<SEC-DOCUMENT>0001753926-25-001008.txt : 20250625
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<ACCEPTANCE-DATETIME>20250625171638
ACCESSION NUMBER:		0001753926-25-001008
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		18
CONFORMED PERIOD OF REPORT:	20250625
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
ITEM INFORMATION:		Unregistered Sales of Equity Securities
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20250625
DATE AS OF CHANGE:		20250625

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CLEARONE INC
		CENTRAL INDEX KEY:			0000840715
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE & TELEGRAPH APPARATUS [3661]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				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:		251074494

	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="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 14pt; font-weight: bold;">UNITED STATES</span><span style="font-family: 'Times New Roman'; font-size: 14pt; font-weight: bold;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Washington, D.C. 20549</span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">CURRENT REPORT</span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934</span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">(Exact name of registrant as specified in its charter)</span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span> </p>









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<p style="margin: 0pt 0pt 0pt 2.25pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">(State or Other Jurisdiction</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">of Incorporation) </span></p>









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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span> </p>









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<p style="margin: 0pt 0pt 0pt 2.25pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">(Commission</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">File Number) </span></p>









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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span> </p>









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<td style="vertical-align: bottom; width: 39.5%;">
<p style="margin: 0pt 0pt 0pt 1.5pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">(I.R.S. Employer</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">Identification No.) </span></p>









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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
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<tr>
<td style="vertical-align: bottom; width: 66%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
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<td style="vertical-align: bottom; width: 2%;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span> </p>









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<td style="vertical-align: bottom; width: 32%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
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<td style="vertical-align: bottom; width: 66%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">(Address of principal executive offices) </span></p>









</td>
<td style="vertical-align: bottom; width: 2%;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span> </p>









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<td style="vertical-align: bottom; width: 32%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">(Zip Code) </span></p>









</td>









</tr>









</tbody>









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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-decoration: underline;">+1 (<ix:nonNumeric name="dei:CityAreaCode" contextRef="D20250625" id="Tag12">801</ix:nonNumeric>) <ix:nonNumeric name="dei:LocalPhoneNumber" contextRef="D20250625" id="Tag13">975-7200</ix:nonNumeric></span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">(Registrant&#8217;s telephone number, including area code)</span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-decoration: underline;">Not applicable</span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">(Former name or former address, if changed since last report)</span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</span></p>
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
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<tbody>
<tr>
<td style="vertical-align: top; width: 3.8%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'MS Mincho'; font-size: 10pt;"><ix:nonNumeric name="dei:WrittenCommunications" contextRef="D20250625" format="ixt-sec:boolballotbox" id="Tag20">&#9744;</ix:nonNumeric></span> </p>









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<td style="vertical-align: top; width: 96.1%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </span></p>









</td>









</tr>
<tr>
<td style="vertical-align: top; width: 3.8%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'MS Mincho'; font-size: 10pt;"><ix:nonNumeric name="dei:SolicitingMaterial" contextRef="D20250625" format="ixt-sec:boolballotbox" id="Tag21">&#9744;</ix:nonNumeric></span> </p>









</td>
<td style="vertical-align: top; width: 96.1%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </span></p>









</td>









</tr>
<tr>
<td style="vertical-align: top; width: 3.8%;">
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</td>
<td style="vertical-align: top; width: 96.1%;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </span></p>









</td>









</tr>
<tr>
<td style="vertical-align: top; width: 3.8%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'MS Mincho'; font-size: 10pt;"><ix:nonNumeric name="dei:PreCommencementIssuerTenderOffer" contextRef="D20250625" format="ixt-sec:boolballotbox" id="Tag23">&#9744;</ix:nonNumeric></span> </p>









</td>
<td style="vertical-align: top; width: 96.1%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Pre-commencement communication pursuant to Rule 13e-4</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#169;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> under the Exchange Act (17 CFR 240.13e-4</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#169;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">) </span></p>









</td>









</tr>









</tbody>









</table>
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">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;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">Emerging growth company </span><span style="font-family: 'MS Mincho'; font-size: 10pt;"><ix:nonNumeric name="dei:EntityEmergingGrowthCompany" contextRef="D20250625" format="ixt-sec:boolballotbox" id="Tag11">&#9744;</ix:nonNumeric></span></p>
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">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;">&#9744;</span></p>
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Securities Registered Pursuant to Section 12(b) of the Act:</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">
<tbody>
<tr>
<td style="vertical-align: top; width: 33.64%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; text-decoration: underline;">Title of each class</span></p>









</td>
<td style="vertical-align: top; width: 20.66%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; text-decoration: underline;">Trading Symbol(s)</span></p>









</td>
<td style="vertical-align: top; width: 45.64%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; text-decoration: underline;">Name of each exchange on which registered</span></p>









</td>









</tr>
<tr>
<td style="vertical-align: top; width: 33.64%;">
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<td style="vertical-align: top; width: 20.66%;">
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</td>
<td style="vertical-align: top; width: 45.64%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">The <ix:nonNumeric name="dei:SecurityExchangeName" contextRef="D20250625" format="ixt-sec:exchnameen" id="Tag9">NASDAQ</ix:nonNumeric> Capital Market</span></p>









</td>









</tr>









</tbody>









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<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
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<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div>









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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: 10pt 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;">June 20</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;">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;">ClearOne</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, Inc., a Delaware corporation (the &#8220;Company&#8221;), entered into a </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Note</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Purchase Agreement (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the &#8220;Purchase Agreement&#8221;) with </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">First Finance Ltd., a California corporation (the &#8220;Purchaser&#8221;)</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;">pursuant to which </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the Purchaser</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">purchased </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$3,000,000 of convertible notes of the Company (the &#8220;Notes&#8221;) in a private placement transaction (the &#8220;Offering&#8221;)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. The Offering was exempt from registration under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;) </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">pursuant to the exemption provided in Section 4(a)(2) under the Securities Act, and Rule 506(b) promulgated thereunder.</span></p>
<p style="margin: 10pt 0pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Notes shall accrue interest at a rate of ten percent (10%) per annum. The Notes are convertible into a newly designated series of Class B Convertible Preferred Stock, $0.001 par value per share, of the Company which will be created pursuant to the Purchase Agreement (the "Class B Preferred Stock") at a conversion price of $1,000 per share of Class B Preferred Stock.  Each share of Class B Preferred Stock is convertible into shares of the Company's common stock, $0.001 par value per share (the "Common Stock"), at the election of the holders of the Class B Preferred Stock at a conversion price of $6.008 per share of Common Stock (the "Class B Conversion Price"), which was the Nasdaq Minimum Price calculated in accordance with Section 5636(d) of the Nasdaq Stock Market Rules at the time the Company and the Purchaser entered into the Purchase Agreement. Under the terms of the Purchase Agreement, the Purchaser may, at its sole election, purchase up to an additional $2,000,000 of shares of Class B Preferred Stock at a purchase price of $1,000 per share (the "Purchase Option").</span></p>
<p style="margin: 10pt 0pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Purchase Agreement provides for the Company to seek a sale of all or substantially all of the Company's current assets and operations in one or more transactions (collectively, the "Asset Sale") and to distribute the net proceeds of the Asset Sale, if any, to the current holders of the Company's Common Stock on a pro rata basis. To facilitate the distribution of the proceeds of any Asset Sale to the holders of the Company's Common Stock, the Purchase Agreement further provides for the creation of a newly designated series of Class A Redeemable Preferred Stock, $0.001 par value per share, of the Company (the "Class A Preferred Stock").  If an Asset Sale is not completed within 180 days of the date of issuance of the Class A Preferred Stock, then the Company is required to exercise commercially reasonable efforts to cause the liquidation or sale of its current operating business and assets and redeem the Class A Preferred Stock with the net proceeds of such liquidation or sale. The Class A Preferred Stock will be issued as a dividend on the Common Stock on or before July 18, 2025, and each issued and outstanding share of Common Stock and each issued and outstanding Common Stock equivalents will receive one share of Class A Preferred Stock. The Class A Preferred Stock shall be redeemable for the net proceeds of the Asset Sale, if any. Immediately following the date that the Class A Preferred Stock is issued, the Notes and all accrued and unpaid interest thereon shall automatically convert to shares of Class B Preferred Stock on the following business day. Mr. Edward D. Bagley, who beneficially owns approximately 839,369 shares of Common Stock, or approximately 32.7% of the issued and outstanding shares of Common Stock on an as-converted basis, would remain the Company's largest stockholder.</span></p>
<p style="margin: 10pt 0pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In connection with the entry into the Purchase Agreement by the parties, the Company's Board of Directors (the "Board") expanded the size of the Board from four to five members (with two current vacancies after such expansion) and appointed Eric Boehnke and Youngsun Park, a/k/a Sunny Park, to the Board as nominees of the Purchaser, each to serve as directors of the Company until the next annual meeting of stockholders and until their respective successors are elected and qualified or until their earlier death, resignation or removal.  See Item 5.02 below for additional information about Messrs. Boehnke and Park. </span></p>
<p style="margin: 10pt 0pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Purchase Agreement also requires the Company to use its reasonable best efforts to repurchase outstanding warrants to purchase up to 334,816 shares of Common Stock that are held by certain institutional investors and current and former insiders of the Company that were issued in private placement transactions in December 2019, September 2020 and September 2021, as further described in the Purchase Agreement. </span></p>
<p style="margin: 10pt 0pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Purchase Agreement contains customary representations and warranties and agreements of the Company and the Purchaser</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and customary indemnification rights and obligations of the parties. </span></p>
<p style="margin: 10pt 0pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The foregoing summa</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ries of the Purchase Agreement</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and Notes</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">do</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> not purport to be complete and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> subject to, and qualified in their entirety by, such document</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;"> attached as Exhibit</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;">10.1</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and 10.2</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to this Current Report on Form 8-K, which </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> incorporated herein by reference.</span></p>
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<p style="line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Item 3.01&#160; &#160; &#160; &#160; &#160; &#160; &#160;<span>&#160;</span>Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.</span></p>
<p style="margin: 10pt 0pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On June 20, 2024, the Company received a letter from the Listing Qualifications Department (the "Staff") of the Nasdaq Stock Market ("Nasdaq") informing the Company that because the closing bid price for the Company's Common Stock listed on Nasdaq was below $1.00 for 30 consecutive trading days, the Company was not in compliance with the minimum bid price requirement for continued listing on the Nasdaq Capital Market, as set forth in Nasdaq Marketplace Rule 5550(a)(2) (the "Minimum Bid Price Requirement"). The Company was given a period of 180 calendar days from June 20, 2024, or until December 17, 2024, to regain compliance with the Minimum Bid Price Requirement.</span></p>
<p style="margin: 10pt 0pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On December 18, 2024, the Company received a letter from Nasdaq advising that the Company has been granted a 180-day extension to June 16, 2025 to regain compliance with the Minimum Bid Price Requirement, in accordance with Nasdaq Listing Rule 5810(c)(3)(A).</span></p>
<p style="margin: 10pt 0pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Effective as of the opening of trading on June 10, 2025, the Company effected a 1-for-15 reverse stock split of its Common Stock.</span></p>
<p style="margin: 10pt 0pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On June 18, 2025, the Company received a letter from Nasdaq advising that the Company had not regained compliance with the Minimum Bid Price Requirement as of June 16, 2025 and that the trading in the Company's Common Stock on the Nasdaq Capital Market would be suspended as of the opening of trading on June 25, 2025 and the Company would be delisted from the Nasdaq Capital Market.</span></p>
<p style="margin: 10pt 0pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On June 24, 2025, the Company received a letter from Nasdaq advising that the Company's Common Stock had traded above $1.00 per share for the ten consecutive trading days ending June 24, 2025 and had regained compliance with the Minimum Bid Price Requirement and the Company would not be delisted.  As of June 24, 2025, the Company is in full compliance with all continued listing standards of the Nasdaq Capital Market.</span></p>
<p style="margin: 10pt 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Item 3.02</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;">Unregistered Sale of Equity Securities</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">.</span></p>
<p style="margin: 10pt 0pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The disclosure of the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Offering</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> under Item 1.01 above is incorporate herein by reference.</span></p>
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<p style="text-indent: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Item 5.02</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;">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">.</span></p>
<p style="margin: 10pt 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; 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; line-height: inherit;">In accordance with the Purchase Agreement described under Item 1.01 above, on June 20, 2025, the Board increased the size of the Board from four to five persons and appointed Eric Boehnke and Youngsun Park, a/k/a Sunny Park, to the Board as nominees of the Purchaser, each to serve as directors of the Company until the next annual meeting of stockholders and until their respective successors are elected and qualified or until their earlier death, resignation or removal.</span></p>
<p style="margin: 10pt 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; 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; line-height: inherit;">Under the Purchase Agreement, the Purchaser will have the right to designate two members for election to the Board for so long as any of the shares of Class B Preferred Stock remain outstanding and beneficially owned by the Purchaser, and the Company has agreed to continue to nominate such designees for election to the Board at any annual or special meetings of stockholders. </span></p>
<p style="margin: 10pt 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; 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; line-height: inherit;">Mr. Boehnke is the principal of Big Sky Management Ltd., a firm providing corporate finance advisory services to private and public companies since 1999. Over a 25-year career, Mr. Boehnke has been an officer and director of several public companies, assisting them in financing, mergers and acquisitions. Mr. Boehnke was a founder of Terrace Energy a company listed on the T</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">oronto Stock Exchange</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and served as their CEO from June 2011 through October 2013. With Terrace, Mr. Boehnke was involved in raising more than $150 million of capital through both debt and equity financings and was instrumental in developing the Company&#8217;s portfolio of oil and gas assets and hiring of all the executive management. Holding various executive roles, Mr. Boehnke demonstrated team management skills while successfully advancing multiple projects at the same time. Mr. Boehnke has provided financial solutions for both small and large cap companies across all business sectors and across the entire capital structure, including financings (debt, equity, IPO) and mergers and acquisitions.</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Mr. Boehnke holds a BSc from the University of Toronto.</span></p>
<p style="margin: 10pt 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; 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; line-height: inherit;">Ms. Park is a seasoned attorney and trusted advisor with over two decades of experience in estate planning, tax law, civil litigation, and legal strategy - enhanced by a strong background in public policy and governance. As the first Asian American Pacific Islander (AAPI) woman to serve as Mayor of Buena Park and as a City Council Member (2018 to 2022), she brings unique insight into how legal, business, and governmental systems intersect. Ms. Park currently serves as a housing attorney at Community Legal Aid SoCal, where she handles civil litigation matters, federal housing policy, and property-related disputes. Previously, she was Of Counsel at Asher Law Group in Century City, California, advising high-net-worth individuals and business owners on estate planning, succession strategies, and asset protection from 2007 to 2023. Her LL.M. in Taxation from NYU School of Law has provided her with the technical depth to support complex legal and financial matters throughout her career.</span></p>
<p style="margin: 10pt 0pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In addition to her legal background, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Ms. Park</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> has extensive experience working with regulatory processes, public-private partnerships, and government incentive programs. Her public service includes appointments to the California Board of Accountancy (2017&#8211;2018), the Orange County Fire Authority (2021&#8211;2022), and the Southern California Association of Governments (2021&#8211;2022), among others. Her work has contributed to infrastructure projects, economic development, renewable energy policies, and housing initiatives across Southern California.</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In recognition of her contributions to the community, she received the Presidential Gold Medal for Volunteerism in 2016. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Ms. Park</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> holds an LL.M. in Tax Law from New York University, a J.D. from Golden Gate University, and a B.A. from Yonsei University.</span></p>
<p style="margin: 10pt 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; 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; line-height: inherit;">Except as set forth herein above, t</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">here are no other arrangements or understandings between </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Mr. Boehnke, Ms. Park</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and any other person pursuant to which they were appointed as directors of the Company, and neither </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Mr. Boehnke or Ms. Park</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> has any interests in any transactions since the beginning of the Company&#8217;s last fiscal year, or any currently proposed transaction, in which the Company is a participant that would require disclosure under Item 404(a) of Regulation S-K promulgated by the Securities and Exchange Commission.</span></p>
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<p style="line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Item 5.03</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;">Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.</span></p>
<p style="margin: 10pt 0pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The disclosure of the Class A Preferred Stock and Class B Preferred Stock under Item 1.01 above is incorporate herein by reference.</span></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span style="text-decoration: underline;">Class A Preferred Stock</span>:</span></p>
<p style="margin: 10pt 0pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The following are the material terms of the Class A Preferred Stock:</span></p>
<p style="margin: 10pt 0pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Amount. 2,069,065 shares of Class A Preferred Stock are authorized.  The maximum number of shares of Class A Preferred Stock that will be issued will be equal to aggregate amount of (i) the issued and outstanding shares of Common Stock, and (ii) Common Stock equivalents, if any, entitled to dividends and distributions on the Common Stock, in each case as of a record date to be fixed by the Board that will be no later than July 11, 2025.</span></p>
<p style="margin: 10pt 0pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Redemption. The Class A Preferred Stock will be subject to automatic redemption on the date of an Asset Sale. The Redemption of Class A Preferred Stock shall occur no later than sixty (60) days following the closing of any Asset Sale, which shall not exceed one hundred eighty (180) days from the initial closing of any Asset Sale.  "Net Proceeds" shall mean 100% of the gross proceeds of the Asset Sale (which may occur in one mor more transactions) less all transaction expenses, liabilities and obligations relating to the Asset Sale, including but not limited to payments, fees and/or severance packages to or related to bankers, consultants, advisors, employees, executives, leases and other property related obligations. Net Proceeds shall include a further deduction for any obligations, expenses, payables, accrued liabilities of any kind (contractual or otherwise) of the Company, or any of its subsidiaries, which remain as liabilities of the Company or any of its subsidiaries and that are not otherwise sold as part of the Asset Sale, other than payments or expenses required to be paid in conjunction with the reporting obligations and maintenance of the Company as a listed reporting issuer.</span></p>
<p style="margin: 10pt 0pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Dividends. Class A Preferred Stock is entitled to 100% of any dividends with respect to proceeds of the sale of any Asset Sale or sale of the equity securities or assets of ClearOne Holdings, LLC that are not in the form of the redemption of the Class A Preferred Stock. The Class A Preferred Stock shall rank pari passu with the Class B Preferred Stock and the Common Stock with respect to any other distributions that are not a liquidation event.</span></p>
<p style="margin: 10pt 0pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Liquidation. The Class A Preferred Stock ranks senior to the Common Stock and Class B Preferred Stock solely with respect to the net proceeds received by the Company from the liquidation or sale of the equity securities or assets of ClearOne Holdings, LLC. The Class A Preferred Stock will not participate in any other liquidation proceeds of the Company and shall rank junior to all indebtedness of the Company with respect to rights upon a liquidation, winding-up and dissolution of the Company.</span></p>
<p style="margin: 10pt 0pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Conversion. The Class A Preferred Stock is not convertible into Common Stock or any other securities of the Company.</span></p>
<p style="margin: 10pt 0pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Voting. The Class A Preferred Stock has no voting rights.</span></p>
<p style="margin: 10pt 0pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The description of the Class A Preferred Stock set forth above is not complete and is qualified in its entirety by reference to the full text of the Certificate of Designation for the Class A Preferred Stock, a copy of which is filed herewith as Exhibit 3.1 and incorporated herein by reference.</span></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span style="text-decoration: underline;">Class B Preferred Stock</span>:</span></p>
<p style="margin: 10pt 0pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The following are the material terms of the Class B Preferred Stock:</span></p>
<p style="margin: 10pt 0pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Amount. 5,100 shares of Class B Preferred Stock are authorized.</span></p>
<p style="margin: 10pt 0pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Conversion. The Class B Preferred Stock is convertible into shares of Common Stock based on the stated value of $1,000 per share plus any accrued and unpaid dividends on the Class B Preferred Stock divided by the $6.008 Class B. Conversion Price, with the number of whole shares of Common Stock rounded down to the nearest whole share upon conversion and fractional shares paid in cash based on the fair market value of the Common Stock on the date of conversion. At issuance, each share of Class B Preferred Stock is convertible in 166.4447 shares of Common Stock. After the Class A Preferred Stock has been distributed to holders of a Common Stock as a dividend, the Class B Preferred Stock may be converted to Common Stock at any time at the election of the holder, and will be subject to automatic conversion to Common Stock upon the earlier to occur of (i) the closing of the Company's sale of its Common Stock in a firm commitment underwritten public offering pursuant to a registration statement on Form S-1 or Form S-3 under the Securities Act, the public offering price of which is not less than the Class B Conversion Price in the aggregate, or (ii) the date, or the occurrence of an event, specified by vote or written consent or agreement of the holders of a majority of the then-outstanding shares of Class B Preferred Stock.&#160;</span></p>
<p style="margin: 10pt 0pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Dividends. The Class B Preferred Stock is entitled to receive dividends when, as and if legally declared by the Board. If the Board declares a dividend on the Common Stock, it shall pay an equal dividend on the Class B Preferred Stock, on an as-if converted basis.</span></p>
<p style="margin: 10pt 0pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Liquidation. The Class B Preferred Stock ranks senior to the Common Stock with respect to rights upon a liquidation, winding-up and dissolution of the Company.</span></p>
<p style="margin: 10pt 0pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Maturity and Redemption. The Class B Preferred Stock is perpetual and is not redeemable at the option of the holder or the Company at any time.</span></p>
<p style="margin: 10pt 0pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Voting. Each share of Class B Preferred Stock is entitled to vote with Common Stock on all matters submitted to a vote of the stockholders on an as converted basis, with the number of shares of Common Stock (after aggregating all shares into which shares of Class B Preferred Stock held by each holder could be converted) will be rounded to the nearest whole number (with one half being rounded downward).</span></p>
<p style="margin: 10pt 0pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Board Designation Rights. For as long as the Class B Preferred Stock remains outstanding, the holders of a majority of the Class B Preferred Stock shall have the right to nominate two individuals to the Company's Board. If any nominee is not elected to the Board by the stockholders, the holders shall have the right to select a different nominee, and the Board is obligated to fill the vacancy with such nominee.</span></p>
<p style="margin: 10pt 0pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Protective Provisions. For as long as the Class B Preferred Stock remains outstanding, the consent of holders of seventy-five percent (75%) of the then issued and outstanding shares of Class B Preferred Stock shall be required for the Company to undertake certain actions relating to fundamental business changes, the payment of dividends, incurring indebtedness, the issuance of new classes of securities and other actions customarily subject to protective provisions in transactions of this nature that materially adversely affect the rights or privileges of the Class B Preferred Stock.</span></p>
<p style="margin: 10pt 0pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The description of the Class B Preferred Stock set forth above is not complete and is qualified in its entirety by reference to the full text of the Certificate of Designation for the Class B Preferred Stock, a copy of which is filed herewith as Exhibit 3.2 and incorporated herein by reference.</span></p>
<p style="margin: 10pt 0pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Company filed the Preferred Stock Designations with the Secretary of State of the State of Delaware on June 24, 2025.</span></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; 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; font-family: 'Times New Roman'; font-weight: bold;">Item 8.01</span><span style="color: #000000; font-size: 10pt; 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; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&#160;</span><span style="color: #000000; font-size: 10pt; 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; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&#160;</span><span style="color: #000000; font-size: 10pt; 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; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&#160;</span><span style="color: #000000; font-size: 10pt; 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; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&#160;</span><span style="color: #000000; font-size: 10pt; 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; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&#160;</span><span style="color: #000000; font-size: 10pt; 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; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&#160;</span><span style="color: #000000; font-size: 10pt; 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; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&#160;</span><span style="color: #000000; font-size: 10pt; 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; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&#160;</span><span style="color: #000000; font-size: 10pt; 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; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&#160;</span><span style="color: #000000; font-size: 10pt; 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; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&#160;</span><span style="color: #000000; font-size: 10pt; 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; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&#160;</span><span style="color: #000000; font-size: 10pt; 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; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&#160;</span><span style="color: #000000; font-size: 10pt; 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; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&#160;</span><span 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: 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; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><span>&#160;</span></span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; 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; font-family: 'Times New Roman'; font-weight: bold;">Other Events.</span></span></p>
<p style="margin: 10pt 0pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On June 20, 2025, the Company implemented a reduction in force ("RIF") affecting a significant portion of its workforce as part of a broader operational scaling initiative. This action was taken in connection with the Company's ongoing strategic process and in support of its previously disclosed plan to pursue one or more transactions, including the Asset Sale as contemplated by the Purchase Agreement described under Item 1.01 above.</span></p>
<p style="margin: 10pt 0pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">While the Company is significantly limiting its business activities during this transitional period, it will continue to sell and ship existing inventory and maintain a reduced sales staff and warehouse support to facilitate these activities. The Company will also continue to provide product support and honor warranty obligations to existing customers.</span></p>
<p style="margin: 10pt 0pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In addition, the Company is retaining accounting and information technology personnel necessary to ensure continued compliance with its public reporting obligations under the Securities Exchange Act of 1934, as amended, and to maintain its listing on the NASDAQ Capital Market.</span></p>
<p style="margin: 10pt 0pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Company believes these measured steps will enable it to preserve value, manage costs, and maintain continuity for its customers and stakeholders while it evaluates and pursues the Asset Sale and one or more strategic alternatives.</span></p>
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Item 9.01</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Financial Statements and Exhibits.</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">(d)</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> Exhibits</span></p>
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<p style="margin: 0pt; text-align: justify;"><a href="ex31_1.htm" style="-sec-extract:exhibit"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Certificate of Designation of Class A Redeemable Preferred Stock.</span></a></p>














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<p style="margin: 0pt; text-align: justify;"><a href="ex32_2.htm" style="-sec-extract:exhibit"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Certificate of Designation of Class B Convertible Preferred Stock.</span></a></p>














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<p style="margin: 0pt; text-align: justify;"><a href="ex101_3.htm" style="-sec-extract:exhibit"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Note </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">Purchase Agreement</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> dated </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">June 20</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">, 2025 by and between ClearOne, Inc. and </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">First Finance Ltd</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">.</span></a></p>














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<p style="margin: 0pt; text-align: justify;"><a href="ex102_4.htm" style="-sec-extract:exhibit"><span style="font-family: 'Times New Roman'; font-size: 10pt;">$3,000,000 Principal Amount Convertible Note dated June 20, 2025.</span></a></p>














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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">CLEARONE, INC. </span></p>


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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Date: </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">June 25,</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">5</span> </p>


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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">By: </span></p>


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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">/s/ </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Derek Graham</span></p>


</td>


</tr>
<tr style="height: 12.75pt;">
<td style="vertical-align: bottom; width: 45%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span> </p>


</td>
<td style="vertical-align: bottom; width: 2%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span> </p>


</td>
<td style="vertical-align: bottom; width: 53%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Derek Graham</span> </p>


</td>


</tr>
<tr style="height: 25.5pt;">
<td style="vertical-align: bottom; width: 45%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span> </p>


</td>
<td style="vertical-align: bottom; width: 2%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span> </p>


</td>
<td style="vertical-align: bottom; width: 53%;">
<p style="margin: 0pt 0pt 0pt 1.5pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Chief Executive Officer </span></p>


