<SEC-DOCUMENT>0000829323-19-000060.txt : 20190621
<SEC-HEADER>0000829323-19-000060.hdr.sgml : 20190621
<ACCEPTANCE-DATETIME>20190621093521
ACCESSION NUMBER:		0000829323-19-000060
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20190621
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Termination of a Material Definitive Agreement
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190621
DATE AS OF CHANGE:		20190621

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Inuvo, Inc.
		CENTRAL INDEX KEY:			0000829323
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-ADVERTISING [7310]
		IRS NUMBER:				870450450
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32442
		FILM NUMBER:		19910080

	BUSINESS ADDRESS:	
		STREET 1:		500 PRESIDENT CLINTON AVE., STE. 300
		CITY:			LITTLE ROCK
		STATE:			AR
		ZIP:			72201
		BUSINESS PHONE:		501-205-8508

	MAIL ADDRESS:	
		STREET 1:		500 PRESIDENT CLINTON AVE., STE. 300
		CITY:			LITTLE ROCK
		STATE:			AR
		ZIP:			72201

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INUVO, INC.
		DATE OF NAME CHANGE:	20090810

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KOWABUNGA! INC.
		DATE OF NAME CHANGE:	20081106

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	THINK PARTNERSHIP INC
		DATE OF NAME CHANGE:	20060315
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>inuvo_form8-k62119xcptterm.htm
<DESCRIPTION>8-K
<TEXT>
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<div><a name="s6C360E61B1BE247D4EFA7A2B8FDB1E6D"></a></div><div></div><div><br></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:2pt;"><font style="font-family:inherit;font-size:2pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">UNITED STATES</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Washington, DC 20549</font></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:14pt;"><font style="font-family:inherit;font-size:14pt;font-weight:bold;">FORM 8-K</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">CURRENT REPORT</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Date of Report (Date of earliest event reported)&#160;&#160;&#160;&#160;June 20, 2019</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;font-size:16pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;font-weight:bold;">INUVO, INC.</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Exact name of registrant as specified in its charter)</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:39%;"></td><td style="width:28%;"></td><td style="width:33%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Nevada</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">001-32442</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">87-0450450</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(State or other jurisdiction of incorporation)</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Commission File Number)</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(IRS Employer Identification No.)</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:62%;"></td><td style="width:38%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">500 President Clinton Ave., Ste. 300, Little Rock, AR</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">72201</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Address of principal executive offices)</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Zip Code)</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:62%;"></td><td style="width:38%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Registrant's telephone number, including area code</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">501-205-8508</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;(Former name or former address, if changed since last report)</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:11%;"></td><td style="width:89%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:11%;"></td><td style="width:89%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:11%;"></td><td style="width:89%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:11%;"></td><td style="width:89%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;</font></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:2pt;"><font style="font-family:inherit;font-size:2pt;"><br></font></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:2pt;"><font style="font-family:inherit;font-size:2pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;&#160;</font></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div><br></div><div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">ITEM 1.01&#160;&#160;&#160;&#160;ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT</font></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On June 20, 2019, Inuvo, Inc. (&#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Inuvo</font><font style="font-family:inherit;font-size:10pt;">&#8221;) entered into an Agreement and Plan of Merger Termination Agreement (the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Merger Termination Agreement</font><font style="font-family:inherit;font-size:10pt;">&#8221;) with ConversionPoint Technologies Inc., a Delaware corporation (&#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">ConversionPoint</font><font style="font-family:inherit;font-size:10pt;">&#8221;), ConversionPoint Holdings, Inc., a Delaware corporation (&#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Holdings</font><font style="font-family:inherit;font-size:10pt;">&#8221;), CPT Merger Sub, Inc., a Delaware corporation, (&#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">CPT Merger Sub</font><font style="font-family:inherit;font-size:10pt;">&#8221;), and CPT Cigar Merger Sub, Inc., a Nevada corporation (&#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Inuvo Merger Sub</font><font style="font-family:inherit;font-size:10pt;">&#8221;), which, among other things,&#160;(1) terminated the Agreement and Plan of Merger, dated November 2, 2018, by and among Inuvo, CPT, Parent, CPT Merger Sub, and Inuvo Merger Sub, as amended (the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Merger Agreement</font><font style="font-family:inherit;font-size:10pt;">&#8221;), pursuant to which Inuvo would have merged with and into Inuvo Merger Sub and become a wholly-owned subsidiary of Parent, and CPT would have merged with and into CPT Merger Sub and become a wholly-owned subsidiary of Parent (the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Mergers</font><font style="font-family:inherit;font-size:10pt;">&#8221;), and (2) terminated each of the Support Agreements that were entered into by certain officers and directors of Inuvo and the parties to the Merger Agreement.  The Merger Agreement was terminated as a result of Parent&#8217;s inability to fulfill the closing condition of the Mergers that Parent raise $36,000,000 in gross proceeds from an equity, debt, or equity-linked offering of its securities (the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Financing Condition</font><font style="font-family:inherit;font-size:10pt;">&#8221;) and Inuvo is no longer obligated to consummate the Mergers contemplated by the Merger Agreement.</font></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Concurrently with the execution of the Merger Termination Agreement, CPT Investments, LLC, a California limited liability company and an affiliate of CPT (&#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">CPT Investments</font><font style="font-family:inherit;font-size:10pt;">&#8221;), and Inuvo entered into a certain Inuvo Note Termination Agreement (the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Note Termination Agreement</font><font style="font-family:inherit;font-size:10pt;">&#8221;) and agreed to (1)&#160;terminate and cancel the 10% Senior Unsecured Subordinated Convertible Promissory Note, dated November 1, 2018, executed by Inuvo in favor of CPT Investments (the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">CPTI Note</font><font style="font-family:inherit;font-size:10pt;">&#8221;), which as of June 20, 2019, had $1,063,287.67 in accrued principal and interest outstanding (the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Outstanding Indebtedness</font><font style="font-family:inherit;font-size:10pt;">&#8221;) by July 20, 2019, (2)&#160;effective immediately, terminate all conversion rights under the CPTI Note to convert amounts outstanding into shares of Inuvo&#8217;s common stock, (3)&#160;terminate the Securities Purchase Agreement, dated November 1, 2018, by and between Inuvo and CPTI (the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Securities Purchase Agreement</font><font style="font-family:inherit;font-size:10pt;">&#8221;), and (4)&#160;terminate the Registration Rights Agreement, dated November 1, 2018, by and between Inuvo and CPTI (the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Registration Rights Agreement</font><font style="font-family:inherit;font-size:10pt;">&#8221;).  </font></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Merger Termination Agreement provides that the termination fee of $2,800,000 to be paid to Inuvo (the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Termination Fee</font><font style="font-family:inherit;font-size:10pt;">&#8221;) for failure to fulfill the Financing Condition would be satisfied as follows:</font></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">(1)&#160;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$1,063,287.67 of the Termination Fee (the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Indebtedness Satisfaction Amount</font><font style="font-family:inherit;font-size:10pt;">&#8221;) will be deemed satisfied in consideration of the termination and cancellation of the Outstanding Indebtedness pursuant to the CPTI Note Termination Agreement, contingent upon approval by CPT&#8217;s senior lenders, Montage Capital II, L.P. and Partners for Growth IV, L.P. (the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Senior Lenders</font><font style="font-family:inherit;font-size:10pt;">&#8221;) of CPT&#8217;s issuance of a replacement note to CPT Investments, and if such approval is not received by July 20, 2019, CPT will wire an amount equal to the Indebtedness Satisfaction Amount to Inuvo in immediately available funds on or prior to July 20, 2019;</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;text-indent:-24px;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">(2)&#160;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$1,611,712.33 of the Termination Fee (the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">ReTargeter Satisfaction Amount</font><font style="font-family:inherit;font-size:10pt;">&#8221;) will be deemed satisfied by either (A) CPT&#8217;s transfer of all of the assets related to CPT&#8217;s programmatic and RTB advertising solutions business conducted through managed services and a proprietary SaaS solution (the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">ReTargeter Business</font><font style="font-family:inherit;font-size:10pt;">&#8221;), free and clear of all liabilities, encumbrances, or liens, to Inuvo (the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">ReTargeter Asset Transfer</font><font style="font-family:inherit;font-size:10pt;">&#8221;), or (B)&#160;if such transfer is not completed as further described herein, CPT wiring $1,611,712.33 in immediately available to Inuvo on or prior to December 31, 2019; and </font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;text-indent:-24px;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">(3)&#160;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">CPT will pay $125,000 to Inuvo on or before September 15, 2019 to be contributed to the settlement of ongoing litigation with respect to the Mergers (the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Litigation Fee</font><font style="font-family:inherit;font-size:10pt;">&#8221;).  </font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;text-indent:-24px;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Upon the earliest to occur of (1) the receipt of the consent of  the Senior Lenders to the ReTargeter Asset Transfer, which CPT shall use its best efforts to obtain, (2) five days following the total satisfaction of CPT&#8217;s indebtedness to the Senior Lenders, or (3) December 31, 2019, CPT and Inuvo shall consummate the ReTargeter Asset Transfer, pursuant to the terms and conditions of a customary asset transfer agreement to be entered into between CPT, its subsidiary holding the ReTargeter Business, and Inuvo. The parties agreed that the consideration paid for the assets of the ReTargeter Business shall be the ReTargeter Satisfaction Amount. Further, CPT shall cause SellPoints, Inc., to exclusively license the ReTargeter domain name to Inuvo prior to the ReTargeter Asset Transfer, pursuant to a separate license agreement to be entered into between Inuvo and SellPoints, Inc.  </font></div><div><br></div><div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">If CPT pays the Litigation Fee on a timely basis, Inuvo will either (1) pay its obligations under a confidential settlement agreement that it entered into on June 20, 2019 resolving certain outstanding litigation related to the Mergers no later than September 30, 2019, or (2) elect not to pay any amounts to settle outstanding litigation claims and indemnify, defend, and hold harmless CPT and its related entities from and against litigation claims related to the Mergers.</font></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Under the Merger Termination Agreement, CPT and Inuvo agreed to mutually release all claims that each party had against the other, as well as certain affiliated entities of each.  Inuvo, however, will be able to pursue any claims against CPT and its affiliates for breaches of the Merger Termination Agreement.</font></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The foregoing description of the Merger Termination Agreement, the Note Termination Agreement, and the transactions described therein is not complete and is qualified in its entirety by reference to the Merger Termination Agreement and the Note Termination Agreement, which are incorporated by reference as Exhibit 2.1 and Exhibit 2.2, respectively, to this Current Report on Form 8-K.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">ITEM 1.02&#160;&#160;&#160;&#160;TERMINATION OF A MATERIAL DEFINITIVE AGREEMENT</font></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The disclosure under Item 1.01 is incorporated herein by reference.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">ITEM 7.01&#160;&#160;&#160;&#160;REGULATION FD DISCLOSURE</font></div><div style="line-height:120%;text-align:left;text-indent:36px;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On June 21, 2019, Inuvo issued a press release announcing the Merger Termination Agreement.  A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The information in Item 7.01 of this Current Report on Form&#160;8-K and accompanying Exhibit 99.1 are being furnished and shall not be deemed to be &#8220;filed&#8221; for the purposes of Section&#160;18 of the Securities Exchange Act of 1934 (the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Exchange Act</font><font style="font-family:inherit;font-size:10pt;">&#8221;), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 (the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Securities Act</font><font style="font-family:inherit;font-size:10pt;">&#8221;) or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">ITEM 9.01  &#160;&#160;&#160;&#160;FINANCIAL STATEMENTS AND EXHIBITS.</font></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Exhibit No</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Description</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:96px;text-indent:-96px;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">2.1</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="a21inuvo_cptmergeragreemen.htm"><font style="font-family:inherit;font-size:10pt;">Agreement and Plan of Merger Termination Agreement, dated June 20, 2019, by and among ConversionPoint Technologies Inc., ConversionPoint Holdings, Inc., CPT Merger Sub, Inc., Inuvo, Inc., and CPT Cigar Merger Sub, Inc.</font></a></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;text-indent:-48px;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">2.2</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="a22inuvo-cptnoteterminatio.htm"><font style="font-family:inherit;font-size:10pt;">Inuvo Note Termination Agreement, dated June 20, 2019, by and between CPT Investments, LLC and Inuvo, Inc.</font></a></div></td></tr></table><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">99.1    &#160;&#160;&#160;&#160;</font><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="a991inuvo-xpressreleaseann.htm"><font style="font-family:inherit;font-size:10pt;">Press Release dated June 21, 2019.</font></a></div><div><br></div><div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;text-align:left;text-indent:36px;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">SIGNATURES</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4"></td></tr><tr><td style="width:47%;"></td><td style="width:4%;"></td><td style="width:25%;"></td><td style="width:24%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">INUVO, INC.</font></div><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Date:&#160;&#160;June 21, 2019</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">By:</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">/s/ John B. Pisaris</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; John B. Pisaris, General Counsel</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:138%;padding-top:24px;text-align:left;font-size:6pt;"><font style="font-family:Arial;font-size:6pt;">DMS/12355976v.3</font></div><div><br></div><div></div>	</body>
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<TYPE>EX-2.1
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<FILENAME>a21inuvo_cptmergeragreemen.htm
<DESCRIPTION>EXHIBIT 2.1
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		<title>Exhibit</title>
