver of the right or obligation of any party to submit any
claim or dispute to arbitration. Nothing herein shall in any way limit or modify any remedies available to the Bank under the Loan
Documents or otherwise at law or in equity.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Motion Practice</U>. In any arbitration
hereunder, the arbitrator(s) shall decide any prehearing motions which are substantially similar to pre-hearing motions to dismiss
for failure to state a claim or motions for summary adjudication.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in; text-align: justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Discovery</U>. Discovery shall
be limited to the pre-hearing exchange of all documents which the Borrower and the Bank intend to introduce at the hearing and
any expert reports prepared by any expert who will testify at the hearing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in; text-align: justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Sequential Hearing Days</U>. At
the administrative conference conducted by the AAA, the Borrower and the Bank and the AAA shall determine how to ensure that the
hearing is started and completed on sequential hearing days. Potential arbitrators shall be informed of the anticipated length
of the hearing and they shall not be subject to appointment unless they agree to abide by the parties&rsquo; intent that, absent
exigent circumstances, the hearing shall be conducted on sequential days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in; text-align: justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Award</U>. The award of the arbitrator(s)
shall be accompanied by a statement of the reasons upon which such award is based.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in; text-align: justify">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Fees and Expenses</U>. The Borrower
and the Bank shall each bear equally all fees and costs and expenses of the arbitration, and each shall bear its own legal fees
and expenses and the costs of its experts and witnesses; provided, however, that if the arbitration panel shall award to a party
substantially all relief sought by such party, then, notwithstanding any applicable governing law provisions, the other party shall
pay all costs, fees and expenses incurred by the prevailing party and such costs, fees and expenses shall be included in such award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in; text-align: justify">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Confidentiality of Disputes</U>. The entire procedure shall be confidential and none of the parties nor arbitrator(s) may disclose
the existence, content, or results of any arbitration hereunder without the written consent of all parties to the Dispute, except
(i) to the extent disclosure is required to enforce any applicable arbitration award or may otherwise be required by law and (ii)
that either party may make such disclosures to its regulators, auditors, accountants, attorneys and insurance representatives.
No conduct, statements, promises, offers, views, or opinions of any party involved in an arbitration hereunder shall be discoverable
or admissible for any purposes in litigation or other proceedings involving the parties to the Dispute and shall not be disclosed
to anyone not an agent, employee, expert, witness, or representative for any of such parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in; text-align: justify">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><U>CLASS ACTION WAIVER</U>. THE
BORROWER HEREBY WAIVES, WITH RESPECT TO ANY DISPUTE: (I) THE RIGHT TO PARTICIPATE IN A CLASS ACTION, PRIVATE ATTORNEY GENERAL ACTION
OR OTHER REPRESENTATIVE ACTION IN COURT OR IN ARBITRATION, EITHER AS A CLASS REPRESENTATIVE OR CLASS MEMBER; AND (II) THE RIGHT
TO JOIN OR CONSOLIDATE CLAIMS WITH CLAIMS OF ANY OTHER PERSON. </B>The foregoing waiver is referred to herein as the <B>&ldquo;class
action waiver&rdquo;</B>. The Bank and the Borrower agree that no arbitrator shall have authority to conduct any arbitration in
violation of the class action waiver or to issue any relief that applies to any person or entity other than the Borrower and/or
the Bank individually. The parties acknowledge that this class action waiver is material and essential to the arbitration of any
claims and is non-severable from this Dispute Resolution section. If the class action waiver is voided, found unenforceable, or limited
with respect to any claim for which the Borrower seeks class-wide relief, then this Dispute Resolution section (except for this
sentence) shall be null and void with respect to such claim, subject to the right to appeal the limitation or invalidation of the
class action waiver. However, this Dispute Resolution section shall remain valid with respect to all other claims and Disputes.