</td>


</tr>


</tbody>


</table>
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>

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    <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/2025/dei-2025.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/2025/dei-2025.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/2025/dei-2025.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/2025/dei-2025.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/2025/dei-2025.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/2025/dei-2025.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/2025/dei-2025.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/2025/dei-2025.xsd#dei_LocalPhoneNumber" xlink:label="LocalPhoneNumber" xlink:title="LocalPhoneNumber" />
    <link:label xlink:type="resource" xlink:label="label_LocalPhoneNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LocalPhoneNumber" xml:lang="en-US" id="label_LocalPhoneNumber">Local Phone Number</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LocalPhoneNumber" xlink:to="label_LocalPhoneNumber" xlink:title="Label : LocalPhoneNumber to label_LocalPhoneNumber" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityFileNumber" xlink:label="EntityFileNumber" xlink:title="EntityFileNumber" />
    <link:label xlink:type="resource" xlink:label="label_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityFileNumber" xml:lang="en-US" id="label_EntityFileNumber">Entity File Number</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityFileNumber" xlink:to="label_EntityFileNumber" xlink:title="Label : EntityFileNumber to label_EntityFileNumber" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine1" xlink:label="EntityAddressAddressLine1" xlink:title="EntityAddressAddressLine1" />
    <link:label xlink:type="resource" xlink:label="label_EntityAddressAddressLine1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityAddressAddressLine1" xml:lang="en-US" id="label_EntityAddressAddressLine1">Entity Address, Address Line One</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressAddressLine1" xlink:to="label_EntityAddressAddressLine1" xlink:title="Label : EntityAddressAddressLine1 to label_EntityAddressAddressLine1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressCityOrTown" xlink:label="EntityAddressCityOrTown" xlink:title="EntityAddressCityOrTown" />
    <link:label xlink:type="resource" xlink:label="label_EntityAddressCityOrTown" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityAddressCityOrTown" xml:lang="en-US" id="label_EntityAddressCityOrTown">Entity Address, City or Town</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressCityOrTown" xlink:to="label_EntityAddressCityOrTown" xlink:title="Label : EntityAddressCityOrTown to label_EntityAddressCityOrTown" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressStateOrProvince" xlink:label="EntityAddressStateOrProvince" xlink:title="EntityAddressStateOrProvince" />
    <link:label xlink:type="resource" xlink:label="label_EntityAddressStateOrProvince" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityAddressStateOrProvince" xml:lang="en-US" id="label_EntityAddressStateOrProvince">Entity Address, State or Province</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressStateOrProvince" xlink:to="label_EntityAddressStateOrProvince" xlink:title="Label : EntityAddressStateOrProvince to label_EntityAddressStateOrProvince" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressPostalZipCode" xlink:label="EntityAddressPostalZipCode" xlink:title="EntityAddressPostalZipCode" />
    <link:label xlink:type="resource" xlink:label="label_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityAddressPostalZipCode" xml:lang="en-US" id="label_EntityAddressPostalZipCode">Entity Address, Postal Zip Code</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressPostalZipCode" xlink:to="label_EntityAddressPostalZipCode" xlink:title="Label : EntityAddressPostalZipCode to label_EntityAddressPostalZipCode" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityTaxIdentificationNumber" xlink:label="EntityTaxIdentificationNumber" xlink:title="EntityTaxIdentificationNumber" />
    <link:label xlink:type="resource" xlink:label="label_EntityTaxIdentificationNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityTaxIdentificationNumber" xml:lang="en-US" id="label_EntityTaxIdentificationNumber">Entity Tax Identification Number</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityTaxIdentificationNumber" xlink:to="label_EntityTaxIdentificationNumber" xlink:title="Label : EntityTaxIdentificationNumber to label_EntityTaxIdentificationNumber" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_WrittenCommunications" xlink:label="WrittenCommunications" xlink:title="WrittenCommunications" />
    <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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WrittenCommunications" xlink:to="label_WrittenCommunications" xlink:title="Label : WrittenCommunications to label_WrittenCommunications" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SolicitingMaterial" xlink:to="label_SolicitingMaterial" xlink:title="Label : SolicitingMaterial to label_SolicitingMaterial" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreCommencementTenderOffer" xlink:to="label_PreCommencementTenderOffer" xlink:title="Label : PreCommencementTenderOffer to label_PreCommencementTenderOffer" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="PreCommencementIssuerTenderOffer" xlink:title="PreCommencementIssuerTenderOffer" />
    <link:label xlink:type="resource" xlink:label="label_PreCommencementIssuerTenderOffer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PreCommencementIssuerTenderOffer" xml:lang="en-US" id="label_PreCommencementIssuerTenderOffer">Pre-commencement Issuer Tender Offer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreCommencementIssuerTenderOffer" xlink:to="label_PreCommencementIssuerTenderOffer" xlink:title="Label : PreCommencementIssuerTenderOffer to label_PreCommencementIssuerTenderOffer" />
  </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>6
<FILENAME>clro-20250625.xsd
<DESCRIPTION>SCHEMA
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
<!--Created by Genesis Filings LLC, Powered by IRIS Carbon, Unique Code 685c5fd5cef470263c6b4829, Generated At Wed, 25 Jun 2025 20:45:18 GMT-->
<xsd:schema xmlns:us-roles="http://fasb.org/us-roles/2025" xmlns:us-types="http://fasb.org/us-types/2025" xmlns:dei="http://xbrl.sec.gov/dei/2025" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:ref="http://www.xbrl.org/2006/ref" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" 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" xmlns:dtr-types="http://www.xbrl.org/dtr/type/2024-01-31" xmlns:clro="http://www.clearone.com/20250625" elementFormDefault="qualified" attributeFormDefault="unqualified" targetNamespace="http://www.clearone.com/20250625">
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      <link:linkbaseRef xlink:type="simple" xlink:href="clro-20250625_def.xml" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />
      <link:linkbaseRef xlink:type="simple" xlink:href="clro-20250625_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />
      <link:roleType roleURI="http://www.clearone.com/role/DEIDocument" id="DEIDocument">
        <link:definition>0000 - Document - DEI Document</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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  <xsd:import namespace="http://fasb.org/us-roles/2025" schemaLocation="https://xbrl.fasb.org/us-gaap/2025/elts/us-roles-2025.xsd" />
  <xsd:import namespace="http://fasb.org/us-types/2025" schemaLocation="https://xbrl.fasb.org/us-gaap/2025/elts/us-types-2025.xsd" />
  <xsd:import namespace="http://xbrl.sec.gov/dei/2025" schemaLocation="https://xbrl.sec.gov/dei/2025/dei-2025.xsd" />
  <xsd:import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" />
  <xsd:import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" />
  <xsd:import namespace="http://www.xbrl.org/2003/XLink" schemaLocation="http://www.xbrl.org/2003/xl-2003-12-31.xsd" />
  <xsd:import namespace="http://www.w3.org/1999/xlink" schemaLocation="http://www.xbrl.org/2003/xlink-2003-12-31.xsd" />
  <xsd:import namespace="http://www.xbrl.org/2006/ref" schemaLocation="http://www.xbrl.org/2006/ref-2006-02-27.xsd" />
  <xsd:import namespace="http://www.xbrl.org/dtr/type/2024-01-31" schemaLocation="https://www.xbrl.org/dtr/type/2024-01-31/types.xsd" />
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</xsd:schema>
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<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>7
<FILENAME>ex31_1.htm
<DESCRIPTION>EXHIBIT 3.1
<TEXT>
<html><head><title></title><meta content="text/html"></meta></head><body><div class="content_container"><div id="D3jwa68f5hxyf3qdtwxj2ai" style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<p style="margin: 0pt; text-align: right; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">EXHIBIT 3.1</font></p>
<p style="margin: 0pt;font-family: 'times new roman';font-size: 10pt;"><font style="font-family: 'times new roman';font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">CERTIFICATE OF DESIGNATION OF</font></p>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">CLASS A </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">REDEEMABLE PREFERRED</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> STOCK OF</font></font></p>
<p style="margin: 0pt 0pt 18pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">CLEARONE, INC.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">CLEARONE, INC., a corporation organized and existing under the General Corporation Law of the State of Delaware (the &#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Corporation</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221;), certifies that the following resolution was adopted by the board of directors of the Corporation as required by Section 151 of the General Corporation Law of the State of Delaware (the &#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">DCGL</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221;) pursuant to a unanimous written consent of the board of directors.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">RESOLVED, that, pursuant to the authority granted to and vested in the board of directors of the Corporation (the </font><font style="color: #161616; font-family: 'Times New Roman'; line-height: inherit;">&#8220;</font><font style="color: #161616; font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Board</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221;</font><font style="font-family: 'Times New Roman'; line-height: inherit;">) in accorda</font><font style="font-family: 'Times New Roman'; line-height: inherit;">nce with the provisions of the certificate of incorporation of the Corporation, as amended and currently in effect (the &#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Certificate</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221;), the issuance of a class of Preferred Stock par value $0.001 per share (the &#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Preferred Stock</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221;), which shall consist of up to </font><font style="font-family: 'Times New Roman'; line-height: inherit;">50,0</font><font style="font-family: 'Times New Roman'; line-height: inherit;">0</font><font style="font-family: 'Times New Roman'; line-height: inherit;">0,000</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">shares of Preferred Stock which the Corporation now has the authority to issue, be, and the same hereby is, authorized, and the Board states the designation and number of shares, and fixes the relative rights, preferences, and limitations (in addition to any set forth in the Certificate) thereof as follows:</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">Section 1</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.3pt; text-decoration: underline; text-transform: uppercase; line-height: inherit; margin-left: 38pt;">DESIGNATION AND AMOUNT</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. The Preferred Stock authorized by this resolution is the Class </font><font style="font-family: 'Times New Roman'; line-height: inherit;">A</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Redeemable Preferred</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> Stock (the &#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Class </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">A</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> Preferred</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221;). The total number of shares of the Class </font><font style="font-family: 'Times New Roman'; line-height: inherit;">A </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Preferred </font><font style="font-family: 'Times New Roman'; line-height: inherit;">shall be </font><font style="font-family: 'Times New Roman'; line-height: inherit;">2,069,065</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. </font></font></p>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">Section 2</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.3pt; text-decoration: underline; text-transform: uppercase; line-height: inherit; margin-left: 38pt;">REDEMPTION</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(a)</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 38pt;">Mandatory Redemption Upon Asset Sale</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Upon the consummation of an Asset Sale, 100% of the Net Proceeds shall be distributed solely to the holders of Class A Preferred, on a pro rata basis, as consideration for the redemption of the Class A Preferred (the &#8220;Redemption&#8221;). Such Redemption shall be automatic and mandatory upon the closing of an Asset Sale, subject only to the Board&#8217;s review and approval of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">mechanics of the distribution of Net Proceeds. </font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8220;Net Proceeds&#8221; shall mean 100% of the gross proceeds of the Asset Sale</font><font style="font-family: 'Times New Roman'; line-height: inherit;">s</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> less all transaction expenses, liabilities and obligations relating to the Asset Sale, including but not limited to payments, fees and/or severance packages to or related to bankers, consultants, advisors, employees, executives, leases and other property related obligations. Net Proceeds shall include a </font><font style="font-family: 'Times New Roman'; line-height: inherit;">further </font><font style="font-family: 'Times New Roman'; line-height: inherit;">deduction for any obligations, expenses, payables, accrued liabilities of any kind (contractual or otherwise) of the Corporation, or any of its subsidiaries, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">which remain as liabilities of the Corporation or any of its subsidiaries and that are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">not otherwise sold as part of the Asset Sale, other than payments or expenses required to be paid in conjunction with the reporting obligations and maintenance of the Corporat</font><font style="font-family: 'Times New Roman'; line-height: inherit;">i</font><font style="font-family: 'Times New Roman'; line-height: inherit;">on as a listed reporting issuer.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(b)</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 38pt;">Redemption Price</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. The redemption price for each share of Class A Preferred shall be equal to such share&#8217;s </font><font style="font-family: 'Times New Roman'; font-style: italic; line-height: inherit;">pro rata</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> portion of one hundred percent (100%) of the Net Proceeds of the Asset Sale (the &#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Redemption Price</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221;). </font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(c)</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 38pt;">Asset Sale</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. </font><font style="font-family: 'Times New Roman'; line-height: inherit;">An &#8220;Asset Sale&#8221; shall</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> mean</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">any</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">sale of the Company&#8217;s</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> existing</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> operating business and/or a substantial portion of its assets, including through a sale of its Intellectual Property and/or Capital Stock of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">ClearOne Holding, LLC (&#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">ClearOne Holding</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221;) or other subsidiary of the Corporation</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> formed to hold existing assets</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> provided, however, that the term &#8220;Asset Sale&#8221; shall not include transactions entered into in the ordinary course of business or for the purpose of changing the Corporation&#8217;s jurisdiction of incorporation or creating a holding company structure where equity holders maintain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">substantially similar ownership percentages. </font><font style="font-family: 'Times New Roman'; line-height: inherit;">An Asset Sale shall also include any transaction or series of related transactions the primary purpose of which is the disposition of ClearOne Holding or</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> other subsidiary of the Corporation</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or th</font><font style="font-family: 'Times New Roman'; line-height: inherit;">ei</font><font style="font-family: 'Times New Roman'; line-height: inherit;">r</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> assets</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> as described above</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(d)</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 38pt;">Timing</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. </font><font style="font-family: 'Times New Roman'; line-height: inherit;">The Redemption of Class A Preferred shall occur no later than sixty (60) days following the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">closing</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">of any Asset Sale, which shall not exceed one hundred eighty (180) days from the initial closing of any Asset Sale</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">With respect to any</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> Asset Sale</font><font style="font-family: 'Times New Roman'; line-height: inherit;">s,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">the Company may make multiple interim distributions to holders of Class A Preferred. All p</font><font style="font-family: 'Times New Roman'; line-height: inherit;">ayments</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, whether interim or final,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> shall be made in cash to the holders of Class A Preferred on a </font><font style="font-family: 'Times New Roman'; font-style: italic; line-height: inherit;">pro rata</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> basis, based on the number of Class A Preferred shares held as of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">date on which the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class A Preferred are issued</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></p>
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<p style="text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;"><br></font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(e)</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 38pt;">If Asset Sale Does Not Occur</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. If an Asset Sale does not occur within </font><font style="font-family: 'Times New Roman'; line-height: inherit;">one hundred eighty (180) days </font><font style="font-family: 'Times New Roman'; line-height: inherit;">following the issuance of the Class A Preferred, the Corporation shall proceed to liquidate ClearOne Holding, LLC </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and its other subsidiaries </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and distribute the proceeds to holders of Class A Preferred in accordance with </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">Section 3 </font><font style="font-family: 'Times New Roman'; line-height: inherit;">below.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(f)</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 38pt;">Seniority</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. The Class A Preferred shall be senior to all existing and future classes of preferred stock and to all debt of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Corporation</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, except for the Class B Preferred Stock of the Corporation (the &#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Class B Preferred</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221;), which shall be senior to Class A Preferred in all respects other than the Redemption of Class A Preferred pursuant to the Asset Sale. For the avoidance of doubt, 100% of the Net Proceeds of the Asset Sale shall be distributed solely to holders of Class A Preferred in connection with the Redemption.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">Section 3</font><font style="font-family: 'Times New Roman'; text-decoration: underline; text-transform: none; line-height: inherit; margin-left: 38pt;">LIQUIDATION RIGHTS</font><font style="font-family: 'Times New Roman'; text-decoration: none; text-transform: none; line-height: inherit;">. </font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(a)</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 38pt;">Priority</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. In the event of any liquidation, dissolution, or winding up of the Corporation (other than an Asset Sale), whether voluntary or involuntary, the holders of Class A Preferred shall be entitled to receive, prior and in preference to any distribution to the holders of any other class or series of capital stock of the Corporation (including Common Stock and other Preferred Stock), an amount equal to the proceeds received by the Corporation from the liquidation or sale of the equity securities or assets of ClearOne Holding, LLC</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font> </font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 114pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(i)</font><font style="font-family: 'Times New Roman'; line-height: inherit; margin-left: 38pt;">Class A Preferred shall not participate in any other liquidation proceeds of the Corporation and shall be junior to all indebtedness and </font><font style="font-family: 'Times New Roman'; font-style: italic; line-height: inherit;">pari passu</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> with </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the Class B Preferred Stock and the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Common Stock for any other distributions.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(b)</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 38pt;">Forced Liquidation</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. If an Asset Sale has not been consummated within </font><font style="font-family: 'Times New Roman'; line-height: inherit;">one hundred eighty (180) days</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">of the issuance of the Class A Preferred, the Corporation shall take all commercially reasonable efforts to cause the liquidation or sale of ClearOne Holding, LLC and distribute the proceeds in accordance with</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;"> Section 2</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> and </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">Section 3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">Section 4</font><font style="font-family: 'Times New Roman'; text-decoration: underline; text-transform: none; line-height: inherit; margin-left: 38pt;">VOTING RIGHTS</font><font style="font-family: 'Times New Roman'; text-decoration: none; text-transform: none; line-height: inherit;">. </font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(a)</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 38pt;">General Voting</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. Except as otherwise provided by applicable law or expressly set forth herein, holders of Class A Preferred shall not be entitled to vote on any matter submitted to a vote of the stockholders of the Corporation. Notwithstanding the foregoing, the Corporation shall not, without the prior affirmative vote or written consent of the holders of a majority of the then-outstanding shares of Class A Preferred, voting as a separate class:</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 108pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(i)</font><font style="font-family: 'Times New Roman'; line-height: inherit; margin-left: 38pt;">amend, alter, or repeal any provision of the Certificate or Bylaws of the Corporation in a manner that materially and adversely affects the rights, preferences, or privileges of the Class A Preferred;</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 108pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(ii)</font><font style="font-family: 'Times New Roman'; line-height: inherit; margin-left: 36pt;">authorize or issue any equity security (or security convertible into equity) senior to the Class A Preferred with respect to rights to distributions from ClearOne Holding, LLC or proceeds from an Asset Sale;</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 108pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(iii)</font><font style="font-family: 'Times New Roman'; line-height: inherit; margin-left: 35pt;">take any other action that would have a material adverse effect on the economic rights of the Class A Preferred.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">Section 5</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.3pt; text-decoration: underline; text-transform: uppercase; line-height: inherit; margin-left: 38pt;">NO </font><font style="font-family: 'Times New Roman'; letter-spacing: -0.3pt; text-decoration: underline; text-transform: uppercase; line-height: inherit;">CONVERSION</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. </font><font style="font-family: 'Times New Roman'; line-height: inherit;">The Class A Preferred shall not be convertible into shares of Common Stock or any other equity security of the Corporation.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="display: inline; font-family: 'Times New Roman'; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">Section 6</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 38pt;">REDEEMED SHARES</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. Shares of Class A Preferred that are redeemed pursuant to </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">Section 2</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">shall be automatically cancelled and retired and shall not be reissued by the Corporation. The Corporation shall take all necessary corporate action to reflect such cancellation, including amendments to its Certificate of Incorporation, if required.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: center; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">[Signature page to follow]</font></p>


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<p style="margin: 0pt 0pt 12pt; text-indent: 36pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">IN WITNESS WHEREOF, the Corporation has caused this Certificate of Designation of Class </font><font style="font-family: 'Times New Roman'; line-height: inherit;">A</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Preferred Stock to be duly executed by its </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Chief Executive Officer</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">this </font><font style="font-family: 'Times New Roman'; line-height: inherit;">24th </font><font style="font-family: 'Times New Roman'; line-height: inherit;"> day of June, 2025.</font></font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">CLEARONE, INC.</font></p>


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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">/s/ Derek Graham</font></p>


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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Name: Derek Graham</font></p>


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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Title: Chief Executive Officer</font></p>


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<DOCUMENT>
<TYPE>EX-3.2
<SEQUENCE>8
<FILENAME>ex32_2.htm
<DESCRIPTION>EXHIBIT 3.2
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<html><head><title></title><meta content="text/html"></meta></head><body><div class="content_container"><div id="Drvwivxfxnfo6cgudjzrn93" style="font-family: 'times new roman', times; font-size: 10pt;">
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<p style="margin: 0pt; text-align: right; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">EXHIBIT 3.2</font></p>
<p style="margin: 0pt;font-family: 'times new roman';font-size: 10pt;"><font style="font-family: 'times new roman';font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">CERTIFICATE OF DESIGNATION OF</font></p>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.2;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">CLASS</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> B CONVERTIBLE PREFERRED STOCK OF</font></font></p>
<p style="margin: 0pt 0pt 18pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">CLEARONE, INC.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">CLEARONE, INC.,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">a corporation organized and existing under the General Corporation Law of the State of Delaware (the &#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Corporation</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221;), certifies that the following resolution was adopted by the board of directors of the Corporation as required by Section 151 of the General Corporation Law of the State of Delaware </font><font style="font-family: 'Times New Roman'; line-height: inherit;">(the &#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">DCGL</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221;) </font><font style="font-family: 'Times New Roman'; line-height: inherit;">pursuant to a unanimous written consent of the board of directors.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">RESOLVED, that, pursuant to the authority granted to and vested in the board of directors of the Corporation (the </font><font style="color: #161616; font-family: 'Times New Roman'; line-height: inherit;">&#8220;</font><font style="color: #161616; font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Board</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221;</font><font style="font-family: 'Times New Roman'; line-height: inherit;">) in accorda</font><font style="font-family: 'Times New Roman'; line-height: inherit;">nce with the provisions of the certificate of incorporation of the Corporation, as amended and currently in effect (the &#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Certificate</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221;), the issuance of a </font><font style="font-family: 'Times New Roman'; line-height: inherit;">class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> of Preferred Stock. par value $0.001 per share (the &#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Preferred Stock</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221;), which shall consist of up to </font><font style="font-family: 'Times New Roman'; line-height: inherit;">50,000,000 </font><font style="font-family: 'Times New Roman'; line-height: inherit;">shares of Preferred Stock which the Corporation now has the authority to issue, be, and the same hereby is, authorized, and the Board states the designation and number of shares, and fixes the relative rights, preferences, and limitations (in addition to any set forth in the Certificate) thereof as follows:</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-variant: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">Section 1</font><font style="font-family: 'Times New Roman'; text-decoration: underline; text-transform: uppercase; line-height: inherit; margin-left: 38pt;">DESIGNATION AND AMOUNT</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. The Preferred Stock authorized by this resolution is the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Convertible Preferred Stock (the &#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> B Preferred</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221;). The total number of shares of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred is </font><font style="font-family: 'Times New Roman'; line-height: inherit;">5,100.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-variant: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">Section 2</font><font style="font-family: 'Times New Roman'; text-decoration: underline; text-transform: uppercase; line-height: inherit; margin-left: 38pt;">DIVIDEND</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Except as set forth below, t</font><font style="font-family: 'Times New Roman'; line-height: inherit;">he holders of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred shall be entitled to receive dividends prior to any dividends being paid to any other class of shares. In addition, the holders of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred shall participate on a </font><font style="font-family: 'Times New Roman'; font-style: italic; line-height: inherit;">pro rata</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> basis, on an </font><font style="font-family: 'Times New Roman'; line-height: inherit;">as converted</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> to </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the common stock, par value $0.001 per share, of the Corporation (the &#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Common Stock</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221;)</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> basis, in any dividends declared and paid to the holders of other classes of shares. No dividends shall be declared or paid to any other class of shares without the prior approval of the holders of a majority of the outstanding </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred.</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">For the sake of clarity,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> however,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> (i) any redemption of Class A Preferred Stock of the Corporation (&#8220;Class A Preferred&#8221;), (ii) any distribution or dividend of Class A Preferred to the holders of Common Stock, and (iii) any distribution or dividend with respect to Class A Preferred from the assets of ClearOne Holding, LLC (&#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">ClearOne Holding</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221;) or the proceeds of the liquidation or sale of the equity securities of ClearOne Holding, shall </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">not</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> be considered a dividend or dividends for purposes of this</font> <font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">Section 2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></p>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-variant: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">Section 3</font><font style="font-family: 'Times New Roman'; text-decoration: underline; text-transform: uppercase; line-height: inherit; margin-left: 38pt;">LIQUIDATION RIGHTS</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(a)</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 38pt;">Class</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;"> B Preference</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. </font><font style="font-family: 'Times New Roman'; line-height: inherit;">In the event of any Liquidation Event, whether voluntary or involuntary, the holders of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred shall be entitled to receive, prior and in preference to any distribution of the proceeds of such Liquidation Event (the &#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Proceeds</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221;) to the holders of any other class or </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> of capital stock of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Corporation</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> (other than the Net Proceeds of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">any</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Asset Sale to be distributed solely to holders of Class A Preferred Stock</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> of the Corporation (the </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">&#8220;Class A Preferred</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221;)</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> in accordance with their rights of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">r</font><font style="font-family: 'Times New Roman'; line-height: inherit;">edemption), an amount per share equal to the sum of (i) the principal amount of the</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> Convertible</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> Note</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> by and between the Corporation and the holder dated </font><font style="font-family: 'Times New Roman'; line-height: inherit;">June </font><font style="font-family: 'Times New Roman'; line-height: inherit;">20</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, 2025</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> (the &#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Note</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221;)</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> converted into such </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred, (ii) any accrued and unpaid interest thereon as of the Conversion Date, and (iii) any accrued and unpaid dividends in respect of such </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred (collectively, the &#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> B Liquidation Preference</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221;).</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> T</font><font style="font-family: 'Times New Roman'; line-height: inherit;">he &#8220;Conversion Date&#8221; shall mean the date on which the Certificate is filed with the Delaware Secretary of State.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 112pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(i)</font><font style="font-family: 'Times New Roman'; line-height: inherit; margin-left: 38pt;">If, upon the occurrence of a Liquidation Event, the Proceeds legally available for distribution among the holders of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred are insufficient to permit payment of the full </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Liquidation Preference to such holders, then the entire Proceeds legally available for distribution (excluding 100% of the Net Proceeds of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">any</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Asset Sale, which shall be distributed solely to holders of Class A Preferred Stock on a </font><font style="font-family: 'Times New Roman'; font-style: italic; line-height: inherit;">pro rata</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> basis in accordance with their rights of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">r</font><font style="font-family: 'Times New Roman'; line-height: inherit;">edemption</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, or the proceeds of any sale or liquidation of ClearOne Holding</font><font style="font-family: 'Times New Roman'; line-height: inherit;">) shall be distributed ratably among the holders of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred in proportion to the full preferential amounts otherwise payable to each such holder.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 112pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(ii)</font><font style="font-family: 'Times New Roman'; line-height: inherit; margin-left: 38pt;">For the avoidance of doubt, the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Liquidation Preference shall be senior in right of payment to all other classes or </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> of capital stock of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Corporation</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> (except the Class A Preferred as set forth in this</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> Certificate of Designation)</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, unless otherwise issued in accordance with the terms set forth herein.</font></font></p>
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<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(b)</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 38pt;">Residual</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. Upon any Liquidation Event, after the holders of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred have been paid in full pursuant to clause (a) above, all of the remaining Proceeds or assets of the Corporation, as applicable, shall be distributed among the holders of Common Stock </font><font style="font-family: 'Times New Roman'; font-style: italic; line-height: inherit;">pro rata</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> based on the number of shares of Common Stock held by each.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(c)</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 38pt;">Original Issue Price</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> The &#8220;Original Issue Price&#8221; means $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">$1,000.00 </font><font style="font-family: 'Times New Roman'; line-height: inherit;">per share for each share of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred (as adjusted for any stock splits, stock dividends, combinations, subdivisions, recapitalizations or the like).</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(d)</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 38pt;">Asset Sale</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. </font><font style="font-family: 'Times New Roman'; line-height: inherit;">An &#8220;Asset Sale&#8221; shall the sale of the Company&#8217;s operating business and/or a substantial portion of its assets, including through a sale of its Intellectual Property and/or Capital Stock of ClearOne Holding</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or other subsidiary of the Corporation</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> formed to hold existing assets of the Company </font><font style="font-family: 'Times New Roman'; line-height: inherit;">, provided, however, that the term &#8220;Asset Sale&#8221; shall not include transactions entered into in the ordinary course of business or for the purpose of changing the Corporation&#8217;s jurisdiction of incorporation or creating a holding company structure where equity holders maintain substantially similar ownership percentages. An Asset Sale shall also include any transaction or series of related transactions the primary purpose of which is the disposition of ClearOne Holding </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or any subsidiary as described above, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or </font><font style="font-family: 'Times New Roman'; line-height: inherit;">their </font><font style="font-family: 'Times New Roman'; line-height: inherit;"> assets</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;Net Proceeds&#8221; shall mean 100% of the gross proceeds of the Asset Sales less all transaction expenses, liabilities and obligations relating to the Asset Sale, including but not limited to payments, fees and/or severance packages to or related to bankers, consultants, advisors, employees, executives, leases and other property related obligations. Net Proceeds shall include a further deduction for any obligations, expenses, payables, accrued liabilities of any kind (contractual or otherwise) of the Corporation, or any of its subsidiaries, which remain as liabilities of the Corporation or any of its subsidiaries and that are not otherwise sold as part of the Asset Sale, other than payments or expenses required to be paid in conjunction with the reporting obligations and maintenance of the Corporation as a listed reporting issuer.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(e)</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 38pt;">Liquidation Event</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. </font><font style="font-family: 'Times New Roman'; line-height: inherit;">A &#8220;Liquidation Event&#8221; shall include (A) the closing of the sale, transfer or other disposition of all or substantially all of the Corporation&#8217;s assets, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">(except for the assets of ClearOne Holding or the proceeds of the liquidation or sale of the equity securities of ClearOne Holding</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> or any other subsidiary formed to hold existing assets</font><font style="font-family: 'Times New Roman'; line-height: inherit;">)</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">(B) the consummation of the merger or consolidation of the Corporation with or into another entity (except a merger or consolidation in which the holders of capital stock of the Corporation immediately prior to such merger or consolidation continue to hold at least a majority of the voting power of the capital stock of the Corporation or the surviving or acquiring entity), (C) the closing of the transfer (whether by merger, consolidation or otherwise), in one transaction or a </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> of related transactions, to a person or group of affiliated persons (other than an underwriter of the Corporation&#8217;s securities), of the Corporation&#8217;s securities if, after such closing, such person or group of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">affiliated persons would hold a majority of the outstanding voting stock of the Corporation (or the surviving or acquiring entity), or (D) a liquidation, dissolution or winding up of the Corporation; provided, however, that a transaction does not constitute a Liquidation Event if its sole purpose is to change the state of the Corporation&#8217;s incorporation or to create a holding company that will be owned in substantially the same proportions by the persons who held the Corporation&#8217;s securities immediately prior to such transaction. The treatment of any particular transaction or </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> of related transactions as a Liquidation Event may be waived by the vote or written consent of the holders of a majority of the outstanding </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred (voting as a single class on an as-converted basis).</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 108pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(i)</font><font style="font-family: 'Times New Roman'; line-height: inherit; margin-left: 38pt;">In any Liquidation Event, if Proceeds received by the Corporation or its stockholders is other than cash, its value will be deemed its fair market value as determined in good faith by the Board. Any securities shall be valued as follows:</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 150pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(A)</font><font style="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; line-height: inherit; font-family: 'Times New Roman';">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Securities not subject to investment letter or other similar restrictions on free marketability covered by (B) below:</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 192pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(1)</font><font style="font-family: 'Times New Roman'; line-height: inherit; margin-left: 38pt;">If traded on a securities exchange, the value is the average of the closing prices of the securities on such exchange over the 20 trading-day period ending three trading days prior to the closing of the Liquidation Event;</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 192pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(2)</font><font style="font-family: 'Times New Roman'; line-height: inherit; margin-left: 38pt;">If actively traded over-the-counter, the value is the average of the closing bid or sale prices (whichever is applicable) over the 20 trading-day period ending three trading days prior to the closing of the Liquidation Event; and</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 192pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(3)</font><font style="font-family: 'Times New Roman'; line-height: inherit; margin-left: 38pt;">If there is no active public market, the value is the fair market value thereof, as determined in good faith by the Board.</font></font></p>
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<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 150pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(A)</font><font style="font-family: 'Times New Roman'; line-height: inherit; margin-left: 38pt;">The method of valuation of securities subject to investment letter or other restrictions on free marketability (other than restrictions arising solely by virtue of a stockholder&#8217;s status as an affiliate or former affiliate) shall be to make an appropriate discount from the market value determined as above in (A) (1), (2) or (3) to reflect the approximate fair market value thereof, as determined in good faith by the Board.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 150pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(B)</font><font style="font-family: 'Times New Roman'; line-height: inherit; margin-left: 38pt;">The foregoing methods for valuing non-cash consideration to be distributed in connection with a Liquidation Event shall, with the appropriate approval of the definitive agreements governing such Liquidation Event by the stockholders under the DGCL, be superseded by the determination of such value set forth in the definitive agreements governing such Liquidation Event.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 108pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(ii)</font><font style="font-family: 'Times New Roman'; line-height: inherit; margin-left: 38pt;">Notwithstanding the foregoing subsection (ii) or any other provision of this Certificate, in the case of a Liquidation Event where the non-cash Proceeds to be distributed to the holders of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred are assets other than securities of a class that is traded on a securities exchange that is registered as a &#8220;national securities exchange&#8221; under Section 6 of the Securities Exchange Act of 1934, then the holders of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred shall at their option be entitled to receive cash in an amount equal to the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Liquidation Preference in lieu of such assets.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 108pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(iii)</font><font style="font-family: 'Times New Roman'; line-height: inherit; margin-left: 38pt;">In the event the requirements of this </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">Section 3</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> are not complied with, the Corporation shall forthwith either:</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 156pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(A)</font><font style="font-family: 'Times New Roman'; line-height: inherit; margin-left: 38pt;">cause the closing of such Liquidation Event to be postponed until such time as the requirements of this</font> <font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">Section 3</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">have been complied with; or</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 156pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(B)</font><font style="font-family: 'Times New Roman'; line-height: inherit; margin-left: 38pt;">cancel such transaction, in which event the rights, preferences and privileges of the holders of the Preferred Stock shall revert to and be the same as such rights. </font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 108pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(iv)</font><font style="font-family: 'Times New Roman'; line-height: inherit; margin-left: 38pt;">The Corporation shall give each holder of record of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred written notice of such impending Liquidation Event not later than 15 days prior to the closing of such transaction, whichever is earlier, and shall also notify such holders in writing of the final approval of such transaction. The first of such notices shall describe the material terms and conditions of the impending transaction and the provisions of this </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">Section 3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, and the Corporation shall thereafter give such holders prompt notice of any material changes. The transaction shall in no event take place sooner than </font><font style="font-family: 'Times New Roman'; line-height: inherit;">twenty (</font><font style="font-family: 'Times New Roman'; line-height: inherit;">20</font><font style="font-family: 'Times New Roman'; line-height: inherit;">)</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> days after the Corporation has given the first notice provided for herein or sooner than</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> ten</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1</font><font style="font-family: 'Times New Roman'; line-height: inherit;">0</font><font style="font-family: 'Times New Roman'; line-height: inherit;">)</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> days after the Corporation has given notice of any material changes provided for herein; provided, however, that subject to compliance with the DGCL such periods may be shortened or waived upon the written consent of the holders of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred (voting as a single class on an as-converted basis) that represent a majority of the voting power of all then outstanding shares of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-variant: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">Section 4</font><font style="font-family: 'Times New Roman'; text-decoration: underline; text-transform: uppercase; line-height: inherit; margin-left: 38pt;">CONVERSION</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">On</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> first Business Day following the date that the Class A Preferred Stock has been issued as a dividend to holders of Common Stock of the Borrower</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">t</font><font style="font-family: 'Times New Roman'; line-height: inherit;">he holders of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred </font><font style="font-family: 'Times New Roman'; line-height: inherit;">shall </font><font style="font-family: 'Times New Roman'; line-height: inherit;">have conversion rights as</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">follows (the &#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Conversion Rights</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221;):</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(a)</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 38pt;">Right to Convert</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. Each share of Class B Preferred is convertible, at the option of the holder thereof, at any time after the date of issuance of such share at the office of the Corporation or any transfer agent for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the Common Stock (the &#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Transfer Agent</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221;)</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, into </font><font style="font-family: 'Times New Roman'; line-height: inherit;">such number of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">fully paid and nonassessable share of Common Stock (as adjusted for any stock splits, stock dividends, combinations, subdivisions, recapitalizations or the like)</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> as calculated pursuant to section 4(d) below. </font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(b)</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 38pt;">Automatic Conversion</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. Each sh</font><font style="font-family: 'Times New Roman'; line-height: inherit;">are of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred shall automatically be converted into </font><font style="font-family: 'Times New Roman'; line-height: inherit;">, into </font><font style="font-family: 'Times New Roman'; line-height: inherit;">such number of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">fully paid and nonassessable share of Common Stock (as adjusted for any stock splits, stock dividends, combinations, subdivisions, recapitalizations or the like)</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> as calculated pursuant to section 4(d) below. </font><font style="font-family: 'Times New Roman'; line-height: inherit;">immediately upon the earlier of (i) the closing of the Corporation&#8217;s sale of its Common Stock in a firm commitment underwritten public offering pursuant to a registration statement on Form S-1 or Form S-</font><font style="font-family: 'Times New Roman'; line-height: inherit;">3</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> under the Securities Act of 1933, as amended, the public offering price of which is not less than the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Conversion</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> Price</font>  <font style="font-family: 'Times New Roman'; line-height: inherit;">in the aggregate or </font><font style="color: #050505; font-family: 'Times New Roman'; line-height: inherit;">(ii) the date, or the occurrence of an event, specified by vote or written consent or agreement of the holders of a majority of the then-outstanding shares of </font><font style="color: #050505; font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="color: #050505; font-family: 'Times New Roman'; line-height: inherit;"> B Preferred.</font></font></p>
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<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(c)</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 38pt;">Mechanics of Conversion</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> In</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">order for a </font><font style="font-family: 'Times New Roman'; line-height: inherit;">holder</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class B Preferred</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> to voluntarily convert shares of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class B Preferred</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> into shares of Common Stock, such </font><font style="font-family: 'Times New Roman'; line-height: inherit;">holder</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> shall (1) provide the form of conversion notice attached hereto as Annex A (a &#8220;Notice of Conversion&#8221;) to the Transfer Agent that such </font><font style="font-family: 'Times New Roman'; line-height: inherit;">holder</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> elects to convert all or any number of such </font><font style="font-family: 'Times New Roman'; line-height: inherit;">holder</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8217;s shares of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class B Preferred</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> and (2), if such </font><font style="font-family: 'Times New Roman'; line-height: inherit;">holder</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8217;s shares are certificated, surrender the certificate or certificates for such shares of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class B Preferred</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> (or, if such registered holder alleges that such certificate has been lost, stolen or destroyed, a lost certificate affidavit and agreement reasonably acceptable to the Corporation to indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft or destruction of such certificate), at the office of the Transfer Agent. Such Notice of Conversion shall state such </font><font style="font-family: 'Times New Roman'; line-height: inherit;">holder</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8217;s name or the names of the nominees in which such </font><font style="font-family: 'Times New Roman'; line-height: inherit;">holder</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> wishes the shares of Common Stock to be issued. </font><font style="font-family: 'Times New Roman'; line-height: inherit;">No ink-original Notice of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Conversion</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Conversion</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> be required.</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160; </font><font style="font-family: 'Times New Roman'; line-height: inherit;">The close of business on the date of receipt by the Transfer Agent of such Notice of Conversion and, if applicable, certificates (or lost certificate affidavit and agreement) shall be the time of conversion (the &#8220;Conversion Time&#8221;), and the shares of Common Stock issuable upon conversion of the specified shares shall be deemed to be outstanding of record as of such date. Promptly after the applicable Conversion Time, but in any case within the earlier </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of (x) </font><font style="font-family: 'Times New Roman'; line-height: inherit;">one</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> (</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1</font><font style="font-family: 'Times New Roman'; line-height: inherit;">) Trading Day</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and (y) the Standard Settlement Period (as defined below) thereof (the &#8220;Share Delivery Date&#8221;), the Corporation shall (1) cause the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">s</font><font style="font-family: 'Times New Roman'; line-height: inherit;">hares </font><font style="font-family: 'Times New Roman'; line-height: inherit;"> of Common Stock </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to which the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">holder</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> is entitled pursuant to such conversion to be transmitted</font>  <font style="font-family: 'Times New Roman'; line-height: inherit;"> by the Transfer Agent to the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">holder</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> by crediting the account of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">holder</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8217;s or its designee&#8217;s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (&#8220;DWAC&#8221;) if the Corporation is then a participant in such system and either (A) there is an effective registration statement permitting the resale of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Common Stock issuable upon conversion of the Class B Preferred</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> by the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">holder</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> or (B) the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Common Stock issuable upon conversion of the Class B Preferred is</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> eligible for resale by the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">holder</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> without the requirement for the Corporation to be in compliance with the current public information required under Rule 144 and without volume or manner-of-sale limitations pursuant to Rule 144, and otherwise by physical delivery of a certificate, registered in the Corporation&#8217;s share register in the name of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">holder</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> or its designee, for the number of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">shares of Common Stock</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> to which the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">holder</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> is entitled pursuant to such conversion to the address specified by the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">holder</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> in the Notice of Conversion (if any) of the shares of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class B Preferred</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> represented by the surrendered certificate that were not converted into Common Stock, (2) pay in cash such amount as provided in Subsection 4(</font><font style="font-family: 'Times New Roman'; line-height: inherit;">e</font><font style="font-family: 'Times New Roman'; line-height: inherit;">) in lieu of any fraction of a share of Common Stock otherwise issuable upon such conversion and (3) pay all declared but unpaid dividends on the shares of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class B Preferred</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> convert. </font><font style="font-family: 'Times New Roman'; line-height: inherit;">If the conversion is in connection with an underwritten offering of securities registered pursuant to the Securities Act of 1933, as amended, then the conversion may, at the option of any holder tendering Class B Preferred for conversion, be conditioned upon the closing with the underwriters of the sale of securities pursuant to such offering, in which event the persons entitled to receive the Common Stock upon conversion of the Class B Preferred will not be deemed to have converted such Class B Preferred until immediately prior to the closing of such sale of securities.</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> If the conversion is in connection with the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">a</font><font style="font-family: 'Times New Roman'; line-height: inherit;">utomatic </font><font style="font-family: 'Times New Roman'; line-height: inherit;">c</font><font style="font-family: 'Times New Roman'; line-height: inherit;">onversion provisions of subsection 4(b)(ii) above, such conversion will be deemed to have been made on the conversion date described in the stockholder consent or other agreement approving such conversion</font><font style="color: #3b3b3b; font-family: 'Times New Roman'; line-height: inherit;">, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and the persons entitled to receive shares of Common Stock issuable upon such conversion will be treated for all purposes as the record holders of such shares of Common Stock as of such date. If the conversion is in connection with an event set forth in clauses (A) through (C) of the definition of Liquidation Event and such holder&#8217;s conversion is conditioned upon the consummation of such event, such conversion will be deemed to have been made on the date of such consumption</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(d)</font><font style="font-family: 'Times New Roman'; line-height: inherit; margin-left: 38pt;">The number of shares of Common Stock </font><font style="font-family: 'Times New Roman'; line-height: inherit;">issuable upon conversion of each share</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class B</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> Preferred Stock shall be calculated by dividing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">$1,000 by</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> The lower of: (i) the closing price (as reflected on Nasdaq.com); or (ii) the average closing price of the Common Stock (as reflected on Nasdaq.com) for the five trading days immediately preceding </font><font style="font-family: 'Times New Roman'; line-height: inherit;">June </font><font style="font-family: 'Times New Roman'; line-height: inherit;">20</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, 2025.</font>  </font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(e)</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 38pt;">Recapitalizations</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. If at any time or from time to time there is a recapitalization of the Common Stock (</font><font style="font-family: 'Times New Roman'; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; line-height: inherit;">a subdivision, combination or merger or sale of assets</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">(excluding the Asset Sale</font><font style="font-family: 'Times New Roman'; line-height: inherit;">),</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> provision shall be made so that the holders of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred shall thereafter be entitled to receive upon conversion of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred the number of shares of stock or other securities or property of the Corporation or otherwise, to which a holder of Common Stock deliverable upon conversion would have been entitled on such recapitalization. In any such case, appropriate adjustment shall be made in the application of the provisions of this </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">Section </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> with respect to the rights of the holders of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred after the recapitalization to the end that the provisions of this </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">Section </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> shall be applicable after that event as nearly equivalently as may be practicable.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(f)</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 38pt;">Adjustment for Stock Splits and Combinations</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. If the Corporation shall at any time or from time to time after the filing date of this Certificate (the &#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Effective Date</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221;) effect a subdivision of the outstanding Common Stock, the number of shares of Common Stock issuable on conversion of each share of such series shall be increased in proportion to such increase in the aggregate number of shares of Common Stock outstanding. If the Corporation shall at any time or from time to time after the Effective Date combine the outstanding shares of Common Stock, the number of shares of Common Stock issuable </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on conversion of each share of such series shall be decreased in proportion to such decrease in the aggregate number of shares of Common Stock outstanding. Any adjustment under this subsection shall become effective at the close of business on the date the subdivision or combination becomes effective.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(g)</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 38pt;">Adjustment for Certain Dividends and Distributions</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. In the event the Corporation at any time or from time to time after the Effective Date shall make or issue, or fix a record date for the determination of holders of Common Stock entitled to receive, a dividend or other distribution payable on Common Stock in additional shares of Common Stock, then the number of shares of Common Stock issuable on conversion of each share of such series shall be increased pro rata for the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">holder</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> to account for such additional shares of Common Stock they would be entitled to receive if they were holders of shares of Common Stock. </font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Notwithstanding the foregoing, no such adjustment shall be made if the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">holder</font><font style="font-family: 'Times New Roman'; line-height: inherit;">s of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class B Preferred</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> simultaneously receive a dividend or other distribution of shares of Common Stock in a number equal to the number of shares of Common Stock as they would have received if all outstanding shares of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class B Preferred</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> had been converted into Common Stock on the date of such event.</font></font></p>
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<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(h)</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 38pt;">Adjustments for Other Dividends and Distributions</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. In the event the Corporation at any time or from time to time after the Effective Date shall make or issue, or fix a record date for the determination of holders of Common Stock entitled to receive, a dividend or other distribution payable in securities of the Corporation (other than a distribution of shares of Common Stock in respect of outstanding shares of Common Stock or the Asset Sale) or in other property and the provisions of</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">Subsection 4(</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">g</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">)</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font><font style="font-family: 'Times New Roman'; line-height: inherit;">do not apply to such dividend or distribution, then and in each such event provision shall be made so that the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">holder</font><font style="font-family: 'Times New Roman'; line-height: inherit;">s of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class B Preferred</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> shall receive upon conversion thereof, in addition to the number of shares of Common Stock receivable thereupon, the kind and amount of securities of the Corporation, cash or other property which they would have been entitled to receive had the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class B Preferred</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> been converted into Common Stock on the date of such event and had they thereafter, during the period from the date of such event to and including the conversion date, retained such securities receivable by them as aforesaid during such period, giving application to all adjustments called for during such period under this paragraph with respect to the rights of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">holder</font><font style="font-family: 'Times New Roman'; line-height: inherit;">s of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class B Preferred</font><font style="font-family: 'Times New Roman'; line-height: inherit;">;</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">provided</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">however</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, that no such provision shall be made if the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">holder</font><font style="font-family: 'Times New Roman'; line-height: inherit;">s of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class B Preferred</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> receive, simultaneously with the distribution to the holders of Common Stock, a dividend or other distribution of such securities, cash or other property in an amount equal to the amount of such securities, cash or other property as they would have received if all outstanding shares of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class B Preferred</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> had been converted into Common Stock on the date of such event.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(i)</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 38pt;">Adjustment for Merger or Reorganization, etc</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. If (A) the Corporation effects any merger or consolidation of the Corporation with or into another Person, (B) the Corporation effects any sale of all or substantially all of its assets in one transaction or a series of related transactions, or (C) the Corporation effects any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property (in any such case, a &#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Fundamental Transaction</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221;), then, upon any subsequent conversion of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class B Preferred</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">holder</font><font style="font-family: 'Times New Roman'; line-height: inherit;">s shall have the right to receive, for each </font><font style="font-family: 'Times New Roman'; line-height: inherit;">share of Common Stock</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> that would have been issuable upon such conversion immediately prior to the occurrence of such Fundamental Transaction, the same kind and amount of securities, cash or property as it would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been, immediately prior to such Fundamental Transaction, the holder of one share of Common Stock (the &#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Alternate Consideration</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221;). For purposes of any such conversion, the determination of the Conversion Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Corporation shall adjust the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">shares of Common Stock issuable to the holder</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">securities, cash or property to be received in a Fundamental Transaction, then the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">holder</font><font style="font-family: 'Times New Roman'; line-height: inherit;">s shall be given the same choice as to the Alternate Consideration they receive upon any conversion of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class B Preferred</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> following such Fundamental Transaction. To the extent necessary to effectuate the foregoing provisions, any successor to the Corporation or surviving entity in such Fundamental Transaction shall file a new Certificate of Designation with the same terms and conditions and issue to the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">holder</font><font style="font-family: 'Times New Roman'; line-height: inherit;">s new preferred stock consistent with the foregoing provisions and evidencing the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">holder</font><font style="font-family: 'Times New Roman'; line-height: inherit;">s&#8217; right to convert such preferred stock into Alternate Consideration. The terms of any agreement pursuant to which a Fundamental Transaction is effected shall include terms requiring any such successor or surviving entity to comply with the provisions of this</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">Section 4(</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">i</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">)</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font><font style="font-family: 'Times New Roman'; line-height: inherit;">and insuring that the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class B Preferred</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> (or any such replacement security) will be substantially similar in form and substance to this Certificate of Designations and insuring that the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class B Preferred</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> will be convertible for a corresponding number of shares of capital stock of such successor entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon conversion of this </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class B Preferred</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> (without regard to any limitations on the conversion of this Class B Preferred Stock) prior to such Fundamental Transaction, and with a conversion price which applies the conversion price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such conversion price being for the purpose of protecting the economic value of this </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class B Preferred</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> immediately prior to the consummation of such Fundamental Transaction) and will be similarly adjusted upon any subsequent transaction analogous to a Fundamental Transaction.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(j)</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 38pt;">No Fractional Shares</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. No fractional shares shall be issued upon the conversion of any share or shares of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred and the aggregate number of shares of Common Stock to be issued to particular stockholders, shall be rounded down to the nearest whole share and the Corporation shall pay in cash the fair market value of any fractional shares as of the time when entitlement to receive such fractions is determined. Whether or not fractional shares would be issuable upon such conversion shall be determined on the basis of the total number of shares of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred the holder is at the time converting into Common Stock and the number of shares of Common Stock issuable upon such conversion.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(k)</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 38pt;">Notices of Record Date</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. In the event of any t</font><font style="font-family: 'Times New Roman'; line-height: inherit;">aking by the Corporation of a record of the holders of any class of securities for the purpose of determining the holders thereof who are entitled to receive any dividend (other than a cash dividend) or other distribution, the Corporation shall mail to each holder of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred, at least </font><font style="font-family: 'Times New Roman'; line-height: inherit;">ten (</font><font style="font-family: 'Times New Roman'; line-height: inherit;">10</font><font style="font-family: 'Times New Roman'; line-height: inherit;">)</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> days prior to the date specified therein, a notice specifying the date on which any such record is to be taken for the purpose of such dividend or distribution, and the amount and character of such dividend or distribution,</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(l)</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 38pt;">Reservation of Stock Issuable Upon Conversion</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. The Corporation shall at </font><font style="font-family: 'Times New Roman'; line-height: inherit;">all times reserve and keep available out of its authorized but unissued shares of Common Stock, solely for the purpose of effecting the conversion of the shares of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred, such number of its shares of Common Stock as shall from time to time be sufficient to effect the conversion of all outstanding shares of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred; and if at any time the number of authorized but unissued shares of Common Stock shall not be sufficient to effect the conversion of all then outstanding shares of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred, in addition to such other remedies as shall be available to the holder of such </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred, the Corporation will take such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for such purposes, including. without limitation, engaging in best efforts to obtain the requisite stockholder approval of any necessary amendment to this Certificate.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(m)</font><font style="font-family: 'Times New Roman'; line-height: inherit; margin-left: 38pt;">The Corporation agrees to maintain a Transfer Agent that is a participant in the DTC&#8217;s FAST program so long as any shares of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class B Preferred</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> remain outstanding.</font></font></p>
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<p style="margin: 0pt 0pt 12pt; break-after: avoid; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-variant: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">Section 5</font><font style="font-family: 'Times New Roman'; text-decoration: underline; text-transform: uppercase; line-height: inherit; margin-left: 38pt;">VOTING</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(a)</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 38pt;">General Voting</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. Except for the election of directors pursuant to </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">Section 5(b)</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> hereof, the holder of each share of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred (i) has the right to one</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> (1)</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> vote for each share of Common Stock into which such </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred could then be converted, (ii) has full voting rights and powers equal to the voting rights and powers of the holders of Common Stock, (iii) is entitled, notwithstanding any provision hereof, to notice of any stockholders&#8217; meeting in accordance with the Bylaws of the Corporation, and (iv) except as provided by law, is entitled to vote, together with holders of Common Stock, with respect to any question upon which holders of Common Stock have the right to vote. Fractional votes are not permitted and any fractional voting rights available on an as-converted basis (after aggregating all shares into which shares of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred held by each holder could be converted) will be rounded to the nearest whole number (with one half being rounded downward).</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(b)</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 38pt;">Election of Directors</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. The h</font><font style="font-family: 'Times New Roman'; line-height: inherit;">olders of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred, voting as a separate class, are entitled to elect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">two</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">)</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> member of the Board (a &#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> B Preferred Director</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221;) at each meeting or pursuant to each consent of the Corporation&#8217;s stockholders for the election of directors, and to remove from office such directors and to fill any vacancy caused by the resignation, death or removal of such directors. </font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(c)</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 38pt;">Board Vacancies</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. Notwithstanding the provisions of Section 223(a)(l) and 223(a)(2) of the DGCL, any vacancy</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, including newly created directorships resulting from any increase in the authorized number of directors or amendment of the Certificate, and vacancies created by removal or resignation of a director, may be filled by a majority of the directors then in office, though less than a quorum, or by a sole remaining director, and the directors so chosen shall hold office until the next annual election and until their successors are duly elected and shall qualify, unless sooner displaced; provided, however, that where such vacancy occurs among the directors elected by the holders of a class or </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">B Preferred</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, the holders of shares of such </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class B Preferred</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> may override the Board&#8217;s action to fill such vacancy by (i) voting for their own designee to fill such vacancy at a meeting of the Corporation&#8217;s stockholders or (ii) written consent, if the consenting stockholders hold a sufficient number of shares to elect their designee at a meeting of the stockholders. Any director may be removed during his or her term of office, either with or without cause, by, and only by, the affirmative vote of the holders of the shares of the class or </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> of stock entitled to elect such director or directors, given either at a special meeting of such stockholders </font><font style="color: #050505; font-family: 'Times New Roman'; line-height: inherit;">duly called for that purpose or pursuant to a written consent of stockholders, and any vacancy thereby created may be filled by the holders of that class or </font><font style="color: #050505; font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="color: #050505; font-family: 'Times New Roman'; line-height: inherit;"> of stock represented at the meeting or pursuant to written consent.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-variant: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">Section 6</font><font style="font-family: 'Times New Roman'; text-decoration: underline; text-transform: uppercase; line-height: inherit; margin-left: 38pt;">Other Rights</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. Without </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">written consent of the holders of the majority of the outstanding shares of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred, the Corporation shall not amend, alter or repeal any provision of the Corporation&#8217;s Certificate of Incorporation so as to adversely affect the rights or preferences of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred or increase the authorized amount of shares of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-variant: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">Section 7</font><font style="font-family: 'Times New Roman'; text-decoration: underline; text-transform: uppercase; line-height: inherit; margin-left: 38pt;">Status of Converted Stock</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. In the event any shares of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred are converted pursuant to </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">Section 4</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> hereof, then the shares so converted shall be cancelled and shall not be issuable by the Corporation. The Certificate shall be appropriately amended to effect the corresponding reduction in the Corporation&#8217;s authorized capital stock.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-variant: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">Section 8</font><font style="font-family: 'Times New Roman'; text-decoration: none; text-transform: none; line-height: inherit; margin-left: 38pt;">SUCCESSORS AND ASSIGNS.&#160; A holder of the Class B Preferred </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may at any time</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> transfer </font><font style="font-family: 'Times New Roman'; line-height: inherit;">any or all of its </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class B Preferred</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">to one </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or </font><font style="font-family: 'Times New Roman'; line-height: inherit;">more assignees</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">without requiring the consent of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the Corporation.&#160; </font><font style="font-family: 'Times New Roman'; line-height: inherit;">In addition, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">a holder</font><font style="font-family: 'Times New Roman'; text-decoration: none; text-transform: none; line-height: inherit;"> of the Class B Preferred </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, upon </font><font style="font-family: 'Times New Roman'; line-height: inherit;">notice to the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Corporation,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">sell participations in all </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or </font><font style="font-family: 'Times New Roman'; line-height: inherit;">a portion of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">such holder&#8217;s</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> rights and/</font><font style="font-family: 'Times New Roman'; line-height: inherit;">or </font><font style="font-family: 'Times New Roman'; line-height: inherit;">obligations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">under </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the Class B Preferred.&#160; </font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-variant: normal; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">Section 9</font><font style="font-family: 'Times New Roman'; text-decoration: underline; text-transform: uppercase; line-height: inherit; margin-left: 38pt;">Protective Provisions</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font> <font style="color: #050505; font-family: 'Times New Roman'; line-height: inherit;">So long as any shares of </font><font style="color: #050505; font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="color: #050505; font-family: 'Times New Roman'; line-height: inherit;"> B Preferred remain outstanding, the Corporation shall not, without the prior written consent of the holders of at least seventy-five percent (75%) of the then-outstanding shares of </font><font style="color: #050505; font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="color: #050505; font-family: 'Times New Roman'; line-height: inherit;"> B Preferred, take or authorize any of the following actions, whether directly or indirectly through a subsidiary, or by merger, recapitalization, consolidation, reclassification, reorganization, or otherwise:</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(a)</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit; margin-left: 38pt;">Fundamental Business Changes.</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> Effect any fundamental change in the nature of the business of the Corporation, except for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">any</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Asset Sale as contemplated herein.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(b)</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit; margin-left: 38pt;">Equity Redemptions &amp; Dividends.</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> Redeem, repurchase, or otherwise acquire or pay or declare any dividends on any equity securities of the Corporation, other than:</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 120pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(i)</font><font style="font-family: 'Times New Roman'; line-height: inherit; margin-left: 38pt;">the redemption of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or other distribution with respect to </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class A Preferred in accordance with its terms upon completion of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">any</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Asset Sale</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> or liquidation or sale of the equity securities of ClearOne Holding</font><font style="font-family: 'Times New Roman'; line-height: inherit;">; and</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 120pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(ii)</font><font style="font-family: 'Times New Roman'; line-height: inherit; margin-left: 38pt;">dividends on the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred as set forth in </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">Section 2</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> hereof.</font></font></p>
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<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(c)</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit; margin-left: 38pt;">Indebtedness.</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> Create, assume, guarantee, or incur any indebtedness for borrowed money, except for indebtedness incurred in connection with ordinary trade payables arising in the ordinary course of business.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(d)</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit; margin-left: 38pt;">Amendment to Organizational Documents.</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> Amend, alter, or repeal any provision of the Corporation&#8217;s Certificate of Incorporation, Bylaws, or similar governing documents in a manner adverse to the rights, preferences, or privileges of the holders of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(e)</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit; margin-left: 38pt;">Senior or Pari Passu Securities.</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> Authorize, issue, or reclassify any securities of the Corporation senior to, or pari passu with, the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred in terms of liquidation preference, dividend rights, voting rights, or other material economic terms.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(f)</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit; margin-left: 38pt;">New Classes of Securities.</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> Create or authorize the creation of, or issue, any new class or </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> of stock or any other security convertible into or exercisable for any equity security having rights, preferences, or privileges senior to the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(g)</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit; margin-left: 38pt;">Board Composition.</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> Increase or decrease the authorized number of directors constituting the Board of Directors of the Corporation.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(h)</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit; margin-left: 38pt;">Issuances and Registrations.</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> (i) Enter into any agreement to issue or announce the issuance or proposed issuance of any shares of common stock or common stock equivalents, or (ii) file any registration statement or any amendment or supplement thereto, other than as required by applicable law or in connection with the Asset Sale.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(i)</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit; margin-left: 38pt;">Disposition of Assets.</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> Except for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">any</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Asset Sale</font><font style="font-family: 'Times New Roman'; line-height: inherit;">; other potential liquidation or disposition of ClearOne Holding;</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> and other transactions in the ordinary course of business, engage in, authorize, or consummate any sale, lease, assignment, transfer, license, or other disposition of any assets of the Corporation or any subsidiary in a single transaction or </font><font style="font-family: 'Times New Roman'; line-height: inherit;">series</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">of related transactions.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(j)</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit; margin-left: 38pt;">Use of Proceeds.</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> Use the proceeds from the issuance of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred or the Note for any purpose other than as set forth in the Disbursement Schedule attached to the definitive agreements.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(k)</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit; margin-left: 38pt;">Restrictive Agreements.</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> Enter into any agreement or instrument that by its terms restricts the Corporation&#8217;s ability to perform its obligations under this Certificate of Designation or any of the definitive financing agreements relating to the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred.</font></font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="display: inline; font-family: 'Times New Roman'; font-weight: normal; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">(l)</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit; margin-left: 38pt;">Other Customary Provisions.</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> Take any other actions customarily subject to protective provisions in transactions of this nature that materially adversely affect the rights or privileges of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Preferred.</font></font></p>
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<p style="margin: 0pt 0pt 12pt; text-align: center; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">[Signature page to follow]</font></p>