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<div><a name="s0FDA319CEEF5612F04EA7A00739F67F7"></a></div><div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">AGREEMENT AND PLAN OF MERGER TERMINATION AGREEMENT</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">THIS AGREEMENT AND PLAN OF MERGER TERMINATION AGREEMENT (this &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Termination Agreement</font><font style="font-family:inherit;font-size:10pt;">&#8221;), dated as of June 20, 2019 (the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Effective Date</font><font style="font-family:inherit;font-size:10pt;">&#8221;), by and among CONVERSIONPOINT TECHNOLOGIES INC., a Delaware corporation (&#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">CPT</font><font style="font-family:inherit;font-size:10pt;">&#8221;), CONVERSIONPOINT HOLDINGS, INC., a Delaware corporation and a direct wholly-owned Subsidiary of CPT (&#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Parent</font><font style="font-family:inherit;font-size:10pt;">&#8221;), CPT MERGER SUB, INC., a Delaware corporation and a direct wholly-owned Subsidiary of Parent (&#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">CPT Merger Sub</font><font style="font-family:inherit;font-size:10pt;">&#8221;), CPT CIGAR MERGER SUB, INC., a Nevada corporation and a direct wholly-owned subsidiary of Parent (&#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Inuvo Merger Sub</font><font style="font-family:inherit;font-size:10pt;">,&#8221; and together with CPT, Parent, and CPT Merger Sub, the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">CPT Entities</font><font style="font-family:inherit;font-size:10pt;">&#8221;), INUVO, INC., a Nevada corporation (&#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Inuvo</font><font style="font-family:inherit;font-size:10pt;">,&#8221; and together with the CPT Entities, the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Parties</font><font style="font-family:inherit;font-size:10pt;">&#8221;).  Unless otherwise indicated, each capitalized term used and not otherwise defined in this Termination Agreement has the meaning given to such term in the Merger Agreement (as defined below).  </font></div><div style="line-height:120%;padding-top:16px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">WHEREAS, CPT, Inuvo, Parent, CPT Merger Sub and Inuvo Merger Sub are Parties to that certain Agreement and Plan of Merger dated as of November 2, 2018, as subsequently amended (the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Merger Agreement</font><font style="font-family:inherit;font-size:10pt;">&#8221;);</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">WHEREAS, CPT, through a wholly-owned subsidiary, owns and operates a programmatic and RTB advertising solutions business through managed services and a proprietary SaaS solution (the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">ReTargeter Business</font><font style="font-family:inherit;font-size:10pt;">&#8221;);</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">WHEREAS, in connection with the Merger Agreement, Inuvo and CPT Investments, LLC, a California limited liability company that is an affiliate of CPT (&#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">CPT Investments</font><font style="font-family:inherit;font-size:10pt;">&#8221;), entered into a Securities Purchase Agreement, dated November 1, 2018 (the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Securities Purchase Agreement</font><font style="font-family:inherit;font-size:10pt;">&#8221;), pursuant to which Inuvo issued a 10% Senior Unsecured Subordinated Promissory Note to CPT Investments in the principal amount of $1,000,000 (the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Inuvo Note</font><font style="font-family:inherit;font-size:10pt;">&#8221;), which, as of June 20, 2019, has a combined balance of principal and interest of $1,063,287.67;</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">WHEREAS, pursuant to Section 6.17 of the Merger Agreement, Parent, CPT, CPT Merger Sub, and Inuvo Merger Sub were to use their respective reasonable best efforts to do, or cause to be done, all things necessary, proper or advisable to arrange and obtain the Financing prior to July 12, 2019;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">WHEREAS, Parent was notified on June 19, 2019 by its financial advisors that Parent&#8217;s initial public offering as set forth in Parent&#8217;s Registration Statement on Form S-1 (File No. 333-230862), will not occur and, as a result, in all likelihood, Parent would not be capable of obtaining the Financing on or prior to July 12, 2019;  </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">WHEREAS, Section 8.3(b)(ii) of the Merger Agreement states that CPT shall pay, or cause Parent to pay to Inuvo, a termination fee of $2.8 million upon termination of the Merger Agreement under certain circumstances if the Financing is not completed on or prior to July 12, 2019 (the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Termination Fee</font><font style="font-family:inherit;font-size:10pt;">&#8221;);</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">WHEREAS, pursuant to Section 8.1(a) of the Merger Agreement, the Merger Agreement may be terminated by mutual agreement among the Parties;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">WHEREAS, the Parties desire to avoid a dispute regarding the Merger Agreement and payment of the Termination Fee and agree to terminate the Merger Agreement as set forth in this Termination Agreement; and</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">WHEREAS, the respective boards of directors or managers of each Party have each determined unanimously that it is in the best interests of their respective corporations, limited liability companies, members and stockholders, as the case may be, that the Merger Agreement be terminated.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Termination of Merger Agreement</font><font style="font-family:inherit;font-size:10pt;">.  Effective as of the Effective Date, the Parties hereby agree that the Merger Agreement is terminated. Except (i) as otherwise set forth in Section 8.2 of the Merger Agreement, or (ii) in connection with the pursuit by any Party of any claims, rights, powers, privileges, claims, defenses or remedies under this Termination Agreement, the Merger Agreement will be of no further force or effect, and the rights and obligations of each of the Parties thereunder shall terminate. Further, the Parties acknowledge that, as a result of this Termination Agreement, each of the Support Agreements (as defined in the Merger Agreement) shall terminate effective as of the Effective Date in accordance with their terms.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div></div><hr style="page-break-after:always"><div></div><div><br></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Termination Fee</font><font style="font-family:inherit;font-size:10pt;">.  The Parties agree that CPT shall pay the Termination Fee to Inuvo; </font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">provided</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">however</font><font style="font-family:inherit;font-size:10pt;">, that such Termination Fee shall be satisfied as follows (subject to Inuvo&#8217;s rights under Section 6 hereof):</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:72px;"><font style="font-family:inherit;font-size:12pt;">a.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;">$1,063,287.67 of the Termination Fee shall be deemed satisfied in consideration of and upon termination and cancellation in full of that certain 10% Senior Unsecured Subordinated Promissory Note issued by Inuvo to CPT Investments, LLC, a California limited liability company (&#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">CPT Investments</font><font style="font-family:inherit;font-size:10pt;">&#8221;) in the principal amount of $1,000,000 (the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Inuvo Note</font><font style="font-family:inherit;font-size:10pt;">&#8221;) on or prior to July 20, 2019, pursuant to the Inuvo Note Termination Agreement (as defined in Section 3 hereof); </font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">provided</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">however</font><font style="font-family:inherit;font-size:10pt;">, that if the Inuvo Note is not terminated and cancelled in full pursuant to the Inuvo Note Termination Agreement by July 20, 2019, then CPT shall pay $1,063,287.67 to Inuvo in cash by wire transfer of immediately available funds on or prior to July 20, 2019. </font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><font style="font-family:inherit;font-size:10pt;">b.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$1,611,712.33 of the Termination Fee shall be deemed satisfied in consideration of, and upon consummation of, the ReTargeter Asset Transfer (as defined in Section 4 hereof) (the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">ReTargeter Satisfaction Amount</font><font style="font-family:inherit;font-size:10pt;">&#8221;) on or prior to December 31, 2019; </font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">provided</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">however</font><font style="font-family:inherit;font-size:10pt;">, that if the ReTargeter Asset Transfer is not completed by December 31, 2019, then CPT shall pay $1,611,712.33 to Inuvo in cash by wire transfer of immediately available funds on or prior to December 31, 2019, and there shall be no ReTargeter Asset Transfer; and</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;text-indent:24px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><font style="font-family:inherit;font-size:10pt;">c.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$125,000 of the Termination Fee shall be paid by CPT to Inuvo on or before September 15, 2019.  </font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">3.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Inuvo Note Termination</font><font style="font-family:inherit;font-size:10pt;">.  Concurrently with the execution of this Termination Agreement, Inuvo and CPT Investments, are entering into that certain Inuvo Note Termination Agreement of even date herewith (the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Inuvo Note Termination Agreement</font><font style="font-family:inherit;font-size:10pt;">&#8221;).</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">4.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">ReTargeter Asset Transfer</font><font style="font-family:inherit;font-size:10pt;">.  Upon the earlier to occur of (a) the receipt of the consent of  the Senior Lenders (as defined in the Inuvo Note Termination Agreement) to the ReTargeter Asset Transfer (as defined below), which CPT shall use its best efforts to obtain, (b) five (5) days following the total satisfaction of CPT&#8217;s indebtedness to the Senior Lenders, or (c) December 31, 2019, CPT shall deliver to Inuvo all of the assets of the ReTargeter Business, free and clear of any liabilities, liens, or encumbrances, pursuant to the terms and conditions of a customary asset transfer agreement to be entered into between CPT, its subsidiary holding the ReTargeter Business, and Inuvo (the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">ReTargeter Asset Transfer</font><font style="font-family:inherit;font-size:10pt;">&#8221;). For the avoidance of doubt, the consideration paid for the assets of the ReTargeter Business shall be the ReTargeter Satisfaction Amount. Notwithstanding the foregoing, CPT shall cause SellPoints, Inc., to exclusively license the ReTargeter domain name to Inuvo prior to the ReTargeter Asset Transfer, pursuant to a separate license agreement to be entered into between Inuvo and SellPoints.  Nothing contained herein shall limit CPT&#8217;s payment obligations or extend any timeframe for payments under the Marketing Services and Referral Agreement, dated May 31, 2019, between Inuvo, CPT, and Sellpoints, Inc. (the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">MSA</font><font style="font-family:inherit;font-size:10pt;">&#8221;) and CPT shall pay all amounts currently owing under Section 1 of the MSA within five (5) business days hereof, provided, further that Inuvo shall be relieved from any and all payment obligations to CPT and Sellpoints, Inc. in the MSA.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">5.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Litigation Settlement Fee</font><font style="font-family:inherit;font-size:10pt;">.  As consideration for entering into this Termination Agreement, and subject to CPT&#8217;s timely performance of its payment obligations set forth in Section 2(c) hereof, Inuvo shall pay the settlement fee contained in the Confidential Settlement Agreement, dated June 20, 2019 (the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Confidential Settlement Agreement</font><font style="font-family:inherit;font-size:10pt;">&#8221;), resolving certain outstanding litigation related to the Mergers (the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Litigation Settlement Fee</font><font style="font-family:inherit;font-size:10pt;">&#8221;) no later than September 30, 2019, or if Inuvo elects not to pay such Litigation Settlement Fee by such date, Inuvo  agrees to indemnify, hold harmless, and defend the CPT Entities and their officers, directors, employees, agents, affiliates, subsidiaries, successors, and permitted assigns (collectively, &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Indemnified Party</font><font style="font-family:inherit;font-size:10pt;">&#8221;) against any and all losses, damages, liabilities, deficiencies, claims, actions, judgments, settlements, interest, awards, penalties, fines, costs, or expenses of whatever kind, including professional fees and attorneys&#8217; fees and expenses (collectively, &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Losses</font><font style="font-family:inherit;font-size:10pt;">&#8221;) that are incurred by Indemnified Party or awarded against Indemnified Party arising out of any claims, litigation or causes of action arising out of the subject matter resulting in the Confidential Settlement Agreement if the Litigation Settlement Fee is not paid in accordance with this Section 5.  Nothing in this Termination Agreement shall be construed as an admission of any kind by the Parties as to the merits of the lawsuits, including any and all of the claims asserted therein, that are the subject of the Confidential Settlement Agreement.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div></div><hr style="page-break-after:always"><div></div><div><br></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">6.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Release of Claims</font><font style="font-family:inherit;font-size:10pt;">.  </font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-left:48px;padding-bottom:16px;text-align:justify;text-indent:48px;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(a)</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Release and Discharge by Inuvo</font><font style="font-family:inherit;font-size:10pt;">.  In consideration of the terms and conditions set forth in this Agreement, Inuvo, on behalf of itself and its Affiliates, hereby fully, finally and completely releases and discharges each of the CPT Entities and their Affiliates (collectively, the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">CPT Parties</font><font style="font-family:inherit;font-size:10pt;">&#8221;), of and from any and all claims, rights, causes of action, liens, debts, liabilities, demands, agreements, damages or injuries of any nature or sort, known or unknown, liquidated or unliquidated, contingent or fixed, past, present, or future, including without limitation, those based on, arising out of, incidental to, in connection with, or related to, the Merger Agreement and any other dealings or transactions between Inuvo and the CPT Parties (the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Claims</font><font style="font-family:inherit;font-size:10pt;">&#8221;), from the beginning of time through the Effective Date, except for any Claims arising under the Marketing Services Agreement or claims arising as a result of breach of this Agreement.  For purposes of this Agreement, &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Affiliates</font><font style="font-family:inherit;font-size:10pt;">&#8221; means a Party&#8217;s current and future parent companies, subsidiaries and other affiliated entities, and the officers, directors, shareholders, managers, members, partners, principals, employees, consultants, representatives and agents of such Party, and of such Party&#8217;s parent company, subsidiaries and other affiliated entities, and the successors and assigns of each of them or claims arising as a result of breach of this Agreement.  </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(b)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Release and Discharge by the CPT Entities</font><font style="font-family:inherit;font-size:10pt;">.  In consideration of the terms and conditions set forth in this Agreement, the CPT Parties, hereby fully, finally and completely releases and discharges each of Inuvo and its Affiliates, of and from any and all Claims, from the beginning of time through the Effective Date, except for any Claims arising under the Marketing Services Agreement. </font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">7.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">No Reliance</font><font style="font-family:inherit;font-size:10pt;">. Each Party acknowledges and agrees that in entering into this Termination Agreement it is not relying on any representations made by any other Party (including any officers, directors employees, agents, and insurers thereof) regarding this Termination Agreement or the implications thereof.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">8.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Further Cooperation to Effectuate This Termination Agreement</font><font style="font-family:inherit;font-size:10pt;">.  The Parties covenant and agree that, without expanding their substantive obligations hereunder, they shall do all acts and execute and obtain all documents, to the full extent necessary or appropriate, to implement and enforce this Termination Agreement according to its terms.</font></div></td></tr></table><div style="line-height:132%;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">9.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Entity Level Power/Authorization</font><font style="font-family:inherit;font-size:10pt;">.  The Parties warrant and represent that each of them has the entity level power and authority and the legal right to make, deliver and perform under this Termination Agreement, and have taken all necessary entity level actions to authorize execution, delivery and performance under this Termination Agreement. This Termination Agreement has been duly executed and delivered on behalf of the Parties. This Termination Agreement constitutes legal, valid and binding obligations of the Parties, enforceable against them in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar Laws relating to or affecting the rights and remedies of creditors generally and the effect of general principles of equity (regardless of whether such enforceability is considered in a Proceeding in equity or at Law).</font></div></td></tr></table><div style="line-height:132%;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">10.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Authority to Execute&#160;Agreement</font><font style="font-family:inherit;font-size:10pt;">.  By signing below, each Party represents and warrants that the person signing this&#160;Termination Agreement&#160;on its behalf has authority to bind that Party and that the Party&#8217;s execution of this&#160;Termination Agreement&#160;is not in violation of any by-law, covenants, and/or other restrictions placed upon them by their respective entities.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">11.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Expenses; Costs of Enforcement</font><font style="font-family:inherit;font-size:10pt;">.  Each Party shall bear their own costs, expenses, and fees incurred by either of them in connection with the enforcement of this Termination Agreement.</font></div></td></tr></table><div style="line-height:132%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">12.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Miscellaneous Provisions</font><font style="font-family:inherit;font-size:10pt;">.  </font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:13px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:72px;"><font style="font-family:inherit;font-size:12pt;">a.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;">This Termination Agreement and the accompanying Inuvo Note Termination Agreement contain the entire agreement between the Parties and supersedes any and all prior agreements, arrangements, negotiations, discussions or understandings between the Parties relating to the subject matter hereof. No oral understanding, statements, promises or inducements contrary to the terms of this Termination Agreement exist. This Termination Agreement cannot be changed or terminated orally. Should any provision of this Termination Agreement be held invalid, illegal or unenforceable, it shall be deemed </font></div></td></tr></table><div><br></div><div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;padding-left:96px;padding-bottom:13px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">to be modified so that its purpose can lawfully be effectuated and the balance of this Termination Agreement shall be enforceable and remain in full force and effect.