<SEC-DOCUMENT>0001753926-24-001999.txt : 20241125
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<ACCEPTANCE-DATETIME>20241125160115
ACCESSION NUMBER:		0001753926-24-001999
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		18
CONFORMED PERIOD OF REPORT:	20241125
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20241125
DATE AS OF CHANGE:		20241125

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CLEARONE INC
		CENTRAL INDEX KEY:			0000840715
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE & TELEGRAPH APPARATUS [3661]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				870398877
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33660
		FILM NUMBER:		241495795

	BUSINESS ADDRESS:	
		STREET 1:		5225 WILEY POST WAY
		STREET 2:		SUITE 500
		CITY:			SALT LAKE CITY
		STATE:			UT
		ZIP:			84116
		BUSINESS PHONE:		8019757200

	MAIL ADDRESS:	
		STREET 1:		5225 WILEY POST WAY
		STREET 2:		SUITE 500
		CITY:			SALT LAKE CITY
		STATE:			UT
		ZIP:			84116

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CLEARONE COMMUNICATIONS INC
		DATE OF NAME CHANGE:	20020204

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GENTNER COMMUNICATIONS CORP
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GENTNER ELECTRONICS CORP
		DATE OF NAME CHANGE:	19910808
</SEC-HEADER>
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<p style="text-align: center;"><span style="font-size: 14pt; font-weight: bold; line-height: inherit;">UNITED STATES</span><span style="font-size: 14pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-size: 14pt; font-weight: bold; line-height: inherit;">SECURITIES AND EXCHANGE COMMISSION</span></p>
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<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">CURRENT REPORT</span></p>
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934</span></p>
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<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 14pt; font-weight: bold; text-decoration: underline; line-height: inherit;"><span style="-sec-ix-hidden:Tag20">ClearOne, Inc.</span></span></p>
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(Exact name of registrant as specified in its charter)</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span> </p> </td>
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<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-decoration: underline; line-height: inherit;">Not applicable</span></p>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">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:</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'MS Mincho'; font-size: 10pt; line-height: inherit;"><ix:nonNumeric contextRef="D20241125" name="dei:WrittenCommunications" id="Tag8" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></span> </p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </span></p> </td> </tr>
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<td style="vertical-align: top; width: 3.8%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'MS Mincho'; font-size: 10pt; line-height: inherit;"><ix:nonNumeric contextRef="D20241125" name="dei:SolicitingMaterial" id="Tag7" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></span> </p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </span></p> </td> </tr>
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<td style="vertical-align: top; width: 3.8%;">
<p style="margin: 0pt;"><span style="font-family: 'MS Mincho'; font-size: 10pt; line-height: inherit;"><ix:nonNumeric contextRef="D20241125" name="dei:PreCommencementTenderOffer" id="Tag6" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></span> </p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </span></p> </td> </tr>
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<td style="vertical-align: top; width: 3.8%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'MS Mincho'; font-size: 10pt; line-height: inherit;"><ix:nonNumeric contextRef="D20241125" name="dei:PreCommencementIssuerTenderOffer" id="Tag5" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></span> </p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Pre-commencement communication pursuant to Rule 13e-4</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#169;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> under the Exchange Act (17 CFR 240.13e-4</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#169;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) </span></p> </td> </tr> </tbody> </table>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Securities Registered Pursuant to Section 12(b) of the Act:</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Title of each class</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Trading Symbol(s)</span></p> </td>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter). </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Emerging growth company </span><span style="font-family: 'MS Mincho'; font-size: 10pt; line-height: inherit;"><ix:nonNumeric contextRef="D20241125" name="dei:EntityEmergingGrowthCompany" id="Tag1" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. </span><span style="font-family: 'MS Mincho'; font-size: 10pt; line-height: inherit;">&#9744;</span></p>
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<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Item</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">1</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">.01 </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Entry Into a Material Definitive Agreement</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">.</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">O</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">n </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">November 19, 2024</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ClearOne, Inc. (the &#8220;Company&#8221;)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> entered into </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">engagement letter</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(the &#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Engagement Letter</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> with </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ARC Group Limited </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ARC</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> for ARC to assist the Company with</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the sale of the Company by way of a negotiated merger or consolidation, including a reverse merger, the negotiated sale of all or substantially all of the Company&#8217;s assets, the sale, via negotiated tender offer, of the Company&#8217;s issued and outstanding shares of stock, or a spin-off&#160; of the Company&#8217;s current business and operations to its current stockholders</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (each, a &#8220;Strategic Transaction&#8221;)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. </span></p>
<p style="margin: 0pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The engagement of ARC is part of a comprehensive review of strategic alternatives being conducted by the Company&#8217;s Board of Directors (the &#8220;Board&#8221;) focused</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> on maximizing shareholder value, including but not limited to, equity or debt financing alternatives, merger and acquisition transactions, divestiture of assets, licensing opportunities, joint ventures, collaborations or other partnerships with other companies, or a spin-off of the Company&#8217;s current business and operations</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> The Board has formed a special transaction committee of the Board (the &#8220;Special Transaction Committee&#8221;) consisting of independent and disinterested directors </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and delegated all power and authority of the Board to the Special Transaction Committee to oversee the Company&#8217;s evaluation of strategic alternatives.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> There is no set timetable for this process and there can be no assurance that this process will result in the Company pursuing a Strategic Transaction or that any transaction, if pursued, will be completed on attractive terms or at all. The Company does not expect to disclose developments with respect to this process unless and until the evaluation of strategic alternatives has been completed or the Company has concluded that disclosure is appropriate or legally required.</span></p>
<p style="margin: 0pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Pursuant to the terms and conditions of the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Company&#8217;s Engagement Letter with ARC</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ARC will act as </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the Company&#8217;s exclusive</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> financial advisor and assist the Company with identifying potential acquisition or merger partners for the Company and negotiating and consummating a </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">S</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">trategic </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Tr</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ansaction with one or more such parties</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Under the terms of the Engagement Letter, prior to December 31, 2024, ARC is required to facilitate an equity investment of shares of common stock of the Company representing 19.99% of the then issued and outstanding shares of common stock. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As consideration for the financial advisory services to be provided by ARC to the Company, the Company will pay ARC the following fees pursuant to the Engagement Letter:</span><br/></p>
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<li style="font-family: Symbol; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0pt 0pt 10pt 82.52pt; padding-left: 25.48pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Up to $510,000 in aggregate milestone and success fees payable in cash; </span></li>
<li style="font-family: Symbol; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0pt 0pt 10pt 82.52pt; padding-left: 25.48pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">A </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">success fee payable in securities of the Company or its successor equal to three percent (3%) of the transaction value of any completed Strategic Transaction; </span></li>
<li style="font-family: Symbol; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0pt 0pt 10pt 82.52pt; padding-left: 25.48pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">A </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">cash retainer of $10,000 per quarter; </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and</span></li>
<li style="font-family: Symbol; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0pt 0pt 10pt 82.52pt; padding-left: 25.48pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In connection with any sale of debt or equity securities </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">contemplated by the Engagement Letter</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, a cash success fee of eight percent (8%) of the amount of capital raised.</span></li> </ul>
<p style="margin: 0pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The foregoing summary of the</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> material terms of the</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Engagement Letter is qualified entirely by reference to</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Engagement Letter, a copy of which is filed herewith as Exhibit 10.1 and incorporated herein by reference.</span></p>
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<p class="MsoNormal" style="margin: 0px 0px 10pt; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b><span style="color: black; line-height: inherit;">Item 5.02<span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</span></b></span></p>
<p class="MsoNormal" style="margin: 0pt 0pt 10pt; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 36pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="color: black; line-height: inherit;">On November 22, 2024, Larry Hendricks advised the Board that he would not stand for re-election to the Board at the next annual or special meeting of stockholders at which directors are elected.&#160; Mr. Hendricks&#8217; decision to not stand for re-election was not the result of any disagreement with the Company.</span><span style="line-height: inherit;"></span><span style="line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Item 9.01</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Financial Statements and Exhibits</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(d)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Exhibits</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Exhibit</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Number</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Exhibit</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Title</span></p> </td> </tr>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">10.1</span></p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
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<p style="margin: 0pt; text-align: justify;"><a href="ex101_1.htm" class="LinkedExhibit" style="-sec-extract: exhibit;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Engagement Letter by and between ClearOne, Inc. and ARC Group Limited dated November 19, 2024.</span></a></p> </td> </tr>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">104.1</span></p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.</span></p>
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td> </tr> </tbody> </table>
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<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">SIGNATURES</span></p>
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">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.</span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">CLEARONE, INC. </span></p> </td> </tr>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span> </p> </td>
<td style="vertical-align: bottom; width: 5%; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span> </p> </td>
<td style="vertical-align: bottom; width: 55.84%; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span> </p> </td> </tr>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Date: </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Nov</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ember</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">5</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">4</span> </p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">By: </span></p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">/s/ </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Derek Graham</span> </p> </td> </tr>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span> </p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span> </p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Derek Graham</span></p> </td> </tr>
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<p style="margin: 0pt 0pt 0pt 1.5pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Chief</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Executive</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Officer</span></p> </td> </tr> </tbody> </table>
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<FILENAME>clro-20241125_pre.xml
<DESCRIPTION>PRESENTATION
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
<!--Created by Genesis Filings LLC, Powered by IRIS Carbon, Unique Code 6744d78b2eea2b0b18379be7, Generated At Mon, 25 Nov 2024 20:02:16 GMT-->
<link:linkbase xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xl="http://www.xbrl.org/2003/XLink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:roleRef roleURI="http://www.clearone.com/role/DEIDocument" xlink:type="simple" xlink:href="clro-20241125.xsd#DEIDocument" />
  <link:presentationLink xlink:type="extended" xlink:role="http://www.clearone.com/role/DEIDocument">
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_CoverAbstract" xlink:label="dei_CoverAbstract" xlink:title="dei_CoverAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentType" xlink:label="dei_DocumentType" xlink:title="dei_DocumentType" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_DocumentType" xlink:title="Presentation : dei_CoverAbstract to dei_DocumentType" use="optional" priority="0" order="0" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" xlink:title="dei_DocumentPeriodEndDate" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_DocumentPeriodEndDate" xlink:title="Presentation : dei_CoverAbstract to dei_DocumentPeriodEndDate" use="optional" priority="0" order="1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" xlink:title="dei_AmendmentFlag" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_AmendmentFlag" xlink:title="Presentation : dei_CoverAbstract to dei_AmendmentFlag" use="optional" priority="0" order="2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" xlink:title="dei_EntityIncorporationStateCountryCode" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityIncorporationStateCountryCode" xlink:title="Presentation : dei_CoverAbstract to dei_EntityIncorporationStateCountryCode" use="optional" priority="0" order="3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" xlink:title="dei_EntityRegistrantName" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityRegistrantName" xlink:title="Presentation : dei_CoverAbstract to dei_EntityRegistrantName" use="optional" priority="0" order="4" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" xlink:title="dei_EntityCentralIndexKey" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityCentralIndexKey" xlink:title="Presentation : dei_CoverAbstract to dei_EntityCentralIndexKey" use="optional" priority="0" order="5" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" xlink:title="dei_TradingSymbol" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_TradingSymbol" xlink:title="Presentation : dei_CoverAbstract to dei_TradingSymbol" use="optional" priority="0" order="6" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" xlink:title="dei_SecurityExchangeName" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_SecurityExchangeName" xlink:title="Presentation : dei_CoverAbstract to dei_SecurityExchangeName" use="optional" priority="0" order="7" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" xlink:title="dei_Security12bTitle" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_Security12bTitle" xlink:title="Presentation : dei_CoverAbstract to dei_Security12bTitle" use="optional" priority="0" order="8" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" xlink:title="dei_EntityEmergingGrowthCompany" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityEmergingGrowthCompany" xlink:title="Presentation : dei_CoverAbstract to dei_EntityEmergingGrowthCompany" use="optional" priority="0" order="9" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" xlink:title="dei_CityAreaCode" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_CityAreaCode" xlink:title="Presentation : dei_CoverAbstract to dei_CityAreaCode" use="optional" priority="0" order="10" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" xlink:title="dei_LocalPhoneNumber" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_LocalPhoneNumber" xlink:title="Presentation : dei_CoverAbstract to dei_LocalPhoneNumber" use="optional" priority="0" order="11" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" xlink:title="dei_EntityFileNumber" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityFileNumber" xlink:title="Presentation : dei_CoverAbstract to dei_EntityFileNumber" use="optional" priority="0" order="12" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" xlink:title="dei_EntityAddressAddressLine1" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityAddressAddressLine1" xlink:title="Presentation : dei_CoverAbstract to dei_EntityAddressAddressLine1" use="optional" priority="0" order="13" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" xlink:title="dei_EntityAddressCityOrTown" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityAddressCityOrTown" xlink:title="Presentation : dei_CoverAbstract to dei_EntityAddressCityOrTown" use="optional" priority="0" order="14" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" xlink:title="dei_EntityAddressStateOrProvince" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityAddressStateOrProvince" xlink:title="Presentation : dei_CoverAbstract to dei_EntityAddressStateOrProvince" use="optional" priority="0" order="15" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" xlink:title="dei_EntityAddressPostalZipCode" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityAddressPostalZipCode" xlink:title="Presentation : dei_CoverAbstract to dei_EntityAddressPostalZipCode" use="optional" priority="0" order="16" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" xlink:title="dei_EntityTaxIdentificationNumber" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityTaxIdentificationNumber" xlink:title="Presentation : dei_CoverAbstract to dei_EntityTaxIdentificationNumber" use="optional" priority="0" order="17" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" xlink:title="dei_WrittenCommunications" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_WrittenCommunications" xlink:title="Presentation : dei_CoverAbstract to dei_WrittenCommunications" use="optional" priority="0" order="18" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" xlink:title="dei_SolicitingMaterial" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_SolicitingMaterial" xlink:title="Presentation : dei_CoverAbstract to dei_SolicitingMaterial" use="optional" priority="0" order="19" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" xlink:title="dei_PreCommencementTenderOffer" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_PreCommencementTenderOffer" xlink:title="Presentation : dei_CoverAbstract to dei_PreCommencementTenderOffer" use="optional" priority="0" order="20" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" xlink:title="dei_PreCommencementIssuerTenderOffer" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_PreCommencementIssuerTenderOffer" xlink:title="Presentation : dei_CoverAbstract to dei_PreCommencementIssuerTenderOffer" use="optional" priority="0" order="21" />
  </link:presentationLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>4
<FILENAME>clro-20241125_cal.xml
<DESCRIPTION>CALCULATION
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
<!--Created by Genesis Filings LLC, Powered by IRIS Carbon, Unique Code 6744d78b2eea2b0b18379be7, Generated At Mon, 25 Nov 2024 20:02:16 GMT-->
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  <link:roleRef roleURI="http://www.clearone.com/role/DEIDocument" xlink:type="simple" xlink:href="clro-20241125.xsd#DEIDocument" />
  <link:calculationLink xlink:type="extended" xlink:role="http://www.clearone.com/role/DEIDocument" />
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>5
<FILENAME>clro-20241125_lab.xml
<DESCRIPTION>LABEL
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
<!--Created by Genesis Filings LLC, Powered by IRIS Carbon, Unique Code 6744d78b2eea2b0b18379be7, Generated At Mon, 25 Nov 2024 20:02:16 GMT-->
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_CoverAbstract" xlink:label="CoverAbstract" xlink:title="CoverAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CoverAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CoverAbstract" xml:lang="en-US" id="label_CoverAbstract">Cover [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CoverAbstract" xlink:to="label_CoverAbstract" xlink:title="Label : CoverAbstract to label_CoverAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentType" xlink:label="DocumentType" xlink:title="DocumentType" />
    <link:label xlink:type="resource" xlink:label="label_DocumentType" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentType" xml:lang="en-US" id="label_DocumentType">Document Type</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentType" xlink:to="label_DocumentType" xlink:title="Label : DocumentType to label_DocumentType" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentPeriodEndDate" xlink:label="DocumentPeriodEndDate" xlink:title="DocumentPeriodEndDate" />
    <link:label xlink:type="resource" xlink:label="label_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentPeriodEndDate" xml:lang="en-US" id="label_DocumentPeriodEndDate">Document Period End Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentPeriodEndDate" xlink:to="label_DocumentPeriodEndDate" xlink:title="Label : DocumentPeriodEndDate to label_DocumentPeriodEndDate" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_AmendmentFlag" xlink:label="AmendmentFlag" xlink:title="AmendmentFlag" />
    <link:label xlink:type="resource" xlink:label="label_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AmendmentFlag" xml:lang="en-US" id="label_AmendmentFlag">Amendment Flag</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmendmentFlag" xlink:to="label_AmendmentFlag" xlink:title="Label : AmendmentFlag to label_AmendmentFlag" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="EntityIncorporationStateCountryCode" xlink:title="EntityIncorporationStateCountryCode" />
    <link:label xlink:type="resource" xlink:label="label_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityIncorporationStateCountryCode" xml:lang="en-US" id="label_EntityIncorporationStateCountryCode">Entity Incorporation, State or Country Code</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityIncorporationStateCountryCode" xlink:to="label_EntityIncorporationStateCountryCode" xlink:title="Label : EntityIncorporationStateCountryCode to label_EntityIncorporationStateCountryCode" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityRegistrantName" xlink:label="EntityRegistrantName" xlink:title="EntityRegistrantName" />
    <link:label xlink:type="resource" xlink:label="label_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityRegistrantName" xml:lang="en-US" id="label_EntityRegistrantName">Entity Registrant Name</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityRegistrantName" xlink:to="label_EntityRegistrantName" xlink:title="Label : EntityRegistrantName to label_EntityRegistrantName" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityCentralIndexKey" xlink:label="EntityCentralIndexKey" xlink:title="EntityCentralIndexKey" />
    <link:label xlink:type="resource" xlink:label="label_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityCentralIndexKey" xml:lang="en-US" id="label_EntityCentralIndexKey">Entity Central Index Key</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityCentralIndexKey" xlink:to="label_EntityCentralIndexKey" xlink:title="Label : EntityCentralIndexKey to label_EntityCentralIndexKey" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_TradingSymbol" xlink:label="TradingSymbol" xlink:title="TradingSymbol" />
    <link:label xlink:type="resource" xlink:label="label_TradingSymbol" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradingSymbol" xml:lang="en-US" id="label_TradingSymbol">Trading Symbol</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradingSymbol" xlink:to="label_TradingSymbol" xlink:title="Label : TradingSymbol to label_TradingSymbol" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_SecurityExchangeName" xlink:label="SecurityExchangeName" xlink:title="SecurityExchangeName" />
    <link:label xlink:type="resource" xlink:label="label_SecurityExchangeName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SecurityExchangeName" xml:lang="en-US" id="label_SecurityExchangeName">Security Exchange Name</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SecurityExchangeName" xlink:to="label_SecurityExchangeName" xlink:title="Label : SecurityExchangeName to label_SecurityExchangeName" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_Security12bTitle" xlink:label="Security12bTitle" xlink:title="Security12bTitle" />
    <link:label xlink:type="resource" xlink:label="label_Security12bTitle" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Security12bTitle" xml:lang="en-US" id="label_Security12bTitle">Title of 12(b) Security</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Security12bTitle" xlink:to="label_Security12bTitle" xlink:title="Label : Security12bTitle to label_Security12bTitle" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityEmergingGrowthCompany" xlink:label="EntityEmergingGrowthCompany" xlink:title="EntityEmergingGrowthCompany" />
    <link:label xlink:type="resource" xlink:label="label_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityEmergingGrowthCompany" xml:lang="en-US" id="label_EntityEmergingGrowthCompany">Entity Emerging Growth Company</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityEmergingGrowthCompany" xlink:to="label_EntityEmergingGrowthCompany" xlink:title="Label : EntityEmergingGrowthCompany to label_EntityEmergingGrowthCompany" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_CityAreaCode" xlink:label="CityAreaCode" xlink:title="CityAreaCode" />
    <link:label xlink:type="resource" xlink:label="label_CityAreaCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CityAreaCode" xml:lang="en-US" id="label_CityAreaCode">City Area Code</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CityAreaCode" xlink:to="label_CityAreaCode" xlink:title="Label : CityAreaCode to label_CityAreaCode" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_LocalPhoneNumber" xlink:label="LocalPhoneNumber" xlink:title="LocalPhoneNumber" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressAddressLine1" xlink:label="EntityAddressAddressLine1" xlink:title="EntityAddressAddressLine1" />
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    <link:label xlink:type="resource" xlink:label="label_WrittenCommunications" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_WrittenCommunications" xml:lang="en-US" id="label_WrittenCommunications">Written Communications</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_SolicitingMaterial" xlink:label="SolicitingMaterial" xlink:title="SolicitingMaterial" />
    <link:label xlink:type="resource" xlink:label="label_SolicitingMaterial" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SolicitingMaterial" xml:lang="en-US" id="label_SolicitingMaterial">Soliciting Material</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_PreCommencementTenderOffer" xlink:label="PreCommencementTenderOffer" xlink:title="PreCommencementTenderOffer" />
    <link:label xlink:type="resource" xlink:label="label_PreCommencementTenderOffer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PreCommencementTenderOffer" xml:lang="en-US" id="label_PreCommencementTenderOffer">Pre-commencement Tender Offer</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="PreCommencementIssuerTenderOffer" xlink:title="PreCommencementIssuerTenderOffer" />
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<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>6
<FILENAME>clro-20241125.xsd
<DESCRIPTION>SCHEMA
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>7
<FILENAME>ex101_1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<html><body><div><div style="font-family: 'times new roman', times;">
<div style="font-size: 10pt;">
<p style="margin: 0.05pt 50.95pt 0pt 0pt; text-align: right; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Exhibit 10.1</font></font></font></p>
<p style="margin: 0.05pt 50.95pt 0pt 0pt; text-align: right; line-height: 1.2;"><br></p>
<p style="margin: 0.05pt 50.95pt 0pt 0pt; text-align: right; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">19</font><font style="font-size: 6pt; letter-spacing: -0.2pt; vertical-align: 3.5pt; line-height: inherit;">th</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">November,</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">2024</font></font></p>
<p style="margin: 8.65pt 0pt 0pt 36pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 14pt; font-weight: bold; letter-spacing: -0.4pt; line-height: inherit;">Engagement</font> <font style="font-size: 14pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Letter</font></font></p>
<p style="margin: 7.3pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 14pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10.5pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Client:</font></p>
<p style="margin: 2.8pt 0pt 0pt 36pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10.5pt; font-weight: bold; line-height: inherit;">ClearOne,</font> <font style="font-size: 10.5pt; font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;">Inc.</font></font></p>
<p style="margin: 3.15pt 0pt 0pt 36pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Company</font> <font style="font-size: 10pt; line-height: inherit;">id</font> <font style="font-size: 10pt; letter-spacing: -0.6pt; line-height: inherit;">[</font><font style="font-size: 10pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-size: 10pt; letter-spacing: -0.5pt; line-height: inherit;">]</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 3.4pt 242.8pt 0pt 35.95pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Edgewater</font> <font style="font-size: 10pt; line-height: inherit;">Corporate</font> <font style="font-size: 10pt; line-height: inherit;">Park</font> <font style="font-size: 10pt; line-height: inherit;">South</font> <font style="font-size: 10pt; line-height: inherit;">Tower, 5225 Wiley Post Way, Suite 500</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0.1pt 242.8pt 0pt 35.95pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">Salt</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">Lake</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">City,</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">Utah</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">84116,</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">United</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">States </font><font style="font-size: 10pt; line-height: inherit;">Contact person:</font> <font style="font-size: 10pt; line-height: inherit;">Derek Graham, CEO</font></font></p>
<p style="margin: 0.1pt 0pt 0pt 119.95pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Derek.Graham@clearone.com</font></font></p>
<p style="margin: 6pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10.5pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Advisor:</font></p>
<p style="margin: 2.85pt 0pt 0pt 36pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10.5pt; font-weight: bold; letter-spacing: -0.4pt; line-height: inherit;">ARC Group</font> <font style="font-size: 10.5pt; font-weight: bold; letter-spacing: -0.4pt; line-height: inherit;">Limited</font> <font style="font-size: 10.5pt; font-weight: bold; letter-spacing: -0.4pt; line-height: inherit;">(&#8220;ARC&#8221;)</font></font></p>
<p style="margin: 3.1pt 0pt 0pt 36pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Company</font> <font style="font-size: 10pt; line-height: inherit;">id</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">2449955</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 3.45pt 96.35pt 0pt 35.95pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">48/F,</font> <font style="font-size: 10pt; line-height: inherit;">Sun</font> <font style="font-size: 10pt; line-height: inherit;">Hung</font> <font style="font-size: 10pt; line-height: inherit;">Kai</font> <font style="font-size: 10pt; line-height: inherit;">Centre,</font> <font style="font-size: 10pt; line-height: inherit;">30</font> <font style="font-size: 10pt; line-height: inherit;">Harbour</font> <font style="font-size: 10pt; line-height: inherit;">Road,</font> <font style="font-size: 10pt; line-height: inherit;">Wanchai,</font> <font style="font-size: 10pt; line-height: inherit;">Hong</font> <font style="font-size: 10pt; line-height: inherit;">Kong Contact person:</font> <font style="font-size: 10pt; line-height: inherit;">Ryan Golden, Director of Capital Markets</font></font></p>
<p style="margin: 0.1pt 0pt 0pt 119.95pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Ryan.Golden@arc-</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">group.com</font></font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 36pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: italic; line-height: inherit;">The</font> <font style="font-size: 10pt; font-style: italic; line-height: inherit;">Client</font> <font style="font-size: 10pt; font-style: italic; line-height: inherit;">and</font> <font style="font-size: 10pt; font-style: italic; line-height: inherit;">the</font> <font style="font-size: 10pt; font-style: italic; line-height: inherit;">Advisor</font> <font style="font-size: 10pt; font-style: italic; line-height: inherit;">are</font> <font style="font-size: 10pt; font-style: italic; line-height: inherit;">hereinafter</font> <font style="font-size: 10pt; font-style: italic; line-height: inherit;">collectively</font> <font style="font-size: 10pt; font-style: italic; line-height: inherit;">referred</font> <font style="font-size: 10pt; font-style: italic; line-height: inherit;">to</font> <font style="font-size: 10pt; font-style: italic; line-height: inherit;">as</font> <font style="font-size: 10pt; font-style: italic; line-height: inherit;">the</font> <font style="font-size: 10pt; font-style: italic; line-height: inherit;">&#8220;Parties&#8221;,</font> <font style="font-size: 10pt; font-style: italic; line-height: inherit;">or individually as a &#8220;Party&#8221;.</font></font></p>
<p style="margin: 3.5pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; text-decoration: underline; line-height: inherit;">Introduction</font></p>
<p style="margin: 6.9pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 48.75pt 0pt 36pt; text-align: justify;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">This engagement letter (the &#8220;Agreement&#8221;) sets forth the terms and conditions upon which the Client agrees to engage the Advisor as its sell-side financial</font> <font style="font-size: 10pt; line-height: inherit;">advisor in connection with the potential sale of the Company name (the &#8220;Company&#8221;) in full or in part (the &#8220;Objective&#8221;).</font></font></p>
<p style="margin: 3.65pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 54pt; text-indent: -18pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">1.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.35pt; line-height: inherit;">ENGAGEMENT</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;">SCOPE</font></font></p>
<p style="margin: 10pt 0pt 0pt 54pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">ARC</font> <font style="font-size: 10pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; line-height: inherit;">deliver</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">services</font> <font style="font-size: 10pt; line-height: inherit;">outlined</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">herein.</font></font></p>
<p style="margin: 10pt 0pt 0pt 67.9pt; text-align: justify; text-indent: -13.9pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; letter-spacing: -0.45pt; line-height: inherit;">1.1.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.25pt; line-height: inherit;">Target</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Sourcing</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 73.9pt 0pt 82.75pt; text-align: justify;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Assisting in the introduction and identification of appropriate acquisition targets consistent with the objectives set forth by the Client and any applicable laws and regulations for Mergers and </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Nasdaq.</font></font></p>