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<p style="margin: 0pt 0pt 12pt; text-indent: 36pt; line-height: 1.2;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">IN WITNESS WHEREOF, the Corporation has caused this Certificate of Designation of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> B Convertible Preferred Stock to be duly executed by its</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> Chief Executive Officer</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">this </font><font style="font-family: 'Times New Roman'; line-height: inherit;">24th</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> day of June, 2025.</font></font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">CLEARONE, INC.</font></p>


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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">/s/ Derek Graham</font></p>


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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Name: Derek Graham</font></p>


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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Title: Chief Executive Officer</font></p>


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<p style="margin: 0pt; text-align: center; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">ANNEX A</font></p>
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<p style="margin: 0pt; text-align: center; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">NOTICE OF CONVERSION</font></p>
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<p style="margin: 0pt; text-align: center; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; text-transform: uppercase; line-height: inherit;">(To be Executed by the Registered Holder in order to Convert Shares of Preferred Stock)</font></p>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">The undersigned hereby elects to convert the number of shares of Series B Preferred Stock indicated below into shares of common stock, par value $0.001 per share (the &#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">Common Stock</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221;), of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">ClearOne, Inc., </font><font style="font-family: 'Times New Roman'; line-height: inherit;">a Delaware corporation (the &#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">Corporation</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221;), according to the conditions hereof, as of the date written below. If shares of Common Stock are to be issued in the name of a Person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto and is delivering herewith such certificates and opinions as may be required by the Corporation in accordance with the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Note </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Purchase Agreement. No fee will be charged to the Holders for any conversion, except for any such transfer taxes.</font></font></p>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Conversion calculations:</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Date to Effect Conversion: _____________________________________________</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Number of shares of Preferred Stock owned prior to Conversion: _______________</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Number of shares of Preferred Stock to be Converted: ________________________</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Stated Value of shares of Preferred Stock to be Converted: ____________________</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Number of shares of Common Stock to be Issued: ___________________________</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Number of shares of Preferred Stock subsequent to Conversion: ________________</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Address for Delivery: ______________________</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; text-decoration: underline; line-height: inherit;">or</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">DWAC Instructions:</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Broker no: _________</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">[HOLDER]</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">By:___________________________________</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;&#160;&#160;&#160; Name:</font></p>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>9
<FILENAME>ex101_3.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<p style="margin: 0pt; text-align: right; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">EXHIBIT 10.1</font></p>
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<p style="margin: 20pt 0pt 12pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">NOTE PURCHASE AGREEMENT</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">by and </font><font style="font-weight: bold; line-height: inherit;">between</font></font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; text-transform: uppercase; line-height: inherit;">CLEARONE,</font><font style="font-weight: bold; text-transform: uppercase; line-height: inherit;"> inc.</font><font style="font-weight: bold; text-transform: uppercase; line-height: inherit;">,</font></font></p>
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<p style="margin: 0pt 0pt 5pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">as Borrower,</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">and</font></p>
<p style="margin: 0pt 0pt 5pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; text-transform: uppercase; line-height: inherit;">First Finance Ltd.</font><font style="font-weight: bold; text-transform: uppercase; line-height: inherit;">,</font></font></p>
<p style="margin: 0pt 0pt 25pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">as Purchaser</font></p>
<p style="margin: 0pt 0pt 20pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Dated as of </font><font style="font-weight: bold; line-height: inherit;">June </font><font style="font-weight: bold; line-height: inherit;">20</font><font style="font-weight: bold; line-height: inherit;">, </font><font style="font-weight: bold; line-height: inherit;">20</font><font style="font-weight: bold; line-height: inherit;">25</font></font></p>















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<p style="margin: 0px; text-indent: 0px;"><font style="font-size: 10pt;">&#8203;</font></p>
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<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 95.1837%;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="TOC"></a>
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<td style="height: 15px; width: 95.1837%;"><a href="#Bs1_25520252740213">ARTICLE 1 DEFINITIONS</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">1</td>
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<td style="padding: 0px 0px 0px 30px; height: 15px; width: 95.1837%;"><a href="#Bs2_25520252812332">1.1&#160; &#160; &#160; &#160;&#160;Definitions</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">1</td>
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<td style="padding: 0px 0px 0px 30px; height: 15px; width: 95.1837%;"><a href="#Bs3_25520252850844">1.2&#160; &#160; &#160; &#160;&#160;Accounting Terms</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">6</td>
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<td style="height: 15px; width: 95.1837%;"><a href="#Bs4_25520252935773">ARTICLE 2 PURCHASE AND SALE OF THE NOTE</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">7</td>
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<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs5_2552025210992">2.1&#160; &#160; &#160; &#160; Purchase and Sale of the Note</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">7</td>
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<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs6_255202521020581">2.2&#160; &#160; &#160; &#160; Closing</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">7</td>
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<td style="height: 15px; width: 95.1837%;"><a href="#Bs7_255202521030757">ARTICLE 3 THE NOTE</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">7</td>
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<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs8_255202521048101">3.1&#160; &#160; &#160; &#160; Interest and Related Fees</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">7</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs9_25520252112508">3.2&#160; &#160; &#160; &#160; Mandatory Conversion of Note</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">7</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; width: 95.1837%;"><a href="#Bs10_255202521118741">ARTICLE 4 CLOSING</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">7</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs11_255202521145885">4.1&#160; &#160; &#160; &#160;Conditions Precedent to the Closing</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">7</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs12_255202521157365">4.2&#160; &#160; &#160; &#160;Closing Deliverables </a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">7</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; width: 95.1837%;"><a href="#Bs13_255202521216284">ARTICLE 5 REPRESENTATIONS AND WARRANTIES OF THE BORROWER</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">8</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs14_255202521235637">5.1&#160; &#160; &#160; &#160;Existence and Power</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">8</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs15_255202521310277">5.2&#160; &#160; &#160; &#160;Authorization;
No Contravention</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">9</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs16_255202521321829">5.3&#160; &#160; &#160; &#160;Governmental Authorization; Third Party
Consents</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">9</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs17_25520252133652">5.4&#160; &#160; &#160; &#160;Binding
Effect</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">9</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs18_255202521346693">5.5&#160; &#160; &#160; &#160;No
Legal Bar</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">9</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs19_25520252142724">5.6&#160; &#160; &#160; &#160;Litigation</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">9</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs20_255202521416189">5.7&#160; &#160; &#160; &#160;Compliance with Laws</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">9</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs21_255202521426583">5.8&#160; &#160; &#160; &#160;No
Default or Breach</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">9</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs22_255202521440613">5.9&#160; &#160; &#160; &#160;Title
to Properties</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">10</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs23_255202521456317">5.10&#160; &#160; &#160;Real
Property</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">10</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs24_255202521514661">5.11&#160; &#160; &#160;Taxes</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">10</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs25_25520252152961">5.12&#160; &#160; &#160;Financial Condition; SEC Filings; Contingent Obligations</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">10</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs26_255202521545765">5.13&#160; &#160; &#160;Absence
of Certain Changes or Events</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">11</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs27_255202521557885">5.14&#160; &#160; &#160;Environmental Matters</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">11</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs28_255202521615607">5.15&#160; &#160; &#160;Investment
Company/Government Regulations</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">12</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs29_255202521631189">5.16&#160; &#160; &#160;Subsidiaries</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">12</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs30_255202521646212">5.17&#160; &#160; &#160;Capitalization</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">12</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs31_255202521716109">5.18&#160; &#160; &#160;Solvency</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">12</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs32_255202521729454">5.19&#160; &#160; &#160;Licenses
and Approvals</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">12</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs33_255202521748766">5.20&#160; &#160; &#160;Change of Control and
Similar Payments</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">13</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs34_2552025218054">5.21&#160; &#160; &#160;OFAC; Anti-Terrorism; Patriot Act</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">13</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs35_255202521811677">5.22&#160; &#160; &#160;Internal Controls</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">13</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs36_255202521823501">5.23&#160; &#160; &#160;Accounts and Notes Receivable; Accounts and Notes Payable</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">13</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs37_255202521835476">5.24&#160; &#160; &#160;Inventory</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">13</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#B525a_25520259510274">5.25&#160; &#160; &#160;Issuance of the Note, the Underlying Preferred Shares and the Underlying Common Shares</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">13</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#B527a_25520259513725">5.27&#160; &#160; &#160;Labor
Relations</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">13</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#B528a_255202595149313">5.28&#160; &#160; &#160;Intellectual Property</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">14</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#B529a_255202595157145">5.29&#160; &#160; &#160;Insurance</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">14</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#B530a_25520259526363">5.30&#160; &#160; &#160;Certain Fees</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">14</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#B531a_255202595214122">5.31&#160; &#160; &#160;Private Placement</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">14</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#B532a_255202595223482">5.32&#160; &#160; &#160;Listing and Maintenance Requirements</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">14</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#B533a_25520259523490">5.33&#160; &#160; &#160;No Integrated Offering</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">14</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#B534a_255202595243113">5.34&#160; &#160; &#160;No Disqualification Events</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">14</td>
</tr>

</table>
<p style="margin: 0pt;font-family: 'times new roman';font-size: 10pt;"><font style="font-family: 'times new roman';font-size: 10pt;">&#160;</font></p>
<div><hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br></div>













</div>
<p style="margin: 0pt;font-family: 'times new roman';font-size: 10pt;"><font style="font-family: 'times new roman';font-size: 10pt;">&#160;</font></p>
<table cellpadding="0" cellspacing="0" border="0" style="width: 100%; margin: 0px; height: 690px; font-family: &quot;times new roman&quot;; font-size: 10pt; text-indent: 0px;">

<tr style="height: 15px;">
<td style="height: 15px; width: 95.1837%;"><a href="#Bs38_25520252196533">ARTICLE 6 REPRESENTATIONS AND WARRANTIES OF THE PURCHASER</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">15</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs39_255202521925749">6.1&#160; &#160; &#160; &#160;Authorization; No Contravention</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">15</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs40_255202521936213">6.2&#160; &#160; &#160; &#160;Binding Effect</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">15</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs41_255202521947204">6.3&#160; &#160; &#160; &#160;No
Legal Bar</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">15</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs42_255202521957181">6.4&#160; &#160; &#160; &#160;Securities
Laws.</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">15</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; width: 95.1837%;"><a href="#Bs43_255202522015476">ARTICLE 7 AFFIRMATIVE COVENANTS OF THE PURCHASER</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">16</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs44_255202522032893">7.1&#160; &#160; &#160; &#160;Approval of Actions Taken in
Connection With This Agreement</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">16</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#B72a_255202595529194">7.2&#160; &#160; &#160; &#160;Asset Sale</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">16</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; width: 95.1837%;"><a href="#Bs45_255202522057349">ARTICLE 8 AFFIRMATIVE COVENANTS OF THE BORROWER</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">17</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs46_255202522122285">8.1&#160; &#160; &#160; &#160;Creation of Preferred Stock</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">17</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs47_255202522136653">8.2&#160; &#160; &#160; &#160;Board Rights</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">17</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs48_255202522151637">8.3&#160; &#160; &#160; &#160;Management Meetings</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">17</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs49_25520252227733">8.4&#160; &#160; &#160; &#160;The Delivery of Financial and Other
Information</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">18</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs50_255202522220374">8.5&#160; &#160; &#160; &#160;Use of Note Proceeds</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">18</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs51_255202522232285">8.6&#160; &#160; &#160; &#160;Access to Facilities</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">18</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs52_255202522242158">8.7&#160; &#160; &#160; &#160;Warrant Exchange</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">18</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs53_25520252231647">8.8&#160; &#160; &#160; &#160;Right of First Refusal</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">19</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs54_255202522332312">8.9&#160; &#160; &#160; &#160;No Other Offerings</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">19</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs55_255202522344830">8.10&#160; &#160; &#160;Additional Financing</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">19</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs56_255202522354830">8.11&#160; &#160; &#160;Taxes and Claims</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">19</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs57_25520252248606">8.12&#160; &#160; &#160;Insurance</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">20</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs58_255202522429191">8.13&#160; &#160; &#160;Compliance with Laws</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">20</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#B814_255202595621403">8.14&#160; &#160; &#160;Further Assurances</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">20</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#B815a_255202595629300">8.15&#160; &#160; &#160;Replacement of Note</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">20</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#B816a_255202595714677">8.16&#160; &#160; &#160;Form D; Blue Sky Filings</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">20</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; width: 95.1837%;"><a href="#Bs59_255202522451430">ARTICLE 9 NEGATIVE COVENANTS</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">21</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs60_255202522510599">9.1&#160; &#160; &#160; &#160;Consent of Class B Preferred Stock</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">21</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; width: 95.1837%;"><a href="#Bs61_255202522525878">ARTICLE 10 EVENTS OF DEFAULT</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">22</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs62_255202522545622">10.1&#160; &#160; &#160;Events of Default</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">22</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs63_255202522623358">10.2&#160; &#160; &#160;Recourse</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">22</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; width: 95.1837%;"><a href="#Bs64_255202522652662">ARTICLE 11 MISCELLANEOUS</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">23</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs65_25520252274423">11.1&#160; &#160; &#160;Survival of Representations and Warranties</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">23</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs66_255202522714231">11.2&#160; &#160; &#160;Notices</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">23</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs67_25520252272463">11.3&#160; &#160; &#160;Successors and Assigns</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">24</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs68_255202522734640">11.4&#160; &#160; &#160;Amendment and Waiver</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">24</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs69_255202522746518">11.5&#160; &#160; &#160;Signatures; Counterparts</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">24</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs70_255202522757831">11.6&#160; &#160; &#160;Headings</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">25</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs71_25520252287423">11.7&#160; &#160; &#160;GOVERNING LAW</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">25</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs72_255202522817535">11.8&#160; &#160; &#160;JURISDICTION, JURY TRIAL WAIVER, ETC</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">25</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs73_25520252283422">11.9&#160; &#160; &#160;Severability</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">25</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs74_25520252284323">11.10&#160; &#160;Rules of Construction</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">25</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs75_25520252285379">11.11&#160; &#160;Entire Agreement</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">25</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs76_25520252298126">11.12&#160; &#160;Indemnification</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">26</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs77_255202522933302">11.13&#160; &#160;No Strict Construction</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">27</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#Bs78_25520252294563">11.14&#160; &#160;Remedies</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">27</td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0px 0px 0px 30px; width: 95.1837%;"><a href="#B1115a_255202595754404">11.15&#160; &#160;Confidential Information</a></td>
<td class="bmpageno" style="height: 15px; width: 4.65306%; text-align: right; padding: 0px 10px 0px 0px;">27</td>
</tr>