</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:13px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:72px;"><font style="font-family:inherit;font-size:12pt;">b.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;">This Termination Agreement shall extend to, be binding upon, and inure to the benefit of the Parties and their respective successors, heirs and assigns.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:13px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:72px;"><font style="font-family:inherit;font-size:12pt;">c.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;">This Termination Agreement shall be governed by and construed in accordance with the laws of the state of Delaware without regard to its conflict of law rules. Each of the Parties hereby consents to the personal jurisdiction of the state and federal courts located in the State of Delaware in connection with any action arising from or relating in whole or part to this Termination Agreement.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:13px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:72px;"><font style="font-family:inherit;font-size:12pt;">d.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;">This Termination Agreement may be executed in any number of counterparts each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:72px;"><font style="font-family:inherit;font-size:12pt;">e.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;">In entering into this&#160;Termination Agreement, each of the Parties acknowledges that it has relied upon the legal advice of its respective attorneys, who are the attorneys of its own choosing, that such terms are fully understood and voluntarily accepted by them, and that, other than the consideration set forth herein, no promises or representations of any kind have been made to them by any other Party. Each Party represents and acknowledges that in executing this&#160;Termination Agreement&#160;it did not rely, and has not relied, upon any representation or statement, whether oral or written, made by any other Party or by any other Party&#8217;s agents, representatives, or attorneys with regard to the subject matter, basis, or effect of this Termination Agreement or otherwise.</font></div></td></tr></table><div style="line-height:120%;padding-top:16px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#32;[</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Signature Page Follows</font><font style="font-family:inherit;font-size:10pt;">] </font></div><div><br></div><div></div><hr style="page-break-after:always"><div><a name="s1E1FDFC307A26D3EB99D7A0073CF8AD7"></a></div><div></div><div><br></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">IN WITNESS WHEREOF, each Party has caused this Termination Agreement to be signed by its respective officer thereunto duly authorized, all as of the date first written above. </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:32px;text-align:left;padding-left:288px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">CONVERSIONPOINT HOLDINGS, INC.</font></div><div style="line-height:120%;text-align:left;padding-left:288px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">By:  </font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">&#32;&#32;&#32;&#32;&#32;/s/ Robert Tallack&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;padding-left:288px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Name:&#160;&#160;&#160;&#160;Robert Tallack</font></div><div style="line-height:120%;padding-bottom:32px;text-align:left;padding-left:288px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Title:&#160;&#160;&#160;&#160;Chief Executive Officer</font></div><div style="line-height:120%;padding-bottom:32px;text-align:left;padding-left:288px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">CONVERSIONPOINT TECHNOLOGIES, INC.</font></div><div style="line-height:120%;text-align:left;padding-left:288px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">By:  </font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">&#32;&#32;&#32;&#32;&#32;/s/ Robert Tallack&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;padding-left:288px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Name:&#160;&#160;&#160;&#160;Robert Tallack</font></div><div style="line-height:120%;padding-bottom:32px;text-align:left;padding-left:288px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Title:&#160;&#160;&#160;&#160;Chief Executive Officer</font></div><div style="line-height:120%;padding-bottom:32px;text-align:left;padding-left:288px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">INUVO, INC.</font></div><div style="line-height:120%;padding-bottom:32px;text-align:left;padding-left:288px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">By:  </font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">&#32;&#32;&#32;&#32;&#32;/s/ Richard K. Howe&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;">&#32;<br>Name:  Richard K. Howe</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:10pt;">Title:  Chairman and Chief Executive Officer</font></div><div style="line-height:120%;padding-bottom:32px;text-align:left;padding-left:288px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">CPT MERGER SUB, INC.</font></div><div style="line-height:120%;text-align:left;padding-left:288px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">By:  </font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">&#32;&#32;&#32;&#32;&#32;/s/ Robert Tallack&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;padding-left:288px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Name:    Robert Tallack</font></div><div style="line-height:120%;padding-bottom:32px;text-align:left;padding-left:288px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Title:&#160;&#160;&#160;&#160;Chief Executive Officer</font></div><div style="line-height:120%;padding-bottom:32px;text-align:left;padding-left:288px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">CPT CIGAR MERGER SUB, INC.</font></div><div style="line-height:120%;text-align:left;padding-left:288px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">By:  </font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">&#32;&#32;&#32;&#32;&#32;/s/ Robert Tallack&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;padding-left:288px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Name:&#160;&#160;&#160;&#160;Robert Tallack</font></div><div style="line-height:120%;padding-bottom:32px;text-align:left;padding-left:288px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Title:&#160;&#160;&#160;&#160;Chief Executive Officer</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div></div>	</body>
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<TYPE>EX-2.2
<SEQUENCE>3
<FILENAME>a22inuvo-cptnoteterminatio.htm
<DESCRIPTION>EXHIBIT 2.2
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<div><a name="sDEF0A3BE6C62D54B08A17A01AB8BCC70"></a></div><div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;color:#555555;font-weight:bold;">INUVO NOTE&#160;</font><a style="font-family:inherit;font-size:12pt;color:#555555;font-weight:bold;" href="#"><font style="font-family:inherit;font-size:12pt;color:#555555;font-weight:bold;">TERMINATION AGREEMENT</font></a></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;color:#555555;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">This INUVO NOTE&#160;</font><a style="font-family:inherit;font-size:12pt;color:#000000;" href="#"><font style="font-family:inherit;font-size:12pt;color:#000000;">TERMINATION AGREEMENT</font></a><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">&#160;(this &#8220;</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;text-decoration:underline;">Agreement</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">&#8221;) is made by&#160;and between Inuvo, Inc., a Nevada&#160;corporation (the &#8220;</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;text-decoration:underline;">Company</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">&#8221;), and CPT Investments, LLC, a California limited liability company (the &#8220;</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;text-decoration:underline;">Note Holder</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">&#8221;), as of June 20, 2019. The Note Holder and the Company will be referred to singly as a &#8220;</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;text-decoration:underline;">Party</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">&#8221; and collectively as the &#8220;</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;text-decoration:underline;">Parties</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">.&#8221;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">WHEREAS, on November 1, 2018, the Company issued to Note Holder a 10% Senior Unsecured Subordinated Promissory Note in the aggregate principal amount of $1,000,000 (the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Note</font><font style="font-family:inherit;font-size:10pt;">&#8221;), a copy&#160;of which is attached hereto as&#160;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Exhibit A</font><font style="font-family:inherit;font-size:10pt;">&#32;pursuant to a Securities Purchase Agreement, dated November 1, 2018 (the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">SPA</font><font style="font-family:inherit;font-size:10pt;">&#8221;) by and between the Parties;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">WHEREAS, on November 2, 2019, the Company entered into an AGREEMENT AND PLAN OF MERGER, as amended, with CONVERSIONPOINT TECHNOLOGIES INC., a Delaware corporation (&#8220;</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;text-decoration:underline;">CPT</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">&#8221;), CONVERSIONPOINT HOLDINGS, INC., a Delaware corporation and a direct wholly-owned Subsidiary of CPT (&#8220;</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;text-decoration:underline;">Parent</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">&#8221;), CPT MERGER SUB, INC., a Delaware corporation and a direct wholly-owned Subsidiary of Parent (&#8220;</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;text-decoration:underline;">CPT Merger Sub</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">&#8221;), CPT CIGAR MERGER SUB, INC., a Nevada corporation  and a direct wholly-owned subsidiary of Parent (&#8220;</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;text-decoration:underline;">Inuvo Merger Sub</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">&#8221;), pursuant to which, among other things, the Company was to merge with Inuvo Merger Sub and become a wholly-owned subsidiary of Parent (the &#8220;</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;text-decoration:underline;">Merger</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">&#8221;);</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">WHEREAS, the Merger will not be consummated and is being terminated pursuant to an Agreement and Plan of Merger Termination Agreement of even date herewith (the &#8220;</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;text-decoration:underline;">Termination Agreement</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">&#8221;); and</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">WHEREAS, the Parties desire to terminate the Note, on the terms and conditions set forth in this&#160;Agreement;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">NOW, THEREFORE, in consideration of the foregoing and the covenants and agreements set&#160;forth in this Agreement, the Parties hereby agree as follows:</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;text-decoration:underline;">Consideration</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">. The Note Holder acknowledges that it is an affiliate of CPT and, as a result, will receive substantial benefit from CPT resolving disputes surrounding the Merger Agreement, including settling the Termination Fee as set forth in the Termination Agreement, and such benefit constitutes full and fair consideration for the termination of the&#160;Note and Note Holder&#8217;s other agreements set forth in this Agreement.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;text-decoration:underline;">Termination of Note, SPA and Registration Rights Agreement</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">.  For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, it is agreed and acknowledged that effective as of the Effective Date (as defined below) the Note shall be terminated and canceled in full and rendered null and void. Effective as of the Effective Date, all past, current, or future obligations of the Parties under the Note shall be extinguished, except as otherwise expressly set forth in this Agreement. The Note Holder will return the original Note for cancellation by the Company on the Effective Date. The Note Holder acknowledges and agrees that (i) as of the Effective Date, it shall have no surviving right, title or interest in or to the Note, or any shares issuable upon the conversion thereof, and (ii) effective immediately, all conversion rights under the Note shall be terminated and extinguished and the Note shall no longer be convertible into shares of the Company&#8217;s stock.  In addition, the SPA and the Registration Rights Agreement, dated November 1, 2018, by and between the Parties (the &#8220;</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;text-decoration:underline;">Registration Rights Agreement</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">&#8221;) are hereby terminated and cancelled and rendered null and void.</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">&#32;&#32;Notwithstanding the foregoing, the cancellation of the Note is conditioned upon the Senior Lenders (as defined below) of CPT, consenting to CPT&#8217;s issuance of a replacement note to Note Holder (such date of consent, the &#8220;</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;text-decoration:underline;">Effective Date</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">&#8221;), and Note Holder&#8217;s obligation to cancel the Note under this Agreement shall be extinguished if such consent is not obtained within thirty (30) days after the date hereof.  For purposes hereof, &#8220;</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;text-decoration:underline;">Senior Lenders</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">&#8221; means Montage Capital II, L.P. and Partners for Growth IV, L.P.  Note Holder shall utilize best efforts to receive the consent of the Senior Lenders to the issuance of a replacement note from CPT to Note Holder.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">3.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;text-decoration:underline;">Release, Waiver and Covenant Not to Sue</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">.  In consideration of the mutual covenants and agreements contained in this Agreement, effective as of the Effective Date, each Party hereby releases, waives and forever discharges the other Party and each of its affiliates and their respective members, stockholders, officers, directors, and employees (collectively, &#8220;</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;text-decoration:underline;">Representatives</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">&#8221;), from any and every action, cause of action, complaint, claim, demand, administrative charge, legal right, compensation obligation, damages (including exemplary or </font></div></td></tr></table><div><br></div><div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">punitive damages), benefits, liability, costs and/or expenses (including attorneys&#8217; fees), that such party has, may have, or may be entitled to against the other party, whether legal, equitable or administrative, whether known or unknown, whether past, current or future, which arise directly or indirectly out of, or are related in any way to, the Note, the Registration Rights Agreement and/or the SPA. This Agreement is intended as a general release, representing a full and complete disposition and satisfaction of the Parties&#8217; real or alleged legal obligations to each other relating to, arising from or connected with the Note, the Registration Rights Agreement and the SPA.</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">4.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;text-decoration:underline;">Waiver of Notice</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">. The Note Holder hereby waives any right under the Note or any related agreement to receive notice of any of the transactions related to the Merger or contemplated herein.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">&#160;</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">5.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;text-decoration:underline;">Representations and Warranties</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">. The Note Holder represents and warrants that (a) it has not exercised or purported to exercise its right to convert the Note in whole or in part into any shares of the Company&#8217;s common stock, (b) it is the sole owner and holder of the Note, and has not assigned, transferred, sold, pledged, conveyed or otherwise disposed of (or attempted any of the foregoing with respect to) the Note or any shares convertible thereunder and (c) has the power and authority to execute and deliver this Agreement.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">6.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;text-decoration:underline;">Entire Agreement</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">. This Agreement contains and comprises the entire agreement and understanding between the Parties with respect to the subject matter hereof and supersedes all previous covenants and agreements of any kind between the Parties with respect to such subject matter. The Parties also agree that the terms of this Agreement shall not be amended or changed except in writing and signed by a duly authorized representative of each Party. The Parties further agree that this Agreement shall be binding on and inure to the benefit of each Party, their successors and assigns.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">7.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;text-decoration:underline;">Counterparts</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original but both of which together shall constitute but one and the same instrument. Facsimile signatures shall be treated as originals for all purposes.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">8.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;text-decoration:underline;">Governing Law</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">. This Agreement shall be governed by and construed in accordance with the domestic laws of the State of&#160;</font><a style="font-family:inherit;font-size:12pt;color:#000000;" href="#"><font style="font-family:inherit;font-size:12pt;color:#000000;">Delaware</font></a><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">&#160;without giving effect to any choice or conflict of law provisions or rule (whether of the State of&#160;</font><a style="font-family:inherit;font-size:12pt;color:#000000;" href="#"><font style="font-family:inherit;font-size:12pt;color:#000000;">Delaware</font></a><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">&#160;or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of&#160;</font><a style="font-family:inherit;font-size:12pt;color:#000000;" href="#"><font style="font-family:inherit;font-size:12pt;color:#000000;">Delaware</font></a><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">[Signatures appear on the following page.]