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<p style="font-size: 10pt; margin: 10pt 0pt 0pt 67.8pt; text-align: justify; text-indent: -13.8pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; letter-spacing: -0.35pt; line-height: inherit;">1.2</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.6pt; line-height: inherit;">Due</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Diligence</font></font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 7.65pt 73.65pt 0pt 82.8pt; text-align: justify;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Conducting</font> <font style="font-size: 10pt; line-height: inherit;">a</font> <font style="font-size: 10pt; line-height: inherit;">comprehensive</font> <font style="font-size: 10pt; line-height: inherit;">due</font> <font style="font-size: 10pt; line-height: inherit;">diligence</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">target, reviewing its corporate strategy and the management&#8217;s capabilities. Through this process we will have a complete understanding of the target and set up all the necessary procedures for the business combination to succeed, including among others internal control, finance and risk management.</font></font></p>
<p style="margin: 10pt 0pt 0pt 71.4pt; text-align: justify; text-indent: -13.8pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; letter-spacing: -0.35pt; line-height: inherit;">1.3<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: -0.533333px; orphans: 2; text-align: justify; text-indent: -22.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">.</font></font><font style="font-style: normal; line-height: inherit;"><font size="1">&nbsp;</font></font><font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Negotiation</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Transaction</font></font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 10pt 73.55pt 10pt 82.8pt; text-align: justify;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Assisting</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">Client</font> <font style="font-size: 10pt; line-height: inherit;">in</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">valuation,</font> <font style="font-size: 10pt; line-height: inherit;">structuring</font> <font style="font-size: 10pt; line-height: inherit;">and</font> <font style="font-size: 10pt; line-height: inherit;">negotiating</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">the terms for the target acquisition, including provision of market peer </font><font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">benchmarks.</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Such</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">assistance</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">will</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">be</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">subject</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">to</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">provision</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">external </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">advice</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">from</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">legal</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">counsels,</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">tax</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">experts,</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">valuators,</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">investment</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">bankers and</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">other</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">third-parties</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">that</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">may</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">or</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">may</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">not</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">be</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">required</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">to</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">assist</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">in</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the </font><font style="font-size: 10pt; line-height: inherit;">target identification and negotiation process.</font></font></p>
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<p style="font-size: 10pt; margin: 10pt 0pt 0pt 74.65pt; text-align: justify; text-indent: -17.05pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; letter-spacing: -0.4pt; line-height: inherit;">1.4.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Preparing</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">for</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Merger</font></font></p>
<p style="font-size: 10pt; margin: 7.65pt 0pt 0pt 104.4pt; text-indent: -21.6pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; line-height: inherit;">a.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Assisting</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">with</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">preparation</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">investor</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">materials;</font></font></p>
<p style="font-size: 10pt; margin: 7.75pt 0pt 0pt 104.4pt; text-indent: -21.6pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; line-height: inherit;">b.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-size: 10pt; line-height: inherit;">Assisting</font> <font style="font-size: 10pt; line-height: inherit;">with</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">preparation</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">legal</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">documentation;</font></font></p>
<p style="font-size: 10pt; margin: 7.65pt 0pt 0pt 104.4pt; text-indent: -21.6pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; line-height: inherit;">c.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-size: 10pt; line-height: inherit;">Assisting</font> <font style="font-size: 10pt; line-height: inherit;">with</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">proforma</font> <font style="font-size: 10pt; line-height: inherit;">and</font> <font style="font-size: 10pt; line-height: inherit;">audit</font> <font style="font-size: 10pt; line-height: inherit;">work;</font> <font style="font-size: 10pt; letter-spacing: -0.25pt; line-height: inherit;">and</font></font></p>
<p style="font-size: 10pt; margin: 7.8pt 0pt 0pt 104.4pt; text-indent: -21.6pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; line-height: inherit;">d.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-size: 10pt; line-height: inherit;">Assisting</font> <font style="font-size: 10pt; line-height: inherit;">with</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">final</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">roadshow.</font></font></p>
<p style="font-size: 10pt; margin: 10pt 0pt 0pt 73.65pt; text-align: justify; text-indent: -16.05pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; letter-spacing: -0.4pt; line-height: inherit;">1.5.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;</font><font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;">Private</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;">Investment</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;">in</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;">Public</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;">Equity</font></font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 10pt 73.8pt 0pt 82.8pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; line-height: inherit;">a.</font> <font style="font-size: 10pt; line-height: inherit;">Facilitate an equity investment of shares of common stock of the Client representing 19.99% of the issued and outstanding common stock</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">Client</font> <font style="font-size: 10pt; line-height: inherit;">that</font> <font style="font-size: 10pt; line-height: inherit;">is</font> <font style="font-size: 10pt; line-height: inherit;">completed</font> <font style="font-size: 10pt; line-height: inherit;">on</font> <font style="font-size: 10pt; line-height: inherit;">or</font> <font style="font-size: 10pt; line-height: inherit;">before</font> <font style="font-size: 10pt; line-height: inherit;">December</font> <font style="font-size: 10pt; line-height: inherit;">31,</font> <font style="font-size: 10pt; line-height: inherit;">2024 (the &#8220;Bridge Financing&#8221;).</font></font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 10pt 74.05pt 0pt 82.8pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; line-height: inherit;">b.</font> <font style="font-size: 10pt; line-height: inherit;">If</font> <font style="font-size: 10pt; line-height: inherit;">required</font> <font style="font-size: 10pt; line-height: inherit;">for</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">business</font> <font style="font-size: 10pt; line-height: inherit;">combination,</font> <font style="font-size: 10pt; line-height: inherit;">support</font> <font style="font-size: 10pt; line-height: inherit;">in</font> <font style="font-size: 10pt; line-height: inherit;">raising</font> <font style="font-size: 10pt; line-height: inherit;">capital in</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">form</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">a</font> <font style="font-size: 10pt; line-height: inherit;">Private</font> <font style="font-size: 10pt; line-height: inherit;">Investment</font> <font style="font-size: 10pt; line-height: inherit;">in</font> <font style="font-size: 10pt; line-height: inherit;">Public</font> <font style="font-size: 10pt; line-height: inherit;">Equity</font> <font style="font-size: 10pt; line-height: inherit;">or</font> <font style="font-size: 10pt; line-height: inherit;">another</font> <font style="font-size: 10pt; line-height: inherit;">form</font> <font style="font-size: 10pt; line-height: inherit;">of financing for either</font> <font style="font-size: 10pt; line-height: inherit;">the Client or</font> <font style="font-size: 10pt; line-height: inherit;">the Merger (&#8220;PIPE").</font></font></p>
<p style="font-size: 10pt; margin: 10pt 0pt 0pt 74.15pt; text-align: justify; text-indent: -16.55pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; letter-spacing: -0.4pt; line-height: inherit;">1.6.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.6pt; line-height: inherit;">Announcement</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.6pt; line-height: inherit;">of</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.6pt; line-height: inherit;">the</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.6pt; line-height: inherit;">Transaction</font></font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 10pt 73.9pt 0pt 82.8pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Coordinate the necessary steps together with the auditor and legal counsel, from the announcement of the business combination until its closing, including:</font></p>
<p style="font-size: 10pt; margin: 10pt 0pt 0pt 115.15pt; text-align: justify; text-indent: -10.75pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; line-height: inherit;">a.</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Draft</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">preliminary</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">proxy</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">statement;</font></font></p>
<p style="font-size: 10pt; margin: 7.65pt 0pt 0pt 115.15pt; text-align: justify; text-indent: -10.75pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; line-height: inherit;">b.</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Necessary</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">PIPE</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">roadshows;</font> <font style="font-size: 10pt; letter-spacing: -0.25pt; line-height: inherit;">and</font></font></p>
<p style="font-size: 10pt; margin: 7.75pt 0pt 0pt 115.15pt; text-align: justify; text-indent: -10.75pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; line-height: inherit;">c.</font> <font style="font-size: 10pt; letter-spacing: -0.25pt; line-height: inherit;">Press</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Release</font></font></p>
<p style="font-size: 10pt; margin: 10pt 0pt 0pt 74.05pt; text-align: justify; text-indent: -16.5pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; letter-spacing: -0.4pt; line-height: inherit;">1.7.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;</font><font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Financial</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Compliance</font></font></p>