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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">EXHIBITS:</font></p>
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="text-transform: uppercase; line-height: inherit;">e</font>xhibit A&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Form of Note</font></p>
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Exhibit B&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Form of Certificate of Designation for Class A Preferred Stock</font></p>
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Exhibit C&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Form of Certificate of Designation for Class B Preferred Stock</font></p>
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Exhibit D&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Form of Opinion of Counsel to Borrower</font></p>
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
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<p style="margin: 0pt 0pt 10pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; text-transform: uppercase; line-height: inherit;">NOTE </font><font style="font-weight: bold; text-transform: uppercase; line-height: inherit;">PURCHASE AGREEMENT</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">THIS NOTE PURCHASE AGREEMENT, dated as of June 20, 2025 (as amended, restated, supplemented or otherwise modified from time to time in accordance with the terms hereof, this &#8220;<font style="font-weight: bold; line-height: inherit;">Agreement</font>&#8221;), is by and between <font style="font-weight: bold; line-height: inherit;">CLEARONE, INC.</font>, a Delaware corporation (the &#8220;<font style="font-weight: bold; line-height: inherit;">Borrower</font>&#8221;) and <font style="font-weight: bold; line-height: inherit;">FIRST FINANCE LTD.</font>, a California corporation (the &#8220;<font style="font-weight: bold; line-height: inherit;">Purchaser</font>,&#8221; and together with the Borrower, the &#8220;<font style="font-weight: bold; line-height: inherit;">Parties</font>&#8221;).</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; text-decoration: underline; text-transform: uppercase; line-height: inherit;">STATEMENT</font> <font style="font-weight: bold; text-decoration: underline; text-transform: uppercase; line-height: inherit;">OF</font> <font style="font-weight: bold; text-decoration: underline; text-transform: uppercase; line-height: inherit;">PURPOSE</font><font style="font-weight: bold; text-transform: uppercase; line-height: inherit;">:</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">WHEREAS</font>, the Borrower wishes to issue and sell to the Purchaser, and the Purchaser wishes to purchase, on the terms and subject to the conditions set forth herein, a convertible note to be issued by the Borrower on the Closing Date in an aggregate original principal amount of $3,000,000.00, substantially in the form of <font style="font-weight: bold; line-height: inherit;">Exhibit A</font> hereto (as amended, restated, supplemented or otherwise modified from time to time in accordance with the terms hereof, the &#8220;<font style="font-weight: bold; line-height: inherit;">Note</font>&#8221;).</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">NOW, THEREFORE</font>, in consideration of the mutual covenants and agreements set forth herein and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto agree as follows:</font></p>
<div style="break-after: avoid; text-align: center; text-indent: 0px; margin: 0px;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs1_25520252740213"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-variant: normal; font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">Article 1</font></font></a></div>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; text-align: center; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; text-transform: uppercase; line-height: inherit;">DEFINITIONS</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs2_25520252812332"><font style="font-weight: bold; line-height: inherit;">1.1&#160; &#160; &#160; &#160;&#160;</font><font style="font-weight: bold; text-decoration: underline; line-height: inherit;">Definitions.</font></a><font style="font-weight: bold; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs2_25520252812332">&#160;</a> &#160;</font></font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">As used in this Agreement, and unless the context requires a different meaning, the following terms have the meanings indicated:</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Account</font> or <font style="font-weight: bold; line-height: inherit;">Accounts</font>&#8221; has the meaning given to that term in the Uniform Commercial Code.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Affiliate</font>&#8221; of any Person means any other Person directly or indirectly controlling, controlled by or under common control with such Person.&#160; A Person shall be deemed to control another Person if the controlling Person owns 10% or more of any class of voting securities (or other ownership interests) of the controlled Person or possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of the controlled Person, whether through ownership of Capital Stock, by contract or otherwise; <font style="text-decoration: underline; line-height: inherit;">provided</font> that in no event shall the Purchaser, or any Affiliates of Purchaser, on the one hand, and the Borrower and any of its Subsidiaries, on the other hand, be deemed to be &#8220;Affiliates&#8221; of one another.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Agreement</font>&#8221; has the meaning given to that term in the introductory paragraph.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Applicable Law</font>&#8221; means all laws, rules and regulations applicable to the Person, conduct, transaction, covenant, document or contract in question, including all applicable common law and equitable principles, all provisions of all applicable state, federal and foreign constitutions, statutes, rules, regulations, treaties, directives and orders of any Governmental Authority, and all orders, judgments and decrees of all courts and arbitrators.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Applicable Rate</font>&#8221; means ten percent (10%) per annum.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Bankruptcy Code</font>&#8221; means Title 11 of the United States Code entitled &#8220;Bankruptcy,&#8221; as now and hereafter in effect, or any successor statute.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Board</font>&#8221; means the board of directors of the Borrower.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Borrower</font>&#8221; has the meaning given to that term in the introductory paragraph.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Business Day</font>&#8221; means any day other than a Saturday, Sunday or other day on which commercial banks in New York or Utah are authorized or required by law or executive order to close.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Capital Lease</font>&#8221; of a Person means any lease of Property by such Person as lessee which would be classified as a capital lease on a balance sheet of such Person prepared in accordance with GAAP.</font></p>
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<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Capital Lease Obligations</font>&#8221; of any Person means all obligations (including sales tax obligations) of such Person under Capital Leases.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Capital Stock</font>&#8221; means (a) any capital stock, partnership, membership, limited liability company, joint venture or other ownership or equity interest or other equivalent, participation or securities (whether voting or non-voting, whether preferred, common or otherwise, whether certificated or uncertificated, and however designated), and (b) any option, warrant, security, appreciation right, profits interests or other right (including Indebtedness securities or other evidence of Indebtedness) directly or indirectly convertible into or exercisable or exchangeable for, or otherwise to acquire directly or indirectly, any capital stock, partnership, membership, limited liability company, joint venture or other ownership or equity interest, participation or security described in <font style="text-decoration: underline; line-height: inherit;">clause </font><font style="text-decoration: underline; line-height: inherit;">(a)</font> above.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Casualty Event</font>&#8221; means, with respect to any property, any of the following:&#160; (a) any casualty, loss, destruction, damage or taking of such property (or any part thereof), (b) any condemnation, loss of title, seizure, or taking, by exercise of the power of eminent domain or other similar proceeding, of such property (or any part thereof), or confiscation of such property (or any part thereof) or the requisition of the use of such property by any Governmental Authority, or (c) any event that results in the receipt of business interruption insurance.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">CERCLA</font>&#8221; means the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Charter Documents</font>&#8221; means the articles or certificate of incorporation or formation (as applicable), the bylaws or operating or limited liability company agreement (as applicable), and other similar organizational and governing documents of any Person, as amended, restated, supplemented or otherwise modified from time to time.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Class A </font><font style="font-weight: bold; line-height: inherit;">Certificate of Designation</font>&#8221; means the Certificate of Designation for the Class A Preferred Stock of the Borrower in the form attached as&#160;Exhibit B&#160;hereto.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Class B </font><font style="font-weight: bold; line-height: inherit;">Certificate of Designation</font>&#8221; means the Certificate of Designation for the Class B Preferred Stock of the Borrower in the form attached as&#160;<font style="text-decoration: underline; line-height: inherit;">Exhibit </font><font style="text-decoration: underline; line-height: inherit;">C</font>&#160;hereto.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Closing</font>&#8221; has the meaning given to that term in <font style="text-decoration: underline; line-height: inherit;">Section </font><font style="text-decoration: underline; line-height: inherit;">2.2</font>. </font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Closing Date</font>&#8221; has the meaning given to that term in <font style="text-decoration: underline; line-height: inherit;">Section </font><font style="text-decoration: underline; line-height: inherit;">2.2</font>.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Co</font><font style="font-weight: bold; line-height: inherit;">de</font>&#8221; means the Internal Revenue Code of 1986, as amended.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Common Stock</font>&#8221; means the common stock, par value $0.001 per share, of the Borrower.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Common Stock Equivalents</font>&#8221; means any securities of the Borrower which would entitle the holder thereof to acquire at any time Common Stock, including whether or not presently convertible, exchangeable or exercisable, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to purchase, subscribe or otherwise receive, Common Stock. </font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Contractual Obligations</font>&#8221; means as to any Person, any provision of any security issued by such Person or of any agreement, undertaking, contract, indenture, mortgage, deed of trust or other instrument or arrangement (whether in writing or otherwise) to which such Person is a party or by which it or any of such Person&#8217;s property is bound.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Conversion Date</font>&#8221; means the first Business Day following the date that the Class A Preferred Stock has been issued as a dividend to holders of Common Stock and holders of Common Stock Equivalents entitled to any dividends paid in respect of the Common Stock, if any, of the Borrower.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">CWA</font>&#8221; has the meaning set forth in the definition of &#8220;Environmental Laws.&#8221;</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Default</font>&#8221; means any event or condition which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Disclosure Schedules</font>&#8221; means the Disclosure Schedules of the Borrower delivered concurrently herewith.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Disposition</font>&#8221; has the meaning given to that term in <font style="text-decoration: underline; line-height: inherit;">Section </font><font style="text-decoration: underline; line-height: inherit;">9.1(i)</font>.</font></p>
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<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Environmental Laws</font>&#8221; means any and all federal, state, local and foreign statutes, laws, judicial decisions, regulations, ordinances, rules, judgments, orders, decrees, plans, injunctions, Licenses, concessions, grants, franchises, agreements and other governmental restrictions relating to (a) the protection of the environment, (b) the effect of the environment on human health, (c) emissions, discharges or releases of pollutants, contaminants, hazardous substances or wastes into surface water, ground water, air or land, or (d) the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of pollutants, contaminants, hazardous substances or wastes or the clean-up or other remediation thereof, including, without limitation, the Clean Air Act, 42 U.S.C. &#167; 7401 et seq., the Clean Water Act, 33 U.S.C. &#167; 1251 et seq. (&#8220;<font style="font-weight: bold; line-height: inherit;">CWA</font>&#8221;), the Solid Waste Disposal Act (as amended by the Resource Conservation and Recovery Act), 42 U.S.C. &#167; 6901 et seq. (&#8220;<font style="font-weight: bold; line-height: inherit;">RCRA</font>&#8221;), and CERCLA.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">&#8220;Equity Line of Credit&#8221;</font> means any transaction involving a Contractual Obligation of any Person with a counterparty whereby such Person has an option to Sell its Securities to such counterparty over an agreed period of time and at future determined price or price formula, other than customary &#8220;preemptive&#8221; or &#8220;participation&#8221; rights or &#8220;weighted average&#8221; or &#8220;full-ratchet&#8221; anti-dilution provisions and other than in connection with fixed-price rights public offerings. </font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Event of Default</font>&#8221; has the meaning given to that term in <font style="text-decoration: underline; line-height: inherit;">Section </font><font style="text-decoration: underline; line-height: inherit;">10.1</font>.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Exchange Act</font>&#8221; means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC thereunder.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Fiscal Quarter</font>&#8221; means a fiscal quarter of the Borrower and its Subsidiaries, ending on March 31, June 30, September 30, and December 31 of each year.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Fiscal Year</font>&#8221; means a fiscal year of the Borrower and its Subsidiaries, ending on December 31 of each year.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">GAAP</font>&#8221; means generally accepted accounting principles in effect within the United States from time to time, consistently applied.&#160; If there are any changes to GAAP during the term of this Agreement, the parties shall continue to determine compliance with the financial covenants, and make all other financial determinations hereunder, without giving effect to any such changes until such time that the parties hereto can agree to amend the financial covenants and other provisions requiring financial determinations hereunder to take into account the effect of such changes to GAAP in a mutually acceptable manner.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Governmental Authority</font>&#8221; means the government of any nation, state, city, locality or other political subdivision of any thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, regulation or compliance, including, without limitation, any federal, state or local public utility commission, and any corporation or other entity owned or controlled, through stock or capital ownership or otherwise, by any of the foregoing.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Hazardous Materials</font>&#8221; means (a) any &#8220;hazardous substance&#8221;, as defined by CERCLA, (b) any &#8220;hazardous waste&#8221;, as defined by RCRA, (c) any petroleum product, (d) any &#8220;pollutant,&#8221; as defined by the CWA, or (e) any contaminant or hazardous, dangerous or toxic chemical, material or substance within the meaning of any other Environmental Law.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Hedging Agreement</font>&#8221; means any rate protection agreement, foreign currency exchange agreement, commodity price protection agreement or other interest or currency exchange rate or commodity price hedging agreement.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Holder</font>&#8221; means each Purchaser, and each Purchaser&#8217;s successors, assigns, and other transferees of a Note permitted hereunder.</font></p>
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<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Indebtedness</font>&#8221; means, with respect to any Person, without duplication, such Person&#8217;s (a)&#160;obligations for borrowed money, (b) obligations representing the deferred purchase price of Property or services (other than accounts payable arising in the ordinary course of such Person&#8217;s business payable on terms customary in the trade and not outstanding more than 90 days past the date of invoice), (c) obligations, whether or not assumed, secured by Liens or payable out of the proceeds or production from Property now or hereafter owned or acquired by such Person, (d)&#160;obligations which are evidenced by bonds, debentures, notes, acceptances, or other similar instruments, (e) obligations of such Person to purchase securities or other Property arising out of or in connection with the sale of the same or substantially similar securities or Property, (f)&#160;Capital Lease Obligations and obligations created or arising under any conditional sale or other title retention agreement, (h) net obligations under or relating to Hedging Agreements, (i) attributable indebtedness related to Sale and Leaseback Transactions, (j) the aggregate undrawn face amount of all letters of credit issued for the account and/or upon the application of such Person together with all unreimbursed drawings with respect thereto, (k) &#8220;earnouts&#8221; and similar payment obligations of such Person to the extent such obligations become fixed or are considered liabilities under GAAP, (l) any obligation guaranteeing or intended to guarantee (whether directly or indirectly guaranteed, endorsed, co-made, discounted, or sold with recourse) any obligation of any other Person that constitutes Indebtedness under any of clauses (a) through (k), and (m) any other obligation for borrowed money or other financial accommodation which, in accordance with GAAP, would be shown as a liability on the balance sheet of such Person. The amount of Indebtedness under any Hedging Agreement on any date shall be deemed to be the swap termination value thereof as of such date.&#160; </font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Intellectual Property</font>&#8221; means all intellectual and similar property of a Person, including inventions, designs, patents, copyrights, trademarks, service marks, trade names, trade secrets, confidential or proprietary information, customer lists, know-how, software and databases.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Inventory</font>&#8221; means all of the &#8220;inventory&#8221; (as that term is defined in the UNIFORM COMMERCIAL CODE) of the Borrower, whether now existing or hereafter acquired or created.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Investment</font>&#8221; means any direct or indirect purchase, acquisition or other investment (including, without limitation, any loan or advance or capital contribution) in or to any Person, whether payment therefor is made in cash or Capital Stock or otherwise, and whether such investment is by acquisition of Capital Stock or Indebtedness, or by loan, advance, transfer of property out of the ordinary course of business, capital contribution (excluding (a) commission, travel, and similar advances to officers and employees of such Person made in the ordinary course of business, and (b) bona fide Accounts arising in the ordinary course of business consistent with past practice), equity or profit sharing interest, extension of credit on terms other than those normal in the ordinary course of business or otherwise. The amount of any Investment shall be the original cost of such Investment plus the cost of all additions thereto, without any adjustments for increases or decreases in value, or write downs or write offs with respect to such Investment.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">IRS</font>&#8221; means the United States Internal Revenue Service. </font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Knowledge of the Borrower</font>&#8221; or any similar phrases means the actual knowledge of any director or executive officer of the Borrower, in the case of any officer, after due and reasonable inquiry of the individuals in the organization of the Borrower involved in, and responsible for, the subject matter area covered by the relevant representation and warranty.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Licenses</font>&#8221; means all licenses, permits, authorizations, determinations, and registrations issued by any Governmental Authority to the Borrower or any Subsidiary in connection with the conduct of its business.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Lien</font>&#8221; means any lien (statutory or otherwise), security interest, mortgage, pledge, hypothecation, deed of trust, assignment, deposit arrangement, encumbrance, or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, the interest of a vendor or lessor under any conditional sale, Capital Lease, or other title retention agreement (and any lease in the nature thereof)) and any agreement to give any of the foregoing.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Liquidation Preference</font>&#8221; means the principal amount of the Note plus any accrued and unpaid interest thereon that is converted to Class B Preferred Stock on the Conversion Date plus any accrued and unpaid dividends in respect of the Class B Preferred Stock.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Material Adverse Effect</font>&#8221; means individually or in the aggregate (a) a material adverse condition, event, occurrence or development related to, or material adverse change or effect on, the assets, business, properties, liabilities, results of operations, cash flows or financial condition of the Borrower and its Subsidiaries (taken as a whole), (b) a material adverse effect upon (i) the legality, validity, binding effect or enforceability against the Borrower of this Agreement or any other Transaction Document, or (ii) the rights, remedies and benefits (taken as a whole) available to, or conferred upon, the Purchaser under this Agreement or any other Transaction Document, or (c) a material adverse effect on the ability of the Borrower to perform its obligations under this Agreement or any other Transaction Document. </font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Note</font>&#8221; or &#8220;<font style="font-weight: bold; line-height: inherit;">Notes</font>&#8221; has the meaning set forth in the recitals contained in the Statement of Purpose section of this Agreement and shall include any Note issued under this Agreement.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">OFAC</font>&#8221; means the U.S. Department of the Treasury&#8217;s Office of Foreign Assets Control.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Participant</font> <font style="font-weight: bold; line-height: inherit;">Register</font>&#8221; has the meaning given to that term in <font style="text-decoration: underline; line-height: inherit;">Section </font><font style="text-decoration: underline; line-height: inherit;">11.3(c)</font>.</font></p>
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<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Permitted Liens</font>&#8221; means (a) statutory Liens for current Taxes or assessments, or other similar governmental charges, not yet delinquent or the amount or validity of which is being contested in good faith by appropriate proceedings (b) carriers&#8217;, warehousemen&#8217;s, mechanics&#8217;, materialmen&#8217;s, repairmen&#8217;s or other similar Liens arising or incurred in the ordinary course of business not yet delinquent or the amount or validity of which is being contested in good faith by appropriate proceedings and for which adequate reserves have been established consistent with past accounting practices, (c) zoning, entitlement and other land use or environmental regulations by any Governmental Authority that have not been violated and that do not materially impair the ability to operate in the ordinary course of business, or (d) Liens that represent purchase money security interests for personal property purchased in the ordinary course of business.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Person</font>&#8221; means any individual, firm, corporation, limited liability company, partnership, trust, incorporated or unincorporated association, joint venture, joint stock company, Governmental Authority or other entity of any kind, and shall include any successor (by merger or otherwise) of such entity.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Principal Trading Market</font>&#8221; means the national securities exchange or other trading market on which the Common Stock is primarily listed on and quoted for trading, which, as of the date of this Agreement, shall be the Nasdaq Capital Market.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Property</font>&#8221; of a Person means any and all property, whether real, personal, tangible, intangible, or mixed, of such Person, or other assets owned, leased, or operated by such Person.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Purchaser</font>&#8221;&#160; means First Finance Ltd., a California corporation.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">RCRA</font>&#8221; has the meaning set forth in the definition of &#8220;Environmental Laws.&#8221;</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Register</font>&#8221; has the meaning given to that term in <font style="text-decoration: underline; line-height: inherit;">Section </font><font style="text-decoration: underline; line-height: inherit;">11.3(b)</font>.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Requirements of Law</font>&#8221; means as to any Person, provisions of the Charter Documents of such Person, or any law, treaty, code, rule, regulation, right, privilege, qualification, License or franchise, or any determination of an arbitrator or a court or other Governmental Authority, in each case applicable to such Person or any of such Person&#8217;s property or to which such Person or any of such Person&#8217;s property is subject or pertaining to any or all of the Transactions or other transactions contemplated or referred to in the Note and this Agreement.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Sale and Leaseback Transaction</font>&#8221; means any sale or other transfer of Property by any Person with the intent to lease such Property as lessee.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">SEC</font>&#8221; means the United States Securities and Exchange Commission or any other governmental authority then having jurisdiction to enforce the Securities Act and/or the Exchange Act, as applicable.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Securities Act</font>&#8221; means the Securities Act of 1933, as amended, or any similar federal statute, and the rules and regulations thereunder as the same shall be in effect at the time.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Solvent</font>&#8221; means, with respect to any Person that (a) the fair value of the assets and the property of such Person exceeds the fair value of the aggregate liabilities (including contingent and unliquidated liabilities) of such Person, (b) after giving effect to the transactions contemplated by this Agreement and the Note, such Person will not be left with unreasonably small capital, and (c) after giving effect to the transactions contemplated by this Agreement and the Note, such Person is able to both service and pay its liabilities as they mature.&#160; In computing the amount of contingent or unliquidated liabilities at any time, such liabilities will be computed as the amount that, in light of all the facts and circumstances existing at such time, represents the amount that is likely to become an actual or matured liability.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Subsidiary</font>&#8221; means, with respect to any Person, a corporation or other entity of which more than fifty percent (50%) of the voting power of the voting equity securities or equity interest is owned, directly or indirectly, by such Person. Unless otherwise qualified, all references to a &#8220;Subsidiary&#8221; or to &#8220;Subsidiaries&#8221; in this Agreement shall refer to a Subsidiary or Subsidiaries of the Borrower.</font></p>
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<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Tax</font>&#8221; means any present or future United States federal, state, local or foreign income, gross receipts, license, payroll, employment, excise, severance, stamp, occupation, premium, windfall profits, environmental (including taxes under Code &#167;59A), customs duties, capital stock, franchise profits, withholding, social security (or similar), unemployment, disability, real property, personal property, sales, use, transfer, registration, value added, alternative or add-on-minimum, estimated, or other taxes, levies, assessments, fees or other charges imposed by any Governmental Authority, including any interest, penalty, or addition thereto, whether disputed or not.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Tax Return</font>&#8221; means any return, declaration, report, claim for refund, or information return or statement relating to Taxes, including any schedule or attachment thereto, and including any amendment thereof.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Transaction Documents</font>&#8221; means this Agreement, the Note, the Class A Certificate of Designation, the Class B Certificate of Designation, all exhibits and schedules thereto and hereto and any other documents or agreements executed in connection with the transactions contemplated hereunder.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Transactions</font>&#8221; means the transfer of funds from the Purchaser to the Borrower and the issuance of the Note hereunder on the Closing Date, the issuance of the Class A Preferred Stock, the issuance of the Class B Preferred Stock issued pursuant to the conversion of the Note, the issuance of the shares of Common Stock underlying such Class B Preferred Stock.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Underlying </font><font style="font-weight: bold; line-height: inherit;">Common </font><font style="font-weight: bold; line-height: inherit;">Shares</font>&#8221; means the shares of Common Stock issuable upon conversion of the Class B Preferred Stock and any securities issued or issuable in exchange for or in respect of such securities.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Underlying </font><font style="font-weight: bold; line-height: inherit;">Preferred </font><font style="font-weight: bold; line-height: inherit;">Shares</font>&#8221; means the shares of Class B Preferred Stock issuable (i) upon conversion of the Note or (ii) in satisfaction of any other obligation or right of the Borrower to issue shares of Class B Preferred Stock pursuant to this Agreement, and in each case, any securities issued or issuable in exchange for or in respect of such securities.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8220;<font style="font-weight: bold; line-height: inherit;">Warrant</font><font style="font-weight: bold; line-height: inherit;">s</font>&#8221; means those 1,058,025 warrants issued by the Borrower that expire on September 16, 2025, those 340,909 warrants issued by the Borrower that expire on December 17, 2026, and those 3,623,189 warrants issued by the Borrower that expire on March 15, 2027.&#160; </font></p>
<div style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs3_25520252850844"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">1.2&#160; &#160; &#160; &#160;&#160;</font><font style="font-weight: bold; text-decoration: underline; line-height: inherit;">Accounting Terms</font></font></a><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs3_25520252850844">.</a>&#160; All accounting terms used herein and not expressly defined in this Agreement shall have the respective meanings given to them in conformance with GAAP.&#160; Where the character or amount of any asset or liability or item of income or expense is required to be determined or any consolidation or other accounting computation is required to be made for the purposes of this Agreement, this shall be done in accordance with GAAP, consistently applied, to the extent applicable, except as otherwise expressly provided in this Agreement. If any changes in accounting principles from those in effect on the date hereof are hereafter occasioned by promulgation of rules, regulations, pronouncements or opinions by or are otherwise required by the Financial Accounting Standards Board or the American Institute of Certified Public Accountants (or successors thereto or agencies with similar functions), and any of such changes results in a change in the method of calculation of, or affects the results of such calculation of, any of the financial covenants, standards or terms found herein, then the parties hereto agree upon the request of the Borrower or the Purchaser to enter into and diligently pursue negotiations in order to amend such financial covenants, standards or terms so as to equitably reflect such changes, with the desired result that the criteria for evaluating financial condition and results of operations of the Borrower and its Subsidiaries shall be the same after such changes as if such changes had not been made; <font style="text-decoration: underline; line-height: inherit;">provided</font> that until any such amendments have been agreed upon by the Purchaser, the provisions in this Agreement shall be calculated as if no such changes in accounting principles had occurred.&#160; Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios shall be made, without giving effect to any election under Accounting Standards Codification 825-10 (or any other Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the Borrower at &#8220;fair value.&#8221;&#160; Notwithstanding any accounting change after the Closing Date that would require lease obligations that would be treated as operating leases as of the Closing Date to be classified and accounted for as capital leases or otherwise reflected on the Borrower&#8217;s and its Subsidiaries&#8217; consolidated balance sheet, for the purposes of determining compliance with any covenant contained herein, such obligations shall be treated in the same manner as operating leases are treated as of the Closing Date.</font></div>
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<div style="page-break-after: avoid; text-align: center; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs4_25520252935773"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-variant: normal; font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">Article 2</font></font></a></div>
<p style="margin: 0pt 0pt 12pt; page-break-after: avoid; text-align: center; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; text-transform: uppercase; line-height: inherit;">PURCHASE AND SALE OF THE NOTE</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="display: none; font-weight: bold; text-decoration: none; text-transform: none; line-height: inherit;">2.1</font><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs5_2552025210992"><font style="font-weight: bold; line-height: inherit;">2.1</font><font style="font-weight: bold; text-decoration: underline; line-height: inherit; margin-left: 22pt;">Purchase and Sale of the </font><font style="font-weight: bold; text-decoration: underline; line-height: inherit;">Note</font></a></font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs5_2552025210992">.</a>&#160; Subject to the terms and conditions herein set forth, on the Closing Date the Borrower will issue and sell to the Purchaser, and the Purchaser will acquire from the Borrower, the Note in the aggregate principal amount of $3,000,000.00, in exchange for the purchase price of $3,000,000.00 in cash or wire transfer of immediately available funds from the Purchaser.</font></p>
<div style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs6_255202521020581"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">2.2</font><font style="font-weight: bold; text-decoration: underline; line-height: inherit; margin-left: 22pt;">Closing</font></font></a><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs6_255202521020581">.</a>&#160; The purchase and issuance of the Note shall take place at the closing (the &#8220;<font style="font-weight: bold; line-height: inherit;">Closing</font>&#8221;) on the date hereof (the &#8220;<font style="font-weight: bold; line-height: inherit;">Closing Date</font>&#8221;), subject to the satisfaction or waiver of the conditions to closing set forth in <font style="text-decoration: underline; line-height: inherit;">Section 4.1</font>.&#160; At the Closing, the Borrower shall deliver the Note to the Purchaser against delivery by the Purchaser of the purchase price for the Note to be purchased by the Purchaser, which is payable by wire transfer of immediately available funds.</font></div>
<div style="page-break-after: avoid; text-align: center; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs7_255202521030757"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-variant: normal; font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">Article 3</font></font></a></div>
<p style="margin: 0pt 0pt 12pt; page-break-after: avoid; text-align: center; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; text-transform: uppercase; line-height: inherit;">THE </font><font style="font-weight: bold; text-transform: uppercase; line-height: inherit;">NOTE</font></font></p>
<div style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs8_255202521048101"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; text-decoration: none; text-transform: none; line-height: inherit;">3.1</font><font style="font-weight: bold; text-decoration: underline; line-height: inherit; margin-left: 22pt;">Interest and Related Fees</font><font style="text-decoration: underline; line-height: inherit;">.</font></font></a></div>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 70pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(a)</font><font style="text-decoration: underline; line-height: inherit; margin-left: 30px;">Interest</font>.&#160; Interest shall accrue and shall be calculated daily on the basis of the actual number of days elapsed and a 360-day year comprising twelve (12) thirty (30) day months on the unpaid principal amount of the Note outstanding from time to time at the Applicable Rate.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 70pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(b)</font><font style="text-decoration: underline; line-height: inherit; margin-left: 30px;">Payment of Interest and Related Fees</font>.&#160; Accrued and unpaid interest shall be payable on the earlier of maturity of the Note or the date of conversion of the Note (with respect to the principal amount converted), provided that upon conversion, the accrued and unpaid interest shall also be converted.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs9_25520252112508"><font style="font-weight: bold; text-decoration: none; text-transform: none; line-height: inherit;">3.2</font><font style="font-weight: bold; text-decoration: underline; line-height: inherit; margin-left: 22pt;">Mandatory </font><font style="font-weight: bold; text-decoration: underline; line-height: inherit;">Conversion</font><font style="font-weight: bold; text-decoration: underline; line-height: inherit;"> of </font><font style="font-weight: bold; text-decoration: underline; line-height: inherit;">Note</font>.</a>&#160; On the Conversion Date, the unpaid principal balance of the Note <font style="text-decoration: underline; line-height: inherit;">plus</font> all unpaid interest accrued on the unpaid principal balance of the Note shall be converted into the Underlying Preferred Shares as set forth in the Note.</font></p>
<div style="page-break-after: avoid; text-align: center; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs10_255202521118741"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-variant: normal; font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">Article 4</font></font></a></div>
<p style="margin: 0pt 0pt 12pt; page-break-after: avoid; text-align: center; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; text-transform: uppercase; line-height: inherit;">Closing</font></font></p>
<div style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs11_255202521145885"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;"><font style="font-weight: bold;">4.1</font></font><font style="font-weight: bold; text-decoration: underline; line-height: inherit; margin-left: 22pt;">Conditions Precedent to the Closing</font></font></a><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs11_255202521145885">.</a> The obligation of the Purchaser to purchase the Note, and to perform any obligations hereunder shall be subject to the following conditions on or before the Closing Date.</font></div>
<div style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs12_255202521157365"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; text-decoration: none; text-transform: none; line-height: inherit;">4.2</font><font style="font-weight: bold; text-decoration: underline; line-height: inherit; margin-left: 22pt;">Closing Deliverables</font> </font></a></div>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(a)</font><font style="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; line-height: inherit;">&#160; &#160; &#160;&#160;</font><font style="text-decoration: underline; line-height: inherit;">Deliverables of the Borrower</font>.&#160; At the Closing, the Borrower shall deliver to the Purchaser the following: </font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 98pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(i)</font><font style="text-decoration: underline; line-height: inherit; margin-left: 30px;">Note</font>. The duly executed Note. </font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 98pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(ii)</font><font style="text-decoration: underline; line-height: inherit; margin-left: 25px;">Cancellation of Engagement Letters</font>. Confirmation, in form and substance reasonably satisfactory to the Purchaser, by the Borrower that all outstanding engagement letters with investment banks and/or registered broker-dealers have been terminated such that the Borrower has no further obligations or liabilities thereunder other than a fee payable to RBW Capital Partners LLC that does not exceed $250,000, with a full release of any future obligations.</font></p>