</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">&#160;</font></div><div><br></div><div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first set forth above.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">&#160;</font></div><div style="line-height:120%;padding-bottom:32px;text-align:left;padding-left:288px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">INUVO, INC.</font></div><div style="line-height:120%;text-align:left;padding-left:288px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">By:  </font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">&#32;&#32;&#32;&#32;&#32;/s/ Richard K. Howe&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;padding-left:288px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Name:&#160;&#160;&#160;&#160;Richard K. Howe</font></div><div style="line-height:120%;padding-bottom:32px;text-align:left;padding-left:288px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Title:&#160;&#160;&#160;&#160;Chief Executive Officer</font></div><div style="line-height:120%;padding-bottom:32px;text-align:left;padding-left:288px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">CPT INVESTMENTS, LLC</font></div><div style="line-height:120%;text-align:left;padding-left:288px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">By:  </font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">&#32;&#32;&#32;&#32;&#32;/s/ Raghu Kilambi&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;padding-left:288px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Name:&#160;&#160;&#160;&#160;Raghu Kilambi</font></div><div style="line-height:120%;padding-bottom:32px;text-align:left;padding-left:288px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Title:&#160;&#160;&#160;&#160;Managing Member</font></div><div><br></div><div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">EXHIBIT A</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">NOTE</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(attached hereto)</font></div><div><br></div><div></div><hr style="page-break-after:always"><div><a name="sAA5944E56736864911577A01ABAA0109"></a></div><div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">EXHIBIT A</font></div></div><div><br></div><div style="line-height:120%;padding-top:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">NEITHER THESE SECURITIES NOR THE SECURITIES ISSUABLE UPON THE CONVERSION OF THESE SECURITIES HAVE BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">SECURITIES ACT</font><font style="font-family:inherit;font-size:12pt;">&#8221;), OR SECURITIES LAWS OF ANY STATE OR JURISDICTION IN THE UNITED STATES.  THE SECURITIES REPRESENTED HEREBY MAY NOT BE CONVERTED, OFFERED, SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE ASSIGNED (EACH A &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">TRANSFER</font><font style="font-family:inherit;font-size:12pt;">&#8221;) EXCEPT (X) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSFER NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND (Y) TO THE EXTENT THE TRANSFER DOES NOT CONSTITUTE AND WILL NOT RESULT IN A VIOLATION OF APPLICABLE FEDERAL OR STATE SECURITIES LAWS IN THE UNITED STATES, AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT (TO THE EXTENT REQUESTED BY COUNSEL OF THE COMPANY), THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.  THE HOLDER HEREOF AGREES THAT IT WILL DELIVER, OR CAUSE TO BE DELIVERED, TO EACH PERSON TO WHOM THE SECURITIES HEREBY REPRESENTED ARE TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.  </font></div><div style="line-height:120%;padding-top:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">THIS NOTE IS SUBJECT TO THE TERMS AND CONDITIONS OF THAT CERTAIN SUBORDINATION AGREEMENT DATED AS OF NOVEMBER 1, 2018 BY AND AMONG WESTERN ALLIANCE BANK AND THE PARTIES HERETO (THE &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">SUBORDINATION AGREEMENT</font><font style="font-family:inherit;font-size:12pt;">&#8221;).  THE SUBORDINATION AGREEMENT CONTAINS PROVISIONS RESTRICTING, AMONG OTHER THINGS, CERTAIN PAYMENTS AND THE EXERCISE OF CERTAIN RIGHTS AND REMEDIES BY THE PARTIES HERETO.</font></div><div style="line-height:120%;padding-top:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">10% SENIOR UNSECURED SUBORDINATED CONVERTIBLE PROMISSORY NOTE</font></div><div style="line-height:120%;padding-top:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Note No.: A-1&#160;&#160;&#160;&#160;November 1, 2018 <br>$1,000,000&#160;&#160;&#160;&#160;Little Rock, Arkansas</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">FOR VALUE RECEIVED, Inuvo, Inc., a Nevada corporation (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Company</font><font style="font-family:inherit;font-size:12pt;">&#8221;), promises to pay to CPT INVESTMENTS, LLC, a California limited liability company (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Holder</font><font style="font-family:inherit;font-size:12pt;">&#8221;), or its registered assigns, the principal sum of ONE MILLION DOLLARS ($1,000,000.00), or such lesser amount as shall equal the outstanding principal amount hereof, together with interest from the date of this 10% Senior Unsecured Subordinated Convertible Promissory Note (this &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Note</font><font style="font-family:inherit;font-size:12pt;">&#8221;) on the unpaid principal balance at a rate equal to the rate set forth in </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 2</font><font style="font-family:inherit;font-size:12pt;">. Subject to </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 6</font><font style="font-family:inherit;font-size:12pt;">, all principal, together with any then accrued and unpaid interest and any other amounts payable hereunder, shall be due and payable on the earlier of the Note Maturity Date and the Accelerated Maturity Date (each as defined below).  Upon payment in full of all principal and interest payable hereunder, this Note shall be surrendered to the Company for cancellation. </font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">This Note is being issued pursuant to the terms and conditions contained in that certain Securities Purchase Agreement (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Securities Purchase Agreement</font><font style="font-family:inherit;font-size:12pt;">&#8221;) executed by the Company and the Holder (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Note Offering</font><font style="font-family:inherit;font-size:12pt;">&#8221;) and in connection with that certain Agreement and Plan of Merger of even date herewith by and among the Company, ConversionPoint Technologies, Inc. </font></div><div><br></div><div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;padding-top:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">CPT</font><font style="font-family:inherit;font-size:12pt;">&#8221;) and other parties thereto (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Merger Agreement</font><font style="font-family:inherit;font-size:12pt;">&#8221;). This Note, together with the similar 10% Senior Unsecured Subordinated Convertible Promissory Notes issued pursuant to the Note Offering, including Notes that may be issued after the date of this Note, are collectively referred to herein as the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Notes</font><font style="font-family:inherit;font-size:12pt;">.&#8221;  The Company shall establish a note register containing the records of the Company regarding the issuance, registration and permitted transfers of the Notes (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Note Register</font><font style="font-family:inherit;font-size:12pt;">&#8221;).  </font></div><div style="line-height:120%;padding-left:0px;padding-top:16px;text-align:justify;text-indent:48px;"><font style="padding-top:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:48px;">1.</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Certain Definitions</font><font style="font-family:inherit;font-size:12pt;">.  For purposes of this Note, the following terms shall have the following respective meanings:</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Affiliate</font><font style="font-family:inherit;font-size:12pt;">&#8221; has the meaning set forth in Rule 405 under the Securities Act of 1933, as amended.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#8220;Accelerated Maturity Date&#8221;</font><font style="font-family:inherit;font-size:12pt;">&#32;means the date as of which the outstanding principal and accrued interest on this Note and all other payments payable hereunder are due and payable to the Holder pursuant to </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section&#160;5.1</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Alternate Consideration</font><font style="font-family:inherit;font-size:12pt;">&#8221; has the meaning set forth in </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 7.4</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Business Day</font><font style="font-family:inherit;font-size:12pt;">&#8221; means any day except Saturday, Sunday or any other day on which commercial banks located in California are required by law to be closed for business.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Buy-In Price</font><font style="font-family:inherit;font-size:12pt;">&#8221; has the meaning set forth in </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 6.2(c)</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Change of Control</font><font style="font-family:inherit;font-size:12pt;">&#8221; means (i) that the Company shall, directly or indirectly, including through Subsidiaries, Affiliates or otherwise, in one or more related transactions, (a) consolidate or merge with or into (whether or not the Company is the surviving corporation) another Subject Entity, or (b) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of the Company or any of its &#8220;significant subsidiaries&#8221; (as defined in Rule 1-02 of Regulation S-X) to one or more Subject Entities, or (c) make, or allow one or more Subject Entities to make, or allow the Company to be subject to or have its Common Stock be subject to or party to one or more Subject Entities making, a purchase, tender or exchange offer that is accepted by the holders of at least either (1) 50% of the outstanding shares of Common Stock, (2) 50% of the outstanding shares of Common Stock calculated as if any shares of Common Stock held by all Subject Entities making or party to, or Affiliated with any Subject Entities making or party to, such purchase, tender or exchange offer were not outstanding; or (3) such number of shares of Common Stock such that all Subject Entities making or party to, or Affiliated with any Subject Entity making or party to, such purchase, tender or exchange offer, become collectively the beneficial owners (as defined in Rule 13d-3 under the Exchange Act) of at least 50% of the outstanding shares of Common Stock, or (d) consummate a stock purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with one or more Subject Entities whereby such Subject Entities, individually or in the aggregate, acquire, either (1) at least 50% of the outstanding shares of Common Stock, (2) at least 50% of the outstanding shares of Common Stock calculated as if any shares of Common Stock held by all the Subject Entities making or party </font></div><div><br></div><div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">to, or Affiliated with any Subject Entity making or party to, such stock purchase agreement or other business combination were not outstanding; or (3) such number of shares of Common Stock such that the Subject Entities become collectively the beneficial owners (as defined in Rule 13d-3 under the Exchange Act) of at least 50% of the outstanding shares of Common Stock, or (e) reorganize, recapitalize or reclassify its Common Stock, (ii) that the Company shall, directly or indirectly, including through Subsidiaries, Affiliates or otherwise, in one or more related transactions, allow any Subject Entity individually or the Subject Entities in the aggregate to be or become the &#8220;beneficial owner&#8221; (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, whether through acquisition, purchase, assignment, conveyance, tender, tender offer, exchange, reduction in outstanding shares of Common Stock, merger, consolidation, business combination, reorganization, recapitalization, spin-off, scheme of arrangement, reorganization, recapitalization or reclassification or otherwise in any manner whatsoever, of either (a) at least 50% of the aggregate ordinary voting power represented by issued and outstanding Common Stock, (b) at least 50% of the aggregate ordinary voting power represented by issued and outstanding Common Stock not held by all such Subject Entities as of the date of Note calculated as if any shares of Common Stock held by all such Subject Entities were not outstanding, or (c) a percentage of the aggregate ordinary voting power represented by issued and outstanding shares of Common Stock or other equity securities of the Company sufficient to allow such Subject Entities to effect a statutory short form merger or other transaction requiring other stockholders of the Company to surrender their shares of Common Stock without approval of the stockholders of the Company or (iii) directly or indirectly, including through Subsidiaries, Affiliates or otherwise, in one or more related transactions, the issuance of or the entering into any other instrument or transaction structured in a manner to circumvent, or that circumvents, the intent of this definition in which case this definition shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this definition to the extent necessary to correct this definition or any portion of this definition which may be defective or inconsistent with the intended treatment of such instrument or transaction, </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">provided, however, </font><font style="font-family:inherit;font-size:12pt;">that in each forgoing instance the stockholders of the Company or CPT, do not own a majority by voting power of the outstanding shares of the Subject Entities or Successor Entities.  The Closing of the Merger Agreement shall not constitute a Change of Control.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Common Stock</font><font style="font-family:inherit;font-size:12pt;">&#8221; means the common stock, par value $0.001, per share of the Company.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Common Stock Equivalents</font><font style="font-family:inherit;font-size:12pt;">&#8221; shall mean Options and Convertible Securities.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Conversion Failure</font><font style="font-family:inherit;font-size:12pt;">&#8221; has the meaning set forth in </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 6.2(c)</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Conversion Price</font><font style="font-family:inherit;font-size:12pt;">&#8221; has the meaning set forth in </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 6.4</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Conversion Shares</font><font style="font-family:inherit;font-size:12pt;">&#8221; means the shares of Common Stock issuable upon conversion of this Note in accordance with </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 6</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Convertible Securities</font><font style="font-family:inherit;font-size:12pt;">&#8221; shall mean any stock or securities (other than Options) convertible into or exchangeable for Common Stock.</font></div><div><br></div><div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Default Interest Rate</font><font style="font-family:inherit;font-size:12pt;">&#8221; means fifteen percent (15%) per annum.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">DTC</font><font style="font-family:inherit;font-size:12pt;">&#8221; has the meaning set forth in </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 6.2(c)</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Eligible Market</font><font style="font-family:inherit;font-size:12pt;">&#8221; means The New York Stock Exchange, Inc., the NYSE American, The NASDAQ Global Select Market, The NASDAQ Global Market, The NASDAQ Capital Market, the OTCQX marketplace or the OTCQB marketplace.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Event of Default</font><font style="font-family:inherit;font-size:12pt;">&#8221; means any of the events specified as such in </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section&#160;5.1</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Exchange Act</font><font style="font-family:inherit;font-size:12pt;">&#8221; means the Securities Exchange Act of 1934, as amended.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Group</font><font style="font-family:inherit;font-size:12pt;">&#8221; means a &#8220;group&#8221; as that term is used in Section 13(d) of the Exchange Act and as defined in Rule 13d-5 thereunder.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Holder</font><font style="font-family:inherit;font-size:12pt;">&#8221; means the person or entity specified in the introductory paragraph of this Note or any transferee that is at the time the registered holder of this Note. The Holder or any transferee is an &#8220;accredited investor&#8221; as defined under the Securities Act. </font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Insolvency or Liquidation Proceeding</font><font style="font-family:inherit;font-size:12pt;">&#8221; means (i) any insolvency or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding, relative to the Company or to its creditors, as such, or to its assets, or (ii) any liquidation, dissolution, reorganization or winding up of the Company, whether voluntary or involuntary and whether or not involving insolvency or bankruptcy, or (iii) any assignment for the benefit of creditors or any other marshaling of assets and liabilities of the Company.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Liabilities</font><font style="font-family:inherit;font-size:12pt;">&#8221; means any indebtedness, liabilities and obligations, whether accrued or fixed, absolute or contingent, known or unknown, matured or unmatured or determined or determinable.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Maximum Issuable Conversion Shares</font><font style="font-family:inherit;font-size:12pt;">&#8221; has the meaning set forth in </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 7.7</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Note Maturity Date</font><font style="font-family:inherit;font-size:12pt;">&#8221; means November 1, 2021; </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">provided</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">however</font><font style="font-family:inherit;font-size:12pt;">, that in the event the Closings (as that term is defined in the Merger Agreement) occur pursuant to the Merger Agreement, the Note Maturity date shall mean the fifth (5</font><font style="font-family:inherit;font-size:12pt;"><sup style="vertical-align:top;line-height:120%;font-size:8pt">th</sup></font><font style="font-family:inherit;font-size:12pt;">) day after the Closing Date (as that term is defined in the Merger Agreement).</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Options</font><font style="font-family:inherit;font-size:12pt;">&#8221; shall mean any outstanding rights, warrants or options to subscribe (including restricted stock units) for or purchase Common Stock or Convertible Securities.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Person</font><font style="font-family:inherit;font-size:12pt;">&#8221; means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization, any other entity and a government or any department or agency thereof.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Principal Market</font><font style="font-family:inherit;font-size:12pt;">&#8221; means the Eligible Market that is the principal securities exchange market for the Common Stock.