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<p style="font-size: 10pt; line-height: 6%; margin: 0pt; orphans: 0; widows: 0;"><br></p>
<p style="font-size: 10pt; line-height: 128%; margin: 10pt 73.9pt 0pt 82.8pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">If requested, assist in the preparation, from information the Client provides, of financial statements and related notes to be included in the</font> <font style="font-size: 10pt; line-height: inherit;">Annual</font> <font style="font-size: 10pt; line-height: inherit;">Report</font> <font style="font-size: 10pt; line-height: inherit;">(10-K)</font> <font style="font-size: 10pt; line-height: inherit;">and</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">Quarterly</font> <font style="font-size: 10pt; line-height: inherit;">reviews</font> <font style="font-size: 10pt; line-height: inherit;">(10-Qs)</font> <font style="font-size: 10pt; line-height: inherit;">until</font> <font style="font-size: 10pt; line-height: inherit;">the merger is completed.</font></font><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;"><br></font></font></p>
<p style="margin: 10pt 0pt 0pt 74.15pt; orphans: 0; text-align: justify; text-indent: -16.55pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; letter-spacing: -0.4pt; line-height: inherit;">1.8.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;</font><font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;">Introducing</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;">Potential</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;">Buyers</font></font></p>
<p style="font-size: 10pt; line-height: 127%; margin: 10pt 73.75pt 0pt 82.8pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">ARC will introduce potential acquirers for the shares of the Client, facilitating the discussions and exchange of information.</font></p>
<p style="margin: 10pt 0pt 0pt 72.75pt; orphans: 0; text-align: justify; text-indent: -15.75pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">1.9</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Facilitating</font> <font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Negotiation</font> <font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Process</font> <font style="font-size: 10pt; font-weight: bold; line-height: inherit;">with</font> <font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Potential</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Buyers</font></font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 10pt 73.75pt 0pt 82.8pt; orphans: 0; text-align: justify; text-indent: 0.55pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">ARC shall facilitate the execution of non-disclosure agreements and assist the</font> <font style="font-size: 10pt; line-height: inherit;">Company in negotiating indicative offer(s)</font> <font style="font-size: 10pt; line-height: inherit;">with</font> <font style="font-size: 10pt; line-height: inherit;">shortlisted prospective buyers. ARC shall also facilitate the completion of the </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">transaction.</font></font></p>
<p style="margin: 10pt 0pt 0pt 77.05pt; orphans: 0; text-align: justify; text-indent: -20.05pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">1.10</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Divestiture</font> <font style="font-size: 10pt; font-weight: bold; line-height: inherit;">of</font> <font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Client</font> <font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Business,</font> <font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Assets</font> <font style="font-size: 10pt; font-weight: bold; line-height: inherit;">and</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Liabilities</font></font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 3.45pt 73.8pt 0pt 82.8pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">As a condition to completing the business combination</font> <font style="font-size: 10pt; line-height: inherit;">contemplated</font> <font style="font-size: 10pt; line-height: inherit;">by</font> <font style="font-size: 10pt; line-height: inherit;">this</font> <font style="font-size: 10pt; line-height: inherit;">Agreement,</font> <font style="font-size: 10pt; line-height: inherit;">Client</font> <font style="font-size: 10pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; line-height: inherit;">be</font> <font style="font-size: 10pt; line-height: inherit;">required</font> <font style="font-size: 10pt; line-height: inherit;">to</font> <font style="font-size: 10pt; line-height: inherit;">divest</font> <font style="font-size: 10pt; line-height: inherit;">of its current business, assets and liabilities pursuant to an asset sale </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">agreement,</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">spin-off</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">or</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">merger</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">a</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">subsidiary</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Client</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">that</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">at</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">time </font><font style="font-size: 10pt; line-height: inherit;">of such transaction holds substantially all of the Client&#8217;s assets and </font><font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">liabilities</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">(the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">&#8220;Divestiture</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Transaction&#8221;).</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">It</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">is</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">expressly</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">understood</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">and </font><font style="font-size: 10pt; line-height: inherit;">agreed that the Divestiture Transaction shall be excluded from the terms and conditions of this Agreement, including without limitation the calculation of any fees pursuant to Section 3 hereof.</font></font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 3.45pt 73.8pt 0pt 82.8pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;"><br></font></font></p>
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<p style="margin: 10pt 0pt 0pt 68.35pt; orphans: 0; text-align: justify; text-indent: -17.95pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">2.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.6pt; line-height: inherit;">ENGAGEMENT</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;">TERM</font></font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 10pt 73.95pt 0pt 68.4pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The Agreement shall come into effect upon signing and shall remain in effect</font> <font style="font-size: 10pt; line-height: inherit;">until</font> <font style="font-size: 10pt; line-height: inherit;">and</font> <font style="font-size: 10pt; line-height: inherit;">will</font> <font style="font-size: 10pt; line-height: inherit;">automatically</font> <font style="font-size: 10pt; line-height: inherit;">terminate</font> <font style="font-size: 10pt; line-height: inherit;">upon</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">earlier</font> <font style="font-size: 10pt; line-height: inherit;">to</font> <font style="font-size: 10pt; line-height: inherit;">occur</font> <font style="font-size: 10pt; letter-spacing: -0.25pt; line-height: inherit;">of&nbsp;</font></font><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">(i)</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">completion</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">completed</font> <font style="font-size: 10pt; line-height: inherit;">business</font> <font style="font-size: 10pt; line-height: inherit;">combination,</font> <font style="font-size: 10pt; line-height: inherit;">(ii)</font> <font style="font-size: 10pt; line-height: inherit;">December 31,</font> <font style="font-size: 10pt; line-height: inherit;">2024</font> <font style="font-size: 10pt; line-height: inherit;">if</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">Bridge</font> <font style="font-size: 10pt; line-height: inherit;">Financing</font> <font style="font-size: 10pt; line-height: inherit;">is</font> <font style="font-size: 10pt; line-height: inherit;">not</font> <font style="font-size: 10pt; line-height: inherit;">completed</font> <font style="font-size: 10pt; line-height: inherit;">on</font> <font style="font-size: 10pt; line-height: inherit;">or</font> <font style="font-size: 10pt; line-height: inherit;">before</font> <font style="font-size: 10pt; line-height: inherit;">such</font> <font style="font-size: 10pt; line-height: inherit;">date, or</font> <font style="font-size: 10pt; line-height: inherit;">(iii)</font> <font style="font-size: 10pt; line-height: inherit;">18</font> <font style="font-size: 10pt; line-height: inherit;">(eighteen)</font> <font style="font-size: 10pt; line-height: inherit;">months.</font> <font style="font-size: 10pt; line-height: inherit;">The</font> <font style="font-size: 10pt; line-height: inherit;">Agreement</font> <font style="font-size: 10pt; line-height: inherit;">can</font> <font style="font-size: 10pt; line-height: inherit;">be</font> <font style="font-size: 10pt; line-height: inherit;">Terminated</font> <font style="font-size: 10pt; line-height: inherit;">by</font> <font style="font-size: 10pt; line-height: inherit;">the Client at any time in writing.</font></font></p>
<p style="margin: 10pt 0pt 0pt 68.35pt; orphans: 0; text-align: justify; text-indent: -17.95pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">3.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Fees</font> <font style="font-size: 10pt; font-weight: bold; line-height: inherit;">and</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;">Costs</font></font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 10pt 73.95pt 0pt 82.8pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The</font> <font style="font-size: 10pt; line-height: inherit;">professional</font> <font style="font-size: 10pt; line-height: inherit;">fees</font> <font style="font-size: 10pt; line-height: inherit;">and</font> <font style="font-size: 10pt; line-height: inherit;">remuneration</font> <font style="font-size: 10pt; line-height: inherit;">that</font> <font style="font-size: 10pt; line-height: inherit;">are</font> <font style="font-size: 10pt; line-height: inherit;">associated</font> <font style="font-size: 10pt; line-height: inherit;">with</font> <font style="font-size: 10pt; line-height: inherit;">this Agreement and</font> <font style="font-size: 10pt; line-height: inherit;">payable</font> <font style="font-size: 10pt; line-height: inherit;">to</font> <font style="font-size: 10pt; line-height: inherit;">ARC, as well</font> <font style="font-size: 10pt; line-height: inherit;">as any</font> <font style="font-size: 10pt; line-height: inherit;">third-party</font> <font style="font-size: 10pt; line-height: inherit;">costs and expenses are detailed below.</font></font></p>
<p style="margin: 10pt 0pt 0pt 84.35pt; orphans: 0; text-align: justify; text-indent: -15.95pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; letter-spacing: -0.45pt; line-height: inherit;">3.1.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;</font><font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.65pt; line-height: inherit;">Fee</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Structure</font></font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 10pt 73.7pt 0pt 111.6pt; orphans: 0; text-align: justify; text-indent: -25.2pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.15pt; line-height: inherit;">a.<font style="color: #000000; font-family: 'times new roman', times; font-size: 9.33333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -33.6667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font>&nbsp;</font></font></font><font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">LOI Fee:</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">USD</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">130,000.00 (one hundred thirty thousand US dollars) </font><font style="font-size: 10pt; line-height: inherit;">earned</font> <font style="font-size: 10pt; line-height: inherit;">and</font> <font style="font-size: 10pt; line-height: inherit;">payable</font> <font style="font-size: 10pt; line-height: inherit;">to</font> <font style="font-size: 10pt; line-height: inherit;">ARC</font> <font style="font-size: 10pt; line-height: inherit;">in</font> <font style="font-size: 10pt; line-height: inherit;">cash</font> <font style="font-size: 10pt; line-height: inherit;">upon</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">Client</font> <font style="font-size: 10pt; line-height: inherit;">entering</font> <font style="font-size: 10pt; line-height: inherit;">into&nbsp;</font><font style="font-size: 10pt; line-height: inherit;">a</font> <font style="font-size: 10pt; line-height: inherit;">Letter</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">Intent</font> <font style="font-size: 10pt; line-height: inherit;">with</font> <font style="font-size: 10pt; line-height: inherit;">a</font> <font style="font-size: 10pt; line-height: inherit;">Target.</font> <font style="font-size: 10pt; line-height: inherit;">(Paid</font> <font style="font-size: 10pt; line-height: inherit;">from</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">proceeds of</font> <font style="font-size: 10pt; line-height: inherit;">the </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">PIPE)</font></font></p>