The parties acknowledge and agree that under no circumstances will a class action be arbitrated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in; text-align: justify">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Applicability of Federal Arbitration
Act</U>. This Note evidences transaction(s) in interstate commerce, and thus the Federal Arbitration Act governs the interpretation
and enforcement of this Dispute Resolution section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>REMAINDER OF PAGE INTENTIONALLY LEFT BLANK</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>PPP - Term Note April 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>If the Borrower is a legal entity,
the undersigned certifies to the Bank that the undersigned (individually and collectively if more than one, the &ldquo;Authorized
Representative&rdquo;) is and was authorized and directed to (i) execute and deliver, including to electronically execute and
deliver, in the name of and on behalf of the Borrower, this Note and any other documents executed in connection with this Note
or the Facility, all in such form as may be requested by the Bank or required under the Program and any of which may contain a
provision waiving the right to trial by jury; (ii) execute and deliver to or in favor of, including to electronically execute
and deliver to or in favor of, the Bank any amendments, modifications, renewals or supplements of or to any of the foregoing agreements,
documents or instruments; (iii) take any other action requested, required or deemed advisable by the Bank in order to effectuate
the foregoing; and (iv) delegate the foregoing duties to other representatives of the Borrower. The undersigned further certifies
that the Authorized Representative holds the office, title or status with the Borrower specified below the Authorized Representative&rsquo;s
signature.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Borrower acknowledges that it has
read and understands all the provisions of this Note, including the waiver of jury trial, arbitration and class action waiver,
and has been advised by counsel as necessary or appropriate, or has elected not to seek the advice of counsel.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>WITNESS</B> the due execution hereof
as a document under seal, as of the date first written above, with the intent to be legally bound hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;&nbsp;</TD>
    <TD STYLE="width: 50%; font-size: 10pt"><B>INNOVATIVE SOLUTIONS AND SUPPORT, </B><B>LLC</B></TD>
</TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">By: E-SIGNED by Shahram Askarpour</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.375in; font-size: 10pt">on 05-04-2020 11:26:57 EDT</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">(SEAL)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Shahram Askarpour, President</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">By: E-SIGNED by Relland M. Winand</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.375in; font-size: 10pt">on 05-04-2020 11:30:15 EDT</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">(SEAL)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Relland M. Winand, Chief Financial Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>PPP - Term Note April 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 96pt; text-align: center"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 96pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>EXHIBIT A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>TO PAYCHECK PROTECTION
PROGRAM TERM NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 96pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B><U>DISBURSEMENT AND PAYMENT AUTHORIZATION
INSTRUCTIONS </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><B>Loan Disbursement Authorization:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Borrower authorizes and directs the Bank to disburse the proceeds
of the Facility as directed below. Each authorized representative of the Borrower is authorized to make this request, the Bank
is entitled to rely conclusively on the below instructions to make disbursements in the amount and manner specified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Disbursements</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Disburse the proceeds of the Facility into the Borrower&rsquo;s
demand deposit account with PNC Bank, Account No. 1006795363.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Automatic Payment Authorization Under Facility:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Borrower irrevocably authorizes and directs the Bank to
charge any deposit account identified above and maintained at the Bank (or such other account at the Bank as the undersigned may
designate to the Bank in writing from time to time) for all payments of principal and interest due or fees on the Facility, and
to debit such account for the amount of such payments on the date each payment is due. The Borrower acknowledges and agrees that,
to the extent there are insufficient funds in any such account to pay the required amounts when due, the Borrower shall immediately
pay to the Bank all sums remaining unpaid. This authorization supplements, and does not limit, the Bank&rsquo;s rights under the
promissory note(s) and other documents evidencing or securing the Facility. The Bank is entitled to rely conclusively on this authorization
until this authorization is terminated by the Bank or the Borrower, and the Bank has had a reasonable time to act thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>PPP - Term Note April 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2018732d1_ex10-1img001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Paycheck Protection Program Certification</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 17, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">INNOVATIVE SOLUTIONS AND SUPPORT, LLC
(the <B>&ldquo;Borrower&rdquo;) </B>has applied to PNC Bank, National Association (the <B>&ldquo;Bank&rdquo;) </B>for a Small
Business Association (&ldquo;SBA&rdquo;) 7(a) Paycheck Protection Program loan (the &ldquo;<B>PPP Loan</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The below signer understands that the statements made in this
certification are part of the agreement with the Bank and that the Bank will rely on these statements when deciding whether or
not to make the PPP Loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I certify, acknowledge and agree that I am an authorized officer
of the Borrower and am authorized on behalf of the Borrower to certify to the statements provided in this certification, and that
the following are true and correct statements:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD STYLE="text-align: justify">The Borrower was in operation on February 15, 2020 and,