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<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 98pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(iii)</font><font style="text-decoration: underline; line-height: inherit; margin-left: 30px;">Certificate</font>. A certificate, dated as of the Closing Date and signed by an officer of the Borrower, certifying (i) that the attached copies of the Charter Documents of Borrower, and resolutions of the Board approving the Note and this Agreement and the Transactions are all true, complete and correct and remain unamended and in full force and effect, and (ii) to the incumbency and specimen signature of each officer of the Borrower executing this Agreement and/or the Note or any other document delivered in connection herewith and therewith on behalf of the Borrower.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 98pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(iv)</font><font style="text-decoration: underline; line-height: inherit; margin-left: 30px;">Documents</font>.&#160; True, complete and correct copies of each such other agreements, schedules, exhibits, certificates, documents, financial information and filings as the Purchaser may reasonably request in connection with or relating to the Transactions all in form and substance reasonably satisfactory to the Purchaser, and executed by the Borrower, as applicable.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 98pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(v)</font><font style="text-decoration: underline; line-height: inherit; margin-left: 30px;">Consents and Approvals</font>.&#160; All consents, exemptions, authorizations, or other actions by, or notices to, or filings with, Governmental Authorities, the Principal Trading Market and other Persons in respect of all Requirements of Law and otherwise and with respect to those Contractual Obligations of the Borrower necessary in connection with the execution, delivery or performance by the Borrower, or enforcement against the Borrower, of the Note and this Agreement shall have been made or obtained and be in full force and effect.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 98pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(vi)</font><font style="text-decoration: underline; line-height: inherit; margin-left: 30px;">Good Standing Certificates</font>.&#160; The Borrower shall have delivered to the Purchaser as of a date not more than two (2) days before the Closing Date a good standing certificate for the Borrower for its jurisdiction of incorporation. </font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 98pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(vii)</font><font style="text-decoration: underline; line-height: inherit; margin-left: 30px;">Disbursement Schedule</font>. The intended disbursement schedule, included as <font style="text-decoration: underline; line-height: inherit;">Schedule 8.5</font>. </font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 98pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(viii)&#160; &#160; &#160; &#160;&#160;</font>Opinion of Counsel.&#160; An opinion of counsel to the Borrower in form of <font style="font-weight: bold; line-height: inherit;">Exhibit D</font> attached hereto.</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 98pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(ix)&#160; &#160; &#160; &#160; &#160; &#160;</font>Board Consent: Fully executed board consent approving the Transactions;</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(b)</font><font style="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; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="text-decoration: underline; line-height: inherit;">Deliverables of the Purchaser</font>.&#160; At the Closing, the Purchaser shall deliver to the Borrower the following:</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 98pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(i)</font><font style="text-decoration: underline; line-height: inherit; margin-left: 30px;">Note</font>. The duly executed Note. </font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 98pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(ii)</font><font style="text-decoration: underline; line-height: inherit; margin-left: 30px;">Certificate</font>. A certificate, dated as of the Closing Date and signed by an officer of the Purchaser, certifying (i) that the attached copies of the resolutions of the board of directors of the Purchaser approving the Note and this Agreement and the Transactions are all true, complete and correct and remain unamended and in full force and effect, and (ii) to the incumbency and specimen signature of each officer of the Purchaser executing this Agreement and/or the Note or any other document delivered in connection herewith and therewith on behalf of the Purchaser.</font></p>
<div style="page-break-after: avoid; text-align: center; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs13_255202521216284"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-variant: normal; font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">Article 5</font></font></a></div>
<p style="margin: 0pt 0pt 12pt; page-break-after: avoid; text-align: center; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; text-transform: uppercase; line-height: inherit;">REPRESENTATIONS AND WARRANTIES OF THE </font><font style="font-weight: bold; text-transform: uppercase; line-height: inherit;">BORROWER</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Except as set forth in the Disclosure Schedules, which Disclosure Schedules shall be deemed a part hereof and shall qualify any representation or otherwise made herein to the extent of the disclosure contained in the corresponding section of the Disclosure Schedules, the Borrower hereby makes the following representations and warranties to the Purchaser:</font></p>
<div style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs14_255202521235637"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit; font-weight: bold;">5.1</font><font style="text-decoration: underline; line-height: inherit; font-weight: bold; margin-left: 22pt;">Existence and Power</font></font></a><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="Bs14_255202521235637">.</a>&#160; The Borrower: (a) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation, and (b) and has all requisite corporate power and authority to carry on its business as now conducted. Neither the Borrower nor any Subsidiary is in violation nor default of any of the provisions of its respective Charter Documents. Each of the Borrower and the Subsidiaries is duly qualified to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified would not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect, and, to, no proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.</font></div>
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</div><div id="D4w611ycu8kebah8e44qpba" style="font-size: 10pt;">
<div style="font-family: Calibri, sans-serif; margin: 0pt 0pt 12pt; text-align: justify; font-size: 10pt; line-height: 1.2; text-indent: 36pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs15_255202521310277"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold;">5.2</font></font><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit; margin-left: 22pt;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><b><u><font style="line-height: inherit;">Authorization;
No Contravention</font></u></b></font></font></font></font></font></font></font></a><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs15_255202521310277">.</a><font style="line-height: inherit;">&#160; </font>The execution, delivery and performance by
the Borrower of each the Note and this Agreement and the
consummation of the Transactions: (a) have
been duly authorized by all necessary organizational action and no further
action is required by the Borrower, the Board or the Borrower&#8217;s stockholders in
connection herewith or therewith; (b) do not and will not
contravene or violate the terms of the Charter
Documents of the Borrower or any of
its Subsidiaries or any amendment
thereto or any material Requirement of Law applicable
to the Borrower or the Borrower&#8217;s
assets, business or properties; (c) do
not and will not (i) conflict with, contravene, result in any violation <font style="line-height: inherit;">or </font>breach
of <font style="line-height: inherit;">or </font>default under any Contractual Obligation of
the Borrower (with <font style="line-height: inherit;">or </font>without the giving of notice <font style="line-height: inherit;">or </font>the
lapse of time <font style="line-height: inherit;">or </font>both) other than any right to consent, which consents
have been obtained, (ii) create in any other Person a right
<font style="line-height: inherit;">or </font>claim
of termination <font style="line-height: inherit;">or </font>amendment of any Contractual Obligation of the Borrower, or (iii) require modification,
acceleration <font style="line-height: inherit;">or </font>cancellation of any Contractual Obligation of the Borrower; and (d) do not and will not
result in the creation of any Lien (or obligation
to create a Lien) against any property,
asset or business of the Borrower or any Subsidiary.<font style="line-height: inherit;">&#160; </font>Borrower has the requisite corporate power
and authority to enter into and to consummate the transactions contemplated by
this Agreement and each of the other Transaction Documents and otherwise to
carry out its obligations hereunder and thereunder.&#160;</font></div>
<div style="font-family: Calibri, sans-serif; margin: 0pt 0pt 12pt; text-align: justify; font-size: 10pt; line-height: 1.2; text-indent: 36pt;"><div><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="font-weight: bold;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs16_255202521321829">5.3</a></font></font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; margin-left: 22pt;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><b style="mso-bidi-font-weight: normal;"><u><font style="line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs16_255202521321829">Governmental Authorization; Third Party<br>Consents</a></font></u></b></font></font></font></font></font></font></font><font style="display: none; line-height: inherit;"></font></font></div><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs16_255202521321829">.</a><font style="line-height: inherit;">&#160; </font>Except as set forth on <u>Schedule 5.3</u>, no
approval, consent, compliance, exemption, authorization, or other
action by, or notice to, or filing
with, the Principal Trading Market or any Governmental
Authority is necessary or required in connection with
the execution, delivery or performance by, or
enforcement against, the Borrower of the Note and this Agreement, the other Transaction Documents, or the consummation of the Transactions,
other than those that have otherwise been obtained or made on or prior to the
Closing Date and which remain in full force and effect on the Closing Date.</font></div>
<div style="font-family: Calibri, sans-serif; margin: 0pt 0pt 12pt; text-align: justify; font-size: 10pt; line-height: 1.2; text-indent: 36pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs17_25520252133652"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;">5.4</font><font style="text-indent: 0.5in; font-family: 'times new roman', times; font-size: 10pt; margin-left: 22pt; line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><b><u><font style="line-height: inherit;">Binding
Effect</font></u></b></font></font></font></font></font></font></font></a><font style="text-indent: 0.5in; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs17_25520252133652">.</a><font style="line-height: inherit;">&#160; </font>The Borrower has duly
executed and delivered the Note and this Agreement and such
Note and this Agreement constitute the legal, valid and
binding obligations of the Borrower, enforceable
against the Borrower in accordance with its respective
terms, except as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium and similar laws of general
applicability relating to or affecting creditors&#8217; rights
and by general principles of equity.<font style="line-height: inherit;">&#160;
</font>Following the filing of the Class A Certificate of Designation and the
Class B Certificate of Designation with the Secretary of State of Delaware, the
Class A Certificate of Designation and the Class B Certificate of Designation will
constitute the legal, valid and binding obligations of the Borrower, enforceable
against the Borrower in accordance with its respective terms, except as
enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium and similar laws of general applicability relating
to or affecting creditors&#8217; rights and by general principles of equity.</font></div>
<div style="font-family: Calibri, sans-serif; margin: 0pt 0pt 12pt; text-align: justify; font-size: 10pt; line-height: 1.2; text-indent: 36pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs18_255202521346693"><font style="text-indent: 0.5in; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold;">5.5</font></font><font style="text-indent: 0.5in; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; margin-left: 22pt;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><b><u><font style="line-height: inherit;">No
Legal Bar</font></u></b></font></font></font></font></font></font></font></a><font style="text-indent: 0.5in; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs18_255202521346693">.</a><font style="line-height: inherit;">&#160; </font>The Borrower has not previously
entered into any agreement which is currently in effect or to which the Borrower is currently
bound granting any rights to any Person which conflict with
the rights to be granted by the Borrower in the Note and this Agreement.</font></div>
<div style="font-family: Calibri, sans-serif; margin: 0pt 0pt 12pt; text-align: justify; font-size: 10pt; line-height: 1.2; text-indent: 36pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs19_25520252142724"><font style="text-indent: 0.5in; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold;">5.6</font></font><font style="text-indent: 0.5in; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; margin-left: 22pt;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><b><u>Litigation</u></b></font></font></font></font></font></font><b><u></u></b></font></a><font style="text-indent: 0.5in; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs19_25520252142724">.</a><font style="line-height: inherit;">&#160; </font>There are no legal actions,
suits, proceedings, claims </font><font style="line-height: inherit;"><font style="line-height: inherit;">or </font></font><font style="line-height: inherit;"><font style="line-height: inherit;">disputes
pending or, to the Knowledge of the
Borrower, threatened in writing, at law, in equity, in arbitration or before any Governmental Authority against
or affecting the Borrower; (b) there is no injunction, writ, temporary restraining
order, decree or any order or determination
of any nature by any arbitrator, court or other Governmental Authority purporting to enjoin or
restrain the execution, delivery or performance of
the Note or this Agreement or which
relates to the assets or the business of the Borrower or its Subsidiaries;
and (c) there is no litigation, claim, audit, dispute,
review, proceeding or investigation currently pending or, to the Knowledge of the Borrower, threatened in writing against
the Borrower for any violation or alleged
violation of any Requirements of Law, and the Borrower has not received written notice of any threat of
any suit, action, claim, dispute, investigation, review or other
proceeding pursuant to or involving any Requirements
of Law.</font></font><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;">&#160; </font>Neither the Borrower nor any
Subsidiary, nor any director or officer thereof, is or has been the subject of
any action involving a claim of violation of or liability under federal or
state securities laws or a claim of breach of fiduciary duty. There has not
been, and to the knowledge of the Borrower, there is not pending or
contemplated, any investigation by the SEC involving the Borrower or any
current or former director or officer of the Borrower. The SEC has not issued
any stop order or other order suspending the effectiveness of any registration
statement filed by the Borrower or any Subsidiary under the Exchange Act or the
Securities Act.</font></font></font></font></font></font></div>
<div style="font-family: Calibri, sans-serif; margin: 0pt 0pt 12pt; text-align: justify; font-size: 10pt; line-height: 1.2; text-indent: 36pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs20_255202521416189"><font style="text-indent: 0.5in; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;">5.7</font></font></font></font></font></font><font style="text-indent: 0.5in; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; margin-left: 22pt;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><b><u><font style="line-height: inherit;">Compliance with Laws</font></u></b></font></font></font></font></font></font><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><b><u></u></b></font></font></font></font></a><font style="text-indent: 0.5in; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs20_255202521416189"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;">.</font></font></font></a><font style="line-height: inherit;"><font style="line-height: inherit;">&#160; </font>The Borrower is in
compliance with all Requirements of Law, except to the
extent such non-compliance could not reasonably be expected to have a Material
Adverse Effect.<font style="line-height: inherit;">&#160; </font>There are no actual or pending appeals, audits, inquiries,
investigations, proceedings or notices of intent to audit or
investigate by any Governmental Authority against the Borrower.</font></font></div>
<div style="font-family: Calibri, sans-serif; margin: 0pt 0pt 12pt; text-align: justify; font-size: 10pt; line-height: 1.2; text-indent: 36pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs21_255202521426583"><font style="text-indent: 0.5in; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"><font style="line-height: inherit;">5.8</font></font><font style="text-indent: 0.5in; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; margin-left: 22pt;"><font style="line-height: inherit;"><font style="line-height: inherit;"><b><u>No
Default or Breach</u></b></font></font><font style="line-height: inherit;"><b><u></u></b></font></font></a><font style="text-indent: 0.5in; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs21_255202521426583">.</a>&#160;&#160;</font>No event has occurred and is continuing, or
would result from the incurring of obligations by the Borrower under the Note </font><font style="line-height: inherit;"><font style="line-height: inherit;">or
this Agreement, </font>which constitutes or, with the giving of notice or lapse
of time or both, would constitute an Event of Default.<font style="line-height: inherit;">&#160; </font></font>Neither the Borrower nor any
Subsidiary is in default under or in violation of (and no event has occurred
that has not been waived that, with notice or lapse of time or both, would
result in a default by the Borrower or any Subsidiary under), nor has the Borrower
or any Subsidiary received notice of a claim that it is in default under or
that it is in violation of, any indenture, loan or credit agreement or any
other agreement or instrument to which it is a party or by which it or any of
its properties is bound (whether or not such default or violation has been
waived).</font></div>
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<div style="font-family: Calibri, sans-serif; margin: 0pt 0pt 12pt; text-align: justify; font-size: 10pt; line-height: 1.2; text-indent: 36pt;"><font style="font-family: 'times new roman', times;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs22_255202521440613"><font style="font-weight: bold;">5.9&#160; &#160; &#160; &#160; &#160;</font><font style="text-indent: 0.5in; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><b><u>Title
to Properties</u></b></font></font></font></a><font style="text-indent: 0.5in; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs22_255202521440613">.</a>&#160; &#160;The Borrower has good title to, or a valid
leasehold interest in, all Property used by it in its business and none of such
Property is subject to any Lien, except for Permitted Liens.</font></font></div>
<div style="font-family: Calibri, sans-serif; margin: 0pt 0pt 12pt; text-align: justify; font-size: 10pt; line-height: 1.2; text-indent: 36pt;"><font style="font-family: 'times new roman', times;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs23_255202521456317"><font style="text-indent: 0.5in; font-size: 10pt; line-height: inherit; font-weight: bold;">5.10&#160; &#160; &#160; &#160;</font><b style="font-size: 10pt; text-indent: 0.5in;"><u>Real
Property</u></b></a><font style="font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs23_255202521456317"><font style="line-height: inherit;">. </font></a><font style="line-height: inherit;">&#160;</font><u>Schedule 5.10</u> sets forth a correct and
complete list of all real property owned or leased by the Borrower.<font style="line-height: inherit;">&#160; </font>Each lease relating to such leased real
property is in full force and effect and the Borrower enjoys peaceful and
undisturbed possession thereunder.<font style="line-height: inherit;">&#160; </font>There
is no material default on the part of the Borrower or any event or condition
which (with notice or lapse of time, or both) would constitute a default on the
part of the Borrower under any such lease.<font style="line-height: inherit;">&#160;
</font>The Borrower has good and marketable title in fee simple to the real
property identified on <u>Schedule 5.10</u> as owned by the Borrower, free and
clear of any Liens other than Permitted Liens.<font style="line-height: inherit;">&#160;</font>There are no actions, suits or proceedings pending or, to the Knowledge
of the Borrower, threatened in writing against the owned real property or the
leased real property used in connection with the business of the Borrower, at
law or in equity, in arbitration or before any Governmental Authority which
would in any way affect title to or the right to use such owned real property
or leased real property.</font></font></div>
<div style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 0.5in; font-size: 11pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs24_255202521514661"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;"><font style="mso-bidi-font-weight: normal;"><font style="line-height: inherit;"><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;"><font style="font-weight: bold;">5.11</font><font style="font-weight: bold;">&#160; &#160; &#160; &#160; &#160;</font></font></font></font><b style="mso-bidi-font-weight: normal;"><u>Taxes</u></b></font></font></a></div>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 101px; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(a)</font><font style="line-height: inherit; margin-left: 30px;">Except
as set forth on <u>Schedule 5.11(a)</u>, the Borrower </font><font style="line-height: inherit;">has timely filed all foreign, United States
federal and state income and other Tax Returns that it was
required to file, in each case with due regard for any extension of time within
which to file such Tax Return.<font style="line-height: inherit;">&#160; </font>All such Tax returns were correct and
complete in all respects.<font style="line-height: inherit;">&#160;
</font>All Taxes due and payable by the Borrower have
been paid, in each case with due regard for any extension of time within which
to file such Tax Return, other than any Taxes
the amount or validity of which is being actively
contested by the Borrower in good faith and by appropriate
proceedings and with respect to which adequate reserves or other appropriate
provisions, if any, as shall be required in conformity with GAAP
shall have been made or provided therefor.<font style="line-height: inherit;">&#160; </font>There are no Liens, other
than Permitted Liens, on any of the assets of the Borrower that arose in connection with any failure (or alleged failure) to pay any Tax.<font style="line-height: inherit;">&#160; </font>No written claim has been made by a
Governmental Authority in a jurisdiction where the Borrower does not file Tax
Returns that the Borrower is or may be subject to taxation by that
jurisdiction. </font></font></p>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 101px; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(b)</font><font style="line-height: inherit; margin-left: 30px;">Except
as set forth on <u>Schedule 5.11(b)</u>, there is no action, suit, proceeding,
investigation, examination, audit, or claim now pending or threatened in writing by any Governmental
Authority regarding any Taxes payable or alleged to be
payable by the Borrower. The Borrower has not entered into
an agreement or waiver or been requested to enter into an agreement or waiver
extending any statute of limitations relating to the payment or collection of
Taxes of such Person and there are no circumstances that would cause the
taxable years of the Borrower or its Subsidiaries not to be subject to the
normally applicable statute of limitations.</font></font></p>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 101px; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(c)</font><font style="line-height: inherit; margin-left: 30px;">The
Borrower has collected all sales, use, value added and other taxes required to
be collected, and have remitted such amounts to the appropriate Governmental
Authority or, if applicable, have furnished properly completed exemption
certificates for all exempt transactions.</font></font></p>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 101px; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(d)</font><font style="line-height: inherit; margin-left: 30px;">The
Borrower has not entered into or participated in (i) a &#8220;reportable transaction&#8221;
within the meaning of Section 6707A of the Code or Treasury Regulation Section
1.6011-4 (and all predecessor regulations) as in effect at the relevant time,
or (ii) any act, transaction or arrangement which has been reported, or has
been required to be reported, under any similar provision of state, local or
non-U.S. law or a transaction similar to any such reportable or notifiable
transaction.</font></font></p>
<div style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 0.5in; font-size: 11pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs25_25520252152961"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;"><font style="mso-bidi-font-weight: normal;"><font style="line-height: inherit;"><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;"><font style="font-weight: bold;">5.12</font><font style="font-weight: bold;">&#160; &#160; &#160; &#160;&#160;</font></font></font></font><b style="mso-bidi-font-weight: normal;"><u>Financial
Condition; SEC Filings; Contingent Obligations</u>.</b></font></font></a></div>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 101px; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(a)<font style="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; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font></font>The Borrower has furnished the Purchaser with
true, correct and complete copies of (collectively, the &#8220;<b>Financial
Statements</b>&#8221;): (i) the audited consolidated balance sheets of the Borrower
and its Subsidiaries as of December 31, 2024, 2023 and 2022, and the related
audited consolidated statements of operations and comprehensive (loss) income,
shareholders&#8217; equity and cash flows for each of the Fiscal Years in the
three-year period ended December 31, 2024, together with the notes thereto and
the reports thereon as of December 31, 2024, certified by the Borrower&#8217;s
independent certified public accountants, and (ii) the unaudited consolidated
balance sheets of the Borrower and its Subsidiaries for the Fiscal Quarter
ended as of March 31, 2025 and the related unaudited consolidated statements of
operations and comprehensive (loss) income and cash flows for such period. The
Financial Statements fairly present, in all material respects, the consolidated
financial position of the Borrower, as of the respective dates thereof, and the
results of operations and cash flows thereof, as of the respective dates or for
the respective periods set forth therein, and are in conformity with the past
historical practices of the Borrower, with GAAP consistently applied during the
periods involved.<font style="line-height: inherit;">&#160; </font>Except as set forth on
<u>Schedule 5.12</u>, as of the dates of the Financial Statements, the Borrower
did not have any known obligation, Indebtedness or liability (whether accrued,
absolute, contingent or otherwise, and whether due or to become due), which was
not reflected or reserved against in the balance sheets which are part of the
Financial Statements as required by GAAP, except for those incurred in the
ordinary course of business and which are fully reflected on the books of
account of the Borrower.</font></p>
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<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 101px; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(b)<font style="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; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font></font>Except as set forth on S<u>chedule 5.12</u>, all
statements, reports, schedules, forms and other documents (the &#8220;<b>SEC
Documents</b>&#8221;) required to have been filed or furnished by the Borrower with
or to the SEC since January 1, 2024 have been so filed or furnished on a timely
basis.<font style="line-height: inherit;">&#160; </font>As of the time it was filed with
or furnished to the SEC as of the date of filing: (i) each of the SEC Documents
complied as to form in all material respects with the applicable requirements
of the Securities Act or the Exchange Act (as the case may be); and (ii) none
of the SEC Documents contained any untrue statement of a material fact or
omitted to state a material fact required to be stated therein or necessary in
order to make the statements therein, in the light of the circumstances under
which they were made, not misleading, except to the extent corrected by the
filing or furnishing of the applicable amending or superseding SEC
Document.<font style="line-height: inherit;">&#160; </font>Each of the certifications and
statements relating to SEC Documents required by: (1) the SEC&#8217;s Order dated
June 27, 2002 pursuant to Section 21(a)(1) of the Exchange Act (File No.
4-460); (2) Rule 13a-14 or 15d-14 under the Exchange Act; or (3) 18 U.S.C.
&#167;1350 (Section 906 of the Sarbanes-Oxley Act) (collectively, the &#8220;<b>Certifications</b>&#8221;)
is accurate and complete, and complied as to form and content with all
Applicable Laws in effect at the time such Certification was filed with or
furnished to the SEC.</font></p>
<div style="font-family: Calibri, sans-serif; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; font-size: 10pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs26_255202521545765"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;">5.13&#160; &#160; &#160; &#160;&#160;</font><font style="text-indent: 0.5in; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><b><u><font style="line-height: inherit;">Absence
of Certain Changes or Events</font></u></b></font></font></font></font></font></font></font></a><font style="text-indent: 0.5in; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs26_255202521545765">.</a><font style="line-height: inherit;">&#160;
</font>Since March 31, 2025, (i) there has been no development, event,
circumstance, <font style="line-height: inherit;">or </font><font style="line-height: inherit;">change which would reasonably
be expected to have, either individually or in the
aggregate, a Material Adverse Effect, (ii) the Borrower has
not incurred any liabilities (contingent or otherwise) other than (A) trade
payables and accrued expenses incurred in the ordinary course of business
consistent with past practice and (B) liabilities not required to be reflected
in the Borrower&#8217;s financial statements pursuant to GAAP or disclosed in filings
made with the SEC, (iii) the Borrower has not altered its method of accounting,
(iv) the Borrower has not declared or made any dividend or distribution of cash
or other property to its stockholders or purchased, redeemed or made any
agreements to purchase or redeem any shares of its capital stock and (v) the Borrower
has not issued any equity securities to any officer, director or Affiliate,
except pursuant to existing Borrower stock option plans. To the Knowledge of
the Borrower, there exists no present condition or state of facts or
circumstances that could reasonably be expected to have a Material Adverse
Effect or prevent the Borrower or any of its Subsidiaries from conducting its
business after the consummation of the Transactions, in substantially the same manner
in which such business has heretofore been conducted.</font><font style="line-height: inherit;">&#160; </font>The Borrower does not have pending before the
SEC any request for confidential treatment of information. Except for the Transactions,
no event, liability, fact, circumstance, occurrence or development has occurred
or exists or is reasonably expected to occur or exist with respect to the Borrower
or its Subsidiaries or their respective businesses, prospects, properties,
operations, assets or financial condition that would be required to be
disclosed by the Borrower under applicable securities laws at the time this
representation is made or deemed made that has not been publicly disclosed.</font></div>
<div style="font-family: Calibri, sans-serif; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; font-size: 10pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs27_255202521557885"><font style="text-indent: 0.5in; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;">5.14&#160; &#160; &#160; &#160;&#160;</font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><b style="mso-bidi-font-weight: normal;"><u><font style="line-height: inherit;">Environmental Matters</font></u></b></font></font><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><b style="mso-bidi-font-weight: normal;"><font style="line-height: inherit;">.</font></b></font></font></font></font></a></div>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 101px; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(a)</font><font style="line-height: inherit; margin-left: 30px;">The Borrower is and has been in compliance in all material
respects with all applicable Environmental Laws relating to
its Property, assets and operations.</font></font></p>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 101px; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(b)</font><font style="line-height: inherit; margin-left: 30px;">To the Knowledge of the Borrower, none of the Property,
assets or operations of (or used by)
the Borrower is the subject of any federal, state or local investigation evaluating whether (i) any remedial
action is needed to respond to a Release (as defined under
CERCLA) <font style="line-height: inherit;">or </font><font style="line-height: inherit;">threatened Release of any Hazardous
Materials into the environment </font>or (ii) any Release <font style="line-height: inherit;">or </font><font style="line-height: inherit;">threatened Release of any Hazardous
Materials into the environment </font>is in contravention of any Environmental Law.</font></font></p>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 101px; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(c)</font><font style="line-height: inherit; margin-left: 30px;">The Borrower has not received any written notice or
claim, nor to the Knowledge of the Borrower are there any pending,
threatened in writing, or anticipated lawsuits or proceedings against it, with respect to violations of an Environmental Law or in connection with
the presence of or exposure to any Hazardous
Materials in the environment or any Release
<font style="line-height: inherit;">or </font><font style="line-height: inherit;">threatened Release of any Hazardous
Materials into the environment</font>.</font></font></p>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 101px; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(d)</font><font style="line-height: inherit; margin-left: 30px;">To the Knowledge of the Borrower, the Borrower has
no present or contingent liability in connection with the
presence either on or off the Property or assets of, or used by, the Borrower of any Hazardous Materials in the
environment or any Release <font style="line-height: inherit;">or </font><font style="line-height: inherit;">threatened Release of any Hazardous
Materials into the environment</font>.</font></font></p>
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<div style="font-family: Calibri, sans-serif; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; font-size: 10pt; line-height: 1.2;"><div><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"><font style="line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs28_255202521615607">5.15&#160; &#160; &#160; &#160;&#160;</a></font></font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><b style="mso-bidi-font-weight: normal;"><u><font style="line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs28_255202521615607">Investment<br>Company/Government Regulations</a></font></u></b></font></font></font></font></font></font><font style="display: none; line-height: inherit;"></font></font></div><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs28_255202521615607">.</a><font style="line-height: inherit;">&#160; </font>The Borrower is not an &#8220;<font style="line-height: inherit;">investment </font><font style="line-height: inherit;">company</font>&#8221; within the meaning of the Investment Company Act of 1940, as amended.<font style="line-height: inherit;">&#160; </font>The Borrower is not subject
to regulation under the Public Utility Holding Company Act of
1935, as amended, the Federal Power Act, the Interstate Commerce Act, or any federal or state statute or regulation limiting
its ability to incur Indebtedness.</font></div>
<div style="font-family: Calibri, sans-serif; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; font-size: 10pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs29_255202521631189"><font style="font-family: 'times new roman', times; font-weight: bold;">5.16&#160; &#160; &#160; &#160; &#160;</font><font style="text-indent: 0.5in; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><b><u>Subsidiaries</u></b></font></font></font></a><font style="text-indent: 0.5in; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs29_255202521631189">.</a>&#160; &#160;Except as set forth in <u>Schedule 5.16</u>,
the Borrower does not (a) have any Subsidiaries or (b) own of record or
beneficially, directly or indirectly, any (i) Capital Stock issued by any other
Person or (ii) equity, voting or participating interest in any joint venture or
other enterprise.</font><font style="line-height: inherit;">&#160; </font>The Borrower
owns, directly or indirectly, all of the capital stock or other equity
interests of each Subsidiary free and clear of any Liens, and all of the issued
and outstanding shares of capital stock of each Subsidiary are validly issued
and are fully paid, non-assessable and free of preemptive and similar rights to
subscribe for or purchase securities.</font></div>
<div style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; font-size: 10pt; line-height: 1.2;"><div><font style="font-weight: bold;"><font><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs30_255202521646212">5.17&#160; &#160; &#160; &#160;&#160;</a></font></font><b style="font-family: 'times new roman', times; font-size: 10pt; text-indent: 0.5in;"><u><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs30_255202521646212">Capitalization</a></u></b></div><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs30_255202521646212">.</a>&#160; &#160;As of the <font style="line-height: inherit;">Closing Date</font><font style="line-height: inherit;">, after giving effect to the transactions
contemplated hereby and in the Note, the capitalization
of the Borrower (including the maximum amount of diluted
shares) is as set forth on <u>Schedule 5.17</u><font style="line-height: inherit;">.</font><font style="line-height: inherit;">&#160; </font><u>Schedule
5.17</u> lists all warrants, options, and other securities convertible or
exercisable into shares of Capital Stock of the Borrower and lists the exercise
or strike price applicable to such warrant, option or security.<font style="line-height: inherit;">&#160; </font>All of the issued and outstanding Capital
Stock of the Borrower has been, and Capital Stock of the Borrower issuable upon
the exercise of outstanding securities when issued will be, duly authorized and
validly issued and are fully paid and nonassessable.<font style="line-height: inherit;">&#160; </font>All outstanding Capital Stock
of the Borrower&#8217;s Subsidiaries are
100% owned by the Borrower or one of
its Subsidiaries free and clear of all Liens
other than Permitted Liens.<font style="line-height: inherit;">&#160; </font>The issuance of the foregoing Capital Stock (including the Note and the Capital Stock issuable
upon conversion and exercise thereof) is not and has not been subject to any
rights of participation or preemptive rights in favor of any Person
other than such rights that have been waived or complied with, and will not
result in the issuance of any additional Capital Stock of
the Borrower or the triggering of any
anti-dilution or similar rights contained in any options
warrants, debentures or other securities or
agreements of the Borrower or any
of its Subsidiaries. On the Closing Date,
except as set forth on <u>Schedule 5.17</u>, there are no outstanding securities
convertible into or exchangeable for Capital
Stock of the Borrower or any of its
Subsidiaries or options, warrants or other rights to purchase or subscribe
for Capital Stock of the Borrower or any of its Subsidiaries, or contracts, commitments, agreements, understandings or arrangements of any kind to which the Borrower
or any of its Subsidiaries is a
party relating to the issuance of any Capital Stock of the Borrower or any of its Subsidiaries,
or any such convertible or exchangeable
securities or any such options, warrants or
rights. On the Closing Date, except as set forth on <u>Schedule
5.17</u>, neither
the Borrower nor any of its Subsidiaries has
any obligation, whether mandatory or at the option of any
other Person, at any time to redeem or repurchase
any Capital Stock of the Borrower or any of its Subsidiaries, pursuant to
the terms of their respective Charter Documents or otherwise. On the Closing Date, except as set forth on <u>Schedule
5.17</u>, neither the Borrower nor any of its Subsidiaries maintains nor has
any obligations under any stock option plan or other equity compensation
related plans or agreements.<font style="line-height: inherit;">&#160; </font>No issued
and outstanding shares of the Borrower&#8217;s Capital Stock are subject to a right
of first refusal or condition of forfeiture in favor of the Borrower, and no
shares of the Capital Stock of the Borrower are subject to vesting
restrictions.<font style="line-height: inherit;">&#160; </font>Since January 1, 2023, except
for the cash dividends paid by Borrower to holders of its Common Stock on May
31, 2023 and April 10, 2024, the Borrower has not declared or paid, or become
responsible to declare or pay, and the Borrower is not responsible for or has
any obligation to declare or pay, a dividend or other distribution on its
securities or otherwise combined, split, recapitalized or taken similar actions
with respect to its outstanding Capital Stock. There are no voting trusts,
proxies or other contracts or understandings to which the Borrower is a party
or is bound with respect to the voting of any shares of the Borrower&#8217;s Capital
Stock, the acquisition (including rights of co-sale, first refusal,
antidilution or pre-emptive rights), disposition, registration of securities of
the Borrower, or other rights of securityholders, or obligations of the
Borrower, with respect to the securities of the Borrower, other than
registration rights under warrants set forth on <u>Schedule&#160;5.17</u>. All
securities of the Borrower and its Subsidiaries (including all shares of the
Borrower&#8217;s Capital Stock, securities, options and warrants to purchase shares
of the Borrower&#8217;s Capital Stock (both outstanding as well as those that are no
longer outstanding)), have been and were issued and granted pursuant to an
exception from the Securities Act and otherwise in compliance, in all material
respects, with all securities and other Applicable Laws, in compliance with the
fiduciary obligations of the Board, and in compliance with all requirements of
applicable contracts affecting, applicable to or relating to, such issuances.</font></font></div>
<div style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; font-size: 10pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs31_255202521716109"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"><font style="line-height: inherit;">5.18&#160; &#160; &#160; &#160;&#160;</font></font><font style="text-indent: 0.5in; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><b><u><font style="line-height: inherit;">Solvency</font></u></b></font></font></font></font></font></font></font></a><font style="text-indent: 0.5in; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs31_255202521716109">.</a><font style="line-height: inherit;">&#160; </font>Borrower and its Subsidiaries, on a
consolidated basis, will be Solvent, after taking into
account the Transactions.</font></div>