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<p style="font-size: 10pt; line-height: 128%; margin: 10pt 73.8pt 0pt 111.6pt; orphans: 0; text-align: justify; text-indent: -25.25pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.15pt; line-height: inherit;">b.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-size: 10pt; line-height: inherit;">BCA Fee: USD 130,000.00 (one hundred thirty thousand US dollars) earned and payable to ARC in cash upon the Client signing a Business Combination Agreement or equivalent </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">(&#8220;BCA&#8221;).</font></font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 10pt 73.65pt 0pt 111.6pt; orphans: 0; text-align: justify; text-indent: -25.2pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.15pt; line-height: inherit;">c.<font style="color: #000000; font-family: 'times new roman', times; font-size: 9.33333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -33.6667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font>&nbsp;</font></font></font><font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">Pipe Success Fee: 8%</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">(eight percent) on all</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">Capital raised</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">through Public Investment from Private</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">Equity (&#8220;PIPE&#8221;) or</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">equivalent, from </font><font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">parties introduced by ARC to the Client. This PIPE</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">Success Fee shall </font><font style="font-size: 10pt; line-height: inherit;">also</font> <font style="font-size: 10pt; line-height: inherit;">apply</font> <font style="font-size: 10pt; line-height: inherit;">for</font> <font style="font-size: 10pt; line-height: inherit;">any</font> <font style="font-size: 10pt; line-height: inherit;">capital</font> <font style="font-size: 10pt; line-height: inherit;">raised</font> <font style="font-size: 10pt; line-height: inherit;">via</font> <font style="font-size: 10pt; line-height: inherit;">a</font> <font style="font-size: 10pt; line-height: inherit;">block</font> <font style="font-size: 10pt; line-height: inherit;">trade.</font></font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 10pt 73.85pt 0pt 111.6pt; orphans: 0; text-align: justify; text-indent: -25.25pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.15pt; line-height: inherit;">d.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-size: 10pt; line-height: inherit;">Success Fee: Upon closing of the business combination with Target, (i) USD 250,000.00 (two hundred fifty thousand US </font><font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">dollars)</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">payable</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">to</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">ARC</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">in</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">cash,</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">and</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">(ii)</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">three</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">percent</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">(3%)</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the total</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">transactional</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">value</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">awarded</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">in</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">shares</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the surviving</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">entity </font><font style="font-size: 10pt; line-height: inherit;">calculated on</font> <font style="font-size: 10pt; line-height: inherit;">top</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">the combined value of</font> <font style="font-size: 10pt; line-height: inherit;">the surviving</font> <font style="font-size: 10pt; line-height: inherit;">entity after the transaction.</font></font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 10pt 73.9pt 0pt 111.6pt; orphans: 0; text-align: justify; text-indent: -25.2pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.15pt; line-height: inherit;">e.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-size: 10pt; line-height: inherit;">Accounting Fee: USD $10,000.00 (ten thousand US Dollars) earned</font> <font style="font-size: 10pt; line-height: inherit;">and</font> <font style="font-size: 10pt; line-height: inherit;">payable</font> <font style="font-size: 10pt; line-height: inherit;">to</font> <font style="font-size: 10pt; line-height: inherit;">ARC in</font> <font style="font-size: 10pt; line-height: inherit;">cash</font> <font style="font-size: 10pt; line-height: inherit;">each</font> <font style="font-size: 10pt; line-height: inherit;">quarter</font> <font style="font-size: 10pt; line-height: inherit;">up-front</font> <font style="font-size: 10pt; line-height: inherit;">upon invoice if such services are requested by the Client.</font></font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 0pt 73.9pt 0pt 111.6pt; orphans: 0; text-align: justify; text-indent: -25.2pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;"><br></font></font></p>
<p style="margin: 0.1pt 0pt 0pt 82.35pt; orphans: 0; text-align: justify; text-indent: -19.7pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; letter-spacing: -0.45pt; line-height: inherit;">3.2.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Provisions</font> <font style="font-size: 10pt; font-weight: bold; line-height: inherit;">for</font> <font style="font-size: 10pt; font-weight: bold; line-height: inherit;">LOI</font> <font style="font-size: 10pt; font-weight: bold; line-height: inherit;">and</font> <font style="font-size: 10pt; font-weight: bold; line-height: inherit;">BCA</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Agreements</font></font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 10pt 73.9pt 0pt 86.4pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The</font> <font style="font-size: 10pt; line-height: inherit;">Client</font> <font style="font-size: 10pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; line-height: inherit;">facilitate</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">inclusion</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">following</font> <font style="font-size: 10pt; line-height: inherit;">provision</font> <font style="font-size: 10pt; line-height: inherit;">into any</font> <font style="font-size: 10pt; line-height: inherit;">signed</font> <font style="font-size: 10pt; line-height: inherit;">Letters</font><font style="font-size: 10pt; letter-spacing: 1.6pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; line-height: inherit;">of</font><font style="font-size: 10pt; letter-spacing: 1.6pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; line-height: inherit;">Intent</font> <font style="font-size: 10pt; line-height: inherit;">and/or</font> <font style="font-size: 10pt; line-height: inherit;">Business</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Combination </font></font><font style="font-family: 'times new roman', times; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">agreements:</font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 7.75pt 73.95pt 0pt 107.85pt; orphans: 0; text-align: justify; text-indent: -21.5pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.15pt; line-height: inherit;">a.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-size: 10pt; line-height: inherit;">For</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">Cash</font> <font style="font-size: 10pt; line-height: inherit;">Success</font> <font style="font-size: 10pt; line-height: inherit;">Fee,</font> <font style="font-size: 10pt; line-height: inherit;">and</font> <font style="font-size: 10pt; line-height: inherit;">if</font> <font style="font-size: 10pt; line-height: inherit;">applicable</font> <font style="font-size: 10pt; line-height: inherit;">also</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">Pipe</font> <font style="font-size: 10pt; line-height: inherit;">Success Fee to be paid directly from the flow of funds distributed from </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">proceeds.</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">If</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">failing</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">to</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">include</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">these</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">provisions,</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">or</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">if</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">otherwise </font><font style="font-size: 10pt; line-height: inherit;">for</font> <font style="font-size: 10pt; line-height: inherit;">some</font> <font style="font-size: 10pt; line-height: inherit;">reason</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">amount</font> <font style="font-size: 10pt; line-height: inherit;">is</font> <font style="font-size: 10pt; line-height: inherit;">not</font> <font style="font-size: 10pt; line-height: inherit;">paid</font> <font style="font-size: 10pt; line-height: inherit;">to</font> <font style="font-size: 10pt; line-height: inherit;">ARC</font> <font style="font-size: 10pt; line-height: inherit;">from</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">flow</font> <font style="font-size: 10pt; line-height: inherit;">of funds, the Client shall remain directly liable to pay the Pipe Success Fee and Merger Fee.</font></font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 10pt 73.9pt 0pt 107.85pt; orphans: 0; text-align: justify; text-indent: -21.5pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.15pt; line-height: inherit;">b.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">For</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">shares</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">provided</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">for</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">in</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Equity</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Success</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Fee</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">to</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">be</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">issued to</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">ARC.</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">If</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">failing</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">to</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">include</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">this</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">provision,</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">or</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">if</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">otherwise</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">for</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">some </font><font style="font-size: 10pt; line-height: inherit;">reason</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">shares</font> <font style="font-size: 10pt; line-height: inherit;">are</font> <font style="font-size: 10pt; line-height: inherit;">not</font> <font style="font-size: 10pt; line-height: inherit;">issued</font> <font style="font-size: 10pt; line-height: inherit;">to</font> <font style="font-size: 10pt; line-height: inherit;">ARC,</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">client</font> <font style="font-size: 10pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; line-height: inherit;">remain liable to pay the equivalent amount in cash, calculated at the valuation</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">shares</font> <font style="font-size: 10pt; line-height: inherit;">at</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">point</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">business</font> <font style="font-size: 10pt; line-height: inherit;">combination.</font></font></p>
<p style="margin: 10pt 0pt 0pt 82.35pt; orphans: 0; text-align: justify; text-indent: -19.7pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; letter-spacing: -0.45pt; line-height: inherit;">3.3.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;</font><font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;">Third</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;">Party</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;">Costs</font></font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 10pt 73.55pt 10pt 82.8pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">All third-party service providers introduced by ARC shall be directly engaged by the Client. The Client has the ultimate decision right to proceed or reject the engagements.</font></p>
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<p style="margin: 10pt 0pt 0pt 82.35pt; orphans: 0; text-align: justify; text-indent: -19.7pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; letter-spacing: -0.45pt; line-height: inherit;">3.4.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;</font><font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.75pt; line-height: inherit;">Payment</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">terms</font></font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 10pt 73.55pt 0pt 82.8pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">Payments</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">to ARC</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">shall be made by the Client</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">within five (5) working days </font><font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">after</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">receiving</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">an</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">invoice from</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">ARC. All</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">potential</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">bank</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">charges related</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">to </font><font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">the remitting bank in relation to the bank wire transfer are payable</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">by the </font><font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Client.</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">ARC</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">accepts</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">payment</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">in</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">United</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">States</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Dollars</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">(&#8220;</font><font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;">USD</font><font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">&#8221;),</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">or</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">other </font><font style="font-size: 10pt; line-height: inherit;">currencies if so mutually agreed by the Parties. In case of mutual agreement</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">payment</font> <font style="font-size: 10pt; line-height: inherit;">in</font> <font style="font-size: 10pt; line-height: inherit;">another</font> <font style="font-size: 10pt; line-height: inherit;">currency</font> <font style="font-size: 10pt; line-height: inherit;">than</font> <font style="font-size: 10pt; line-height: inherit;">USD,</font> <font style="font-size: 10pt; line-height: inherit;">ARC</font> <font style="font-size: 10pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; line-height: inherit;">apply </font><font style="font-size: 10pt; letter-spacing: -0.5pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.5pt; line-height: inherit;">conversion</font> <font style="font-size: 10pt; letter-spacing: -0.5pt; line-height: inherit;">rate</font> <font style="font-size: 10pt; letter-spacing: -0.5pt; line-height: inherit;">in</font> <font style="font-size: 10pt; letter-spacing: -0.5pt; line-height: inherit;">force</font> <font style="font-size: 10pt; letter-spacing: -0.5pt; line-height: inherit;">on</font> <font style="font-size: 10pt; letter-spacing: -0.5pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.5pt; line-height: inherit;">date</font> <font style="font-size: 10pt; letter-spacing: -0.5pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.5pt; line-height: inherit;">invoicing.</font> <font style="font-size: 10pt; letter-spacing: -0.5pt; line-height: inherit;">By</font> <font style="font-size: 10pt; letter-spacing: -0.5pt; line-height: inherit;">default,</font> <font style="font-size: 10pt; letter-spacing: -0.5pt; line-height: inherit;">all</font> <font style="font-size: 10pt; letter-spacing: -0.5pt; line-height: inherit;">invoices </font><font style="font-size: 10pt; line-height: inherit;">shall be sent in USD. All payments to ARC are non-refundable if not otherwise</font> <font style="font-size: 10pt; line-height: inherit;">explicitly</font> <font style="font-size: 10pt; line-height: inherit;">stated.</font></font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 10pt 73.6pt 0pt 82.8pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">In</font> <font style="font-size: 10pt; line-height: inherit;">accordance</font> <font style="font-size: 10pt; line-height: inherit;">with</font> <font style="font-size: 10pt; line-height: inherit;">our</font> <font style="font-size: 10pt; line-height: inherit;">policies,</font> <font style="font-size: 10pt; line-height: inherit;">should</font> <font style="font-size: 10pt; line-height: inherit;">any</font> <font style="font-size: 10pt; line-height: inherit;">invoice</font> <font style="font-size: 10pt; line-height: inherit;">remain</font> <font style="font-size: 10pt; line-height: inherit;">unpaid</font> <font style="font-size: 10pt; line-height: inherit;">for </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">more</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">than</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">30</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">(thirty)</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">days,</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">we</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">reserve</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">right</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">to</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">defer</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">providing</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">any </font><font style="font-size: 10pt; line-height: inherit;">additional services until all outstanding invoices are paid in full. Amounts</font> <font style="font-size: 10pt; line-height: inherit;">past</font> <font style="font-size: 10pt; line-height: inherit;">due</font> <font style="font-size: 10pt; line-height: inherit;">30</font> <font style="font-size: 10pt; line-height: inherit;">(thirty)</font> <font style="font-size: 10pt; line-height: inherit;">days</font> <font style="font-size: 10pt; line-height: inherit;">from</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">invoice</font> <font style="font-size: 10pt; line-height: inherit;">date</font> <font style="font-size: 10pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; line-height: inherit;">incur</font> <font style="font-size: 10pt; line-height: inherit;">a finance charge of 1% (one percent) per month. ARC shall not be responsible</font> <font style="font-size: 10pt; line-height: inherit;">for</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">impact</font> <font style="font-size: 10pt; line-height: inherit;">on</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">Client</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">any</font> <font style="font-size: 10pt; line-height: inherit;">delay</font> <font style="font-size: 10pt; line-height: inherit;">that</font> <font style="font-size: 10pt; line-height: inherit;">results</font> <font style="font-size: 10pt; line-height: inherit;">from such non-payment by the Client.</font></font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 10pt 73.9pt 0pt 82.8pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">All</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">payments</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">in</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">this</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">section</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">are</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">excluding</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">any</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">VAT,</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">taxes,</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">duties,</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">levies, </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">or</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">other</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">administrative</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">fees</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">as</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">in</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">force</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">in</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">applicable</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">region,</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">as</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">well </font><font style="font-size: 10pt; line-height: inherit;">as any transfer costs and other expenses.</font></font><br></p>
<p style="margin: 10pt 0pt 0pt 82.35pt; orphans: 0; text-align: justify; text-indent: -19.7pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; letter-spacing: -0.45pt; line-height: inherit;">3.5.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;</font><font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.6pt; line-height: inherit;">Out</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.6pt; line-height: inherit;">of</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.6pt; line-height: inherit;">Pocket</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.6pt; line-height: inherit;">Expense</font></font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 10pt 73.9pt 0pt 82.8pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Once approved by the Client, ARC shall be reimbursed for all reasonable </font><font style="font-size: 10pt; font-style: italic; line-height: inherit;">Out of pocket </font><font style="font-size: 10pt; line-height: inherit;">expenses (if applicable) incurred while performing the services under this Agreement.</font></font></p>
<p style="margin: 10pt 0pt 0pt 82.8pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The</font> <font style="font-size: 10pt; line-height: inherit;">following</font> <font style="font-size: 10pt; line-height: inherit;">expenses</font> <font style="font-size: 10pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; line-height: inherit;">be</font> <font style="font-size: 10pt; line-height: inherit;">considered</font> <font style="font-size: 10pt; line-height: inherit;">refundable</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">expenses:</font></font></p>
<p style="font-size: 10pt; line-height: 126%; margin: 10pt 73.9pt 0pt 104.4pt; orphans: 0; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.15pt; line-height: inherit;">a.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">Travel</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">costs</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">(Flights,</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">trains,</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">taxis,</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">etc.)</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">as</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">well</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">as</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">all</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">reasonable </font><font style="font-size: 10pt; line-height: inherit;">out-of-pocket expenses during travel.</font></font></p>
<p style="margin: 10pt 0pt 0pt 125.95pt; orphans: 0; text-align: justify; text-indent: -21.5pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.15pt; line-height: inherit;">b.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-size: 10pt; letter-spacing: 0.1pt; line-height: inherit;">Accommodation</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">costs;</font></font></p>
<p style="font-size: 10pt; line-height: 126%; margin: 10pt 73.9pt 0pt 104.45pt; orphans: 0; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.15pt; line-height: inherit;">c.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-size: 10pt; line-height: inherit;">Any other expenses necessary for the fulfillment of the services of this Agreement;</font></font></p>
<p style="font-size: 10pt; line-height: 126%; margin: 10pt 73.95pt 0pt 104.45pt; orphans: 0; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.15pt; line-height: inherit;">d.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-size: 10pt; line-height: inherit;">Cost related to any outside services or independent contractors</font> <font style="font-size: 10pt; line-height: inherit;">such</font> <font style="font-size: 10pt; line-height: inherit;">as</font> <font style="font-size: 10pt; line-height: inherit;">printers,</font> <font style="font-size: 10pt; line-height: inherit;">couriers,</font> <font style="font-size: 10pt; line-height: inherit;">etc.;</font></font></p>
<p style="font-size: 10pt; line-height: 127%; margin: 10pt 73.95pt 0pt 104.45pt; orphans: 0; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.15pt; line-height: inherit;">e.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-size: 10pt; line-height: inherit;">ARC</font> <font style="font-size: 10pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; line-height: inherit;">provide</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">Client</font> <font style="font-size: 10pt; line-height: inherit;">an</font> <font style="font-size: 10pt; line-height: inherit;">invoice</font> <font style="font-size: 10pt; line-height: inherit;">and</font> <font style="font-size: 10pt; line-height: inherit;">copies</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">receipts pursuant</font> <font style="font-size: 10pt; line-height: inherit;">to</font> <font style="font-size: 10pt; line-height: inherit;">its</font> <font style="font-size: 10pt; line-height: inherit;">expenses</font> <font style="font-size: 10pt; line-height: inherit;">and</font> <font style="font-size: 10pt; line-height: inherit;">such</font> <font style="font-size: 10pt; line-height: inherit;">expenses</font> <font style="font-size: 10pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; line-height: inherit;">not</font> <font style="font-size: 10pt; line-height: inherit;">exceed</font> <font style="font-size: 10pt; line-height: inherit;">USD </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">1,000.00</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">(One</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Thousand</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">US</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">dollars)</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">without</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">prior</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">authorization</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">of&nbsp;</font><font style="font-size: 10pt; line-height: inherit;">the Client; provided that the foregoing limitation and consent</font> <font style="font-size: 10pt; line-height: inherit;">shall not apply to legal fees.</font></font></p>
<p style="font-size: 10pt; line-height: 127%; orphans: 0; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;"><br></font></font></p>