if Borrower is not a self-employed worker or independent contractor, had employees for whom it paid salaries and payroll taxes
or paid independent contractors, as reported on a Form 1099-MISC.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">2.</TD><TD STYLE="text-align: justify">The uncertainty of current economic conditions makes
necessary the PPP Loan request to support the ongoing operations of the Borrower.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">3.</TD><TD STYLE="text-align: justify">The proceeds of the PPP Loan will be used to retain workers
and maintain payroll or make mortgage interest payments, lease payments, and utility payments; and at least 75 percent of the
proceeds of the PPP Loan will be used for payroll expenses. If the funds are knowingly used for unauthorized purposes, the federal
government may hold the undersigned and the Borrower legally liable such as for charges of fraud.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">4.</TD><TD STYLE="text-align: justify">Documentation verifying the number of full-time equivalent
employees on the Borrower&rsquo;s payroll as well as the dollar amounts of payroll costs, covered mortgage interest payments,
covered rent payments, and covered utilities for the eight week period following the disbursement of the PPP Loan will be provided
to the Bank.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">5.</TD><TD STYLE="text-align: justify">The Borrower understands and agrees that loan forgiveness
may be provided if the Borrower uses all of the loan proceeds for documented payroll costs, covered mortgage interest payments,
covered rent payments, and covered utilities. The actual amount forgiven will be determined in accordance with the requirements
of the Program, including the provisions of Section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act)
(P.L. 116-136), and in no event may more than 25 percent of the forgiven amount be attributable to non-payroll costs.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">6.</TD><TD STYLE="text-align: justify">The Borrower does not have any other PPP Loan applications
pending and will not apply for another PPP Loan. During the period beginning on February 15, 2020 and ending on December 31, 2020
Borrower has not received and will not receive another PPP Loan.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">7.</TD><TD STYLE="text-align: justify">The Borrower shall notify the Bank if the Borrower
received an SBA Economic Injury Disaster Loan <B>(&ldquo;EIDL&rdquo;) </B>between January 31, 2020 and April 3, 2020 and the proceeds
of such EIDL were or are used to retain workers and maintain payroll; in such circumstances the proceeds of the PPP Loan must
be used to refinance any such EIDL.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">8.</TD><TD STYLE="text-align: justify">The information provided in the PPP Loan application
and the information provided in all supporting documents and forms is true and accurate in all material respects. The Borrower
and the undersigned understand that knowingly making a false statement to obtain a guaranteed loan from SBA is punishable under
the law, including under 18 USC 1001 and 3571 by imprisonment of not more than five years and/or a fine of up to $250,000; under
15 USC 645 by imprisonment of not more than two years and/or a fine of not more than $5,000; and, if submitted to a federally
insured institution, under 18 USC 1014 by imprisonment of not more than thirty years and/or a fine of not more than $1,000,000.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Paycheck Protection Program Certification
April 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">9.</TD><TD STYLE="text-align: justify">The Borrower acknowledges that the Bank will confirm the eligible PPP Loan amount using the Borrower&rsquo;s information that
it has submitted, including without limitation, tax returns and tax transcripts (collectively, the <B>&ldquo;Tax Information&rdquo;).
</B>The Borrower affirms that the Tax Information is identical to that submitted to the Internal Revenue Service. The Borrower
also understands, acknowledges, and agrees that the Bank can share the Borrower&rsquo;s Tax Information with (i) the SBA&rsquo;s
authorized representatives, including authorized representatives of the SBA Office of Inspector General, (ii) the Bank&rsquo;s
affiliates, and its and their respective directors, officers, employees, agents and advisors (the <B>&ldquo;Representatives&rdquo;),
</B>and (iii) any actual or potential owners of a credit facility extended by the Bank or its Representatives to the Borrower,
any acquirers of any beneficial or other interest in such credit facility, guarantor, servicers or service providers for such parties,
and their successors and/or assigns (the <B>&ldquo;Other Loan Participants&rdquo;) </B>for the purpose of (w) compliance with SBA
loan program requirements and all SBA reviews, (x) originating, maintaining, managing, monitoring, servicing, selling, insuring,
and securitizing a credit facility; (y) enforcing any of its rights or remedies under the loan documents applicable to such credit
facility (including, without limitation, in connection with any collection action related thereto) or (z) as otherwise permitted
by applicable laws, including state and federal privacy and data security laws, or if required to do so by legal process, regulation
or law, or in defense of any claims or causes of action against the Bank or any of its Representatives.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 222pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;&nbsp;</TD>
    <TD STYLE="width: 50%; font-size: 10pt"><B>INNOVATIVE SOLUTIONS AND SUPPORT,</B><B> LLC</B></TD>
</TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">By: E-SIGNED by Shahram Askarpour</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.375in; font-size: 10pt">on 05-04-2020 11:27:06 EDT</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">(SEAL)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Shahram Askarpour, President</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="text-transform: capitalize">BY</FONT><FONT STYLE="font-variant: small-caps">:
    </FONT>E-SIGNED by Relland M. Winand</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.375in; font-size: 10pt">on 05-04-2020 11:30:47 EDT</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">(SEAL)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Relland M. Winand, Chief Financial Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 222pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Paycheck Protection Program Certification
April 2020</B></P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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