<div style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; font-size: 10pt; line-height: 1.2;"><div><font style="text-indent: 0.5in; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs32_255202521729454">5.19&#160; &#160; &#160; &#160;&#160;</a></font><b style="font-family: 'times new roman', times; font-size: 10pt; text-indent: 0.5in;"><u><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs32_255202521729454">Licenses<br>and Approvals</a></u></b><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;"><b style="mso-bidi-font-weight: normal;"><u><font style="display: none; line-height: inherit;"></font></u></b></font></font></div><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs32_255202521729454">.</a>&#160; &#160;The Borrower holds all material Licenses that
are required by any Governmental Authority to permit it to conduct and operate
the Borrower&#8217;s business as now conducted, and all such Licenses are valid and
in full force and effect and will remain in full force and effect upon
consummation of the transactions contemplated by this Agreement or any other
Transaction Document.<font style="line-height: inherit;">&#160; </font>The Borrower is in
compliance in all material respects with all such Licenses.<font style="line-height: inherit;">&#160; </font>The Borrower is not a party to and, to the
Knowledge of the Borrower, there is not, any investigation, notice of apparent
liability, violation, forfeiture or other order or complaint issued by or
before any Governmental Authority or any other proceedings which could in any
manner threaten or adversely affect the validity or continued effectiveness of
such material Licenses of the Borrower or give rise to any order of
forfeiture.<font style="line-height: inherit;">&#160; </font>There is no pending threat
of cancellation, loss, termination, modification, or nonrenewal of any such
Licenses of the Borrower.<font style="line-height: inherit;">&#160; </font>The Borrower
has no reason to believe that such Licenses will not be renewed in the ordinary
course.<font style="line-height: inherit;">&#160; </font>The Borrower has filed in a
timely manner all material reports, applications, documents, instruments, and
information required to be filed pursuant to applicable rules and regulations
or requests of every regulatory body having jurisdiction over any of its
Licenses.</font></div>
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</div>
<div style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; font-size: 10pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs33_255202521748766"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;">5.20&#160; &#160; &#160; &#160;&#160;</font><font style="font-family: 'times new roman', times; font-size: 10pt; text-indent: 0.5in; line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><b><u><font style="line-height: inherit;">Change of Control </font></u></b></font></font></font></font></font></font><font style="font-family: 'times new roman', times; font-size: 10pt; text-indent: 0.5in; line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><b><u><font style="line-height: inherit;">and
Similar Payments</font></u></b></font></font></font></font></font></font></a><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs33_255202521748766">.</a>&#160; &#160;Except as disclosed on <u>Schedule 5.20</u>, neither
the execution, delivery and performance by the Borrower of
this Agreement, nor the execution, delivery and performance by the Borrower of the Note, nor the consummation
of the transactions contemplated hereby shall require any
payment by the Borrower, in cash or kind,
under any other agreement, plan, policy, commitment or other arrangement.<font style="line-height: inherit;">&#160; </font>There are no agreements, plans,
policies, commitments or other arrangements with respect to
any compensation, benefits or consideration which will be
materially increased, or the vesting of benefits of which
will be materially accelerated, as a result of this <font style="line-height: inherit;">Agreement </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">any other Transaction Document </font>or the occurrence of any of the transactions contemplated
hereby or thereby.</font></div>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; break-after: avoid; text-align: justify; text-indent: 0.5in; font-size: 11pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs34_2552025218054"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><b style="mso-bidi-font-weight: normal;"><font style="line-height: inherit;">5.21<font style="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; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font></font></b><b style="mso-bidi-font-weight: normal;"><u><font style="line-height: inherit;">OFAC</font></u></b></font></font></font></font></font></font><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><b style="mso-bidi-font-weight: normal;"><u><font style="line-height: inherit;">;
Anti-Terrorism; Patriot Act</font></u></b></font></font></font></font></font></font><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;">.</font></font></font></font></font></font></font></a><font style="line-height: inherit;"></font></font></p>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 101px; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(a)</font><font style="line-height: inherit; margin-left: 38pt;">The Borrower is in compliance, in all material respects, with any
applicable Requirements of Law relating to terrorism, sanctions or money
laundering (the &#8220;<b style="mso-bidi-font-weight: normal;">Anti-Terrorism Laws</b>&#8221;),
including the United States Executive Order No.&#160;13224 on Terrorist
Financing (the &#8220;<b style="mso-bidi-font-weight: normal;">Anti-Terrorism Order</b>&#8221;)
and the Patriot Act.<font style="line-height: inherit;">&#160;
</font>No part of the proceeds of any Note will be used,
directly or indirectly, for any payments to any
governmental official or employee, political party,
official of a political party, candidate for political office, or
anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper
advantage, in violation of the United States Foreign Corrupt Practices Act of
1977, as amended or any other Anti-Terrorism Law.</font></font></p>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 101px; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(b)</font><font style="line-height: inherit; margin-left: 38pt;">Neither
the Borrower nor any Subsidiary (and, to the Knowledge of the Borrower, no
joint venture or Affiliate thereof) (i)&#160;is listed in the annex to, or is
otherwise subject to the provisions of, the Anti-Terrorism Order or
Anti-Terrorism Laws, (ii)&#160;is owned or controlled by, or acting for or on
behalf of, any person listed in the annex to, or is otherwise subject to the
provisions of, the Anti-Terrorism Order or Anti-Terrorism Laws or
(iii)&#160;commits, threatens or conspires to commit or supports &#8220;terrorism&#8221; as
defined in the Anti-Terrorism Order.</font></font></p>
<div style="font-family: Calibri, sans-serif; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; font-size: 10pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs35_255202521811677"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"><font style="line-height: inherit;">5.22&#160; &#160; &#160; &#160;</font></font><font style="text-indent: 0.5in; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><b><u>Internal Controls</u></b></font></font></font></font><font style="text-indent: 0.5in; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;"><b><u></u></b></font></font></a><font style="text-indent: 0.5in; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs35_255202521811677">.</a>&#160; &#160;The Borrower maintains a
system of internal control over financial reporting.<font style="line-height: inherit;">&#160; </font>Such internal controls over financial
reporting (a) provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external
purposes in accordance with GAAP and (b) as to Borrower are designed to ensure
that all material information concerning Borrower and its Subsidiaries required
to be disclosed by Borrower in the reports that it is required to file, submit
or furnish under the Exchange Act is recorded, processed, summarized and
reported on a timely basis to the individuals responsible for the preparation
of such reports.<font style="line-height: inherit;">&#160;</font></font></div>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 0.5in; font-size: 11pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs36_255202521823501"><font style="line-height: inherit;"><font style="line-height: inherit;"><b style="mso-bidi-font-weight: normal;"><font style="line-height: inherit;">5.23</font></b><b style="mso-bidi-font-weight: normal;"><u style="margin-left: 22pt;">Accounts
and Notes Receivable; Accounts and Notes Payable.</u></b></font></font></a><b style="mso-bidi-font-weight: normal;"><u><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs36_255202521823501"><font style="line-height: inherit;">&#160; </font></a></u></b></font></p>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 101px; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit; margin-right: 38pt;">(a)</font>Except as set forth in <u>Schedule 5.23(a)</u>,
all the accounts receivable and notes receivable owing to the Borrower or any
of its Subsidiaries as of the date hereof constitute valid and enforceable
claims (without any previously exercised rights of set off or compromise)
arising from bona fide transactions in the ordinary course of business,
consistent with past practice, and, to the Knowledge of the Borrower, there are
no known or, to the Knowledge of the Borrower, asserted claims, refusals to pay
or other rights of set-off against any thereof. </font></p>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 101px; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit; margin-right: 38pt;">(b)</font>All accounts payable and notes payable by the
Borrower or any of its Subsidiaries to third parties as of the date hereof
arise from bona fide transactions in the ordinary course of business,
consistent with past practice.</font></p>
<div style="font-family: Calibri, sans-serif; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; font-size: 10pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs37_255202521835476"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;">5.24</font><b style="font-family: 'times new roman', times; font-size: 10pt; text-indent: 0.5in;"><u style="margin-left: 30px;">Inventory</u></b></a><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs37_255202521835476">.</a>&#160; &#160;All Inventory is (i) of good and merchantable
quality (except for obsolete or discontinued items of Inventory which have been
adequately reserved for in accordance with GAAP, consistently applied) and (ii)
adequate for the conduct of the business of the Borrower in the ordinary course
as currently conducted.</font></div>
<div style="font-family: Calibri, sans-serif; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; font-size: 10pt; line-height: 1.2;"><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none; pointer-events: none;" href="#TOC" name="B525a_25520259510274"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;">5.25</font><b style="font-family: 'times new roman', times; font-size: 10pt; margin-left: 30px;"><u>Issuance of the Note, the Underlying
Preferred Shares&#160;</u></b></a><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none; pointer-events: none;" href="#TOC" name="B525a_25520259510274"><b style="mso-bidi-font-weight: normal;"><u>and the Underlying Common Shares.</u></b></a><font style="line-height: inherit;">&#160; </font>The Note, the Underlying Preferred Shares and
the Underlying Common Shares are duly authorized and, when issued in accordance
with the applicable Transaction Documents, will be duly and validly issued,
fully paid and nonassessable, free and clear of all Liens imposed by the Borrower.
<font style="line-height: inherit;">&#160;</font></font></div>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 0.5in; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none; pointer-events: none;" href="#TOC" name="B527a_25520259513725"><b style="mso-bidi-font-weight: normal;"><font style="line-height: inherit;">5.27</font></b><b style="mso-bidi-font-weight: normal; margin-left: 30px;"><u>Labor
Relations.</u></b></a><font style="line-height: inherit;">&#160; </font>No labor dispute
exists or, to the knowledge of the Borrower, is imminent with respect to any of
the employees of the Borrower, which could reasonably be expected to result in
a Material Adverse Effect. None of the Borrower&#8217;s or its Subsidiaries&#8217;
employees is a member of a union that relates to such employee&#8217;s relationship
with the Borrower or such Subsidiary, and neither the Borrower nor any of its
Subsidiaries is a party to a collective bargaining agreement, and the Borrower
and its Subsidiaries believe that their relationships with their employees are
good. To the knowledge of the Borrower, no executive officer of the Borrower or
any Subsidiary, is, or is now expected to be, in violation of any material term
of any employment contract, confidentiality, disclosure or proprietary
information agreement or non-competition agreement, or any other contract or
agreement or any restrictive covenant in favor of any third party, and the
continued employment of each such executive officer does not subject the Borrower
or any of its Subsidiaries to any liability with respect to any of the
foregoing matters. The Borrower and its Subsidiaries are in compliance with all
U.S. federal, state, local and foreign laws and regulations relating to
employment and employment practices, terms and conditions of employment and
wages and hours.</font></p>
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<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 0.5in; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none; pointer-events: none;" href="#TOC" name="B528a_255202595149313"><b style="mso-bidi-font-weight: normal;"><font style="line-height: inherit;">5.28</font></b><b><u style="margin-left: 22pt;">Intellectual Property</u></b>.</a> The Borrower
and the Subsidiaries have, or have rights to use, all patents, patent
applications, trademarks, trademark applications, service marks, trade names,
trade secrets, inventions, copyrights, licenses and other intellectual property
rights and similar rights necessary or required for use in connection with
their respective businesses as described in the SEC Documents and which the
failure to so have could have a Material Adverse Effect (collectively, the &#8220;<b><u>Intellectual
Property Rights</u></b>&#8221;). None of, and neither the Borrower nor any Subsidiary
has received a notice (written or otherwise) that any of, the Intellectual
Property Rights has expired, terminated or been abandoned, or is expected to
expire or terminate or be abandoned, within two (2) years from the date of this
Agreement, except as would not reasonably be expected to have a Material
Adverse Effect. Neither the Borrower nor any Subsidiary has received, since the
date of the latest audited financial statements included within the SEC Documents,
a written notice of a claim or otherwise has any knowledge that the
Intellectual Property Rights violate or infringe upon the rights of any Person,
except as would not reasonably be expected to have a Material Adverse Effect.
The Borrower and its Subsidiaries have taken reasonable security measures to
protect the secrecy, confidentiality and value of all of their intellectual
properties, except where failure to do so could not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect.</font></p>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 0.5in; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none; pointer-events: none;" href="#TOC" name="B529a_255202595157145"><b style="mso-bidi-font-weight: normal;"><font style="line-height: inherit;">5.29</font></b><b style="margin-left: 22pt;">Insurance</b>.</a><font style="line-height: inherit;">&#160; </font>The Borrower and the Subsidiaries are insured
by insurers of recognized financial responsibility against such losses and
risks and in such amounts as are prudent and customary in the businesses in
which the Borrower and the Subsidiaries are engaged, including, but not limited
to, directors and officers insurance coverage at least equal to $3,000,000.
Neither the Borrower nor any Subsidiary has any reason to believe that it will
not be able to renew its existing insurance coverage as and when such coverage
expires or to obtain similar coverage from similar insurers as may be necessary
to continue its business without a significant increase in cost.</font></p>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 0.5in; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none; pointer-events: none;" href="#TOC" name="B530a_25520259526363"><b style="mso-bidi-font-weight: normal;"><font style="line-height: inherit;">5.30</font></b><b style="margin-left: 22pt;"><u>Certain Fees</u></b>.</a> Except as set
forth on <u>Schedule 5.30</u>, no brokerage or finder&#8217;s fees or commissions are
or will be payable by the Borrower or any Subsidiaries to any broker, financial
advisor or consultant, finder, placement agent, investment banker, bank or
other Person with respect to the transactions contemplated by the Transaction
Documents. The Purchaser shall have no obligation with respect to any fees or
with respect to any claims made by or on behalf of other Persons for fees of a
type contemplated in this Section that may be due in connection with the transactions
contemplated by the Transaction Documents.</font></p>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 0.5in; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none; pointer-events: none;" href="#TOC" name="B531a_255202595214122"><b style="mso-bidi-font-weight: normal;"><font style="line-height: inherit;">5.31</font></b><b style="margin-left: 22pt;"><u>Private Placement</u></b>.</a> Assuming
the accuracy of the Purchaser&#8217;s representations and warranties set forth in Article
6, no registration under the Securities Act is required for the offer and sale
of the Note, Underlying Preferred Shares or Underlying Common Shares by the Borrower
as contemplated hereby. The issuance and sale of the Note, Underlying Preferred
Shares and Underlying Common Shares hereunder does not contravene the rules and
regulations of the Principal Trading Market.<font style="line-height: inherit;">&#160;
</font></font></p>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 0.5in; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none; pointer-events: none;" href="#TOC" name="B532a_255202595223482"><b style="mso-bidi-font-weight: normal;"><font style="line-height: inherit;">5.32</font></b><b style="margin-left: 22pt;"><u>Listing and Maintenance Requirements</u></b>.</a>
The Common Stock is registered pursuant to Section 12(b) or 12(g) of the
Exchange Act, and the Borrower has taken no action designed to, or which to its
knowledge is likely to have the effect of, terminating the registration of the
Common Stock under the Exchange Act nor has the Borrower received any
notification that the Commission is contemplating terminating such
registration. Except as disclosed in the SEC Documents, the Borrower has not,
in the 12 months preceding the date hereof, received notice from any trading market
on which the Common Stock is or has been listed or quoted to the effect that
the Borrower is not in compliance with the listing or maintenance requirements
of such Principal Trading Market. Except as set forth on <u>Schedule 5.32</u>,
the Borrower is, and has no reason to believe that it will not in the
foreseeable future continue to be, in compliance with all such listing and
maintenance requirements. The Common Stock is currently eligible for electronic
transfer through the Depository Trust Company or another established clearing
corporation and the Borrower is current in payment of the fees to the
Depository Trust Company (or such other established clearing corporation) in
connection with such electronic transfer.</font></p>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 0.5in; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none; pointer-events: none;" href="#TOC" name="B533a_25520259523490"><b style="mso-bidi-font-weight: normal;"><font style="line-height: inherit;">5.33</font></b><b style="margin-left: 22pt;"><u>No Integrated Offering</u></b>.</a>
Assuming the accuracy of the Purchaser&#8217;s representations and warranties set
forth in Article 6, neither the Borrower, nor any of its Affiliates, nor any
Person acting on its or their behalf has, directly or indirectly, made any
offers or sales of any security or solicited any offers to buy any security,
under circumstances that would cause this offering of the Note, Underlying
Preferred Shares and Underlying Common Shares to be integrated with prior
offerings by the Borrower for purposes of (i) the Securities Act which would
require the registration of the Note, Underlying Preferred Shares or Underlying
Common Shares under the Securities Act, or (ii) any applicable shareholder
approval provisions of the Principal Trading Market. <font style="line-height: inherit;">&#160;</font></font></p>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 0.5in; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none; pointer-events: none;" href="#TOC" name="B534a_255202595243113"><b style="mso-bidi-font-weight: normal;"><font style="line-height: inherit;">5.34</font></b><b style="margin-left: 22pt;"><u>No Disqualification Events</u></b>.</a> None
of the Borrower, any of its predecessors, any affiliated issuer, any director,
executive officer, other officer of the Borrower participating in the offering
hereunder, any beneficial owner of 20% or more of the Borrower&#8217;s outstanding
voting equity securities, calculated on the basis of voting power, nor any
promoter (as that term is defined in Rule 405 under the Securities Act)
connected with the Borrower in any capacity at the time of sale (each, an &#8220;<b><u>Issuer
Covered Person</u></b>&#8221; and, together, &#8220;<b><u>Issuer Covered Persons</u></b>&#8221;)
is subject to any of the &#8220;Bad Actor&#8221; disqualifications described in Rule
506(d)(1)(i) to (viii) under the Securities Act (a &#8220;<b><u>Disqualification
Event</u></b>&#8221;), except for a Disqualification Event covered by Rule 506(d)(2)
or (d)(3). The Borrower has exercised reasonable care to determine whether any
Issuer Covered Person is subject to a Disqualification Event. The Borrower has
complied, to the extent applicable, with its disclosure obligations under Rule
506(e), and has furnished to the Purchasers a copy of any disclosures provided
thereunder.</font></p>
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</div>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-indent: 0in; text-align: center; break-after: avoid; font-size: 11pt; text-transform: uppercase; font-weight: bold; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs38_25520252196533"><font style="line-height: inherit;"><font style="text-transform: none; font-weight: normal; line-height: inherit;"><font style="line-height: inherit;">Article 6</font></font></font></a><font style="line-height: inherit;"><font style="line-height: inherit;"><br>
</font></font><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;">REPRESENTATIONS
AND WARRANTIES OF THE PURCHASER</font></font></font></font></font></font></font><font style="line-height: inherit;"></font></font></p>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 0.5in; font-size: 11pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">The Purchaser
</font><font style="line-height: inherit;">hereby represents and
warrants as follows:</font></font></p>
<div style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 0.5in; font-size: 11pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs39_255202521925749"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"><font style="line-height: inherit;">6.1</font></font><font style="font-family: 'times new roman', times; font-size: 10pt; text-indent: 0.5in; line-height: inherit; margin-left: 22pt;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><b><u><font style="line-height: inherit;">Authorization</font></u></b></font></font></font></font></font></font><font style="font-family: 'times new roman', times; font-size: 10pt; text-indent: 0.5in; line-height: inherit;"><b><u><font style="line-height: inherit;">; No Contravention</font></u></b></font></a><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs39_255202521925749">.</a><font style="line-height: inherit;">&#160; </font>The execution, delivery and performance by the Purchaser of this
Agreement and the Note and the consummation of the Transactions: (a) is within
its power and authority and has been duly authorized by all necessary action;
(b) does not contravene the terms of its Charter Documents or any amendment
thereof, and (c) will not, in any material respect, violate, conflict with or
result in any breach or contravention of any of its Contractual Obligations, or
any order or decree directly relating to it.</font></div>
<div style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 0.5in; font-size: 11pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs40_255202521936213"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;">6.2</font><b style="font-family: 'times new roman', times; font-size: 10pt; text-indent: 0.5in; margin-left: 22pt;"><u>Binding Effect</u></b></a><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs40_255202521936213">.</a>&#160; &#160;This Agreement has been duly executed and
delivered by the Purchaser and this Agreement constitutes its legal, valid and
binding obligation, enforceable against it in accordance with its terms, except
as enforceability may be limited by applicable bankruptcy, insolvency, or
similar laws affecting the enforcement of creditors&#8217; rights generally or by
equitable principles relating to enforceability.</font></font></div>
<div style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 0.5in; font-size: 11pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs41_255202521947204"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"><font style="line-height: inherit;">6.3</font></font><b style="font-family: 'times new roman', times; font-size: 10pt; text-indent: 0.5in; margin-left: 22pt;"><u><font style="line-height: inherit;">No
Legal Bar</font></u></b></a><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs41_255202521947204">.</a><font style="line-height: inherit;">&#160; </font>The execution,
delivery, and performance of this Agreement by the Purchaser will not violate in any material respect any Requirement of Law applicable to it in any material respect,
assuming the accuracy and correctness of the representations and warranties
made by the Borrower to the Purchaser in
the Note <font style="line-height: inherit;">and this
Agreement</font>.</font></div>
<div style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 0.5in; font-size: 11pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs42_255202521957181"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;">6.4</font><b style="font-family: 'times new roman', times; font-size: 10pt; text-indent: 0.5in; margin-left: 22pt;"><u><font style="line-height: inherit;">Securities
Laws</font></u></b><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">.</font></font></a><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="display: none; line-height: inherit;"></font></font></font></font></div>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 101px; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(a)</font><font style="line-height: inherit; margin-left: 38pt;">The Note and the shares of Capital Stock issuable upon conversion
and exercise thereof are being or will be acquired by the Purchaser hereunder for its own account, not as a nominee or agent, and not with the view to, or for
resale in connection with, any distribution thereof in any transaction which
would be in violation of state or federal securities laws.</font></font></p>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 101px; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(b)</font><font style="line-height: inherit; margin-left: 38pt;">The Purchaser is a sophisticated purchaser with
respect to the purchase of the Note and is an &#8220;accredited
investor&#8221; as defined in Rule 501(a) of Regulation D promulgated under the Securities Act.</font></font></p>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 101px; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(c)</font><font style="line-height: inherit; margin-left: 38pt;">The Purchaser understands that (i) the Note
and the shares of Capital Stock issuable upon conversion and exercise thereof
constitute &#8220;restricted securities&#8221; under the Securities Act, (ii) the offer and sale of the Note hereunder is not registered under the Securities
Act or under any &#8220;blue sky&#8221; laws in reliance upon
certain exemptions from such registration and that the Borrower
is relying on the representations made herein by the Purchaser
in its determination of whether such specific exemptions are available, and
(iii) the Note and the shares of Capital Stock issuable
upon conversion and exercise thereof, may not be transferred except pursuant to
an effective registration statement under the Securities Act,
or under an exemption from such registration available
under the Securities Act and under applicable &#8220;blue sky&#8221;
laws or in a transaction exempt from such
registration.<font style="line-height: inherit;">&#160; </font>The Purchaser
is prepared and is able to bear the economic risk of an investment
in the Note for an indefinite period of time.<font style="line-height: inherit;">&#160; </font>The Purchaser understands
that any certificate representing the Note and the shares
of Capital Stock that are issued to the Purchaser upon
conversion or exercise thereof may bear, in the Borrower&#8217;s
discretion, a restrictive legend substantially similar to the following: </font></font></p>
<p style="font-family: Calibri, sans-serif; margin: 0in 0.5in 12pt 0.5in; text-indent: 0in; text-align: justify; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><i style="mso-bidi-font-style: normal;"><font style="line-height: inherit;">&#8220;<font style="color: #000000; line-height: inherit;">NEITHER THIS NOTE NOR THE
SECURITIES INTO WHICH THIS NOTE ARE CONVERTIBLE HAVE BEEN REGISTERED WITH THE
SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN
RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE &#8220;SECURITIES ACT&#8221;), AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD
OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A
TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
AND IN COMPLIANCE WITH APPLICABLE STATE SECURITIES OR BLUE SKY LAWS.<font style="line-height: inherit;">&#160; </font>NOTWITHSTANDING THE FOREGOING, THIS NOTE AND
THE SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE MAY BE PLEDGED IN
CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING
ARRANGEMENT SECURED BY THIS NOTE AND THE SECURITIES ISSUABLE UPON EXERCISE OF
THIS NOTE.</font>&#8221;</font></i><font style="line-height: inherit;"></font></font></p>
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<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 101px; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(d)</font><font style="line-height: inherit; margin-left: 38pt;">The
Purchaser (i) has been furnished with or has
had access to all material books and records of the Borrower and
all of its material contracts, agreements and documents and (ii) has had an
opportunity to ask questions of, and receive answers from, management and
representatives of the Borrower and which representatives
have made available to them such information regarding the Borrower
and its Subsidiaries and their current respective
businesses, operations, assets, finances, financial results, financial
condition and prospects in order to make a fully informed decision to purchase
and acquire the Note.<font style="line-height: inherit;">&#160;
</font>The Purchaser has generally such knowledge and
experience in business and financial matters, as to enable it to understand and
evaluate the risks of an investment in the Note and form an investment decision
with respect thereto.<font style="line-height: inherit;">&#160; </font>The Purchaser acknowledges that the Borrower has
not given the Purchaser any investment advice,
credit information or opinion as to whether the purchase
of the Note is prudent.</font></font></p>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 101px; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(e)</font><font style="line-height: inherit; margin-left: 38pt;">The
foregoing, however, does not limit or modify the
representations and warranties set forth in <u>Article 5</u> of this Agreement or in any other Transaction
Document or the right of the Purchaser to
rely thereon.</font></font></p>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-indent: 0in; text-align: center; break-after: avoid; font-size: 11pt; text-transform: uppercase; font-weight: bold; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs43_255202522015476"><font style="text-transform: none; font-weight: normal; line-height: inherit;"><font style="line-height: inherit;">Article 7</font></font></a><font style="line-height: inherit;"><br>
AFFIRMATIVE COVENANTS of the Purchaser</font></font></p>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 0.5in; font-size: 11pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Until the payment in
full in cash of all amounts outstanding under the Note or the Purchaser, or any
assignee, no longer holds any Class B Preferred Stock, the Purchaser hereby
covenants and agrees with the Borrower as follows:</font></p>
<div style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 0.5in; font-size: 11pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs44_255202522032893"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;">7.1&#160; &#160; &#160; &#160;&#160;</font><font style="text-indent: 0.5in; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b><u><font style="line-height: inherit;">Approval of </font>Actions Taken in
Connection With This Agreement</u></b></font></a><font style="text-indent: 0.5in; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs44_255202522032893">.</a><font style="line-height: inherit;">&#160; </font>The Purchaser will review and approve in good
faith any and all actions by the Borrower contemplated by this Agreement or the
Note or otherwise agreed to by the Borrower and the Purchaser, including, without
limitation, the following:</font></div>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 101px; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(a)<font style="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; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font><font style="line-height: inherit;">Borrower&#8217;s
repurchase of the Warrants, which for the avoidance of doubt, Purchaser shall
be allowed to participate in the negotiations thereof;</font><font style="line-height: inherit;"></font></font></p>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 101px; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(b)<font style="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; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font></font><font style="line-height: inherit;">The
issuance </font><font style="line-height: inherit;">of the Class A
Preferred Stock</font><font style="line-height: inherit;">; </font><font style="line-height: inherit;"></font></font></p>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 101px; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(c)<font style="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; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font></font><font style="line-height: inherit;">The
redemption of the Class A Preferred Stock; and</font></font></p>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 101px; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(d)<font style="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; line-height: inherit;">&#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160;</font></font><font style="line-height: inherit;">Any
actions necessary for the Borrower to comply with its obligations under this
Agreement or the Note.</font></font></p>
<div style="font-family: Calibri, sans-serif; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; font-size: 10pt; line-height: 1.2;"><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none; pointer-events: none;" href="#TOC" name="B72a_255202595529194"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"><font style="line-height: inherit;">7.2&#160; &#160; &#160; &#160;&#160;</font></font><b style="font-family: 'times new roman', times; font-size: 10pt; text-indent: 0.5in;"><u><font style="line-height: inherit;">Asset Sale</font></u></b></a><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none; pointer-events: none;" href="#" name="B72a_255202595529194">.</a><font style="line-height: inherit;">&#160; </font>The Purchaser hereby confirms that the
following actions by the Borrower require only the confirmation of the majority
of the Board, and agrees not to raise any objections to the following actions
being taken solely by a majority of the Board: </font></div>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 101px; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(a)<font style="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; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font>Approval of any Asset Sale; (provided that if
the counterparty in any such an Asset Sale is an Affiliate of any member of the
Board, only independent directors shall participate in the applicable vote of
the Board); and</font></p>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 101px; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(b)<font style="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; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font></font>Any actions necessary in connection with such
Asset Sales, including, without limitation, the formation of any Subsidiaries
or the allocation of assets among any Subsidiaries.</font></p>
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<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-indent: 0in; text-align: center; break-after: avoid; font-size: 11pt; text-transform: uppercase; font-weight: bold; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs45_255202522057349"><font style="line-height: inherit;"><font style="text-transform: none; font-weight: normal; line-height: inherit;"><font style="line-height: inherit;">Article 8</font></font></font></a><font style="line-height: inherit;"><font style="line-height: inherit;"><br>
</font></font><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;">AFFIRMATIVE COVENANTS</font></font></font></font></font></font></font></font><font style="line-height: inherit;"><font style="line-height: inherit;"> of
the BORROWER</font></font><font style="line-height: inherit;"></font></font></p>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 0.5in; font-size: 11pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Until the payment in
full in cash of all amounts outstanding under
the Note or the Purchaser or any assignee no longer
holds any Class B Preferred Stock, the Borrower hereby
covenants and agrees with the Purchaser as follows:</font></p>
<div style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 0.5in; font-size: 11pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs46_255202522122285"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;">8.1&#160; &#160; &#160; &#160;&#160;</font><b style="font-family: 'times new roman', times; font-size: 10pt; text-indent: 0.5in;"><u><font style="line-height: inherit;">Creation of Preferred Stock</font></u></b></a><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs46_255202522122285">.</a> The Board has authorized the issuance
of blank-check preferred stock of the Borrowers, and will approve and cause to
be filed with the Delaware Department of State certificates of designation for class
A preferred stock of the Borrower (&#8220;<b>Class A Preferred Stock</b>&#8221;) and class
B preferred stock of the Borrower (&#8220;<b>Class B Preferred Stock</b>&#8221;), forms of
which are attached hereto as <b>Exhibit B </b>and<b> Exhibit C </b>(the &#8220;<b>Certificates
of Designation</b>&#8221;), respectively. Class A Preferred Stock will be issued to
holders of record of the outstanding shares of Common Stock and outstanding <font style="line-height: inherit;">Common Stock Equivalents</font> entitled to
any dividends paid in respect of the Common Stock, if any, not later than the
business day prior to the Conversion Date. </font></div>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt 1in; text-indent: 0in; text-align: justify; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Class A Preferred Stock will be redeemable (the &#8220;<b>Redemption</b>&#8221;)
on a pro rata basis for the Net Proceeds within 180
days of the Asset Sale. &#8220;<font style="line-height: inherit;"><b><font style="line-height: inherit;">Net Proceeds</font></b></font><font style="line-height: inherit;"><font style="line-height: inherit;">&#8221;
shall mean 100% of the gross proceeds of the Asset Sales less all transaction
expenses, liabilities and obligations relating to the Asset Sale, including but
not limited to payments, fees and/or severance packages to or related to
bankers, consultants, advisors, employees, executives, leases and other property
related obligations. Net Proceeds shall include a further deduction for any
obligations, expenses, payables, accrued liabilities of any kind (contractual
or otherwise) of the Borrower, or any of its Subsidiaries, which remain as
liabilities of the Borrower or any of its Subsidiaries and that are not
otherwise sold as part of the Asset Sales, other than payments or expenses
required to be paid in conjunction with the reporting obligations and
maintenance of the Borrower as a listed reporting issuer. </font></font><font style="line-height: inherit;">. An &#8220;<b>Asset Sale</b>&#8221; means </font>the
sale of the Borrower&#8217;s operating business and/or a substantial portion of its assets,
including through a sale of its Intellectual Property and/or Capital Stock of
any Subsidiary formed to hold existing assets. For the avoidance of doubt, the Borrower
may sell some or all of its assets separately from its sale of other assets,
and each such sale shall constitute an &#8220;Asset Sale&#8221; hereunder. <font style="line-height: inherit;">An Asset Sale shall also include
any transaction or series of related transactions the primary purpose of which
is the disposition of ClearOne Holding, LLC (&#8220;<b>ClearOne Holding</b>&#8221;) or one
of its subsidiaries as described above or their assets.</font></font></p>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 1in; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit; margin-right: 22pt;">(a)</font>Except for the Redemption of Class A Preferred
Stock upon the completion of the Asset Sales, the Class B Preferred Stock shall
be senior to all existing and future classes of preferred stock and to all existing
and future Indebtedness of the Borrower. The Class A Preferred Stock shall be
senior to all existing and future classes of preferred stock and to all Indebtedness
of the Borrower, other than the Class B Preferred Stock. For the avoidance of
doubt, 100% of the Net Proceeds of the Asset Sales shall be distributed solely
to holders of Class A Preferred Stock on a pro rata basis as consideration for
the Redemption.</font></p>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 1in; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit; margin-right: 22pt;">(b)</font>Except as set forth below, dividends on Class B
Preferred Stock will be paid prior to any dividends on any other class of Capital
Stock of the Borrower. The Class B Preferred Stock will participate in any
dividends paid to all other classes of Capital Stock of the Borrower on a pro
rata basis. No dividends will be paid to any other class of Capital Stock of
the Borrower without majority approval of the holders of Class B Preferred
Stock. For the sake of clarity, (i) any redemption of Class A Preferred Stock,
(ii) any distribution or dividend of Class A Preferred Stock to the holders of
Common Stock, and (iii) any distribution or dividend with respect to Class A
Preferred Stock from the assets of ClearOne Holding or another subsidiary of
the Borrower formed to hold existing assets or the proceeds of the liquidation
or sale of the equity securities of ClearOne Holding, or such other subsidiary,
shall not be considered a dividend or dividends for purposes of this Section 8.1
or Section 9.1(c).</font></p>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 1in; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit; margin-right: 22pt;">(c)</font>The holders of Common Stock and holders of <font style="line-height: inherit;">Common Stock Equivalents</font> entitled to
any dividends paid in respect of the Common Stock, if any, as of a date
determined by the Borrower on or before July 11, 2025 shall be entitled to
receive Class A Preferred Stock, and such distribution or dividend of Class A
Preferred Stock shall be made on or before July 18, 2025. <font style="line-height: inherit;">&#160;</font></font></p>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 1in; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit; margin-right: 22pt;">(d)</font>The Class B Preferred Stock will vote together