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<p style="margin: 0.1pt 0pt 0pt 82.35pt; orphans: 0; text-align: justify; text-indent: -19.7pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.3pt; line-height: inherit;">3.6</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.3pt; line-height: inherit;">Payment</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.3pt; line-height: inherit;">details</font><font style="font-size: 10pt; font-weight: normal; letter-spacing: -0.3pt; line-height: inherit;">.</font></font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 7.65pt 73.85pt 10pt 89.95pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Payment shall be made by the Client in the currency and to the account specified in the invoice from ARC.</font></p>
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<p style="margin: 10pt 0pt 0pt 61.45pt; orphans: 0; text-indent: -11.1pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">4.</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">WARRANTIES</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">AND</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">LIMITATIONS</font></font></p>
<p style="margin: 10pt 0pt 0pt 85.7pt; orphans: 0; text-align: justify; text-indent: -17.3pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; letter-spacing: -0.45pt; line-height: inherit;">4.1.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Management</font> <font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Participation</font> <font style="font-size: 10pt; font-weight: bold; line-height: inherit;">in</font> <font style="font-size: 10pt; font-weight: bold; line-height: inherit;">the</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Engagement</font></font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 10pt 63.1pt 0pt 89.95pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The Client agrees to furnish or cause to be furnished to ARC such financial and/or operational information needed for the fulfillment of the</font> <font style="font-size: 10pt; line-height: inherit;">services</font> <font style="font-size: 10pt; line-height: inherit;">in</font> <font style="font-size: 10pt; line-height: inherit;">this</font> <font style="font-size: 10pt; line-height: inherit;">Agreement</font> <font style="font-size: 10pt; line-height: inherit;">that</font> <font style="font-size: 10pt; line-height: inherit;">ARC</font> <font style="font-size: 10pt; line-height: inherit;">may</font> <font style="font-size: 10pt; line-height: inherit;">request.</font> <font style="font-size: 10pt; line-height: inherit;">ARC</font> <font style="font-size: 10pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; line-height: inherit;">utilize all such financial and/or operational information only in the manner authorized under this Agreement and for no other purpose.</font></font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 10pt 63.3pt 0pt 89.95pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">In</font> <font style="font-size: 10pt; line-height: inherit;">addition</font> <font style="font-size: 10pt; line-height: inherit;">to</font> <font style="font-size: 10pt; line-height: inherit;">providing</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">required</font> <font style="font-size: 10pt; line-height: inherit;">information,</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">Client</font> <font style="font-size: 10pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; line-height: inherit;">also be responsible for the following.</font></font></p>
<p style="margin: 10pt 0pt 0pt 115.1pt; orphans: 0; text-align: justify; text-indent: -25.15pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; line-height: inherit;">a</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-size: 10pt; line-height: inherit;">Working</font> <font style="font-size: 10pt; line-height: inherit;">closely</font> <font style="font-size: 10pt; line-height: inherit;">with</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">engagement team</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">ARC;</font></font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 10pt 63.05pt 0pt 111.6pt; orphans: 0; text-align: justify; text-indent: -21.65pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; line-height: inherit;">b</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-size: 10pt; line-height: inherit;">Providing information and responding to document requests on</font> <font style="font-size: 10pt; line-height: inherit;">a timely basis; and</font></font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 10pt 63.15pt 0pt 111.55pt; orphans: 0; text-align: justify; text-indent: -21.6pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; line-height: inherit;">c</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-size: 10pt; line-height: inherit;">Informing</font> <font style="font-size: 10pt; line-height: inherit;">ARC</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">any</font> <font style="font-size: 10pt; line-height: inherit;">contacts</font> <font style="font-size: 10pt; line-height: inherit;">made</font> <font style="font-size: 10pt; line-height: inherit;">that</font> <font style="font-size: 10pt; line-height: inherit;">are</font> <font style="font-size: 10pt; line-height: inherit;">related</font> <font style="font-size: 10pt; line-height: inherit;">to</font> <font style="font-size: 10pt; line-height: inherit;">and/or may be affecting the progress of this engagement and/or the services</font> <font style="font-size: 10pt; line-height: inherit;">undertaken</font> <font style="font-size: 10pt; line-height: inherit;">by</font> <font style="font-size: 10pt; line-height: inherit;">ARC.</font></font></p>
<p style="margin: 10pt 0pt 0pt 86.7pt; orphans: 0; text-align: justify; text-indent: -18.35pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; letter-spacing: -0.45pt; line-height: inherit;">4.2.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;</font><font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;">Provided</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Information</font></font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 10pt 71.85pt 0pt 89.95pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">The</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Client</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">further</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">represents</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">and</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">warrants</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">to</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">ARC</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">that</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">all</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Information </font><font style="font-size: 10pt; line-height: inherit;">made</font> <font style="font-size: 10pt; line-height: inherit;">available</font> <font style="font-size: 10pt; line-height: inherit;">to</font> <font style="font-size: 10pt; line-height: inherit;">ARC</font> <font style="font-size: 10pt; line-height: inherit;">hereunder</font> <font style="font-size: 10pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; line-height: inherit;">be</font> <font style="font-size: 10pt; line-height: inherit;">complete</font> <font style="font-size: 10pt; line-height: inherit;">and</font> <font style="font-size: 10pt; line-height: inherit;">correct</font> <font style="font-size: 10pt; line-height: inherit;">in</font> <font style="font-size: 10pt; line-height: inherit;">all material respects and shall not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein not misleading in light of the circumstances under which such statements are or shall be made. The</font> <font style="font-size: 10pt; line-height: inherit;">Client</font> <font style="font-size: 10pt; line-height: inherit;">further</font> <font style="font-size: 10pt; line-height: inherit;">represents</font> <font style="font-size: 10pt; line-height: inherit;">and</font> <font style="font-size: 10pt; line-height: inherit;">warrants</font> <font style="font-size: 10pt; line-height: inherit;">that</font> <font style="font-size: 10pt; line-height: inherit;">any</font> <font style="font-size: 10pt; line-height: inherit;">projections</font> <font style="font-size: 10pt; line-height: inherit;">and other forward-looking information provided by it to ARC shall have been in good faith and shall be based upon assumptions which, in </font><font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">light</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">circumstances</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">under</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">which</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">they</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">are</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">made,</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">are</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">reasonable. </font><font style="font-size: 10pt; line-height: inherit;">The</font> <font style="font-size: 10pt; line-height: inherit;">Client recognizes and</font> <font style="font-size: 10pt; line-height: inherit;">confirms that ARC:</font></font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 10pt 74pt 0pt 111.55pt; orphans: 0; text-align: justify; text-indent: -21.6pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.15pt; line-height: inherit;">a.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-size: 10pt; line-height: inherit;">Will use and rely primarily on the Information and on information available from generally recognized public sources&nbsp;</font><font style="font-size: 10pt; text-align: justify; line-height: inherit;">in performing the services contemplated by this Agreement without having independently verified the same;</font></font></p>