</font></div><div><br></div><div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Representative</font><font style="font-family:inherit;font-size:12pt;">&#8221; means the trustee, agent or other representative for holders of all or any Senior Indebtedness, if any, designated in the indenture, agreement or other document creating, evidencing or governing such Senior Indebtedness or pursuant to which it was issued, or otherwise duly designated by the holders of such Senior Indebtedness.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Required Holders</font><font style="font-family:inherit;font-size:12pt;">&#8221; has the meaning set forth in </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 10</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Senior Indebtedness</font><font style="font-family:inherit;font-size:12pt;">&#8221; means the principal of and unpaid interest on all secured indebtedness of the Company validly incurred before or after the date of this Note in accordance with its terms (including, but not limited to obligations under the Company&#8217;s Amended and Restated Business Financing Agreement dated October 11, 2018 by and between the Company, certain of its wholly-owned subsidiaries and Western Alliance Bank) (i) for money borrowed from any bank, savings and loan or other financial institution, and is evidenced by notes, bonds, debentures or other written obligations and (ii) in connection with any renewals, replacement loans or extensions of any indebtedness described in (i) above after the date of this Note; </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">provided</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">however</font><font style="font-family:inherit;font-size:12pt;">, that the term shall not include (a) any lease financing arrangement involving the Company and (b) indebtedness which by the terms of the instrument creating or evidencing it is subordinated to or on parity with this Note.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Shareholder Approval</font><font style="font-family:inherit;font-size:12pt;">&#8221; means such approval as may be required by the applicable rules and regulations of the NYSE American (or any successor entity) from the stockholders of the Company with respect to the transactions contemplated by the Securities Purchase Agreement and this Note, including the issuance of Conversion Shares in excess of 19.99% of the issued and outstanding shares of Common Stock on November 1, 2018.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Subject Entity</font><font style="font-family:inherit;font-size:12pt;">&#8221; means any Person, Persons or Group or any Affiliate or associate of any such Person, Persons or Group.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Subsidiary</font><font style="font-family:inherit;font-size:12pt;">&#8221; means, with respect to the Company, any entity in which the Company, directly or indirectly, owns any of the capital stock or holds an equity or similar interest.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Successor Entity</font><font style="font-family:inherit;font-size:12pt;">&#8221; means one or more Person or Persons (or, if so elected by the Required Holders) formed by, resulting from or surviving any Change of Control or one or more Person or Persons (or, if so elected by the Required Holders) with which such Change of Control shall have been entered into.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Trading Day</font><font style="font-family:inherit;font-size:12pt;">&#8221; means any day on which the Common Stock is traded on the Principal Market, or, if the Principal Market is not the principal trading market for the Common Stock, then on the principal securities exchange or securities market on which the shares of Common Stock are then traded.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Interest</font><font style="font-family:inherit;font-size:12pt;">.  This Note will bear interest at a rate of ten percent (10%) per annum, computed on the basis of the actual number of days elapsed and a year of three hundred sixty-five (365) days.  Accrued interest on this Note shall be due and payable on the Note Maturity Date or Accelerated Maturity Date (if applicable), whether by acceleration (if applicable), scheduled </font></div><div><br></div><div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;padding-top:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">maturity or otherwise, unless such amounts are automatically converted into Conversion Shares pursuant to the terms set forth in </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 6</font><font style="font-family:inherit;font-size:12pt;">. Subject to </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section&#160;6</font><font style="font-family:inherit;font-size:12pt;">, any accrued interest on this Note that is due on or prior to the Note Maturity Date or the Accelerated Maturity Date (if applicable) shall be payable as set forth in </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 16</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Prepayment</font><font style="font-family:inherit;font-size:12pt;">. At any time after the issuance of this Note, upon fifteen (15) days prior written notice to the Holder, the Company may prepay the entire amount due and owing under this Note, in which case the Company shall pay to the Holder of this Note an amount equal to the principal balance of this Note, together with any then accrued and unpaid interest on such principal balance, at a rate equal to the rate set forth in </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 2</font><font style="font-family:inherit;font-size:12pt;">; </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">provided</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">however</font><font style="font-family:inherit;font-size:12pt;">, that: (i) any prepayment of this Note must be approved in writing by the Holders of Notes representing more than fifty percent (50%) of the aggregate principal amount of Notes then outstanding, (ii) any prepayment of this Note may only be made in connection with the prepayment of all Notes, and (iii) any such prepayment will be applied first to the payment of expenses due under this Note, second to interest accrued on this Note and third, if the amount of prepayment exceeds the amount of all such expenses and accrued interest, to the payment of principal of this Note.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Subordination</font><font style="font-family:inherit;font-size:12pt;">.  Notwithstanding anything to the contrary, the terms of this Note (including, without limitation, this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 4</font><font style="font-family:inherit;font-size:12pt;">) are subject in all respects to the Subordination Agreement and in the event of any conflict between the terms of this Note and the terms of the Subordination Agreement, the Subordination Agreement shall govern and control in all respects.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4.1</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Note Subordinate to Senior Indebtedness</font><font style="font-family:inherit;font-size:12pt;">. </font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:96px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(a)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">The provisions of this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 4</font><font style="font-family:inherit;font-size:12pt;">&#32;apply notwithstanding anything to the contrary contained in this Note (other than as set out in clause (b) immediately below). The Company covenants and agrees, and the Holder, by such Holder&#8217;s acceptance hereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 4</font><font style="font-family:inherit;font-size:12pt;">, the indebtedness represented by this Note and the payment of the principal of and interest on this Note are hereby expressly made subordinate and subject in right of the prior payment in full of all Senior Indebtedness. This </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 4</font><font style="font-family:inherit;font-size:12pt;">&#32;constitutes a continuing offer to all persons who become holders of Senior Indebtedness, each of whom is an obligee hereunder and is entitled to enforce such holder&#8217;s rights hereunder, subject to the provisions hereof, without any act or notice of acceptance hereof or reliance hereon.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:96px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(b)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">As required by </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 8.1</font><font style="font-family:inherit;font-size:12pt;">, the Company shall not incur certain indebtedness (including Senior Indebtedness) without the prior written consent of the holders of Notes representing more than fifty percent (50%) of the aggregate principal amount of Notes then outstanding, and the provisions of this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 4</font><font style="font-family:inherit;font-size:12pt;">&#32;shall be of no force or effect in the absence of any such prior written consent; provided, however, that this Note shall remain subject to the Subordination Agreement in all respects.</font></div><div><br></div><div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4.2</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Payment Over of Proceeds Upon Dissolution, Etc.</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#32;&#32;</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:96px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(a)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">In the event of any Insolvency or Liquidation Proceeding, all Senior Indebtedness shall first be paid in full before the Holder is entitled to receive any direct or indirect payment or distribution of any cash, property or securities on account of the principal of or interest on this Note.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:96px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(b)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">The holders of Senior Indebtedness (or their respective Representatives) shall be entitled to receive directly, for application to the payment thereof (to the extent necessary to pay all such Senior Indebtedness in full after giving effect to any substantially concurrent payment or distribution to the holders of such Senior Indebtedness), any payment or distribution of any kind or character, whether in cash, property or securities which may be payable or deliverable in respect of this Note in any such Insolvency or Liquidation Proceeding.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:96px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(c)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">In the event that, notwithstanding the foregoing provisions of this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 4.2</font><font style="font-family:inherit;font-size:12pt;">, the Holder shall have received any payment from or distribution of assets of the Company in an Insolvency or Liquidation Proceeding or the estate created by the commencement of any such Insolvency or Liquidation Proceeding, of any kind or character in respect of this Note whether in cash, property or securities before all Senior Indebtedness is paid in full, then and in such event such payment or distribution shall be received and held in trust for and shall be paid over to the holders of Senior Indebtedness remaining unpaid (or their respective Representatives), to the extent necessary to pay all such Senior Indebtedness in full after giving effect to any substantially concurrent payment or distribution to the holders of such Senior Indebtedness, for application to the payment in full of such Senior Indebtedness.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4.3</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Default on Senior Indebtedness</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:96px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(a)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">If there exists a default in the payment when due (whether at maturity or upon acceleration or mandatory repayment, or on any principal installment payment date or interest payment date, or otherwise) of any Senior Indebtedness (a &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Payment Default</font><font style="font-family:inherit;font-size:12pt;">&#8221;) and such default shall not have been cured or waived in writing by or on behalf of the requisite percentage of the holders of such Senior Indebtedness (or their Representative, if any), then any payment on account of principal of or interest on this Note which the Holder would then be entitled to receive, but for the provisions of this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 4.3(a)</font><font style="font-family:inherit;font-size:12pt;">, shall instead be paid over to the holders of such Senior Indebtedness (or their Representative, if any) until all amounts of Senior Indebtedness then due and payable have been paid in full, prior to any direct or indirect payment by or on behalf of the Company to the Holder of any principal of or interest on this Note.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:96px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(b)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">The Company may not, directly or indirectly, make, and the Holder may not ask, demand, take or receive from or on behalf of the Company, any payment on account of the principal of or interest on this Note during the period (a &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Deferral </font></div><div><br></div><div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Period</font><font style="font-family:inherit;font-size:12pt;">&#8221;) from the date the Company and/or the Holder receive from a holder of Senior Indebtedness a notice (a &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Deferral Notice</font><font style="font-family:inherit;font-size:12pt;">&#8221;) of:</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:144px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(i)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">the existence of a Payment Default; or</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:144px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(ii)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">the existence of any event of default (other than a Payment Default) under any agreement or instrument pursuant to which any Senior Indebtedness is issued, in each instance as now in effect or as hereafter from time to time modified or amended, without the necessity of any consent by or notice to the Holders (a &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Specified Covenant Default</font><font style="font-family:inherit;font-size:12pt;">&#8221;);</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">until the earlier of (i) the date such Payment Default or Specified Covenant Default is cured, waived in writing or otherwise ceases to exist and (ii) the one hundred eightieth (180</font><font style="font-family:inherit;font-size:12pt;"><sup style="vertical-align:top;line-height:120%;font-size:8pt">th</sup></font><font style="font-family:inherit;font-size:12pt;">) day after receipt by the Company and/or by the Holder of this Note of such Deferral Notice; </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">provided</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">however</font><font style="font-family:inherit;font-size:12pt;">, that (x) only one Deferral Notice relating to the same Payment Default or Specified Covenant Default may be given, (y) no subsequent Deferral Notice may be given with respect to any Payment Default or Specified Covenant Default existing at the time an effective Deferral Notice is given and (z) if any such Deferral Notice has been given, no subsequent Deferral Notice with respect to any number of different Payment Defaults or Specified Covenant Defaults shall be effective until the later of (1) the date such subsequent Deferral Notice is received by the Company and the holders of Notes and (2) the three hundred sixty-fifth (365</font><font style="font-family:inherit;font-size:12pt;"><sup style="vertical-align:top;line-height:120%;font-size:8pt">th</sup></font><font style="font-family:inherit;font-size:12pt;">) day after receipt of the then most recent prior effective Deferral Notice. So long as any Senior Indebtedness is outstanding, the Holder shall give the holders of Senior Indebtedness five (5) Business Days&#8217; prior written notice of any proposed demand for payment or institution of proceedings with respect to this Note (which notice may be given during a Deferral Period provided that the proposed demand for payment is not to be made or the proposed proceedings are not to be instituted until the expiration of such Deferral Period).</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:96px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(c)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Upon termination of any Deferral Period the Company shall resume payments on account of the principal of and interest on this Note subject to the obligation of the Company and the Holder to pay over to the holders of Senior Indebtedness amounts otherwise payable on account of the principal of and interest on this Note pursuant to the provisions of, and in the circumstances specified in, this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 4</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:96px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(d)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">During the first one hundred twenty (120) days of any Deferral Period, payment on account of this Note may not be accelerated unless a voluntary Insolvency or Liquidation Proceeding shall be instituted by the Company or an involuntary Insolvency or Liquidation Proceeding shall be instituted against the Company and such proceeding remains undismissed for a period of sixty (60) days. So long as any Senior Indebtedness is outstanding, the Holder shall give the holders of Senior Indebtedness five (5) Business Days&#8217; prior written notice of any proposed acceleration with respect to this Note (which notice may be given during a Deferral </font></div><div><br></div><div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Period provided that the proposed acceleration is not to be effective until the expiration of such Deferral Period).</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:96px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(e)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">In the event that, notwithstanding the foregoing provisions of this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section&#160;4.3</font><font style="font-family:inherit;font-size:12pt;">, any payment shall be made by or on behalf of the Company and received by the Holder at a time after the giving of a Deferral Notice and during a Deferral Period, then such payment shall be held in trust for the benefit of and shall be immediately paid over to the holders of Senior Indebtedness remaining unpaid or their respective Representatives, for application to the payment in full of all Senior Indebtedness in accordance with its terms (after giving effect to any prior or substantially concurrent payment to the holders of such Senior Indebtedness).