with the Common Stock, and not as a separate class except as specifically
provided herein or as otherwise required by law.<font style="line-height: inherit;">&#160; </font>Holders of the Class B Preferred Stock will
be entitled to one vote for each share of Class B Preferred Stock.</font></p>
<p style="font-family: Calibri, sans-serif; margin: 0pt 0pt 12pt; text-align: justify; font-size: 10pt; line-height: 1.2; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs47_255202522136653"><font style="mso-bidi-font-weight: normal;"><font style="line-height: inherit;"><b>8.2</b>&#160; &#160; &#160; &#160;&#160;</font></font><b><u>Board Rights</u></b>.</a> For so long as
the Note remains outstanding, or upon conversion of the Note, for so long as
the Underlying Preferred Shares are issued and outstanding and beneficially
owned by the Purchaser, the Purchaser shall have the right to nominate two persons
to the Board (the &#8220;<b>Purchaser Nominees</b>&#8221;), at least one of which must be
an independent director within the meaning of Rule 10A-3 of the Exchange Act
and the Principal Trading Market rules, and the Borrower agrees to appoint the
Purchaser Nominees to the Board and to recommend that stockholders of the
Borrower vote in favor of the Purchaser Nominees at any annual or special
election of stockholders at which directors shall be elected. </font></p>
<p style="font-family: Calibri, sans-serif; margin: 0pt 0pt 12pt; text-align: justify; font-size: 10pt; line-height: 1.2; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs48_255202522151637"><font style="mso-bidi-font-weight: normal;"><font style="line-height: inherit;"><b>8.3</b>&#160; &#160; &#160; &#160; &#160;</font></font><b><u>Management Meetings</u></b>.</a> Upon the
request of Purchaser, the Borrower will convene management meetings at least
four times per Fiscal Year.</font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
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<p style="font-family: Calibri, sans-serif; margin: 0pt 0pt 12pt; text-align: justify; font-size: 10pt; line-height: 1.2; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs49_25520252227733"><font style="line-height: inherit;"><b style="mso-bidi-font-weight: normal;"><font style="line-height: inherit; margin-right: 22pt;">8.4</font></b><b><u>The Delivery of Financial and Other
Information</u></b>.</font></a><font style="line-height: inherit;"> The
Borrower will maintain a system of accounting established and administered in
accordance with GAAP (including reflecting in its financial statements adequate
accruals and appropriations to reserves). In addition, the Borrower shall
deliver or cause to be delivered to the Purchaser the following:</font></font></p>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 1in; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit; margin-right: 38pt;">(a)</font>Within ninety (90) days
after the close of each Fiscal Year, an audit report
certified by an independent registered public accounting firm
or such other independent certified public accountants that
are registered and qualified with the Public Company Accounting Oversight Board
and selected by the Borrower, prepared in accordance with GAAP, and the related consolidated and
consolidating statements of operations, changes in shareholders&#8217; equity and
cash flows for such Fiscal Year, all such financial
statements to be prepared in accordance with GAAP and
accompanied by (i) any management letter prepared by said accountants, and (ii)
a management summary, discussion, and analysis prepared by an authorized
officer of the Borrower setting forth in narrative form all
significant operational and financial events and activities affecting the Borrower and its Subsidiaries during such Fiscal Year; <u>provided</u> that if a management summary,
discussion and analysis is included in any Annual Report on Form 10-K, such
management summary, discussion and analysis included therein shall suffice for
purposes of this <u>Section 8.4(a)</u>.</font></p>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 1in; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit; margin-right: 38pt;">(b)</font>Within forty-five (45) days
after the close of each Fiscal Quarter an unaudited
consolidated and consolidating balance sheet of the Borrower as
of the end of such Fiscal Quarter and the related
consolidated and consolidating statements of operations, changes in
shareholders&#8217; equity and cash flows for such Fiscal Quarter and
for the portion of the Fiscal Year ended at the end of such
Fiscal Quarter, prepared in accordance with GAAP and setting forth in each case in comparative form, the
figures for (i) the corresponding Fiscal Quarter and the
corresponding portion of the previous Fiscal Year (as
applicable), and (ii) the immediately preceding Fiscal Quarter.</font></p>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 1in; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit; margin-right: 38pt;">(c)</font>Within thirty days (30) prior to the end of each
Fiscal Year, a comprehensive operating budget forecasting the Borrower&#8217;s revenues,
expenses and cash position on a month to month basis for the upcoming Fiscal
Year.</font></p>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 1in; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit; margin-right: 38pt;">(d)</font>Within five (5) business days following the end
of each Fiscal Quarter, an up-to-date capitalization table of the Borrower.</font></p>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 1in; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit; margin-right: 38pt;">(e)</font>Promptly after filing, copies of the annual
federal and state income Tax Returns (and any Tax Returns
for the purposes of any foreign Taxes on income, profits or gains, or losses)
of the Borrower for the immediately preceding year.</font></p>
<div style="font-family: Calibri, sans-serif; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; font-size: 10pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs50_255202522220374"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold; margin-right: 22pt;">8.5</font><b style="font-family: 'times new roman', times; font-size: 10pt; text-indent: 0.5in;"><u><font style="line-height: inherit;">Use of Note Proceeds</font></u></b><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">.</font></font></a><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="display: none; line-height: inherit;"></font></font></font></font></div>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 1in; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(a)</font><font style="line-height: inherit; margin-left: 30px;">The Borrower shall deposit the proceeds of the sale of the Note
hereunder (the &#8220;<b>Note Proceeds</b>&#8221;) into a segregated bank account (i) that
is separate from the Borrower&#8217;s regular operating account, and (ii) to which
the Purchaser has viewing access. </font></font></p>
<p style="font-family: Calibri, sans-serif; margin: 0in 0in 12pt; text-align: justify; text-indent: 1in; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(b)</font><font style="line-height: inherit; margin-left: 30px;">The Note
Proceeds shall only be used in accordance with the disbursement schedule set
forth on <u>Schedule 8.5</u> attached hereto (the &#8220;<b>Disbursement Schedule</b>&#8221;).
The Borrower shall provide written notice to the Purchaser prior to any use or
disbursement of the Note Proceeds in accordance with the Disbursement Schedule.
Any use of the Note Proceeds that is not in accordance with the Disbursement
Schedule must be approved in advance by the Purchaser in writing.</font></font></p>
<p style="font-family: Calibri, sans-serif; margin: 0pt 0pt 12pt; text-align: justify; font-size: 10pt; line-height: 1.2; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs51_255202522232285"><font style="mso-bidi-font-weight: normal;"><font style="line-height: inherit;"><b style="margin-right: 22pt;">8.6</b></font></font><b><u>Access to Facilities</u></b>.</a> The
Purchaser will have access to the facilities and personnel of the Borrower
during normal business hours and with at least forty-eight (48) hours advance
notice.</font></p>
<p style="font-family: Calibri, sans-serif; margin: 0pt 0pt 12pt; text-align: justify; font-size: 10pt; line-height: 1.2; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs52_255202522242158"><font style="mso-bidi-font-weight: normal;"><font style="line-height: inherit;"><b style="margin-right: 22pt;">8.7</b></font></font><b><u>Warrant Exchange</u></b>.</a> The Borrower
agrees to use its reasonable best efforts to repurchase the Warrants, solely
using funds from the <font style="line-height: inherit;"><font style="line-height: inherit;">Note </font>Proceeds, and will negotiate with
any holders of such Warrants accordingly, with such repurchase to be
consummated as soon as practicable following the Closing.</font> </font></p>
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<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs53_25520252231647"><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: bold; text-decoration: none; text-transform: none; line-height: inherit;">8.8</font><font style="font-family: 'times new roman', times; font-weight: bold; text-decoration: underline; line-height: inherit; margin-left: 22pt;">Right of First Refusal</font><font style="font-family: Calibri; font-weight: bold; line-height: inherit;"><font style="font-family: 'times new roman', times;">.</font> </font></a><font style="font-family: 'times new roman', times;"><font style="line-height: inherit;">Before issuance by the Borrower</font> <font style="line-height: inherit;">of Common</font><font style="line-height: inherit;"> Stock, any other Capital Stock or </font><font style="line-height: inherit;">Common </font><font style="line-height: inherit;">Stock Equivalents or other Indebtedness or other equity or debt or hybrid securities including any preferred Capital Stock, Equity Line of Credit and convertible Indebtedness, whether for cash consideration or a combination of units thereof,</font> <font style="line-height: inherit;">(</font><font style="line-height: inherit;">the </font><font style="line-height: inherit;">&#8220;</font><font style="font-weight: bold; line-height: inherit;">New Securities</font><font style="line-height: inherit;">&#8221;)</font><font style="line-height: inherit;"> in exchange for capital contributions (a &#8220;</font><font style="font-weight: bold; line-height: inherit;">Proposed Issuance</font><font style="line-height: inherit;">&#8221;), the Borrower will first offer such New Securities to the Purchaser, by providing the Purchaser with a </font><font style="line-height: inherit;">written notice, describing the price and the general terms upon which the </font><font style="line-height: inherit;">Borrower</font><font style="line-height: inherit;"> proposes to make such Proposed Issuance (the &#8220;</font><font style="font-weight: bold; line-height: inherit;">Issuance Notice</font><font style="line-height: inherit;">&#8221;)</font><font style="line-height: inherit;">.&#160; The Purchaser shall </font><font style="line-height: inherit;">have fifteen (15) days from the date such notice is provided in accordance with this </font><font style="text-decoration: underline; line-height: inherit;">Section 8.8</font><font style="line-height: inherit;"> to agree, by giving written notice to the </font><font style="line-height: inherit;">Borrower</font><font style="line-height: inherit;">, to purchase all</font><font style="line-height: inherit;">, but not less than all,</font> <font style="line-height: inherit;">of</font><font style="line-height: inherit;"> such New Securities for the price and upon the terms applicable to the Proposed Issuance</font><font style="line-height: inherit;">.&#160; </font><font style="line-height: inherit;">If </font><font style="line-height: inherit;">the Purchaser</font><font style="line-height: inherit;"> fails to deliver such notice within such fifteen (15) day period</font><font style="line-height: inherit;">, </font><font style="line-height: inherit;">it shall be deemed not to have exercised its participation right under this </font><font style="text-decoration: underline; line-height: inherit;">Section 8.8</font><font style="line-height: inherit;"> with respect to such Proposed Issuance </font><font style="line-height: inherit;">and the Borrower </font><font style="line-height: inherit;">may, during the </font><font style="line-height: inherit;">one (1)</font><font style="line-height: inherit;"> month period following the expiration of such fifteen (15) day period, offer the Proposed Issuance </font><font style="line-height: inherit;">to other Persons </font><font style="line-height: inherit;">at a price not less than, and upon terms no more favorable to the offeree than those specified in, the Issuance Notice</font><font style="line-height: inherit;">.&#160; For the avoidance of doubt, the issuance of the Class A Preferred Stock and the Class B Preferred Stock </font><font style="line-height: inherit;">as contemplated by the Transaction Documents, </font><font style="line-height: inherit;">on the Conversion Date shall not be deemed to be a Proposed Issuance.</font> </font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs54_255202522332312"><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: bold; text-decoration: none; text-transform: none; line-height: inherit;">8.9</font><font style="font-family: Calibri; font-weight: bold; line-height: inherit; margin-left: 22pt;">No Other Offerings. </font></a><font style="font-family: 'times new roman', times;"><font style="line-height: inherit;">For as long as any Note</font><font style="line-height: inherit;"> or Class B Preferred Stock </font><font style="line-height: inherit;">remains outstanding, except with the consent of the Purchasers, </font><font style="line-height: inherit;">the Borrower </font><font style="line-height: inherit;">shall</font><font style="line-height: inherit;"> not</font><font style="line-height: inherit;">, without the consent of the</font><font style="line-height: inherit;"> Purchaser</font><font style="line-height: inherit;">, directly or indirectly, issue, offer, </font><font style="line-height: inherit;">s</font><font style="line-height: inherit;">ell, grant any option or right to purchase, or otherwise dispose of (or announce any issuance, offer, Sale, grant of any option or right to purchase or other disposition of) any Indebtedness, equity-linked lined of credit, factoring or other financing arrangement or Security (including any &#8220;equity security&#8221; (as that term is defined under Rule 405 promulgated under the Securities Act</font><font style="line-height: inherit;">)</font><font style="line-height: inherit;">), or otherwise amend, modify, waive or alter any terms of conditions of any Security outstanding as of the date hereof to decrease the exercise, conversion and/or exchange price, as applicable, thereunder or otherwise increase the aggregate number of shares of Common Stock issuable in connection therewith</font><font style="line-height: inherit;">. Notwithstanding the foregoing, this </font><font style="text-decoration: underline; line-height: inherit;">Section 8.9</font><font style="line-height: inherit;"> shall not</font><font style="line-height: inherit;"> restrict, or otherwise</font><font style="line-height: inherit;"> apply with respect to</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;"> any transactions relating to any Asset Sale or </font><font style="line-height: inherit;">any Redemption.</font> </font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs55_255202522344830"><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: bold; text-decoration: none; text-transform: none; margin-right: 22pt; line-height: inherit;">8.10</font></a><font style="font-family: 'times new roman', times;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs55_255202522344830"><font style="font-weight: bold; line-height: inherit;">Additional Financing</font><font style="line-height: inherit;">:</font></a> <font style="line-height: inherit;">After the Closing</font><font style="line-height: inherit;">, </font><font style="line-height: inherit;">the </font><font style="line-height: inherit;">Purchaser </font><font style="line-height: inherit;">may</font><font style="line-height: inherit;">, at its sole discretion,</font> <font style="line-height: inherit;">purchase</font><font style="line-height: inherit;"> up to that number of additional shares (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or similar recapitalization affecting such shares</font><font style="line-height: inherit;"> or the Common Stock</font><font style="line-height: inherit;">) of </font><font style="line-height: inherit;">Class</font> <font style="line-height: inherit;">B</font><font style="line-height: inherit;"> Preferred Stock </font><font style="line-height: inherit;">for an aggregate purchase price of</font><font style="line-height: inherit;"> incremental amounts</font><font style="line-height: inherit;"> up</font> <font style="line-height: inherit;">to</font><font style="line-height: inherit;"> an aggregate total of</font><font style="line-height: inherit;"> $2</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">000</font><font style="line-height: inherit;">,000 on </font><font style="line-height: inherit;">the same terms as agreed upon in this Transaction</font><font style="line-height: inherit;"> (the &#8220;</font><font style="font-weight: bold; line-height: inherit;">Subsequent</font> <font style="font-weight: bold; line-height: inherit;">Purchase</font><font style="line-height: inherit;">&#8221;)</font><font style="line-height: inherit;">.</font><font style="line-height: inherit;">&#160; For the avoidance of doubt, the number of Class B Preferred </font><font style="line-height: inherit;">Stock</font><font style="line-height: inherit;"> issuable in any </font><font style="line-height: inherit;">Subsequent</font> <font style="line-height: inherit;">Purchase shall equal the aggregate purchase price divided by 1,000 </font><font style="line-height: inherit;">(subject to appropriate adjustment in the event of any stock dividend, stock split, combination or similar recapitalization affecting such shares</font><font style="line-height: inherit;"> or the Common Stock). </font> <font style="line-height: inherit;">Notwithstanding the foregoing, to the extent that</font><font style="line-height: inherit;"> any incremental amount of</font><font style="line-height: inherit;"> the </font><font style="line-height: inherit;">Subsequent</font> <font style="line-height: inherit;">Purchase constitutes a change of control, or otherwise requires the approval of the holders of Common Stock, under the rules of the Principal Trading Market, the </font><font style="line-height: inherit;">Subsequent</font> <font style="line-height: inherit;">Purchase shall also require the approval of the</font> <font style="line-height: inherit;">Board </font><font style="line-height: inherit;">and the</font><font style="line-height: inherit;"> holders of Common Stock. </font><font style="line-height: inherit;">The </font><font style="line-height: inherit;">Borrower</font><font style="line-height: inherit;"> acknowledges and agrees that</font><font style="line-height: inherit;"> the</font><font style="line-height: inherit;"> Purchaser has</font><font style="line-height: inherit;"> not</font><font style="line-height: inherit;"> made any representation, undertaking, commitment or agreement to provide or assist the </font><font style="line-height: inherit;">Borrower</font><font style="line-height: inherit;"> in obtaining any financing, investment or other assistance, other than the purchase of the </font><font style="line-height: inherit;">Note </font><font style="line-height: inherit;">as set forth herein and subject to the conditions set forth herein. In addition, the </font><font style="line-height: inherit;">Borrower</font><font style="line-height: inherit;"> acknowledges and agrees that (i)</font><font style="line-height: inherit;">&#160;</font><font style="line-height: inherit;">no statements, whether written or oral, made by </font><font style="line-height: inherit;">the </font><font style="line-height: inherit;">Purchaser or its representatives on or after the date of this Agreement shall create an obligation, commitment or agreement to provide or assist the </font><font style="line-height: inherit;">Borrower</font><font style="line-height: inherit;"> in obtaining any financing or investment, </font><font style="line-height: inherit;">(ii)</font><font style="line-height: inherit;">&#160;</font><font style="line-height: inherit;">the </font><font style="line-height: inherit;">Borrower</font><font style="line-height: inherit;"> shall not rely on any such statement by </font><font style="line-height: inherit;">the</font><font style="line-height: inherit;"> Purchaser or its representatives, and (iii)</font><font style="line-height: inherit;">&#160;</font><font style="line-height: inherit;">an obligation, commitment or agreement to provide or assist the </font><font style="line-height: inherit;">Borrower</font><font style="line-height: inherit;"> in obtaining any financing or investment may only be created by a written agreement, signed by </font><font style="line-height: inherit;">the</font><font style="line-height: inherit;"> Purchaser and the </font><font style="line-height: inherit;">Borrower</font><font style="line-height: inherit;">, setting forth the terms and conditions of such financing or investment and stating that the Parties intend for such writing to be a binding obligation or agreement. The Purchaser shall have the right, in its sole and absolute discretion, to refuse or decline to participate in any other financing of or investment in the </font><font style="line-height: inherit;">Borrower</font><font style="line-height: inherit;">, and shall have no obligation to assist or cooperate with the </font><font style="line-height: inherit;">Borrower</font><font style="line-height: inherit;"> in obtaining any financing, investment or other assistance.</font></font></font></p>
<div style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs56_255202522354830"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: none; text-transform: none; line-height: inherit;">8.11</font><font style="font-family: 'times new roman', times; margin-left: 22pt;"><font style="font-weight: bold; text-decoration: underline; line-height: inherit;">Taxes </font><font style="font-weight: bold; text-decoration: underline; line-height: inherit;">and Claims</font></font></font></a><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: Calibri; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs56_255202522354830">.</a>&#160; <font style="font-family: 'times new roman', times;">The </font></font><font style="font-family: 'times new roman', times;"><font style="line-height: inherit;">Borrower </font><font style="line-height: inherit;">wil</font><font style="line-height: inherit;">l</font><font style="line-height: inherit;">: </font></font></font></div>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; 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; line-height: inherit; font-family: 'Times New Roman';">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'times new roman', times;"><font style="line-height: inherit;">Timely file complete and correct United States federal and state income and applicable </font><font style="line-height: inherit;">and material </font><font style="line-height: inherit;">foreign, state and local Tax Returns required by law, in each case with due regard for any extension of time within which to file such Tax Return, and pay when due all Taxes, except those which are being contested in good faith by appropriate proceedings and with respect to which adequate reserves have been set aside in accordance with GAAP in the Borrower</font><font style="line-height: inherit;">&#8217;</font><font style="line-height: inherit;">s most recent audited financial statements, which deferment of payment is permissible so long as no Lien, other than a Permitted Lien has been entered and the Borrower</font><font style="line-height: inherit;">&#8217;</font><font style="line-height: inherit;">s and its Subsidiaries</font><font style="line-height: inherit;">&#8217;</font><font style="line-height: inherit;"> title to, and its/their right to use, its/their Properties are not materially adversely affected thereby; and</font></font></font></p>
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<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; 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; line-height: inherit; font-family: 'Times New Roman';">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'times new roman', times;"><font style="line-height: inherit;">Pay and perform (i) all </font><font style="line-height: inherit;">o</font><font style="line-height: inherit;">bligations </font><font style="line-height: inherit;">under </font><font style="line-height: inherit;">this </font><font style="line-height: inherit;">Agreement </font><font style="line-height: inherit;">or any other Transaction Document</font><font style="line-height: inherit;">,</font> <font style="line-height: inherit;">and </font><font style="line-height: inherit;">(ii) </font><font style="line-height: inherit;">except where failure to do so </font><font style="line-height: inherit;">w</font><font style="line-height: inherit;">ould </font><font style="line-height: inherit;">not reasonably be expected to result in a Default hereunder or have </font><font style="line-height: inherit;">a </font><font style="line-height: inherit;">Material Adverse Effect</font><font style="line-height: inherit;">, all other </font><font style="line-height: inherit;">Indebtedness</font><font style="line-height: inherit;">, </font><font style="line-height: inherit;">obligations </font><font style="line-height: inherit;">and </font><font style="line-height: inherit;">liabilities </font><font style="line-height: inherit;">in accordance with customary trade practices; </font><font style="text-decoration: underline; line-height: inherit;">provided</font><font style="line-height: inherit;"> that the </font><font style="line-height: inherit;">Borrower </font><font style="line-height: inherit;">may contest any item described in </font><font style="text-decoration: underline; line-height: inherit;">clause </font><font style="text-decoration: underline; line-height: inherit;">(ii)</font> <font style="line-height: inherit;">above in good faith so long as adequate reserves are maintained with respect thereto in accordance with </font><font style="line-height: inherit;">GAAP</font><font style="line-height: inherit;"> in Borrower</font><font style="line-height: inherit;">&#8217;</font><font style="line-height: inherit;">s most recent audited financial statements.</font></font></font></p>
<div style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs57_25520252248606"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: none; text-transform: none; line-height: inherit;">8.12</font><font style="font-family: 'times new roman', times; font-weight: bold; text-decoration: underline; line-height: inherit; margin-left: 22pt;">Insurance</font></font><font style="font-family: Calibri; font-size: 10pt; line-height: inherit;">.</font></a></div>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(a)</font><font style="font-family: 'times new roman', times; margin-left: 38pt;"><font style="line-height: inherit;">The </font><font style="line-height: inherit;">Borrower </font><font style="line-height: inherit;">will, and will cause each of its </font><font style="line-height: inherit;">Subsidiaries </font><font style="line-height: inherit;">to, maintain with reputable insurance companies insurance in such amounts and covering such risks as is otherwise consistent with sound business practice, including, without limitation, </font><font style="line-height: inherit;">(i)</font><font style="line-height: inherit;">&#160;</font><font style="line-height: inherit;">property </font><font style="line-height: inherit;">and casualty insurance on all of its </font><font style="line-height: inherit;">Property</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;"> and</font><font style="line-height: inherit;"> (ii) general liability insurance, workers compensation insurance, business interruption insurance, and directors and officers liability insurance.</font></font></font></p>
<div style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs58_255202522429191"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: none; text-transform: none; line-height: inherit;">8.13</font><font style="font-family: 'times new roman', times; font-weight: bold; text-decoration: underline; line-height: inherit; margin-left: 22pt;">Compliance with Laws</font></font><font style="font-family: Calibri; font-size: 10pt; line-height: inherit;">. </font></a></div>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; 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; line-height: inherit; font-family: 'Times New Roman';">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'times new roman', times;"><font style="line-height: inherit;">The </font><font style="line-height: inherit;">Borrower </font><font style="line-height: inherit;">will</font> <font style="line-height: inherit;">comply with any and all </font><font style="line-height: inherit;">Requirements of Law </font><font style="line-height: inherit;">to which it may be subject including, without limitation, all </font><font style="line-height: inherit;">Environmental Laws</font><font style="line-height: inherit;">, and obtain any and all </font><font style="line-height: inherit;">Licenses </font><font style="line-height: inherit;">necessary to the ownership of its </font><font style="line-height: inherit;">Property </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">to the conduct of its businesses</font><font style="line-height: inherit;">, except where the failure to so comply could not reasonably be expected to result in a Material Adverse Effect</font><font style="line-height: inherit;">.&#160; </font></font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-decoration: none; text-transform: none; 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; line-height: inherit; font-family: 'Times New Roman';">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'times new roman', times; line-height: inherit;">The Borrower will file or furnish, on a timely basis in accordance with the applicable requirements of the Securities Act or the Exchange Act (as the case may be), all statements (including without limitation, financial statements), reports, schedules, forms and other documents (other than any immaterial Form 3, 4, 5 or 8-K filings or any filings relating solely to benefit plans), required to be filed or furnished with or to the SEC. </font></font></p>
<div style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none; pointer-events: none;" href="#TOC" name="B814_255202595621403"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: &quot;Times New Roman&quot;; font-weight: bold; text-decoration: none; text-transform: none; line-height: inherit;">8.14</font><font style="font-family: 'times new roman', times; font-weight: bold; text-decoration: underline; line-height: inherit; margin-left: 22pt;">Further Assurances</font></font></a><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none; pointer-events: none;" href="#TOC" name="B814_255202595621403"><font style="font-weight: bold; text-decoration: underline; line-height: inherit;">.</font></a><font style="font-weight: bold; line-height: inherit;">&#160; </font><font style="line-height: inherit;">The </font><font style="line-height: inherit;">Borrower </font><font style="line-height: inherit;">will, and will cause each of its </font><font style="line-height: inherit;">Subsidiaries </font><font style="line-height: inherit;">to, take any action reasonably requested by </font><font style="line-height: inherit;">the Purchaser</font><font style="line-height: inherit;"> in order to effectuate the purposes and terms contained in this </font><font style="line-height: inherit;">Agreement </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">the </font><font style="line-height: inherit;">Note</font><font style="line-height: inherit;">.</font></font></div>
<div style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none; pointer-events: none;" href="#TOC" name="B815a_255202595629300"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: &quot;Times New Roman&quot;; font-weight: bold; text-decoration: none; text-transform: none; line-height: inherit;">8.15</font><font style="font-family: 'times new roman', times; margin-left: 22pt;"><font style="font-weight: bold; text-decoration: underline; line-height: inherit;">Replacement of </font><font style="font-weight: bold; text-decoration: underline; line-height: inherit;">Note</font></font></font></a><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;"><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none; pointer-events: none;" href="#TOC" name="B815a_255202595629300">.</a>&#160; Upon receipt of evidence reasonably satisfactory to the </font><font style="line-height: inherit;">Borrower </font><font style="line-height: inherit;">of the loss, theft, destruction </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">mutilation of any </font><font style="line-height: inherit;">Note</font><font style="line-height: inherit;">, and, in the case of any such loss, theft </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">destruction, upon delivery of an indemnity </font><font style="line-height: inherit;">agreement </font><font style="line-height: inherit;">in form and substance reasonably satisfactory to the </font><font style="line-height: inherit;">Borrower</font><font style="line-height: inherit;">, </font><font style="line-height: inherit;">or</font><font style="line-height: inherit;">, in the case of any such mutilation, upon surrender and cancellation of the </font><font style="line-height: inherit;">Note</font><font style="line-height: inherit;">, as the case may be, the </font><font style="line-height: inherit;">Borrower </font><font style="line-height: inherit;">will issue a new </font><font style="line-height: inherit;">Note </font><font style="line-height: inherit;">of like tenor, in lieu of such lost, stolen, destroyed </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">mutilated </font><font style="line-height: inherit;">Note</font><font style="line-height: inherit;">.</font></font></div>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none; pointer-events: none;" href="#TOC" name="B816a_255202595714677"><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: bold; text-decoration: none; text-transform: none; line-height: inherit;">8.16</font></a><font style="font-family: 'times new roman', times; margin-left: 22pt;"><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none; pointer-events: none;" href="#TOC" name="B816a_255202595714677"><font style="font-weight: bold; text-decoration: underline; line-height: inherit;">Form D; Blue Sky Filings</font></a><font style="line-height: inherit;"><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none; pointer-events: none;" href="#TOC" name="B816a_255202595714677">.</a> The </font><font style="line-height: inherit;">Borrower</font><font style="line-height: inherit;"> agrees to timely file a Form D with respect to the </font><font style="line-height: inherit;">Note</font><font style="line-height: inherit;">,</font> <font style="line-height: inherit;">Underlying Preferred Shares</font><font style="line-height: inherit;"> and Underlying Common Shares</font><font style="line-height: inherit;"> as required under Regulation D </font><font style="line-height: inherit;">promulgated under the Securities Act </font><font style="line-height: inherit;">and to provide a copy thereof, promptly upon request of </font><font style="line-height: inherit;">the</font><font style="line-height: inherit;"> Purchaser. The </font><font style="line-height: inherit;">Borrower</font><font style="line-height: inherit;"> shall take such action as the </font><font style="line-height: inherit;">Borrower</font><font style="line-height: inherit;"> shall reasonably determine is necessary in order to obtain an exemption for, or to qualify the </font><font style="line-height: inherit;">Note</font><font style="line-height: inherit;">,</font> <font style="line-height: inherit;">Underlying Preferred Shares</font><font style="line-height: inherit;"> and Underlying Common Shares</font> <font style="line-height: inherit;">for</font> <font style="line-height: inherit;">sale to the </font><font style="line-height: inherit;">Purchaser</font><font style="line-height: inherit;"> under applicable securities or &#8220;Blue Sky&#8221; laws of the states of the United States, and shall provide evidence of such actions promptly upon request of </font><font style="line-height: inherit;">the</font><font style="line-height: inherit;"> Purchaser.</font></font></font></p>
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<div style="break-after: avoid; text-align: center; text-indent: 0pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs59_255202522451430"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-variant: normal; font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">Article 9</font></font></a></div>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; text-align: center; text-indent: 0pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: bold; text-transform: uppercase; line-height: inherit;">NEGATIVE COVENANTS</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Until the payment in full in cash of all amounts outstanding under</font><font style="line-height: inherit;"> the Note</font><font style="line-height: inherit;"> or </font><font style="line-height: inherit;">the Purchaser</font><font style="line-height: inherit;"> or any assignee</font><font style="line-height: inherit;"> no longer holds any Class B Preferred Stock</font><font style="line-height: inherit;">, the Borrower hereby covenants and agrees with the Purchaser</font><font style="line-height: inherit;">, </font><font style="line-height: inherit;">as follows:</font> </font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs60_255202522510599"><font style="font-weight: bold; text-decoration: none; text-transform: none; line-height: inherit;">9.1</font><font style="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; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold; text-decoration: underline; line-height: inherit;">Consent of Class B Preferred Stock</font></a><font style="line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs60_255202522510599">:</a> Unless the Borrower obtains the prior written consent of the holders of at least 75% of the issued and outstanding Class B Preferred Stock and the Purchaser, the Borrower shall not</font><font style="line-height: inherit;">:</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(a)</font><font style="text-decoration: underline; line-height: inherit; margin-left: 45pt;">Nature of Business</font><font style="line-height: inherit;">. Fundamentally change the nature of</font><font style="line-height: inherit;"> its business as it is presently conducted</font><font style="line-height: inherit;">.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(b)</font><font style="text-decoration: underline; line-height: inherit; margin-left: 45pt;">Redemption or Repurchase of Capital Stock</font><font style="line-height: inherit;">. Repurchase or redeem any Capital Stock of the Borrower, other than the redemption of Class A Preferred Stock upon completion of an </font><font style="line-height: inherit;">Asset Sale</font><font style="line-height: inherit;">. </font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(c)</font><font style="text-decoration: underline; line-height: inherit; margin-left: 45pt;">Dividends</font><font style="line-height: inherit;">. Declare or make any dividends</font><font style="line-height: inherit;"> to holders of Capital Stock of the Borrower, other than </font><font style="line-height: inherit;">dividend</font><font style="line-height: inherit;">s</font> <font style="line-height: inherit;">to the holders of Class A Preferred Stock in connection with an Asset Sale.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(d)</font><font style="text-decoration: underline; line-height: inherit; margin-left: 45pt;">Indebtedness</font><font style="line-height: inherit;">.</font><font style="line-height: inherit;"> C</font><font style="line-height: inherit;">reat</font><font style="line-height: inherit;">e</font><font style="line-height: inherit;">, assum</font><font style="line-height: inherit;">e</font><font style="line-height: inherit;"> or issu</font><font style="line-height: inherit;">e</font><font style="line-height: inherit;"> any </font><font style="line-height: inherit;">I</font><font style="line-height: inherit;">ndebtedness, except for </font><font style="line-height: inherit;">I</font><font style="line-height: inherit;">ndebtedness incurred in connection with ordinary trade payables</font><font style="line-height: inherit;">. </font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(e)</font><font style="text-decoration: underline; line-height: inherit; margin-left: 45pt;">Amendments to Charter Documents</font><font style="line-height: inherit;">.</font><font style="line-height: inherit;"> A</font><font style="line-height: inherit;">mend the </font><font style="line-height: inherit;">Borrower&#8217;s Charter D</font><font style="line-height: inherit;">ocuments in a materially adverse manner to the rights of the holders of the Class B Preferred Stock</font><font style="line-height: inherit;">.</font></font></p>