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<p style="font-size: 10pt; line-height: 128%; margin: 10pt 73.95pt 0pt 111.6pt; text-align: justify; text-indent: -21.65pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.15pt; line-height: inherit;">b.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-size: 10pt; line-height: inherit;">Does not assume responsibility for the accuracy or completeness of the Information and such other information; </font><font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">and</font></font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 10pt 73.95pt 0pt 111.6pt; text-align: justify; text-indent: -21.65pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.15pt; line-height: inherit;">c.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-size: 10pt; line-height: inherit;">Will</font> <font style="font-size: 10pt; line-height: inherit;">not</font> <font style="font-size: 10pt; line-height: inherit;">make</font> <font style="font-size: 10pt; line-height: inherit;">an</font> <font style="font-size: 10pt; line-height: inherit;">appraisal</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">any</font> <font style="font-size: 10pt; line-height: inherit;">assets</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">Client</font> <font style="font-size: 10pt; line-height: inherit;">or</font> <font style="font-size: 10pt; line-height: inherit;">that</font> <font style="font-size: 10pt; line-height: inherit;">are otherwise part in the performance of the engagement.</font></font></p>
<p style="margin: 10pt 0pt 0pt 87.35pt; text-align: justify; text-indent: -18.95pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; letter-spacing: -0.45pt; line-height: inherit;">4.3.</font><font style="font-style: normal; line-height: inherit;"><font size="1">&nbsp;</font></font><font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Confidentiality</font></font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 10pt 73.9pt 10pt 82.8pt; text-align: justify;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Any</font> <font style="font-size: 10pt; line-height: inherit;">advice</font> <font style="font-size: 10pt; line-height: inherit;">rendered</font> <font style="font-size: 10pt; line-height: inherit;">by</font> <font style="font-size: 10pt; line-height: inherit;">ARC</font> <font style="font-size: 10pt; line-height: inherit;">pursuant</font> <font style="font-size: 10pt; line-height: inherit;">to</font> <font style="font-size: 10pt; line-height: inherit;">this</font> <font style="font-size: 10pt; line-height: inherit;">Agreement</font> <font style="font-size: 10pt; line-height: inherit;">may</font> <font style="font-size: 10pt; line-height: inherit;">not</font> <font style="font-size: 10pt; line-height: inherit;">be</font> <font style="font-size: 10pt; line-height: inherit;">disclosed</font> <font style="font-size: 10pt; line-height: inherit;">publicly</font> <font style="font-size: 10pt; line-height: inherit;">without</font> <font style="font-size: 10pt; line-height: inherit;">ARC&#8217;s</font> <font style="font-size: 10pt; line-height: inherit;">prior</font> <font style="font-size: 10pt; line-height: inherit;">written</font> <font style="font-size: 10pt; letter-spacing: 0.45pt; line-height: inherit;">consent. </font><font style="font-size: 10pt; line-height: inherit;">ARC hereby acknowledges that certain Information received by the Client may be confidential and/or proprietary, including Information with respect to the Client&#8217;s technologies, products, business plans, marketing, and</font> <font style="font-size: 10pt; line-height: inherit;">other</font> <font style="font-size: 10pt; line-height: inherit;">information which must be maintained by ARC </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">as</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">confidential.</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">ARC</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">agrees</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">that,</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">except</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">as</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">required</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">by</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">law,</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">it</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">not </font><font style="font-size: 10pt; line-height: inherit;">disclose such confidential and/or proprietary Information. Any NDAs signed</font> <font style="font-size: 10pt; line-height: inherit;">between</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">parties</font> <font style="font-size: 10pt; line-height: inherit;">hereto</font> <font style="font-size: 10pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; line-height: inherit;">serve</font> <font style="font-size: 10pt; line-height: inherit;">as</font> <font style="font-size: 10pt; line-height: inherit;">a</font> <font style="font-size: 10pt; line-height: inherit;">complement</font> <font style="font-size: 10pt; line-height: inherit;">to</font> <font style="font-size: 10pt; line-height: inherit;">this </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">section.</font></font></p>
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<p style="font-size: 10pt; margin: 10pt 0pt 0pt 77.05pt; text-align: justify; text-indent: -19.45pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; letter-spacing: -0.45pt; line-height: inherit;">4.4.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;</font><font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.35pt; line-height: inherit;">Service</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">scope</font></font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 10pt 73.65pt 0pt 82.8pt; text-align: justify;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">It</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">is</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">expressly</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">understood</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">and</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">agreed</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">that</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">tasks</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">to</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">be</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">performed</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">by </font><font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">ARC may</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">include</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">all or</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">just some</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">those</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">outlined in Section</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">1, as</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">well</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">as </font><font style="font-size: 10pt; line-height: inherit;">potentially additional tasks, as deemed required for achieving the </font><font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">Objective</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">engagement. It is further</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">understood</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">that</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">ARC need</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">not </font><font style="font-size: 10pt; line-height: inherit;">perform each of the above-referenced tasks, nor perform them in </font><font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">subsequent</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">order,</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">to</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">be</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">entitled</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">to</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">fees</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">outlined</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">in</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">Section</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">3.</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">It</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">is</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">further </font><font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">understood</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">that</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">ARC&#8217;s</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">tasks</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">may</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">not</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">be</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">limited</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">to</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">those</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">enumerated</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">in </font><font style="font-size: 10pt; line-height: inherit;">Section</font> <font style="font-size: 10pt; line-height: inherit;">1, </font><font style="font-size: 10pt; line-height: inherit;">if</font> <font style="font-size: 10pt; line-height: inherit;">required</font> <font style="font-size: 10pt; line-height: inherit;">for</font> <font style="font-size: 10pt; line-height: inherit;">achieving</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">Objective</font> <font style="font-size: 10pt; line-height: inherit;">or</font> <font style="font-size: 10pt; line-height: inherit;">requested</font> <font style="font-size: 10pt; line-height: inherit;">by</font> <font style="font-size: 10pt; line-height: inherit;">the </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Client.</font></font></p>
<p style="font-size: 10pt; margin: 10pt 0pt 0pt 76.55pt; text-align: justify; text-indent: -18.95pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; letter-spacing: -0.45pt; line-height: inherit;">4.5.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;</font><font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;">Non</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;">Broker-Dealer</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;">nor</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;">Promoter</font></font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 10pt 73.55pt 0pt 82.8pt; text-align: justify;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Notwithstanding</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">anything</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">to</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">contrary</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">herein,</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">ARC</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">not</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">provide any</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">services</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">pursuant</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">to</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">this</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Agreement</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">that</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">require</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">registration</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">as</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">an </font><font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">SEC-registered</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">broker-dealer.</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">To</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">extent</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Client</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">requires</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">services that</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">can</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">only</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">be</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">provided</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">by</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">an</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">SEC-registered</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">broker-dealer,</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">then</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the </font><font style="font-size: 10pt; line-height: inherit;">Parties</font> <font style="font-size: 10pt; line-height: inherit;">agree</font> <font style="font-size: 10pt; line-height: inherit;">that</font> <font style="font-size: 10pt; line-height: inherit;">ARC's</font> <font style="font-size: 10pt; line-height: inherit;">affiliate,</font> <font style="font-size: 10pt; line-height: inherit;">ARC</font> <font style="font-size: 10pt; line-height: inherit;">Group</font> <font style="font-size: 10pt; line-height: inherit;">Securities,</font> <font style="font-size: 10pt; line-height: inherit;">LLC,</font> <font style="font-size: 10pt; line-height: inherit;">an</font> <font style="font-size: 10pt; line-height: inherit;">SEC- </font><font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">registered broker-dealer shall be engaged to perform</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">such</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">services or to </font><font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">introduce</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Client</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">to</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">another</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">SEC-registered</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">broker-dealer</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">to provide </font><font style="font-size: 10pt; line-height: inherit;">such</font> <font style="font-size: 10pt; line-height: inherit;">services.</font> <font style="font-size: 10pt; line-height: inherit;">The</font> <font style="font-size: 10pt; line-height: inherit;">Client</font> <font style="font-size: 10pt; line-height: inherit;">acknowledges</font> <font style="font-size: 10pt; line-height: inherit;">that</font> <font style="font-size: 10pt; line-height: inherit;">ARC</font> <font style="font-size: 10pt; line-height: inherit;">is</font> <font style="font-size: 10pt; line-height: inherit;">not</font> <font style="font-size: 10pt; line-height: inherit;">a</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">registered&nbsp;</font><font style="font-size: 10pt; text-align: justify; line-height: inherit;">broker-dealer,</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">and</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">thus</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">cannot</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">raise</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">capital</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">for</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">US</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">public</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">companies. </font><font style="font-size: 10pt; text-align: justify; letter-spacing: -0.3pt; line-height: inherit;">Each</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.3pt; line-height: inherit;">Party</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.3pt; line-height: inherit;">further</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.3pt; line-height: inherit;">confirms</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.3pt; line-height: inherit;">that</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.3pt; line-height: inherit;">ARC</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.3pt; line-height: inherit;">is</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.3pt; line-height: inherit;">not</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.3pt; line-height: inherit;">to</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.3pt; line-height: inherit;">be</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.3pt; line-height: inherit;">a</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.3pt; line-height: inherit;">&#8220;promoter&#8221;</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.3pt; line-height: inherit;">as</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.3pt; line-height: inherit;">defined in</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.3pt; line-height: inherit;">Rule</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.3pt; line-height: inherit;">405</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.3pt; line-height: inherit;">of</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.3pt; line-height: inherit;">the</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.3pt; line-height: inherit;">Securities</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.3pt; line-height: inherit;">Act</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.3pt; line-height: inherit;">of</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.3pt; line-height: inherit;">1933,</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.3pt; line-height: inherit;">as</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.3pt; line-height: inherit;">amended</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.3pt; line-height: inherit;">from</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.3pt; line-height: inherit;">time</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.3pt; line-height: inherit;">to</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.3pt; line-height: inherit;">time. </font><font style="font-size: 10pt; text-align: justify; line-height: inherit;">ARC further agrees that it shall not take any actions, including any </font><font style="font-size: 10pt; text-align: justify; letter-spacing: -0.2pt; line-height: inherit;">described</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.2pt; line-height: inherit;">herein,</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.2pt; line-height: inherit;">that</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.2pt; line-height: inherit;">could,</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.2pt; line-height: inherit;">based</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.2pt; line-height: inherit;">on</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.2pt; line-height: inherit;">totality</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.2pt; line-height: inherit;">circumstances, </font><font style="font-size: 10pt; text-align: justify; line-height: inherit;">reasonably</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">be</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">determined</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">to</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">qualify</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">it</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">as</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">a</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">&#8220;promoter"</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">under</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">the</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">rules.</font></font></p>