</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4.4</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Subrogation to Rights of Holders of Senior Indebtedness</font><font style="font-family:inherit;font-size:12pt;">. After all amounts payable under or in respect of Senior Indebtedness are paid in full, the Holder shall be subrogated to the extent of the payments or distributions made to the holders of, or otherwise applied to payment of, such Senior Indebtedness pursuant to the provisions of this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 4</font><font style="font-family:inherit;font-size:12pt;">&#32;(equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinate and subject in right of payment to Senior Indebtedness to substantially the same extent as this Note is so subordinate and subject in right of payment and which is entitled to like rights of subrogation), to the rights of the holders of such Senior Indebtedness (or their respective Representatives) to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of and interest on this Note shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of Senior Indebtedness (or their respective Representatives) of any cash, property or securities to which the Holder would be entitled except for the provisions of this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 4</font><font style="font-family:inherit;font-size:12pt;">, and no payments over pursuant to the provisions of this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 4</font><font style="font-family:inherit;font-size:12pt;">&#32;to the holders of Senior Indebtedness (or their respective Representatives) by the Company or the Holder shall, as among the Company and its creditors (other than holders of Senior Indebtedness and the Holder), be deemed to be a payment or distribution by the Company to or on account of Senior Indebtedness it being understood that the provisions of this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 4</font><font style="font-family:inherit;font-size:12pt;">&#32;are solely for the purpose of defining the relative rights of the holders of Senior Indebtedness on the one hand and the Holder on the other hand.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">If any payment or distribution to which the Holder would otherwise have been entitled but for the provisions of this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 4</font><font style="font-family:inherit;font-size:12pt;">&#32;shall have been applied, pursuant to the provisions of this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 4</font><font style="font-family:inherit;font-size:12pt;">, to the payment of all amounts payable under the Senior Indebtedness, then and in such case, the Holder shall be entitled to receive (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinate and subject in right of payment to Senior Indebtedness to substantially the same extent as this Note is subordinate and subject in right of payment and which is entitled to like rights) from the holders of such Senior Indebtedness (or their respective Representatives) any substantially contemporaneous payments or distributions received by such holders of Senior Indebtedness (or their respective Representatives) in excess of the amount sufficient to pay in full all obligations payable under or in respect of such Senior Indebtedness.</font></div><div><br></div><div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4.5</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Rights of Holders Not to Be Impaired</font><font style="font-family:inherit;font-size:12pt;">. Nothing contained in this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 4</font><font style="font-family:inherit;font-size:12pt;">&#32;or elsewhere in this Note is intended to or shall:</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:96px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(a)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">impair, as among the Company, its creditors other than holders of Senior Indebtedness and the Holder, the obligation of the Company, which is absolute and unconditional, to pay to the Holder the principal of and premium, if any, and interest on this Note as and when the same shall become due and payable in accordance with their terms; or</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:96px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(b)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">affect the relative rights against the Company of the Holder of this Note and creditors of the Company other than the holders of Senior Indebtedness; or</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:96px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(c)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">prevent the Holder from exercising all remedies otherwise permitted by applicable law upon default subject to the rights, if any, under this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section&#160;4</font><font style="font-family:inherit;font-size:12pt;">&#32;of the holders of Senior Indebtedness to receive payments or distributions otherwise payable or deliverable to, or received by, such holder upon the exercise of any such remedy and subject to the restriction on acceleration set forth in </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 4.3(d)</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4.6</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Effectuation of Subordination</font><font style="font-family:inherit;font-size:12pt;">. If the Holder does not file a proper claim or proof of debt in the form required in any Insolvency or Liquidation Proceeding prior to thirty (30) days before the expiration of the time to file such claims or proofs, then the holders of Senior Indebtedness, or their Representatives, are hereby authorized, and shall have the right (without any duty), to file an appropriate claim for and on behalf of such holder.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4.7</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">No Waiver of Subordination Provisions</font><font style="font-family:inherit;font-size:12pt;">. No right of any present or future holder of any Senior Indebtedness, or Representative thereof, to enforce subordination as herein provided shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of the Company or by any act or failure to act by any such holder or Representative thereof, or by any noncompliance by the Company with the terms, provisions and covenants of this Note regardless of any knowledge thereof which any such holder or Representative thereof may have or be otherwise charged with.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Without in any way limiting the generality of the foregoing paragraph, the holders of Senior Indebtedness (or their Representatives, if applicable) may, at any time and from time to time, without the consent of or notice to the Holder, without incurring responsibility to the Holder and without impairing or releasing the subordination and other benefits provided in this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 4</font><font style="font-family:inherit;font-size:12pt;">&#32;or the obligations hereunder of the Holder to the holders of Senior Indebtedness, do any one or more of the following all without notice to the Holder and even if any right of reimbursement or subrogation or other right or remedy of the Holder is affected, impaired or extinguished thereby:</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:96px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(a)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">change the manner, place or terms of payment or change or extend the time of payment of, or renew, exchange, amend or alter, the terms of any Senior Indebtedness, any security therefor or guaranty thereof or any liability of the </font></div><div><br></div><div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Company or any guarantor to such holder, or any liability incurred directly or indirectly in respect thereof, or otherwise amend, renew, exchange, modify or supplement in any manner Senior Indebtedness or any instrument evidencing or guaranteeing or securing the same or any agreement under which Senior Indebtedness is outstanding;</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:96px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(b)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">sell, exchange, release, surrender, realize upon, enforce or otherwise deal with in any manner and any order any property pledged, mortgaged or otherwise securing Senior Indebtedness or any liability of the Company or any guarantor to such holder, or any liability incurred directly or indirectly in respect thereof;</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:96px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(c)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">settle or compromise any Senior Indebtedness or any other liability of the Company or any guarantor of the Senior Indebtedness to such holder or any security therefor or any liability incurred directly or indirectly in respect thereof and apply any sums by whomsoever paid and however realized to any liability (including, without limitation, Senior Indebtedness) in any manner or order; and</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:96px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(d)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">fail to take or to record or otherwise perfect, for any reason or for no reason, any lien or security interest securing Senior Indebtedness by whomsoever granted, exercise or delay in or refrain from exercising any right or remedy against the Company or any security or any guarantor or any other person, elect any remedy and otherwise deal freely with the Company and any security and any guarantor of the Senior Indebtedness or any liability of the Company or any guarantor to such holder or any liability incurred directly or indirectly in respect thereof.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4.8</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Reliance on Court Orders; Evidence of Status</font><font style="font-family:inherit;font-size:12pt;">. Upon any payment or distribution of assets of the Company referred to in </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 4.2</font><font style="font-family:inherit;font-size:12pt;">, the Holder shall be entitled to rely upon a certificate of the receiver, trustee in bankruptcy, liquidating trustee, agent or other person making such payment or distribution delivered to the Holder for the purpose of ascertaining the persons entitled to participate in such payment or distribution, the holders of Senior Indebtedness and other indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 4</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">In the absence of any such receiver, trustee in bankruptcy, liquidating trustee, agent or other person, the Holder of this Note shall be entitled to rely upon a written notice by a person representing himself or herself to be a holder of Senior Indebtedness (or a Representative on behalf of such holder) as evidence that such person is a holder of Senior Indebtedness (or is such a Representative) for any relevant purpose. In the event that any holder determines in good faith that further evidence is required with respect to the right of any person as a holder of Senior Indebtedness (or such a Representative), as to the extent to which such person is entitled to participate in such payment or distribution, and as to other facts pertinent to the rights of such person under this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section&#160;4</font><font style="font-family:inherit;font-size:12pt;">, such holder may request such person to furnish evidence to the reasonable satisfaction of such holder as to the amount of Senior Indebtedness held by such person, the extent to which such person is entitled to participate in such payment or distribution and any other facts pertinent to the rights of such </font></div><div><br></div><div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">person under this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 4</font><font style="font-family:inherit;font-size:12pt;">, and if such evidence is not furnished such holder may defer (without liability to any holder of Senior Indebtedness or any Representative of such holder) any payment to such person pending judicial determination as to the right of such person to receive such payment or until such time as such holder shall be otherwise satisfied as to the right of such person to receive such payment.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4.9</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Not to Prevent Events of Default</font><font style="font-family:inherit;font-size:12pt;">. The failure to make a payment on account of the principal of or interest on this Note by reason of any provision of this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section&#160;4</font><font style="font-family:inherit;font-size:12pt;">&#32;shall not be construed as preventing the occurrence of a default or an Event of Default under this Note. Except as expressly provided in </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section&#160;4.3(d)</font><font style="font-family:inherit;font-size:12pt;">, nothing in this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section&#160;4</font><font style="font-family:inherit;font-size:12pt;">&#32;shall affect the rights of the Holder to accelerate the maturity of this Note in accordance with its terms.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4.10</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Amendments</font><font style="font-family:inherit;font-size:12pt;">. Without the prior written consent of the holders of Senior Indebtedness, the Company and the Holder shall not (i) amend, supplement or otherwise modify any provision of this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section&#160;4</font><font style="font-family:inherit;font-size:12pt;">, (ii) accelerate the payment of the principal of or interest on this Note or (iii) if such amendment would have a material adverse effect on the holders of Senior Indebtedness, amend, supplement or otherwise modify any other provision of this Note.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">5.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Default</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">5.1</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Events of Default</font><font style="font-family:inherit;font-size:12pt;">. If any of the following events (each, an &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Event of Default</font><font style="font-family:inherit;font-size:12pt;">&#8221; and collectively, &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Events of Default</font><font style="font-family:inherit;font-size:12pt;">&#8221;) shall occur:</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:96px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(a)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">the Company shall default in the payment of any part of the principal of, or accrued and unpaid interest on, this Note;</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:96px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(b)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">the Company shall breach or default in the performance of any covenant or warranty of the Company in this Note, and continuance of such breach for a period of thirty (30) days after there has been given, by registered or certified mail, to the Company by the Holder of this Note, a written notice specifying such breach or default and requiring it to be remedied;</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:96px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(c)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">any Insolvency or Liquidation Proceeding occurs in respect of the Company or any of its subsidiaries;</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:96px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(d)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Company in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the Company or for any substantial part of its property, or ordering the winding-up or liquidation of its affairs, and such decree or order shall remain unstayed and in effect for a period of thirty (30) consecutive days; or</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:96px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(e)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">the Company shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, shall consent </font></div><div><br></div><div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">to the entry of an order for relief in an involuntary case under any such law, or shall consent to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of the Company or for any substantial part of its property, or shall make any general assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due, or shall take any corporate action in furtherance of any of the foregoing;</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">then and in any such event the Holder of this Note may at any time (unless all defaults theretofore or thereupon shall have been remedied) at its option, by written notice to the Company, declare this Note to be due and payable, whereupon the same shall forthwith mature and become due and payable as at the date the Company receives such written notice from the Holder (with such date being referred to in this Note as the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Accelerated Maturity Date</font><font style="font-family:inherit;font-size:12pt;">&#8221;) without presentment, demand, protest or other notice, all of which are hereby waived.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">5.2</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Remedies on and Notices of Default</font><font style="font-family:inherit;font-size:12pt;">. Subject to the provisions of </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section&#160;6</font><font style="font-family:inherit;font-size:12pt;">, in case any one or more Events of Default shall occur, the Holder may proceed to protect and enforce the rights of such Holder by a suit in equity, action at law or other appropriate proceeding, whether for the specific performance of any agreement contained in this Note, or for an injunction against a violation of any of the terms or provisions hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by law. In case of default under this Note, the Company will pay to the Holder such further amount as shall be sufficient to cover the reasonable cost and expense of enforcement, including, without limitation, reasonable attorneys&#8217; fees.  If the Holder shall give any notice or take any other action in respect of a claimed default, the Company shall forthwith give written notice thereof to all other holders of Notes at the time outstanding, describing the notice or action and the nature of the claimed default. No course of dealing and no delay on the part of any Holder of this Note in exercising any right shall operate as a waiver thereof or otherwise prejudice such Holder&#8217;s rights or the rights of the holder of any other Notes. No remedy conferred by this Note upon the Holder shall be exclusive of any other remedy referred to herein or now or hereafter available at law, in equity, by statute or otherwise.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">5.3</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Default Interest</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">.  </font><font style="font-family:inherit;font-size:12pt;">If the Company defaults in the payment of any amounts due under this Note, then without prejudice to any other remedy available to each Holder: (i) that unpaid amount becomes a debt due to the Holder as and from the relevant date on which that amount was due; (ii) interest shall accrue on the unpaid amount (now a debt due) at the Default Interest Rate from the date on which that amount was due until the date on which it is paid to the Holder in full; and (iii) any interest charged at the Default Interest Rate must be paid by the Company to the Holder immediately on demand. </font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Conversion</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.1</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Voluntary Conversion</font><font style="font-family:inherit;font-size:12pt;">.  In the event the Merger Agreement is terminated, the Holder may, at any time before this Note has been repaid in full, upon fifteen (15) days written notice to the Company, elect to convert all or any portion of the principal amount of, and accrued and unpaid interest on, this Note outstanding into the number of Conversion </font></div><div><br></div><div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Shares determined in accordance with the formula below, at the applicable Conversion Price as set forth in </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 6.4</font><font style="font-family:inherit;font-size:12pt;">. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">S = (V) &#247; (P)</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">where:</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">S&#160;&#160;&#160;&#160;is the number of fully paid Conversion Shares to be issued;</font></div><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:96px;"><font style="font-family:inherit;font-size:12pt;">V</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">is the principal amount of, and accrued and unpaid interest on, this Note; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:96px;"><font style="font-family:inherit;font-size:12pt;">P</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">is the applicable Conversion Price calculated in accordance with </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 6.4</font><font style="font-family:inherit;font-size:12pt;">. </font></div></td></tr></table><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.2</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Conversion Procedure in the Event of Voluntary Conversion</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:96px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(a)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Each voluntary conversion of this Note shall be effected by the surrender of this Note at the principal office of the Company at any time during normal business hours, together with a written notice by the Holder stating that the Holder desires to convert the entire, or a specified increment of, principal of this Note into Common Stock. Each conversion of a Note will be deemed to have been effected as of the close of business on the date on which this Note has been surrendered and the notice has been received, and at that time, the rights of the Holder of this Note will cease and the person or persons in whose name or names any certificate or certificates for Common Stock are to be issued upon conversion will be deemed to have become the Holder or Holders of record of the shares of Common Stock represented thereby.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:96px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(b)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Within two (2) Trading Days after a conversion has been effected, the Company will deliver to the converting Holder:</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:144px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(i)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">a certificate or certificates representing the number of shares of Common Stock issuable by reason of conversion in such name or names and such denomination or denominations as the converting Holder has specified; and</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:144px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(ii)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">a replacement Note representing the principal amount of this Note delivered to the Company in connection with the conversion but which was not converted.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:96px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(c)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">If the Company shall fail, for any reason or for no reason, to issue to the Holder within two (2) Trading Days after the Company&#8217;s receipt of a notice of conversion (whether via facsimile or otherwise), a certificate for the number of shares of Common Stock to which the Holder is entitled and register such shares of Common Stock on the Company&#8217;s share register or to credit the Holder&#8217;s or its designee&#8217;s balance account with The Depository Trust Company&#8217;s (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">DTC</font><font style="font-family:inherit;font-size:12pt;">&#8221;) for such number of shares of Common Stock to which the Holder is entitled upon the Holder&#8217;s conversion of any Conversion Amount (as the case may be) (a &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Conversion Failure</font><font style="font-family:inherit;font-size:12pt;">&#8221;) and if on or after such third (3</font><font style="font-family:inherit;font-size:12pt;"><sup style="vertical-align:top;line-height:120%;font-size:8pt">rd</sup></font><font style="font-family:inherit;font-size:12pt;">) Trading Day the Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in </font></div><div><br></div><div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">satisfaction of a sale by the Holder of shares of Common Stock issuable upon such conversion that the Holder anticipated receiving from the Company, then, in addition to all other remedies available to the Holder, the Company shall, within two (2) Trading Days after the Holder&#8217;s request and in the Holder&#8217;s discretion, either (i) pay cash to the Holder in an amount equal to the Holder&#8217;s total purchase price (including brokerage commissions and other out-of-pocket expenses, if any) for the shares of Common Stock so purchased (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Buy-In Price</font><font style="font-family:inherit;font-size:12pt;">&#8221;), at which point the Company&#8217;s obligation to deliver such certificate (and to issue such shares of Common Stock) shall terminate, or (ii) promptly honor its obligation to deliver to the Holder a certificate or certificates representing such shares of Common Stock or credit the Holder&#8217;s balance account with DTC for the number of shares of Common Stock to which the Holder is entitled upon the Holder&#8217;s conversion hereunder (as the case may be) and pay cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number of shares of Common Stock multiplied by (B) the applicable Conversion Price.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:96px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(d)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">The issuance of certificates for Common Stock upon conversion of this Note will be made without charge to the Holder for any tax in respect thereof or other cost incurred by the Company in connection with conversion and the related issuance of Common Stock. Upon conversion of any portion of this Note, the Company will take all actions as are necessary in order to ensure that the Common Stock issuable with respect to conversion will be validly issued, fully paid and nonassessable.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:96px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(e)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">The Company will not close its books against the transfer of this Note or of the shares of Common Stock issued or issuable upon conversion of this Note in any manner which interferes with the timely conversion of this Note, and will at all times reserve for issuance the maximum number of shares of Common Stock into which this Note is convertible.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.3</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Fractional Shares; Interest</font><font style="font-family:inherit;font-size:12pt;">. No fractional Conversion Shares shall be issued upon conversion of this Note. In lieu of the Company issuing any fractional Conversion Shares to Holder upon the conversion of this Note, the Company shall pay to Holder an amount equal to the product obtained by multiplying the Conversion Price applied to effect such conversion by the fraction of a share not issued pursuant to the previous sentence. Upon conversion of this Note in full or the payment of outstanding amounts specified in this Note, the Company shall be released from all its obligations and liabilities under this Note.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.4</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Conversion Price</font><font style="font-family:inherit;font-size:12pt;">.  The conversion price (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Conversion Price</font><font style="font-family:inherit;font-size:12pt;">&#8221;) shall be equal to $0.44; </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">provided</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">however</font><font style="font-family:inherit;font-size:12pt;">, that in the event the Merger Agreement is terminated for any reason other than in connection with a Superior Proposal (as defined in the Merger Agreement), the Conversion Price shall be equal to $0.352.</font></div><div><br></div><div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">7.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Conversion Price Adjustments</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">7.1</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Adjustments for Stock Splits and Subdivisions</font><font style="font-family:inherit;font-size:12pt;">.  In the event the Company should at any time or from time to time after the date of issuance hereof fix a record date for the effectuation of a split or subdivision of the outstanding shares of Common Stock or the determination of holders of Common Stock entitled to receive a dividend or other distribution payable in additional shares of Common Stock without payment of any consideration by such holders for the additional shares of Common Stock, then, as of such record date (or the date of such dividend distribution, split or subdivision if no record date is fixed), the Conversion Price shall be appropriately decreased so that the number of Conversion Shares issuable upon conversion of this Note shall be increased in proportion to such increase of outstanding shares.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">7.2</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Adjustments for Reverse Stock Splits</font><font style="font-family:inherit;font-size:12pt;">.  If the number of shares of Common Stock outstanding at any time after the date hereof is decreased by a combination of the outstanding shares of Common Stock, then, following the record date of such combination, the Conversion Price shall be appropriately increased so that the number of Conversion Shares issuable on conversion hereof shall be decreased in proportion to such decrease in outstanding shares. </font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">7.3</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">[Intentionally Omitted]</font><font style="font-family:inherit;font-size:12pt;">.  </font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">7.4</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Change of Control</font><font style="font-family:inherit;font-size:12pt;">. If, at any time while this Note is outstanding a Change of Control occurs, then, upon any subsequent conversion of this Note, the Holder shall have the right to receive, for each Conversion Share that would have been issuable upon such conversion immediately prior to the occurrence of such Change of Control, the same kind and amount of securities, cash or property as it would have been entitled to receive upon the occurrence of such Change of Control if it had been, immediately prior to such Change of Control, the holder of one (1) share of Common Stock (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Alternate Consideration</font><font style="font-family:inherit;font-size:12pt;">&#8221;). For purposes of any such conversion, the determination of the Conversion Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one (1) share of Common Stock in such Change of Control, and the Company shall apportion the Conversion Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Change of Control, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any conversion of this Note following such Change of Control. To the extent necessary to effectuate the foregoing provisions, any successor to the Company or surviving entity in such Change of Control shall issue to the Holder a new note consistent with the foregoing provisions and evidencing the Holder&#8217;s right to convert such note into Alternate Consideration. The terms of any agreement pursuant to which a Change of Control is effected shall include terms requiring any such successor or surviving entity to comply with the provisions of this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section&#160;7.4</font><font style="font-family:inherit;font-size:12pt;">&#32;and insuring that this Note (or any such replacement security) will be similarly adjusted upon any subsequent transaction analogous to a Change of Control.</font></div><div><br></div><div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">7.5</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Notices of Record Date, Etc</font><font style="font-family:inherit;font-size:12pt;">. In the event of:</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:96px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(a)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Any taking by the Company of a record of the holders of any class of securities of the Company for the purpose of determining the holders thereof who are entitled to receive any dividend (other than a cash dividend payable out of earned surplus at the same rate as that of the last such cash dividend theretofore paid) or other distribution or any right to subscribe for, purchase or otherwise acquire any shares of stock of any class or any other securities or property, or to receive any other right; or</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:96px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(b)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Any Change of Control; or</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:96px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(c)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Any voluntary or involuntary dissolution, liquidation or winding-up of the Company,</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">the Company will mail to the Holder at least ten (10) days prior to the earliest date specified therein, a notice specifying (i) the date on which any such record is to be taken for the purpose of such dividend, distribution or right and the amount and character of such dividend, distribution or right; and (ii) the date on which any such Change of Control, dissolution, liquidation or winding-up is expected to become effective and the record date for determining stockholders entitled to vote thereon.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">7.6</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Reservation of Conversion Shares Issuable Upon Conversion</font><font style="font-family:inherit;font-size:12pt;">.  The Company shall at all times reserve and keep available out of its authorized but unissued Conversion Shares for the purpose of effecting the conversion of this Note such number of its Conversion Shares as shall from time to time be sufficient to effect the conversion of this Note; and if at any time the number of authorized but unissued Conversion Shares shall not be sufficient to effect the conversion of the entire outstanding principal amount of, and accrued and unpaid interest on, this Note, or if such conversion would result in the issuance of greater than 19.99% of the voting power or total outstanding shares of the Company prior to the Company obtaining stockholder approval, without limitation of such other remedies as shall be available to the Holder of this Note, the Company shall immediately take all actions necessary to (i) increase its authorized but unissued Conversion Shares to such number of shares as shall be sufficient for such purposes, and/or (ii) seek approval from the Company&#8217;s stockholders to issue all Conversion Shares issuable under the Notes.  </font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">7.7</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Issuance Limitations</font><font style="font-family:inherit;font-size:12pt;">.   Notwithstanding anything herein to the contrary, the Company may not issue upon conversion of this Note a number of shares of Common Stock which, when aggregated with all shares of Common Stock issued pursuant to the Notes, would exceed 19.99% of the issued and outstanding shares of Common Stock on November 1, 2018 (subject to adjustment for forward and reverse stock splits, recapitalizations and the like) (such number of shares, the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Maximum Issuable Conversion Shares</font><font style="font-family:inherit;font-size:12pt;">&#8221;), without first obtaining Shareholder Approval.  Until such time as Shareholder Approval is obtained, each Holder shall be entitled to a portion of the Maximum Issuable Conversion Shares equal to the quotient obtained by dividing (x) the original principal amount of the Holder&#8217;s Note by (y) the aggregate original principal amount of all Notes issued to all Holders.  In addition, </font></div><div><br></div><div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">the Holder acknowledges the Company may not issue, upon conversion of this Note, any number of shares of Common Stock, prior to filing an additional shares listing application with the Principal Market covering the Conversion Shares and obtaining approval of such additional shares listing application.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">8.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Covenants of the Company</font><font style="font-family:inherit;font-size:12pt;">.  From and after the date of the Securities Purchase Agreement and continuing so long as any of the Notes are outstanding:</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">8.1</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Negative Covenants</font><font style="font-family:inherit;font-size:12pt;">. The Company shall not (without the prior written approval of Holders of Notes representing more than fifty percent (50%) of the aggregate principal amount of Notes then outstanding or as otherwise permitted by this Note): (i) repurchase shares of the Company&#8217;s capital stock, or otherwise return capital to the Company&#8217;s shareholders, or otherwise undertake any reorganization or reconstruction of capital (however described) of the Company; (ii) incur any financial indebtedness against assets of the Company outside the ordinary course of the Company&#8217;s business in excess of $500,000; (iii) use assets of the Company other than in the ordinary course of the Company&#8217;s business and on ordinary commercial terms or undertake any similar arrangements other than in the ordinary course of the Company&#8217;s business and on ordinary commercial terms; (iv) take any action which constitutes or results in any material alteration to the nature of the business of the Company; or (v) incur any additional Senior Indebtedness in excess of $10,000,000.