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<p style="margin: 10pt 0pt 0pt 76.6pt; orphans: 0; text-align: justify; text-indent: -19pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; letter-spacing: -0.45pt; line-height: inherit;">4.6.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;</font><font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.3pt; line-height: inherit;">Indemnification</font></font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 10pt 73.65pt 0pt 82.8pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">The</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">Client hereby</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">indemnifies</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">and</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">holds</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">ARC</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">and</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">its partners,</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">principals, </font><font style="font-size: 10pt; line-height: inherit;">agents, consultants and employees (the &#8220;ARC Indemnified Party&#8221;) </font><font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">harmless</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">from</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">and</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">against</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">any</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">losses,</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">claims,</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">damages</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">or</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">liabilities</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">(or </font><font style="font-size: 10pt; line-height: inherit;">actions in respect thereof) to which the ARC Indemnified Party may become subject to as a result of or in connection with any untrue statement</font> <font style="font-size: 10pt; line-height: inherit;">or</font> <font style="font-size: 10pt; line-height: inherit;">alleged</font> <font style="font-size: 10pt; line-height: inherit;">untrue</font> <font style="font-size: 10pt; line-height: inherit;">statement</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">a</font> <font style="font-size: 10pt; line-height: inherit;">material</font> <font style="font-size: 10pt; line-height: inherit;">fact</font> <font style="font-size: 10pt; line-height: inherit;">contained</font> <font style="font-size: 10pt; line-height: inherit;">in any information or documents provided to ARC by Client or its </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">authorized</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">representatives,</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">including</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">without</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">limitation</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">sale</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">materials, </font><font style="font-size: 10pt; line-height: inherit;">informational memorandum, filings with the SEC, transaction </font><font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">summaries,</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">slide</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">decks</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">or</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">transaction</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">agreements</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">contemplated</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">by</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">this </font><font style="font-size: 10pt; line-height: inherit;">Agreement</font> <font style="font-size: 10pt; line-height: inherit;">as</font> <font style="font-size: 10pt; line-height: inherit;">such</font> <font style="font-size: 10pt; line-height: inherit;">materials</font> <font style="font-size: 10pt; line-height: inherit;">may</font> <font style="font-size: 10pt; line-height: inherit;">be</font> <font style="font-size: 10pt; line-height: inherit;">amended</font> <font style="font-size: 10pt; line-height: inherit;">or</font> <font style="font-size: 10pt; line-height: inherit;">supplemented</font> <font style="font-size: 10pt; line-height: inherit;">(and </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">including</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">but</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">not</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">limited</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">to</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">any</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">documents</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">deemed</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">to</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">be</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">incorporated </font><font style="font-size: 10pt; line-height: inherit;">therein</font> <font style="font-size: 10pt; line-height: inherit;">by</font> <font style="font-size: 10pt; line-height: inherit;">reference)</font> <font style="font-size: 10pt; line-height: inherit;">(collectively,</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">&#8220;Transaction</font> <font style="font-size: 10pt; line-height: inherit;">Documents&#8221;),</font> <font style="font-size: 10pt; line-height: inherit;">but </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">excluding</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">information</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">provided</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">by</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">ARC</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">for</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">inclusion</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">in</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">any</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Transaction </font><font style="font-size: 10pt; line-height: inherit;">Documents, or any omission or alleged omission to state therein a </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">material</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">fact</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">necessary</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">in</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">order</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">to</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">make</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">statements</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">therein,</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">in</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the </font><font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">light</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">circumstances</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">under</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">which</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">they</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">were</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">made,</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">not</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">misleading, </font><font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">unless</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">it</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">is</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">finally</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">judicially</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">determined</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">that</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">such</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">losses,</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">claims,</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">damages or liabilities</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">were</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">caused by fraud, willful</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">misconduct</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">or</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">gross negligence </font><font style="font-size: 10pt; line-height: inherit;">on</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">part</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">that</font> <font style="font-size: 10pt; line-height: inherit;">ARC</font> <font style="font-size: 10pt; line-height: inherit;">Indemnified</font> <font style="font-size: 10pt; line-height: inherit;">Party</font> <font style="font-size: 10pt; line-height: inherit;">in</font> <font style="font-size: 10pt; line-height: inherit;">performing</font> <font style="font-size: 10pt; line-height: inherit;">its</font> <font style="font-size: 10pt; line-height: inherit;">obligations under this Agreement. In the event that full indemnification is not available to the ARC Indemnified Party as a matter of law, then the aggregate liability shall be limited to the total fees collected for the services rendered and, in any event, shall be limited by a final adjudication</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">their</font> <font style="font-size: 10pt; line-height: inherit;">relative degree</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">fault</font> <font style="font-size: 10pt; line-height: inherit;">and</font> <font style="font-size: 10pt; line-height: inherit;">benefit received.</font></font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 10pt 71.85pt 10pt 82.8pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The</font> <font style="font-size: 10pt; line-height: inherit;">parties</font> <font style="font-size: 10pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; line-height: inherit;">be</font> <font style="font-size: 10pt; line-height: inherit;">relieved</font> <font style="font-size: 10pt; line-height: inherit;">from</font> <font style="font-size: 10pt; line-height: inherit;">liability</font> <font style="font-size: 10pt; line-height: inherit;">for</font> <font style="font-size: 10pt; line-height: inherit;">a</font> <font style="font-size: 10pt; line-height: inherit;">failure</font> <font style="font-size: 10pt; line-height: inherit;">to</font> <font style="font-size: 10pt; line-height: inherit;">perform</font> <font style="font-size: 10pt; line-height: inherit;">any obligation</font> <font style="font-size: 10pt; line-height: inherit;">under</font> <font style="font-size: 10pt; line-height: inherit;">this</font> <font style="font-size: 10pt; line-height: inherit;">Agreement</font> <font style="font-size: 10pt; line-height: inherit;">during</font> <font style="font-size: 10pt; line-height: inherit;">such</font> <font style="font-size: 10pt; line-height: inherit;">period</font> <font style="font-size: 10pt; line-height: inherit;">and</font> <font style="font-size: 10pt; line-height: inherit;">to</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">extent that</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">due</font> <font style="font-size: 10pt; line-height: inherit;">performance</font> <font style="font-size: 10pt; line-height: inherit;">thereof</font> <font style="font-size: 10pt; line-height: inherit;">by</font> <font style="font-size: 10pt; line-height: inherit;">either</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">Parties</font> <font style="font-size: 10pt; line-height: inherit;">is</font> <font style="font-size: 10pt; line-height: inherit;">prevented by a Force Majeure beyond the control of such Party, such as war, </font><font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">warlike</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">hostilities,</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">mobilization</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">or</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">general</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">military</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">call-up,</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">civil</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">war,</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">fire, </font><font style="font-size: 10pt; line-height: inherit;">flood</font> <font style="font-size: 10pt; line-height: inherit;">or</font> <font style="font-size: 10pt; line-height: inherit;">other</font> <font style="font-size: 10pt; line-height: inherit;">circumstances</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">similar</font> <font style="font-size: 10pt; line-height: inherit;">importance.</font> <font style="font-size: 10pt; line-height: inherit;">The</font> <font style="font-size: 10pt; line-height: inherit;">Party</font> <font style="font-size: 10pt; line-height: inherit;">desiring&nbsp;</font><font style="font-size: 10pt; text-align: justify; line-height: inherit;">to</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">invoke</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">an</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">effect</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">of</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">force</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">majeure</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">shall</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">give</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">immediate</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">notice</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">to</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">the other</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">Party</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">of</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">the</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">commencement</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">and</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">the</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">cessation</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">of</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">such</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">event</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">of force</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">majeure,</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">failing</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">which</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">the</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">Party</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">shall</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">not</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">be</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">discharge</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">of</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">liability </font><font style="font-size: 10pt; text-align: justify; letter-spacing: -0.1pt; line-height: inherit;">for</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.1pt; line-height: inherit;">any</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.1pt; line-height: inherit;">non-performance</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.1pt; line-height: inherit;">caused</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.1pt; line-height: inherit;">by</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.1pt; line-height: inherit;">such</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.1pt; line-height: inherit;">event</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.1pt; line-height: inherit;">force</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.1pt; line-height: inherit;">majeure.</font> <font style="font-size: 10pt; text-align: justify; letter-spacing: -0.1pt; line-height: inherit;">Both </font><font style="font-size: 10pt; text-align: justify; line-height: inherit;">Parties shall make all reasonable efforts to prevent and reduce the effect</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">of</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">any</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">non-performance</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">of</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">this</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">Agreement</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">caused</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">by</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">an</font> <font style="font-size: 10pt; text-align: justify; line-height: inherit;">event of force majeure.</font></font></p>
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<p style="margin: 10pt 0pt 0pt 76.3pt; orphans: 0; text-align: justify; text-indent: -18.7pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; letter-spacing: -0.45pt; line-height: inherit;">4.7.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Exclusivity</font></font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 10pt 73.6pt 0pt 82.8pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">For</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">entire</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">duration</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">this</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">Agreement</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">remain</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">in</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">effect,</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">Client </font><font style="font-size: 10pt; line-height: inherit;">agrees</font> <font style="font-size: 10pt; line-height: inherit;">that</font> <font style="font-size: 10pt; line-height: inherit;">ARC</font> <font style="font-size: 10pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; line-height: inherit;">act</font> <font style="font-size: 10pt; line-height: inherit;">as</font> <font style="font-size: 10pt; line-height: inherit;">its</font> <font style="font-size: 10pt; line-height: inherit;">sole</font> <font style="font-size: 10pt; line-height: inherit;">service</font> <font style="font-size: 10pt; line-height: inherit;">provider</font> <font style="font-size: 10pt; line-height: inherit;">in</font> <font style="font-size: 10pt; line-height: inherit;">relation</font> <font style="font-size: 10pt; line-height: inherit;">to</font> <font style="font-size: 10pt; line-height: inherit;">the </font><font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">services described</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">in</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">Section</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">1 </font><font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">this</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">Agreement. The</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">Client</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">not</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">by </font><font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">itself,</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">nor</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">permit</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">any</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">its</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">subsidiaries</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">or</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">affiliates</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">to,</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">directly</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">or</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">indirectly;&nbsp;</font></font><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">i)</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">enter</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">into</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">any</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">agreement,</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">understanding</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">or</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">undertaking,</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">nor</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">solicit, </font><font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">initiate, or encourage the submission of proposals or offers from</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">any third </font><font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">parties</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">other</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">than</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">ARC</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">relating</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">to</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Services</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">described</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">in</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">this</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Agreement</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">or&nbsp;</font></font><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">ii)</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">participate in</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">any discussions</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">or</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">negotiations</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">regarding,</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">nor</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">furnish any </font><font style="font-size: 10pt; line-height: inherit;">information with respect to the Client or any transaction or service described</font> <font style="font-size: 10pt; line-height: inherit;">within</font> <font style="font-size: 10pt; line-height: inherit;">this</font> <font style="font-size: 10pt; line-height: inherit;">Agreement,</font> <font style="font-size: 10pt; line-height: inherit;">with</font> <font style="font-size: 10pt; line-height: inherit;">any</font> <font style="font-size: 10pt; line-height: inherit;">service</font> <font style="font-size: 10pt; line-height: inherit;">provider</font> <font style="font-size: 10pt; line-height: inherit;">other</font> <font style="font-size: 10pt; line-height: inherit;">than </font><font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">ARC. In the event that the Client enters into</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">an agreement or relationship </font><font style="font-size: 10pt; line-height: inherit;">with</font> <font style="font-size: 10pt; line-height: inherit;">a</font> <font style="font-size: 10pt; line-height: inherit;">third</font> <font style="font-size: 10pt; line-height: inherit;">party</font> <font style="font-size: 10pt; line-height: inherit;">during</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">Term</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">this</font> <font style="font-size: 10pt; line-height: inherit;">Agreement</font> <font style="font-size: 10pt; line-height: inherit;">that</font> <font style="font-size: 10pt; line-height: inherit;">results</font> <font style="font-size: 10pt; line-height: inherit;">in</font> <font style="font-size: 10pt; line-height: inherit;">a transaction</font> <font style="font-size: 10pt; line-height: inherit;">as</font> <font style="font-size: 10pt; line-height: inherit;">described</font> <font style="font-size: 10pt; line-height: inherit;">herein,</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">Client</font> <font style="font-size: 10pt; line-height: inherit;">acknowledges</font> <font style="font-size: 10pt; line-height: inherit;">that</font> <font style="font-size: 10pt; line-height: inherit;">ARC</font> <font style="font-size: 10pt; line-height: inherit;">is </font><font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">entitled</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">to</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">all the fees set</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">forth</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">in</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">Section 3. For</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">avoidance</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">doubt,</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">it is</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">acknowledged</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">and</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">agreed</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">by</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">Parties</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">that</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">nothing</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">in</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">this</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">Section</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">4.7 </font><font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">prevent</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">Client</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">from engaging a</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">financial advisor</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">for</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">the purposes of </font><font style="font-size: 10pt; line-height: inherit;">issuing</font> <font style="font-size: 10pt; line-height: inherit;">a</font> <font style="font-size: 10pt; line-height: inherit;">fairness</font> <font style="font-size: 10pt; line-height: inherit;">opinion</font> <font style="font-size: 10pt; line-height: inherit;">in</font> <font style="font-size: 10pt; line-height: inherit;">connection</font> <font style="font-size: 10pt; line-height: inherit;">with</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">business</font> <font style="font-size: 10pt; line-height: inherit;">combination contemplated</font> <font style="font-size: 10pt; line-height: inherit;">in</font> <font style="font-size: 10pt; line-height: inherit;">this</font> <font style="font-size: 10pt; line-height: inherit;">Agreement</font> <font style="font-size: 10pt; line-height: inherit;">and</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">Divestiture</font> <font style="font-size: 10pt; line-height: inherit;">Transaction.</font></font></p>
<p style="margin: 10pt 0pt 0pt 77.2pt; orphans: 0; text-align: justify; text-indent: -19.6pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; letter-spacing: -0.45pt; line-height: inherit;">4.8.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;</font><font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.3pt; line-height: inherit;">Non-</font><font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">circumvention</font></font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 10pt 73.55pt 0pt 82.75pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Under</font> <font style="font-size: 10pt; line-height: inherit;">no</font> <font style="font-size: 10pt; line-height: inherit;">circumstances</font> <font style="font-size: 10pt; line-height: inherit;">is</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">Client</font> <font style="font-size: 10pt; line-height: inherit;">allowed</font> <font style="font-size: 10pt; line-height: inherit;">to</font> <font style="font-size: 10pt; line-height: inherit;">contact</font> <font style="font-size: 10pt; line-height: inherit;">any</font> <font style="font-size: 10pt; line-height: inherit;">potential investors, buyers, potential merging parties or any other partners without</font> <font style="font-size: 10pt; line-height: inherit;">involving</font> <font style="font-size: 10pt; line-height: inherit;">ARC</font> <font style="font-size: 10pt; line-height: inherit;">during</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">term</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">Agreement.</font> <font style="font-size: 10pt; line-height: inherit;">If</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">Client </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">would</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">nevertheless</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">do</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">so,</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">ARC</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">be</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">entitled</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">to</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">full</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">fees</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">under</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Section&nbsp;</font></font><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">3 for any investment, acquisition or other deals arising from such </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">contact.</font></font></p>
<p style="margin: 10pt 0pt 0pt 76.95pt; orphans: 0; text-align: justify; text-indent: -19.35pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; letter-spacing: -0.45pt; line-height: inherit;">4.9.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;</font><font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.3pt; line-height: inherit;">Non-</font><font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">solicitation</font></font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 10pt 73.7pt 0pt 82.75pt; orphans: 0; text-align: justify; text-indent: 0.1pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">During</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">period</font> <font style="font-size: 10pt; line-height: inherit;">commencing on</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">Effective</font> <font style="font-size: 10pt; line-height: inherit;">Date</font> <font style="font-size: 10pt; line-height: inherit;">and ending</font> <font style="font-size: 10pt; line-height: inherit;">two </font><font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">years</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">following</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">Termination</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">Date,</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">Client</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">not, without</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">ARC&#180;s </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">prior</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">written</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">consent,</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">directly</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">or</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">indirectly;</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">(i)</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">solicit</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">or</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">encourage</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">any&nbsp;</font><font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">person</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">to</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">leave</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">employment</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">or</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">other</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">service</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">ARC</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">or</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">its</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Affiliates; </font><font style="font-size: 10pt; letter-spacing: -0.5pt; line-height: inherit;">or</font> <font style="font-size: 10pt; letter-spacing: -0.5pt; line-height: inherit;">(ii)</font> <font style="font-size: 10pt; letter-spacing: -0.5pt; line-height: inherit;">hire,</font> <font style="font-size: 10pt; letter-spacing: -0.5pt; line-height: inherit;">on</font> <font style="font-size: 10pt; letter-spacing: -0.5pt; line-height: inherit;">behalf</font> <font style="font-size: 10pt; letter-spacing: -0.5pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.5pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.5pt; line-height: inherit;">Client</font> <font style="font-size: 10pt; letter-spacing: -0.5pt; line-height: inherit;">or</font> <font style="font-size: 10pt; letter-spacing: -0.5pt; line-height: inherit;">any</font> <font style="font-size: 10pt; letter-spacing: -0.5pt; line-height: inherit;">other</font> <font style="font-size: 10pt; letter-spacing: -0.5pt; line-height: inherit;">person</font> <font style="font-size: 10pt; letter-spacing: -0.5pt; line-height: inherit;">or</font> <font style="font-size: 10pt; letter-spacing: -0.5pt; line-height: inherit;">entity,</font> <font style="font-size: 10pt; letter-spacing: -0.5pt; line-height: inherit;">any</font> <font style="font-size: 10pt; letter-spacing: -0.5pt; line-height: inherit;">person </font><font style="font-size: 10pt; line-height: inherit;">who</font> <font style="font-size: 10pt; line-height: inherit;">has</font> <font style="font-size: 10pt; line-height: inherit;">left</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">employment</font> <font style="font-size: 10pt; line-height: inherit;">within</font> <font style="font-size: 10pt; line-height: inherit;">a</font> <font style="font-size: 10pt; line-height: inherit;">two</font> <font style="font-size: 10pt; line-height: inherit;">years</font> <font style="font-size: 10pt; line-height: inherit;">period</font> <font style="font-size: 10pt; line-height: inherit;">following</font> <font style="font-size: 10pt; line-height: inherit;">the termination</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">that</font> <font style="font-size: 10pt; line-height: inherit;">person&#8217;s</font> <font style="font-size: 10pt; line-height: inherit;">employment</font> <font style="font-size: 10pt; line-height: inherit;">with</font> <font style="font-size: 10pt; line-height: inherit;">ARC</font> <font style="font-size: 10pt; line-height: inherit;">or</font> <font style="font-size: 10pt; line-height: inherit;">its</font> <font style="font-size: 10pt; line-height: inherit;">Affiliates.</font></font></p>
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<p style="font-size: 10pt; margin: 0pt 0pt 0pt 61.05pt; text-indent: -10.65pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">5.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">ADDITIONAL</font> <font style="font-size: 10pt; font-weight: bold; line-height: inherit;">ENGAGEMENT</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;">TERMS</font></font></p>
<p style="margin: 10pt 0pt 0pt 84.3pt; text-align: justify; text-indent: -15.95pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; letter-spacing: -0.45pt; line-height: inherit;">5.1.</font><font style="font-style: normal; line-height: inherit;"><font size="1">&nbsp;</font></font><font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Marketing</font></font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 10pt 63.1pt 0pt 89.95pt; text-align: justify;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The Client hereby grants ARC permission to use its name and deal information on its website, brochure and any other marketing materials</font> <font style="font-size: 10pt; line-height: inherit;">as</font> <font style="font-size: 10pt; line-height: inherit;">deemed</font> <font style="font-size: 10pt; line-height: inherit;">fit</font> <font style="font-size: 10pt; line-height: inherit;">by</font> <font style="font-size: 10pt; line-height: inherit;">ARC.</font> <font style="font-size: 10pt; line-height: inherit;">Nevertheless,</font> <font style="font-size: 10pt; line-height: inherit;">ARC</font> <font style="font-size: 10pt; line-height: inherit;">is</font> <font style="font-size: 10pt; line-height: inherit;">prohibited</font> <font style="font-size: 10pt; line-height: inherit;">from sharing the Client&#8217;s confidential information with the public and may remove specifics that the Client reasonably requests to keep </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">confidential.</font></font></p>
<p style="font-size: 10pt; margin: 10pt 0pt 0pt 86.2pt; text-align: justify; text-indent: -17.85pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; letter-spacing: -0.45pt; line-height: inherit;">5.2.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;</font><font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Follow</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">on</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.25pt; line-height: inherit;">Fee</font></font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 10pt 63pt 0pt 89.95pt; text-align: justify;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">If the Parties terminate this Agreement and the Client decides to continue a transaction or another deal with any potential third party introduced</font> <font style="font-size: 10pt; line-height: inherit;">during</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">duration</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">this</font> <font style="font-size: 10pt; line-height: inherit;">Agreement</font> <font style="font-size: 10pt; line-height: inherit;">and/or</font> <font style="font-size: 10pt; line-height: inherit;">managed</font> <font style="font-size: 10pt; line-height: inherit;">by </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">ARC,</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">or</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">affiliate,</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">subsidiary</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">or</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">related</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">party</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">such</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">third</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">party,</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">then </font><font style="font-size: 10pt; line-height: inherit;">the Client agrees to pay ARC a Follow-on Fee equivalent to the fees that ARC would have been entitled to for such a transaction if the Agreement</font> <font style="font-size: 10pt; line-height: inherit;">was</font> <font style="font-size: 10pt; line-height: inherit;">still</font> <font style="font-size: 10pt; line-height: inherit;">in</font> <font style="font-size: 10pt; line-height: inherit;">force.</font> <font style="font-size: 10pt; line-height: inherit;">This</font> <font style="font-size: 10pt; line-height: inherit;">clause</font> <font style="font-size: 10pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; line-height: inherit;">survive</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">termination of this agreement.</font></font></p>
<p style="font-size: 10pt; margin: 10pt 0pt 0pt 89.4pt; text-align: justify; text-indent: -17.45pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; letter-spacing: -0.45pt; line-height: inherit;">5.3.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;</font><font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.3pt; line-height: inherit;">Additional</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">services</font></font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 10pt 62.8pt 0pt 89.95pt; text-align: justify;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">If</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">ARC</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">is</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">required</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">to</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">perform</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">an</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">additional</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">service</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">that</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">is</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">not</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">included</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">in </font><font style="font-size: 10pt; line-height: inherit;">Section </font><font style="font-size: 10pt; line-height: inherit;">1,</font> <font style="font-size: 10pt; line-height: inherit;">the Client may choose to enter into a separate financial </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">advisory</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">agreement</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">with</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">ARC,</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">or</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">to</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">be</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">billed</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">hourly.</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Hourly</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">rates</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">are</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">as follows:</font></font></p>
<p style="font-size: 10pt; margin: 10pt 0pt 0pt 129.5pt; text-align: justify; text-indent: -21.55pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; line-height: inherit;">-</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">Managing</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">Partner:</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">$1,500</font></font></p>
<p style="font-size: 10pt; margin: 7.8pt 0pt 0pt 129.5pt; text-align: justify; text-indent: -21.55pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; line-height: inherit;">-</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">Managing</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">Director:</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">$1050</font></font></p>
<p style="font-size: 10pt; margin: 7.65pt 0pt 0pt 129.5pt; text-align: justify; text-indent: -21.55pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; line-height: inherit;">-</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-size: 10pt; letter-spacing: -0.5pt; line-height: inherit;">Senior</font> <font style="font-size: 10pt; letter-spacing: -0.5pt; line-height: inherit;">Associate:</font> <font style="font-size: 10pt; letter-spacing: -0.5pt; line-height: inherit;">$670</font></font></p>
<p style="font-size: 10pt; margin: 7.75pt 0pt 0pt 129.5pt; text-align: justify; text-indent: -21.55pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; line-height: inherit;">-</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Associate:</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">$450</font></font></p>
<p style="font-size: 10pt; margin: 7.65pt 0pt 0pt 129.45pt; text-align: justify; text-indent: -21.55pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; line-height: inherit;">-</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">Junior</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">Associate:</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">$270</font></font></p>






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<p style="font-size: 10pt; line-height: 6%; margin: 0pt; orphans: 0; widows: 0;"><br></p>
<p style="margin: 11.7pt 0pt 0pt 61.85pt; orphans: 0; text-indent: -11.45pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">6.</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">MISCELLANEOUS</font></font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 10pt 73.85pt 0pt 64.75pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">This Agreement constitutes the whole and complete understanding between the Parties. The Agreement supersedes any prior agreements, whether oral or in writing, among the Parties. No provision of this Agreement may be changed or terminated except by a document in writing duly executed by the Parties. Any obligations and/or rights assigned under this Agreement may not be delegated without the approval of the other Party.</font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 10pt 73.85pt 0pt 64.75pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">If</font> <font style="font-size: 10pt; line-height: inherit;">any</font> <font style="font-size: 10pt; line-height: inherit;">provision</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">this</font> <font style="font-size: 10pt; line-height: inherit;">Agreement</font> <font style="font-size: 10pt; line-height: inherit;">is</font> <font style="font-size: 10pt; line-height: inherit;">held</font> <font style="font-size: 10pt; line-height: inherit;">to</font> <font style="font-size: 10pt; line-height: inherit;">be,</font> <font style="font-size: 10pt; line-height: inherit;">unenforceable</font> <font style="font-size: 10pt; line-height: inherit;">under</font> <font style="font-size: 10pt; line-height: inherit;">any present or future laws, such provision shall be fully severable without effect on the rest of the Agreement. The remainder of the Agreement shall continue to be fully enforceable as if such unenforceable provision had never comprised a part of this Agreement.</font></font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 10pt 73.95pt 0pt 64.75pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Agreement is construed in accordance with, and shall be governed by, the laws of the Special Administrative Region of Hong Kong.</font></p>
<p style="font-size: 10pt; line-height: 128%; margin: 10pt 73.65pt 0pt 64.75pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">The</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">Parties</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">first</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">make</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">their</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">endeavors</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">to</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">settle</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">any</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">dispute</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">arising</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">from </font><font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">interpretation</font> <font style="font-size: 10pt; line-height: inherit;">and</font> <font style="font-size: 10pt; line-height: inherit;">performance</font> <font style="font-size: 10pt; line-height: inherit;">hereof</font> <font style="font-size: 10pt; line-height: inherit;">through</font> <font style="font-size: 10pt; line-height: inherit;">friendly</font> <font style="font-size: 10pt; line-height: inherit;">negotiations. Should the dispute fail to be settled within sixty (60) days from the commencement</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">friendly</font> <font style="font-size: 10pt; line-height: inherit;">negotiations</font> <font style="font-size: 10pt; line-height: inherit;">or</font> <font style="font-size: 10pt; line-height: inherit;">a</font> <font style="font-size: 10pt; line-height: inherit;">longer</font> <font style="font-size: 10pt; line-height: inherit;">time</font> <font style="font-size: 10pt; line-height: inherit;">limit</font> <font style="font-size: 10pt; line-height: inherit;">as</font> <font style="font-size: 10pt; line-height: inherit;">may</font> <font style="font-size: 10pt; line-height: inherit;">be </font><font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">mutually</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">agreed</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">by</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">Parties,</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">any</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">dispute,</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">controversy</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">or</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">claim</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">arising</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">out </font><font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">or</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">relating</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">to</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">this</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">contract,</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">or</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">breach,</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">termination</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">or</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">validity</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">thereof, </font><font style="font-size: 10pt; line-height: inherit;">shall be finally settled by arbitration in accordance with the UNCITRAL Expedited Arbitration Rules at present in force when the Notice of Arbitration is submitted. The arbitrating authority shall be Hong Kong International Arbitration Centre. There shall be only one arbitrator. The venue</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">arbitration</font> <font style="font-size: 10pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; line-height: inherit;">be</font> <font style="font-size: 10pt; line-height: inherit;">Hong</font> <font style="font-size: 10pt; line-height: inherit;">Kong.</font> <font style="font-size: 10pt; line-height: inherit;">The</font> <font style="font-size: 10pt; line-height: inherit;">language</font> <font style="font-size: 10pt; line-height: inherit;">to</font> <font style="font-size: 10pt; line-height: inherit;">be</font> <font style="font-size: 10pt; line-height: inherit;">used</font> <font style="font-size: 10pt; line-height: inherit;">in</font> <font style="font-size: 10pt; line-height: inherit;">the arbitral</font> <font style="font-size: 10pt; line-height: inherit;">proceedings</font> <font style="font-size: 10pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; line-height: inherit;">be</font> <font style="font-size: 10pt; line-height: inherit;">English.</font> <font style="font-size: 10pt; line-height: inherit;">The</font> <font style="font-size: 10pt; line-height: inherit;">award</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">arbitration</font> <font style="font-size: 10pt; line-height: inherit;">tribunal shall</font> <font style="font-size: 10pt; line-height: inherit;">be</font> <font style="font-size: 10pt; line-height: inherit;">final</font> <font style="font-size: 10pt; line-height: inherit;">and</font> <font style="font-size: 10pt; line-height: inherit;">binding</font> <font style="font-size: 10pt; line-height: inherit;">upon</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">parties.</font> <font style="font-size: 10pt; line-height: inherit;">The</font> <font style="font-size: 10pt; line-height: inherit;">cost</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">arbitration</font> <font style="font-size: 10pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; line-height: inherit;">be borne by the Client.</font></font></p>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>8</font></font></td>




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<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><br></div>




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<p style="margin: 7.2pt 0pt 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 5.6pt 0pt 0pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: italic; line-height: inherit;">[Signature</font> <font style="font-size: 10pt; font-style: italic; line-height: inherit;">Page</font> <font style="font-size: 10pt; font-style: italic; line-height: inherit;">to</font> <font style="font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">follow]</font></font></p>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-style: italic; line-height: inherit;">&nbsp;</font></p>


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<div style="font-size: 10pt;">
<p style="font-size: 10pt; line-height: 1.2; margin: 11.7pt 48.7pt 0pt 36pt; text-align: justify;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: italic; line-height: inherit;">Both</font> <font style="font-size: 10pt; font-style: italic; line-height: inherit;">signatories</font> <font style="font-size: 10pt; font-style: italic; line-height: inherit;">confirm</font> <font style="font-size: 10pt; font-style: italic; line-height: inherit;">that</font> <font style="font-size: 10pt; font-style: italic; line-height: inherit;">they</font> <font style="font-size: 10pt; font-style: italic; line-height: inherit;">have</font> <font style="font-size: 10pt; font-style: italic; line-height: inherit;">read,</font> <font style="font-size: 10pt; font-style: italic; line-height: inherit;">understood,</font> <font style="font-size: 10pt; font-style: italic; line-height: inherit;">and</font> <font style="font-size: 10pt; font-style: italic; line-height: inherit;">agreed</font> <font style="font-size: 10pt; font-style: italic; line-height: inherit;">to</font> <font style="font-size: 10pt; font-style: italic; line-height: inherit;">the</font> <font style="font-size: 10pt; font-style: italic; line-height: inherit;">terms and</font> <font style="font-size: 10pt; font-style: italic; line-height: inherit;">conditions</font> <font style="font-size: 10pt; font-style: italic; line-height: inherit;">outlined</font> <font style="font-size: 10pt; font-style: italic; line-height: inherit;">in</font> <font style="font-size: 10pt; font-style: italic; line-height: inherit;">this</font> <font style="font-size: 10pt; font-style: italic; line-height: inherit;">Agreement,</font> <font style="font-size: 10pt; font-style: italic; line-height: inherit;">and</font> <font style="font-size: 10pt; font-style: italic; line-height: inherit;">that</font> <font style="font-size: 10pt; font-style: italic; line-height: inherit;">they</font> <font style="font-size: 10pt; font-style: italic; line-height: inherit;">are</font> <font style="font-size: 10pt; font-style: italic; line-height: inherit;">duly</font> <font style="font-size: 10pt; font-style: italic; line-height: inherit;">authorized</font> <font style="font-size: 10pt; font-style: italic; line-height: inherit;">to</font> <font style="font-size: 10pt; font-style: italic; line-height: inherit;">sign on behalf of their respective Party to the Agreement.</font></font></p>
<p style="margin: 3.3pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10.5pt; font-style: italic; line-height: inherit;">The</font> <font style="font-size: 10.5pt; font-style: italic; line-height: inherit;">Agreement</font> <font style="font-size: 10.5pt; font-style: italic; line-height: inherit;">is</font> <font style="font-size: 10.5pt; font-style: italic; line-height: inherit;">hereby</font> <font style="font-size: 10.5pt; font-style: italic; line-height: inherit;">duly</font> <font style="font-size: 10.5pt; font-style: italic; line-height: inherit;">executed</font> <font style="font-size: 10.5pt; font-style: italic; line-height: inherit;">by</font> <font style="font-size: 10.5pt; font-style: italic; line-height: inherit;">means</font> <font style="font-size: 10.5pt; font-style: italic; line-height: inherit;">of</font> <font style="font-size: 10.5pt; font-style: italic; line-height: inherit;">electronical</font> <font style="font-size: 10.5pt; font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">signature</font></font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10.5pt; font-style: italic; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
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<td style="width: 3.85692%;"><br></td>
<td style="width: 21.5708%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><img src="imgd74f6c50f7c443cd938f.jpg" style="float: right;" alt="Graphics"></td>
<td style="width: 74.5723%;"><br></td>


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<td style="width: 3.85692%;"><br></td>
<td style="width: 21.5708%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: -0.133333px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Name:</font></td>
<td style="width: 74.5723%;"><br></td>


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<td style="width: 3.85692%;"><br></td>
<td style="width: 21.5708%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: -0.133333px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Title:</font></td>
<td style="width: 74.5723%;"><br></td>


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<p style="margin: 1.8pt 0pt 0pt; line-height: 1.2;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 11pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 11pt; font-weight: bold; letter-spacing: -0.4pt; line-height: inherit;">Agreed and accepted for and</font> <font style="font-size: 11pt; font-weight: bold; letter-spacing: -0.4pt; line-height: inherit;">behalf of</font> <font style="font-size: 11pt; font-weight: bold; letter-spacing: -0.4pt; line-height: inherit;">ARC</font></font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
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<tr>
<td style="width: 3.55103%;"><br></td>
<td style="width: 22.2136%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><img src="imgc4437b626dc7475f8d88.jpg" style="float: right;" alt="Graphics"></td>
<td style="width: 74.2353%;"><br></td>


</tr>
<tr>
<td style="width: 3.55103%;"><br></td>
<td style="width: 22.2136%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: -0.4px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Name:</font></td>
<td style="width: 74.2353%;"><br></td>


</tr>
<tr>
<td style="width: 3.55103%;"><br></td>
<td style="width: 22.2136%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 14.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: -0.133333px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Title:</font></td>
<td style="width: 74.2353%;"><br></td>


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</table>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>9</font></font></td>




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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.24.3</span><table class="report" border="0" cellspacing="2" id="idm46271053873648">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>DEI Document<br></strong></div></th>
<th class="th"><div>Nov. 25, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Nov. 25,  2024<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">CLEARONE INC<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000840715<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">CLRO<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock, $0.001<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">(801)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">975-7200<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-33660<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">5225 Wiley Post Way, Suite 500<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Salt Lake City<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">UT<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">84116<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">87-0398877<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
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<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
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<td>xbrli:booleanItemType</td>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
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<td>na</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>dei:fileNumberItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14a<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
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<td>dei_</td>
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<td>xbrli:booleanItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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