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">8.2</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Notices</font><font style="font-family:inherit;font-size:12pt;">. The Company shall promptly notify the Holder of (i) the occurrence of any Event of Default of which the Company becomes aware, and (ii) entry into a definitive agreement with a third-party that may result in a Change of Control.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">9.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Successors and Assigns</font><font style="font-family:inherit;font-size:12pt;">.  Subject to the restrictions on transfer described in </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Sections&#160;11 and 12</font><font style="font-family:inherit;font-size:12pt;">, the rights and obligations of Company and the Holder shall be binding upon and benefit the successors, assigns, heirs, administrators and transferees of the parties.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">10.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Waiver and Amendment</font><font style="font-family:inherit;font-size:12pt;">.  Any provision of this Note may be amended, waived or modified upon the written consent of Company and the holders of a majority in principal amount of the Notes (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Required Holders</font><font style="font-family:inherit;font-size:12pt;">&#8221;). </font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">11.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Transfer of this Note or Conversion Shares</font><font style="font-family:inherit;font-size:12pt;">.  With respect to any offer, sale or other disposition of this Note or the Conversion Shares, the Holder will give written notice to the Company prior thereto, describing briefly the manner thereof, together with a written opinion of the Holder&#8217;s counsel, or other evidence if reasonably satisfactory to the Company, to the effect that such offer, sale or other distribution may be effected without registration or qualification under the Securities Act or state law. Upon receiving such written notice and reasonably satisfactory opinion, if so requested, or other evidence, the Company, as promptly as practicable, shall notify the Holder that the Holder may sell or otherwise dispose of this Note or the Conversion Shares, all in accordance with the terms of the notice delivered to Company; </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">provided</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">however</font><font style="font-family:inherit;font-size:12pt;">, that the ability of the Holder or any transferee of the Holder to transfer any of the Conversion Shares shall be subject to the limitations contained in the Securities Purchase Agreement.  If a determination has been made pursuant to this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section&#160;11</font><font style="font-family:inherit;font-size:12pt;">&#32;that the opinion of counsel for the Holder, or other evidence, is not </font></div><div><br></div><div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;padding-top:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">reasonably satisfactory to the Company, the Company shall so notify the Holder promptly after such determination has been made.  Each Note thus transferred and each certificate representing the Conversion Shares thus transferred shall bear a legend as to the applicable restrictions on transferability in order to ensure compliance with the Securities Purchase Agreement and the Securities Act, as applicable, unless in the opinion of counsel for the Company such legend is not required in order to ensure compliance with the Securities Purchase Agreement and the Securities Act.  The Company may issue stop transfer instructions to its transfer agent in connection with such restrictions, if permitted in accordance with this Note.  Subject to the foregoing, transfers of this Note shall be registered upon the Note Register.  Prior to presentation of this Note for registration of transfer, the Company shall treat the registered Holder hereof as the owner and the Holder of this Note for the purpose of receiving all payments of principal and interest hereon and for all other purposes whatsoever, whether or not this Note shall be overdue and the Company shall not be affected by notice to the contrary.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">12.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Assignment by the Company</font><font style="font-family:inherit;font-size:12pt;">.  Neither this Note nor any of the rights, interests or obligations hereunder may be assigned, by operation of law or otherwise, in whole or in part, by Company without the prior written consent of the Holder.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">13.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Notices</font><font style="font-family:inherit;font-size:12pt;">.  All notices, requests, demands, consents, instructions or other communications required or permitted hereunder shall be in writing and faxed, mailed or delivered to each party at the respective addresses of the parties as set forth in the Securities Purchase Agreement or at such other address or facsimile number as the Company shall have furnished to Holder in writing.  All such notices and communications shall be effective (i) when sent by Federal Express or other overnight service of recognized standing, on the business day following the deposit with such service; (ii) when mailed, by registered or certified mail, first class postage prepaid and addressed as aforesaid through the United States Postal Service, upon receipt; (iii)&#160;when delivered by hand, upon delivery; and (iv) when faxed or emailed, upon confirmation of receipt.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">14.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Rank</font><font style="font-family:inherit;font-size:12pt;">.  All payments under this Note (i) shall rank pari passu with all other Notes as set forth in </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 15</font><font style="font-family:inherit;font-size:12pt;">, (ii) shall be senior to all other indebtedness of the Company, other than Senior Indebtedness, and (iii) junior to all Senior Indebtedness.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">15.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Pari Passu Notes</font><font style="font-family:inherit;font-size:12pt;">.  The Holder acknowledges and agrees that the payment of all or any portion of the outstanding principal amount of this Note and all interest hereon shall be pari passu in right of payment and in all other respects to the other Notes issued pursuant to the Securities Purchase Agreement or pursuant to the terms of such Notes.  In the event the Holder receives payments in excess of its pro rata share of the Company&#8217;s payments to the holders of all of the Notes, then the Holder shall hold in trust all such excess payments for the benefit of the holders of the other Notes and shall pay such amounts held in trust to such other holders upon demand by such holders.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">16.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Payment</font><font style="font-family:inherit;font-size:12pt;">.  Unless requested otherwise by the Holder, any payment made under this Note shall be made in lawful tender of the United States.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">17.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Usury</font><font style="font-family:inherit;font-size:12pt;">. In the event any interest is paid on this Note which is deemed to be in excess of the then legal maximum rate, then that portion of the interest payment representing an amount </font></div><div><br></div><div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;padding-top:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">in excess of the then legal maximum rate shall be deemed a payment of principal and applied against the principal of this Note.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">18.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Waivers</font><font style="font-family:inherit;font-size:12pt;">.  The Company hereby waives notice of default, presentment or demand for payment, protest or notice of nonpayment or dishonor and all other notices or demands relative to this instrument.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">19.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">No Rights as Stockholder</font><font style="font-family:inherit;font-size:12pt;">.  This Note does not entitle the Holder to any voting rights or other rights as a stockholder of the Company prior to the conversion thereof.  Specifically, until this Note is converted upon the terms contained herein, the Holder shall not be entitled to notice of, or the right to attend, any meeting of the stockholders of the Company, or to receive copies of any documents distributed to the Company&#8217;s stockholders (unless otherwise provided for in this Note).</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">20.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Governing Law</font><font style="font-family:inherit;font-size:12pt;">.  The validity, interpretation, construction and performance of this Note, and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the state of Nevada, without giving effect to principles of conflicts of law. For purposes of litigating any dispute that may arise directly or indirectly from this Note, the parties hereby submit and consent to the exclusive jurisdiction of the state of California and agree that any such litigation shall be conducted only in the courts of California or the federal courts of the United States located in California and no other courts.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">IN WITNESS WHEREOF, the Company has caused this Note to be issued as of the date first written above.</font></div><div style="line-height:120%;padding-top:16px;text-align:left;padding-left:288px;text-indent:312px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"></font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">INUVO, INC.</font><font style="font-family:inherit;font-size:12pt;">, <br>a Nevada corporation</font><font style="font-family:inherit;font-size:10pt;">&#32;<br> <br></font><font style="font-family:inherit;font-size:12pt;">&#32;<br>By:</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;/s/ Richard K. Howe&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:12pt;">&#160;&#160;&#160;&#160;Richard K. Howe, President and CEO</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">DMS/12356156v.6</font></div><div><br></div><div></div>	</body>
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<div><a name="s8EC6823A2BBB211CC4297A3756CF1F74"></a></div><div></div><div><br></div><div style="line-height:144%;text-align:left;font-size:20pt;"><font style="font-family:inherit;font-size:20pt;background-color:#ffffff;color:#16272a;font-weight:bold;">Inuvo Announces Termination of Agreement and Plan of Merger with ConversionPoint Technologies Inc.</font></div><div style="line-height:144%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;color:#373737;">LITTLE ROCK, AR., June 21, 2019 (GLOBE NEWSWIRE) -- &#160;Inuvo, Inc.&#160;(NYSE American: INUV),&#160;</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">a leading provider of marketing technology, powered by artificial intelligence that serves brands and agencies</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;color:#373737;">, </font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;color:#333333;">today announced that it has mutually agreed with ConversionPoint Technologies Inc. to terminate the previously announced agreement under which ConversionPoint was to acquire Inuvo.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:143%;padding-bottom:10px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;color:#333333;">Rich Howe, Inuvo&#8217;s Chairman / CEO, commented, &#8220;</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;color:#373737;">With the termination of the agreement, we will immediately refocus resources away from integration planning to new opportunities that maximize the growth potential of the IntentKey</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;color:#373737;"><sup style="vertical-align:top;line-height:120%;background-color:#ffffff; font-size:8pt">TM</sup></font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;color:#373737;">, while maintaining important ValidClick revenue streams.  The IntentKey</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;color:#373737;"><sup style="vertical-align:top;line-height:120%;background-color:#ffffff; font-size:8pt">TM</sup></font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;color:#373737;">&#32;Data Platform is a transformational artificial intelligence-based technology capable of identifying audiences with an unmatched precision. The documented performance has been outstanding. The proliferation of the IntentKey</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;color:#373737;"><sup style="vertical-align:top;line-height:120%;background-color:#ffffff; font-size:8pt">TM</sup></font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;color:#373737;">&#32;is our number one priority.&#8221; </font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:144%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">As part of the termination agreement, the $2.8 million break-up fee payable to Inuvo is to be settled by a combination of (i) terminating the outstanding </font><font style="font-family:inherit;font-size:12pt;">10% Senior Unsecured Subordinated Promissory Note issued by Inuvo to CPT Investments, LLC, an affiliate of ConversionPoint by no later than July 20, 2019 or payment of a cash fee, (ii) transfer of the assets of ConversionPoint&#8217;s ReTargeter business to Inuvo by no later than December 31, 2019 or payment of a cash fee, and (iii) the reimbursement of certain fees associated with the contingent settlement of certain lawsuits that resulted from the proposed merger by no later than September 15, 2019.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:143%;padding-bottom:10px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;color:#333333;">&#8220;While we firmly believed in the strategic merits of the combination with ConversionPoint Technologies, the difficult market conditions faced by ConversionPoint while attempting to secure the required financing for the transaction led us jointly to the conclusion that the transaction was unlikely to be funded by the pending July 12, 2019 deadline. We have already started the process of fulfilling ReTargeter accounts from the </font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;color:#373737;">IntentKey</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;color:#373737;"><sup style="vertical-align:top;line-height:120%;background-color:#ffffff; font-size:8pt">TM</sup></font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;color:#333333;">&#32;platform.  We see all of these accounts as upsell opportunities.&#8221; added Rich Howe, Inuvo CEO.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:144%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;color:#111111;font-weight:bold;">About Inuvo</font></div><div style="line-height:144%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;color:#111111;">Inuvo&#174;, Inc. (NYSE American: INUV) is a market leader in artificial intelligence, aligning and</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;color:#16272a;">&#32;delivering consumer-oriented product &amp; brand messaging strategies online based on powerful, anonymous and proprietary consumer intent data for agencies, advertisers and partners. To learn more, visit&#160;</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;color:#0000ff;text-decoration:underline;">www.inuvo.com</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;color:#16272a;">.</font></div><div style="line-height:144%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;color:#16272a;font-weight:bold;">Forward-looking Statements&#160;</font></div><div style="line-height:144%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">This press release contains certain forward-looking statements that are based upon current expectations and involve certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words or expressions such as "anticipate," "plan," "will," "intend," "believe" or "expect" or variations of such words and similar</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">expressions are intended to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including, without limitation, statements made with respect to our prospects and opportunities after termination of the ConversionPoint merger agreement, expectations with respect to our lack of profitable operating history, changes in our business, the impact of ongoing litigation involving ConversionPoint and Inuvo, potential need for additional capital, fluctuations in demand, changes to economic growth in the U.S. economy, and government policies and regulations, including, but not limited to those affecting the Internet,</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">&#32;</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;color:#16272a;">and other factors, including but not limited to the &#8220;Risk Factors&#8221;</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">&#32;</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">set forth in the most current</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">&#32;</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;color:#16272a;">Form 10-K, Form 10-Q</font><font style="font-family:inherit;font-size:12pt;">&#160;</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;color:#16272a;">and 8-K reports filed by Inuvo with the SEC</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">.  All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, many of which are generally outside the control of Inuvo and are difficult to predict.</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">&#32;&#32;</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;color:#16272a;">All forward-looking statements are based on management&#8217;s estimates, projections and assumptions as of the date hereof, and Inuvo is under no obligation (and expressly disclaims any such obligation) to update or revise its forward-looking statements whether as a result of new information, future events, or otherwise.</font></div><div style="line-height:144%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:144%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;color:#111111;font-weight:bold;">Inuvo Company Contact:</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;color:#16272a;">&#160; <br>Wally Ruiz&#160;&#160; <br>Chief Financial Officer&#160; <br>Tel (501) 205-8397</font><font style="font-family:inherit;font-size:12pt;">&#160;</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;color:#16272a;">wallace.ruiz@inuvo.com&#160;</font></div><div style="line-height:144%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:144%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;color:#111111;font-weight:bold;">Investor Relations:</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;color:#16272a;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">KCSA Strategic Communications</font></div><div style="line-height:120%;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">Valter Pinto, Managing Director</font></div><div style="line-height:120%;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">(212) 896-1254</font></div><div style="line-height:120%;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">Valter@KCSA.com</font><font style="font-family:inherit;font-size:10.5pt;">&#160;</font></div><div style="line-height:144%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div><br></div><div><div style="line-height:100%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></div>	</body>
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