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<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(f)</font><font style="text-decoration: underline; line-height: inherit; margin-left: 45pt;">New Securities</font><font style="line-height: inherit;">.</font><font style="line-height: inherit;"> Create, </font><font style="line-height: inherit;">authoriz</font><font style="line-height: inherit;">e</font><font style="line-height: inherit;">, issu</font><font style="line-height: inherit;">e</font><font style="line-height: inherit;">, or reclassify </font><font style="line-height: inherit;">(i) </font><font style="line-height: inherit;">any </font><font style="line-height: inherit;">Capital Stock</font><font style="line-height: inherit;"> of the </font><font style="line-height: inherit;">Borrower that is</font><font style="line-height: inherit;"> senior to or </font><font style="font-style: italic; line-height: inherit;">pari passu</font><font style="line-height: inherit;"> with the Class B Preferred Stock</font><font style="line-height: inherit;">, or (ii) </font><font style="line-height: inherit;">any new class or series of </font><font style="line-height: inherit;">Capital S</font><font style="line-height: inherit;">tock or any other security convertible into or exercisable for any equity security (by </font><font style="line-height: inherit;">reclassification, amendment or alteration of any existing security, or otherwise), having rights, preferences or privileges senior to the Class B Preferred Stock</font><font style="line-height: inherit;">.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(g)</font><font style="text-decoration: underline; line-height: inherit; margin-left: 45pt;">Size of the Board</font><font style="line-height: inherit;">.</font><font style="line-height: inherit;"> I</font><font style="line-height: inherit;">ncreas</font><font style="line-height: inherit;">e</font><font style="line-height: inherit;"> or decreas</font><font style="line-height: inherit;">e</font><font style="line-height: inherit;"> the size of the Board</font><font style="line-height: inherit;">.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(h)</font><font style="text-decoration: underline; line-height: inherit; margin-left: 45pt;">Registration</font><font style="line-height: inherit;">.</font> <font style="line-height: inherit;">(i) </font><font style="line-height: inherit;">E</font><font style="line-height: inherit;">nter into any agreement to issue or announce the issuance or proposed issuance of any shares of </font><font style="line-height: inherit;">C</font><font style="line-height: inherit;">ommon </font><font style="line-height: inherit;">St</font><font style="line-height: inherit;">ock </font><font style="line-height: inherit;">of the Borrower </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">C</font><font style="line-height: inherit;">ommon </font><font style="line-height: inherit;">S</font><font style="line-height: inherit;">tock </font><font style="line-height: inherit;">E</font><font style="line-height: inherit;">quivalents,</font><font style="line-height: inherit;"> or (ii) file </font><font style="line-height: inherit;">any registration statement or amendment or supplement thereto</font><font style="line-height: inherit;">.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(i)</font><font style="text-decoration: underline; line-height: inherit; margin-left: 45pt;">Sale</font><font style="line-height: inherit;">.</font> <font style="line-height: inherit;">S</font><font style="line-height: inherit;">ell, assign, </font><font style="line-height: inherit;">License</font><font style="line-height: inherit;">, lease, convey, exchange, transfer </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">otherwise dispose of its </font><font style="line-height: inherit;">Property </font><font style="line-height: inherit;">(each, a </font><font style="line-height: inherit;">&#8220;</font><font style="font-weight: bold; line-height: inherit;">Disposition</font><font style="line-height: inherit;">&#8221;</font><font style="line-height: inherit;">), except</font> <font style="line-height: inherit;">for</font><font style="line-height: inherit;">:</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 124pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(i)</font><font style="line-height: inherit; margin-left: 46pt;">Any Asset Sale, the proceeds of which are distributed as part of the redemption of the Class A Preferred Stock;</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 124pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(ii)</font><font style="line-height: inherit; margin-left: 44pt;">Transactions</font> <font style="line-height: inherit;">in the ordinary course of business;</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 124pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(iii)</font><font style="line-height: inherit; margin-left: 44pt;">Dispositions</font><font style="line-height: inherit;">, settlements and write-offs of </font><font style="line-height: inherit;">accounts </font><font style="line-height: inherit;">receivable in the ordinary course of business;</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 124pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(iv)</font><font style="line-height: inherit; margin-left: 44pt;">Dispositions </font><font style="line-height: inherit;">of </font><font style="line-height: inherit;">Property </font><font style="line-height: inherit;">to the extent that (i) such </font><font style="line-height: inherit;">Property </font><font style="line-height: inherit;">is exchanged for credit against the </font><font style="line-height: inherit;">purchase price </font><font style="line-height: inherit;">of similar replacement </font><font style="line-height: inherit;">property </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">(ii) the proceeds of such </font><font style="line-height: inherit;">Disposition </font><font style="line-height: inherit;">are reasonably promptly applied to the </font><font style="line-height: inherit;">purchase price </font><font style="line-height: inherit;">of such replacement </font><font style="line-height: inherit;">property </font><font style="line-height: inherit;">and, in each case, so long as </font><font style="line-height: inherit;">the Purchaser</font> <font style="line-height: inherit;">has a </font><font style="line-height: inherit;">Lien </font><font style="line-height: inherit;">with respect to such replacement </font><font style="line-height: inherit;">property </font><font style="line-height: inherit;">with the same priority as the </font><font style="line-height: inherit;">Lien </font><font style="line-height: inherit;">of </font><font style="line-height: inherit;">Purchaser</font> <font style="line-height: inherit;">with respect to the </font><font style="line-height: inherit;">Property </font><font style="line-height: inherit;">disposed of; </font><font style="line-height: inherit;">or </font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 124pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(v)</font><font style="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; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="line-height: inherit;">Dispositions </font><font style="line-height: inherit;">which constitute, </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">which are subject to, a Casualty Event</font><font style="line-height: inherit;">.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(j)</font><font style="text-decoration: underline; line-height: inherit; margin-left: 45pt;">Transactions with Affiliates</font><font style="line-height: inherit;">. </font><font style="line-height: inherit;">E</font><font style="line-height: inherit;">nter into any </font><font style="line-height: inherit;">material </font><font style="line-height: inherit;">transaction </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">arrangement (including, without limitation, the purchase </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">sale of any </font><font style="line-height: inherit;">Property </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">service) with, </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">make any payment </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">transfer to, any </font><font style="line-height: inherit;">Affiliate</font><font style="line-height: inherit;">, except for </font><font style="line-height: inherit;">(a) transactions </font><font style="line-height: inherit;">permitted by this </font><font style="line-height: inherit;">Agreement</font><font style="line-height: inherit;">, and (b) </font><font style="line-height: inherit;">transactions </font><font style="line-height: inherit;">in the ordinary course of business and pursuant to the reasonable requirements of the </font><font style="line-height: inherit;">Borrower</font><font style="line-height: inherit;">&#8217;</font><font style="line-height: inherit;">s </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">such </font><font style="line-height: inherit;">Affiliate&#8217;s</font> <font style="line-height: inherit;">operating business and upon fair and reasonable terms and that are no less favorable to the </font><font style="line-height: inherit;">Borrower </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">such </font><font style="line-height: inherit;">Affiliate</font> <font style="line-height: inherit;">than would be obtained in a comparable arm</font><font style="line-height: inherit;">&#8217;</font><font style="line-height: inherit;">s-length transaction with a </font><font style="line-height: inherit;">Person </font><font style="line-height: inherit;">that is </font><font style="line-height: inherit;">not an </font><font style="line-height: inherit;">Affiliate</font><font style="line-height: inherit;">.</font></font></p>
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<div style="margin: 0pt 0pt 12pt; break-after: avoid; text-align: center; text-indent: 0pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs61_255202522525878"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">Article 10</font></a><br><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: bold; text-transform: uppercase; line-height: inherit;">EVENTS OF DEFAULT</font></font></div>
<div style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs62_255202522545622"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: none; text-transform: none; line-height: inherit;">10.1</font><font style="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; line-height: inherit; font-family: 'Times New Roman';">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'times new roman', times; font-weight: bold; text-decoration: underline; line-height: inherit;">Events of Default</font></font></a><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs62_255202522545622">.</a>&#160; An </font><font style="line-height: inherit;">&#8220;</font><font style="font-weight: bold; line-height: inherit;">Event of Default</font><font style="line-height: inherit;">&#8221;</font><font style="line-height: inherit;"> shall occur hereunder upon:</font></font></div>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 80pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(a)</font><font style="line-height: inherit; margin-left: 35pt;">Failure of the Borrower to pay the </font><font style="line-height: inherit;">Liquidation Preference</font><font style="line-height: inherit;"> when due</font><font style="line-height: inherit;">.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 80pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(b)</font><font style="line-height: inherit; margin-left: 35pt;">Any representation </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">warranty made </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">deemed made by </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">on behalf of the </font><font style="line-height: inherit;">Borrower </font><font style="line-height: inherit;">to </font><font style="line-height: inherit;">the</font> <font style="line-height: inherit;">Purchaser </font><font style="line-height: inherit;">in either </font><font style="line-height: inherit;">this </font><font style="line-height: inherit;">Agreement</font><font style="line-height: inherit;"> or any other Transaction Document</font> <font style="line-height: inherit;">shall be materially false when made</font><font style="line-height: inherit;">.</font> </font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 80pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(c)</font><font style="line-height: inherit; margin-left: 35pt;">Failure of the </font><font style="line-height: inherit;">Borrower </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">any of its </font><font style="line-height: inherit;">Subsidiaries </font><font style="line-height: inherit;">to comply with any term, covenant, </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">provision contained in </font><font style="text-decoration: underline; line-height: inherit;">Article 8</font> <font style="line-height: inherit;">or </font><font style="text-decoration: underline; line-height: inherit;">Article 9</font><font style="line-height: inherit;"> of this </font><font style="line-height: inherit;">Agreement</font><font style="line-height: inherit;">, and such failure is not cured within</font><font style="line-height: inherit;"> thirty</font> <font style="line-height: inherit;">(</font><font style="line-height: inherit;">30</font><font style="line-height: inherit;">)</font><font style="line-height: inherit;"> days of receipt of written notice from the Purchaser of such failure</font><font style="line-height: inherit;">.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 80pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(d)</font><font style="line-height: inherit; margin-left: 35pt;">(i) Failure of the Borrower or any of its Subsidiaries to pay when due or within any applicable grace period therefor any payments under any Indebtedness; (ii) the default by the Borrower in the performance (beyond the applicable grace period with respect thereto, if any) of any other term, provision or condition contained in any agreement, contract or instrument under which any such Indebtedness was created or is governed, the effect of which default is to cause, or to permit the holder or holders of such other Indebtedness to cause, such Indebtedness to become due prior to its stated maturity; </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">(iii) any other event shall occur or condition exist, the effect of which event or condition is to cause, or to permit the holder or holders of any Indebtedness to cause, such Indebtedness to become due prior to its stated maturity.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 80pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(e)</font><font style="line-height: inherit; margin-left: 35pt;">Without the application, approval or consent of the Borrower</font><font style="line-height: inherit;">, (i) </font><font style="line-height: inherit;">a receiver, trustee, examiner, liquidator, administrator, or similar official shall be appointed for </font><font style="line-height: inherit;">t</font><font style="line-height: inherit;">he </font><font style="line-height: inherit;">Borrower</font><font style="line-height: inherit;"> or (ii) </font><font style="line-height: inherit;">any proceeding seeking an order for relief under any federal, state </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">foreign bankruptcy, insolvency, receivership, administration, liquidation </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">similar law as now </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">hereafter in effect seeking to adjudicate </font><font style="line-height: inherit;">the Borrower</font> <font style="line-height: inherit;">a bankrupt </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">insolvent, </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">seeking dissolution, winding up, liquidation, reorganization, arrangement, adjustment </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">composition of it </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">its debts under any such law relating to bankruptcy, insolvency </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">reorganization </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">relief of debtors</font><font style="line-height: inherit;"> is instituted against the Borrower</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;"> and, in each case, such appointment </font><font style="line-height: inherit;">continues undischarged or such proceeding continues undismissed or unstayed for a period of </font><font style="line-height: inherit;">sixty (60)</font><font style="line-height: inherit;"> consecutive days</font><font style="line-height: inherit;">.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 80pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(f)</font><font style="line-height: inherit; margin-left: 35pt;">The Note or this Agreement</font><font style="line-height: inherit;">, at any time after the Closing Date, and for any reason other than as expressly permitted thereunder, ceases to be in full force and effect.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 80pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(g)</font><font style="line-height: inherit; margin-left: 35pt;">Failure of the </font><font style="line-height: inherit;">Borrower to file the Class A Certificate of Designation and Class B Certificate of Designation within </font><font style="line-height: inherit;">four</font><font style="line-height: inherit;"> (</font><font style="line-height: inherit;">4</font><font style="line-height: inherit;">) Business Day</font><font style="line-height: inherit;">s</font><font style="line-height: inherit;"> after </font><font style="line-height: inherit;">the </font><font style="line-height: inherit;">date of this Agreement</font><font style="line-height: inherit;">.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 80pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(h)</font><font style="line-height: inherit; margin-left: 35pt;">Failure of Borrow</font><font style="line-height: inherit;">er</font><font style="line-height: inherit;"> to issue the </font><font style="line-height: inherit;">Underlying Preferred Shares</font><font style="line-height: inherit;"> or Underlying Common Shares in accordance with the terms of the Note and Class B Certificate of Designation, as applicable.&#160; </font></font></p>
<div style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs63_255202522623358"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: bold; text-decoration: none; text-transform: none; line-height: inherit;">10.2</font><font style="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; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold; text-decoration: underline; line-height: inherit;">Recourse</font></font></a><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs63_255202522623358">.</a>&#160; If an </font><font style="line-height: inherit;">Event of Default </font><font style="line-height: inherit;">occurs and </font><font style="line-height: inherit;">continues for at least thirty (30) days following receipt of written notice from the Purchaser of such Event of Default, then, at the Purchaser&#8217;s election (by delivery of written notice of such election), Purchaser may: (i) declare </font><font style="line-height: inherit;">th</font><font style="line-height: inherit;">at th</font><font style="line-height: inherit;">e outstanding principal of and interest on the </font><font style="line-height: inherit;">Note </font><font style="line-height: inherit;">shall become immediately due and payable</font><font style="line-height: inherit;"> (if not already converted into Class B Preferred </font><font style="line-height: inherit;">Stock</font><font style="line-height: inherit;">)</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;"> without presentment, demand, protest </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">notice of any kind, all of which are expressly waived</font><font style="line-height: inherit;">, (ii) declare all or any portion of the unpaid Liquidation Preference immediately due and payable, or (iii) replace and/or designate additional members of the Board such that a majority of the Board is appointed by the Purchaser. </font></font></div>
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<div style="margin: 0pt 0pt 12pt; break-after: avoid; text-align: center; text-indent: 0pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs64_255202522652662"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">Article 11</font></a><br><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: bold; text-transform: uppercase; line-height: inherit;">MISCELLANEOUS</font></font></div>
<div style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs65_25520252274423"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: bold; text-decoration: none; text-transform: none; line-height: inherit;">11.1</font><font style="font-weight: bold; text-decoration: underline; line-height: inherit; margin-left: 22pt;">Survival of Representations and Warranties</font></font></a><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs65_25520252274423">.</a>&#160; </font><font style="line-height: inherit;">All of the representations and warranties made herein shall survive the execution and delivery of this Agreement, any inve</font><font style="line-height: inherit;">stigation by or on behalf </font><font style="line-height: inherit;">of the</font><font style="line-height: inherit;"> Purchaser, acceptance of the Note and payment therefor, </font><font style="line-height: inherit;">issuance of the </font><font style="line-height: inherit;">Underlying Preferred Shares</font> <font style="line-height: inherit;">or termination of this Agreement.&#160; </font> </font></div>
<div style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs66_255202522714231"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: bold; text-decoration: none; text-transform: none; line-height: inherit;">11.2</font><font style="font-weight: bold; text-decoration: underline; line-height: inherit; margin-left: 22pt;">Notices</font></font></a><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs66_255202522714231">.</a>&#160; All notices, demands and other communications provided for </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">permitted hereunder shall be made in writing and shall be by registered </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">certified first-class </font><font style="line-height: inherit;">mail, return receipt requested, or </font><font style="line-height: inherit;">email (with receipt confirmed), courier service </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">personal delivery:</font></font></div>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(a)</font><font style="line-height: inherit; margin-left: 25pt;">if to </font><font style="line-height: inherit;">Purchase</font><font style="line-height: inherit;">r</font><font style="line-height: inherit;">:</font></font></p>
<p style="margin: 0pt 0pt 0pt 108pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">First Finance Ltd.</font></p>
<p style="margin: 0pt 0pt 0pt 108pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">520 Newport Center Drive, Suite 650</font></p>
<p style="margin: 0pt 0pt 0pt 108pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Newport Beach, CA 92660</font></p>
<p style="margin: 0pt 0pt 0pt 108pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Email: </font><font style="color: #0000ff; text-decoration: underline; line-height: inherit;">ahromyk@firstfinance.com</font> </font></p>
<p style="margin: 0pt 0pt 0pt 108pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 12pt 108pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">With a copy (which shall not constitute notice) to:</font></p>
<p style="margin: 0pt 0pt 0pt 108pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Sichenzia Ross Ference Carmel LLP</font><br><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">1185 Avenue of the Americas</font><font style="line-height: inherit;">, </font><font style="line-height: inherit;">31</font><font style="vertical-align: super; line-height: inherit;">st</font><font style="line-height: inherit;"> Floor</font></font></p>
<p style="margin: 0pt 0pt 0pt 108pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">New York, NY 10036</font><br><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Email: </font><font style="line-height: inherit;">mross@srfc.law</font></font></p>
<p style="margin: 0pt 0pt 0pt 108pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Telephone: </font><font style="line-height: inherit;">(</font><font style="line-height: inherit;">212</font><font style="line-height: inherit;">)</font><font style="line-height: inherit;"> 930 9700</font></font></p>
<p style="margin: 0pt 0pt 0pt 108pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Attention: </font><font style="line-height: inherit;">Mar</font><font style="line-height: inherit;">c Ross</font></font></p>
<p style="margin: 0pt 0pt 0pt 108pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(b)</font><font style="line-height: inherit; margin-left: 25pt;">if to the </font><font style="line-height: inherit;">Borrower </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">any </font><font style="line-height: inherit;">Subsidiary</font><font style="line-height: inherit;">:</font></font></p>
<p style="margin: 0pt 0pt 0pt 108pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">ClearOne, Inc.</font></p>
<p style="margin: 0pt 0pt 0pt 108pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">5225 Wiley Post Way, Suite 500</font></font></p>
<p style="margin: 0pt 0pt 0pt 108pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Salt Lake City, Utah 84116</font></p>
<p style="margin: 0pt 0pt 0pt 108pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Email: </font><font style="color: #0000ff; text-decoration: underline; line-height: inherit;">Derek.Graham@clearone.com</font> </font></p>
<p style="margin: 0pt 0pt 0pt 108pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Telephone: (</font><font style="line-height: inherit;">801</font><font style="line-height: inherit;">) </font><font style="line-height: inherit;">303-</font><font style="line-height: inherit;">3425</font></font></p>
<p style="margin: 0pt 0pt 0pt 108pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Attention: </font><font style="line-height: inherit;">Derek L. Graham</font><font style="line-height: inherit;">, Chief Executive Officer</font></font></p>
<p style="margin: 0pt 0pt 0pt 108pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 12pt 108pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">With a copy (which shall not constitute notice) to:</font></p>
<p style="margin: 0pt 0pt 0pt 108pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Seyfarth Shaw</font></p>
<p style="margin: 0pt 0pt 0pt 108pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">700 Milam Street, Suite 1400</font></p>
<p style="margin: 0pt 0pt 0pt 108pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Houston, TX 77002</font></p>
<p style="margin: 0pt 0pt 0pt 108pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Email: </font><font style="line-height: inherit;">mcoffin@seyfarth.com</font></font></p>
<p style="margin: 0pt 0pt 0pt 108pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Telephone: (</font><font style="line-height: inherit;">713) </font><font style="line-height: inherit;">225-1337</font></font></p>
<p style="margin: 0pt 0pt 0pt 108pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Attention: </font><font style="line-height: inherit;">Mark Coffin</font></font></p>
<p style="margin: 0pt 0pt 0pt 108pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">All such notices and communications shall be deemed to have been duly given: if personally delivered, when delivered by hand; if mailed, five (5) </font><font style="line-height: inherit;">Business Days </font><font style="line-height: inherit;">after being deposited in the mail, postage prepaid; if delivered by courier, one (1) </font><font style="line-height: inherit;">Business Day </font><font style="line-height: inherit;">after being deposited with a reputable overnight courier, with charges prepaid; </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">if emailed, when receipt is acknowledged.</font></font></p>
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<div style="margin: 0pt 0pt 12pt; break-after: avoid; text-align: justify; text-indent: 36pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs67_25520252272463"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: bold; text-decoration: none; text-transform: none; line-height: inherit;">11.3</font><font style="font-weight: bold; text-decoration: underline; line-height: inherit; margin-left: 22pt;">Successors and Assigns</font></font></a><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs67_25520252272463">.</a>&#160; </font></div>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(a)</font><font style="line-height: inherit; margin-left: 22pt;">This </font><font style="line-height: inherit;">Agreement </font><font style="line-height: inherit;">shall inure to the benefit of and be binding upon the successors and permitted assigns of the parties hereto.&#160; Subject to </font><font style="line-height: inherit;">applicable securities laws, the</font> <font style="line-height: inherit;">Purchaser </font><font style="line-height: inherit;">may</font><font style="line-height: inherit;"> at any time</font><font style="line-height: inherit;"> transfer the </font><font style="line-height: inherit;">Note</font><font style="line-height: inherit;">, Class B Preferred Stock or underlying Common Stock</font> <font style="line-height: inherit;">held by it in whole </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">in part and may assign its rights under the </font><font style="line-height: inherit;">Transaction Documents</font> <font style="line-height: inherit;">to one </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">more assignees</font> <font style="line-height: inherit;">without requiring the consent of any other </font><font style="line-height: inherit;">Person</font><font style="line-height: inherit;">.&#160; In addition, </font><font style="line-height: inherit;">the</font> <font style="line-height: inherit;">Purchaser </font><font style="line-height: inherit;">may</font><font style="line-height: inherit;">, upon </font><font style="line-height: inherit;">notice to the </font><font style="line-height: inherit;">Borrower</font><font style="line-height: inherit;">,</font> <font style="line-height: inherit;">sell participations to any </font><font style="line-height: inherit;">Person </font><font style="line-height: inherit;">in all </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">a portion of </font><font style="line-height: inherit;">the Purchaser</font><font style="line-height: inherit;">&#8217;</font><font style="line-height: inherit;">s rights and/</font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">obligations </font><font style="line-height: inherit;">under </font><font style="line-height: inherit;">this </font><font style="line-height: inherit;">Agreement </font><font style="line-height: inherit;">or any other Transaction Document</font><font style="line-height: inherit;">.&#160; </font><font style="line-height: inherit;">Neither the </font><font style="line-height: inherit;">Borrower </font><font style="line-height: inherit;">nor any </font><font style="line-height: inherit;">Subsidiary </font><font style="line-height: inherit;">may assign any of its rights, </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">delegate any of its </font><font style="line-height: inherit;">obligations</font><font style="line-height: inherit;">, under </font><font style="line-height: inherit;">any Transaction Document</font> <font style="line-height: inherit;">without the prior written consent of the </font><font style="line-height: inherit;">Purchaser</font><font style="line-height: inherit;">, and any such purported assignment by the </font><font style="line-height: inherit;">Borrower </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">any such </font><font style="line-height: inherit;">Subsidiary </font><font style="line-height: inherit;">without the written consent of the </font><font style="line-height: inherit;">Purchaser</font> <font style="line-height: inherit;">shall be void and of no effect.&#160; </font><font style="line-height: inherit;">N</font><font style="line-height: inherit;">o </font><font style="line-height: inherit;">Person </font><font style="line-height: inherit;">other than the parties hereto and its successors and permitted assigns is intended to be a beneficiary of </font><font style="line-height: inherit;">this Agreement or any other Transaction Document</font><font style="line-height: inherit;">.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(b)</font><font style="line-height: inherit; margin-left: 22pt;">The Borrower shall maintain at one of its offices in the United States a copy of each assignment agreement delivered to it and a register for the recordation of the names</font><font style="line-height: inherit;"> and addresses of the Purchaser</font><font style="line-height: inherit;">, and the commitments of, and principal amounts (and stated interest) of the Note owing to, </font><font style="line-height: inherit;">the</font><font style="line-height: inherit;"> Purchaser pursuant to the terms hereof from time to time (the </font><font style="line-height: inherit;">&#8220;</font><font style="font-weight: bold; line-height: inherit;">Register</font><font style="line-height: inherit;">&#8221;</font><font style="line-height: inherit;">).&#160; The entries in the Register shall be conclusive absent manifest error, and</font><font style="line-height: inherit;"> the Borrower and the Purchaser</font><font style="line-height: inherit;"> shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Purchaser hereunder for all purposes of this Agreement.&#160; The Register shall be available for inspection by the Borrower and </font><font style="line-height: inherit;">the</font><font style="line-height: inherit;"> Purchaser, at any reasonable time and from time to time upon reasonable prior notice.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(c)</font><font style="line-height: inherit; margin-left: 22pt;">The</font> <font style="line-height: inherit;">Purchaser, acting solely for this purpose as a non-fiduciary agent of the Borrower, </font><font style="line-height: inherit;">shall </font><font style="line-height: inherit;">maintain a register on which it enters the name and address of each participant and the principal amounts (and stated interest) of each participant</font><font style="line-height: inherit;">&#8217;</font><font style="line-height: inherit;">s interest in the Note </font><font style="line-height: inherit;">or this Agreement</font><font style="line-height: inherit;"> (the </font><font style="line-height: inherit;">&#8220;</font><font style="font-weight: bold; line-height: inherit;">Participant Register</font><font style="line-height: inherit;">&#8221;</font><font style="line-height: inherit;">); </font><font style="text-decoration: underline; line-height: inherit;">provided</font><font style="line-height: inherit;"> that no Purchaser shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any participant or any information relating to a participant</font><font style="line-height: inherit;">&#8217;</font><font style="line-height: inherit;">s interest in any commitments, loans, letters of credit or its other obligations under </font><font style="line-height: inherit;">the Note or this Agreement</font><font style="line-height: inherit;">) to any </font><font style="line-height: inherit;">third party</font> <font style="line-height: inherit;">except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.&#160; The entries in the Participant Register shall be conclusive absent manifest error, and such Purchaser shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.</font></font></p>
<div style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs68_255202522734640"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: bold; text-decoration: none; text-transform: none; line-height: inherit;">11.4</font><font style="font-weight: bold; text-decoration: underline; line-height: inherit; margin-left: 22pt;">Amendment and Waiver</font></font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">.</font></a></div>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(a)</font><font style="line-height: inherit; margin-left: 22pt;">No failure </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">delay on the part of any of the parties hereto in exercising any right, power, </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">remedy hereunder shall operate as a waiver thereof, nor shall any single </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">partial exercise of any such right, power, </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">remedy preclude any other </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">further exercise thereof </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">the exercise of any other right, power, </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">remedy.&#160; The remedies provided for in this </font><font style="line-height: inherit;">Agreement </font><font style="line-height: inherit;">are cumulative and are not exclusive of any remedies that may be available to the parties hereto at law, in equity </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">otherwise.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(b)</font><font style="line-height: inherit; margin-left: 22pt;">Any amendment, waiver, supplement </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">modification of </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">to any provision of this </font><font style="line-height: inherit;">Agreement </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">the </font><font style="line-height: inherit;">Note </font><font style="line-height: inherit;">and any consent to any departure by any party from the terms of any provision of this </font><font style="line-height: inherit;">Agreement </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">the </font><font style="line-height: inherit;">Note</font><font style="line-height: inherit;">, shall be effective (i) only if it is made </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">given in writing and signed by the </font><font style="line-height: inherit;">Borrower </font><font style="line-height: inherit;">and the </font><font style="line-height: inherit;">Purchaser</font> <font style="line-height: inherit;">and (ii) only in the specific instance and for the specific purpose for which made </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">given.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(c)</font><font style="line-height: inherit; margin-left: 22pt;">Except where notice is specifically required by this </font><font style="line-height: inherit;">Agreement</font><font style="line-height: inherit;">, no notice to </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">demand on the </font><font style="line-height: inherit;">Borrower </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">any of its </font><font style="line-height: inherit;">Subsidiaries </font><font style="line-height: inherit;">in any case shall entitle the </font><font style="line-height: inherit;">Borrower </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">any of its </font><font style="line-height: inherit;">Subsidiaries </font><font style="line-height: inherit;">to any other </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">further notice </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">demand in similar </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">other circumstances.</font></font></p>
<div style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs69_255202522746518"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: bold; text-decoration: none; text-transform: none; line-height: inherit;">11.5</font><font style="font-weight: bold; text-decoration: underline; line-height: inherit; margin-left: 22pt;">Signatures; Counterparts</font></font></a><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs69_255202522746518">.</a>&#160; Facsimile and electronic transmissions of any executed original document and/</font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">retransmission of any executed facsimile </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">electronic transmission shall be deemed to be the same as the delivery of an executed original.&#160; At the request of any party hereto, the other parties hereto shall confirm facsimile transmissions by executing duplicate original documents and delivering the same to the requesting party </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">parties.&#160; This </font><font style="line-height: inherit;">Agreement </font><font style="line-height: inherit;">may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same </font><font style="line-height: inherit;">agreement</font><font style="line-height: inherit;">.</font></font></div>
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<div style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs70_255202522757831"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: bold; text-decoration: none; text-transform: none; line-height: inherit;">11.6</font><font style="font-weight: bold; text-decoration: underline; line-height: inherit; margin-left: 22pt;">Headings</font></font></a><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs70_255202522757831">.</a>&#160; The headings in this </font><font style="line-height: inherit;">Agreement </font><font style="line-height: inherit;">are for convenience of reference only and shall not limit </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">otherwise affect the meaning hereof.</font></font></div>
<div style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs71_25520252287423"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: bold; text-decoration: none; text-transform: none; line-height: inherit;">11.7</font><font style="font-weight: bold; text-decoration: underline; line-height: inherit; margin-left: 22pt;">GOVERNING LAW</font></font></a><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs71_25520252287423">.&#160;</a> THIS </font><font style="line-height: inherit;">AGREEMENT </font><font style="line-height: inherit;">SHALL BE GOVERNED BY, CONSTRUED IN ACCORDANCE WITH, AND ENFORCED UNDER, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW OF SUCH STATE THAT WOULD REQUIRE THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION.</font></font></div>
<div style="margin: 0pt 0pt 12pt; break-after: avoid; text-align: justify; text-indent: 36pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs72_255202522817535"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: bold; text-decoration: none; text-transform: none; line-height: inherit;">11.8</font><font style="font-weight: bold; text-decoration: underline; line-height: inherit; margin-left: 22pt;">JURISDICTION, JURY TRIAL WAIVER, ETC</font><font style="font-weight: bold; text-decoration: underline; line-height: inherit;">.</font></font></a></div>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(a)</font><font style="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; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="line-height: inherit;">EACH PARTY TO THIS AGREEMENT HEREBY IRREVOCABLY AGREES THAT ANY LEGAL ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS </font><font style="line-height: inherit;">AGREEMENT</font><font style="line-height: inherit;">, THE NOTE OR ANY AGREEMENTS OR TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY MAY BE BROUGHT IN THE </font><font style="line-height: inherit;">STATE AND FEDERAL </font><font style="line-height: inherit;">COURTS</font> <font style="line-height: inherit;">SITTING IN THE CITY</font><font style="line-height: inherit;"> OF </font><font style="line-height: inherit;">NEW YORK, BOROUGH OF MANHATTAN</font><font style="line-height: inherit;">, OR ANY APPELLATE COURT FROM ANY THEREOF, AND HEREBY EXPRESSLY SUBMITS TO THE PERSONAL JURISDICTION AND VENUE OF SUCH COURTS FOR THE PURPOSES THEREOF AND EXPRESSLY WAIVES ANY CLAIM OF IMPROPER VENUE AND ANY CLAIM THAT ANY SUCH COURT IS AN INCONVENIENT FORUM. EACH PARTY HEREBY IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY A GENERALLY RECOGNIZED OVERNIGHT COURIER OR REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO ITS ADDRESS SET FORTH IN </font><font style="text-decoration: underline; line-height: inherit;">SECTION </font><font style="text-decoration: underline; line-height: inherit;">11</font><font style="text-decoration: underline; line-height: inherit;">.2</font><font style="line-height: inherit;">, SUCH SERVICE TO BECOME EFFECTIVE 10 DAYS AFTER SUCH MAILING.&#160; NOTWITHSTANDING ANYTHING TO THE CONTRARY SET FORTH HEREIN, NOTHING IN THIS AGREEMENT SHALL LIMIT THE RIGHT OF THE </font><font style="line-height: inherit;">PURCHASER</font><font style="line-height: inherit;"> TO BRING ANY ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE NOTE OR </font><font style="line-height: inherit;">THE </font><font style="line-height: inherit;">TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY IN ANY JURISDICTION IN WHICH ANY COLLATERAL IS LOCATED.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 72pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: normal; text-decoration: none; text-transform: none; line-height: inherit;">(b)</font><font style="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; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="line-height: inherit;">TO THE EXTENT PERMITTED BY </font><font style="line-height: inherit;">APPLICABLE LAW</font><font style="line-height: inherit;">, EACH PARTY TO THIS AGREEMENT HEREBY WAIVES ITS RIGHT TO A JURY TRIAL WITH RESPECT TO ANY ACTION OR CLAIM ARISING OUT OF ANY DISPUTE IN CONNECTION WITH </font><font style="line-height: inherit;">THIS </font><font style="line-height: inherit;">AGREEMENT</font><font style="line-height: inherit;"> OR ANY OTHER TRANSACTION DOCUMENT</font><font style="line-height: inherit;">, ANY RIGHTS OR OBLIGATIONS HEREUNDER OR THEREUNDER OR THE PERFORMANCE OF SUCH RIGHTS AND </font><font style="line-height: inherit;">OBLIGATIONS</font><font style="line-height: inherit;">.&#160; </font></font></p>
<div style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs73_25520252283422"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: bold; text-decoration: none; text-transform: none; line-height: inherit;">11.9</font><font style="font-weight: bold; text-decoration: underline; line-height: inherit; margin-left: 22pt;">Severability</font></font></a><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs73_25520252283422">.</a>&#160; If any one </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">more of the provisions contained in this </font><font style="line-height: inherit;">Agreement</font><font style="line-height: inherit;">, </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">the application thereof in any circumstance, is held invalid, illegal </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">unenforceable in any respect for any </font><font style="line-height: inherit;">reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions hereof shall not be in any way impaired, unless the provisions held invalid, illegal </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">unenforceable shall substantially impair the benefits of the remaining provisions of this </font><font style="line-height: inherit;">Agreement</font><font style="line-height: inherit;">.&#160; The parties hereto further agree to replace such invalid, illegal, </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">unenforceable provision of this </font><font style="line-height: inherit;">Agreement </font><font style="line-height: inherit;">with a valid, legal, and enforceable provision that will achieve, to the extent possible, the economic, business and other purposes of such invalid, illegal, </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">unenforceable provision.</font></font></div>
<div style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs74_25520252284323"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: bold; text-decoration: none; text-transform: none; line-height: inherit;">11.10</font><font style="font-weight: bold; text-decoration: underline; line-height: inherit; margin-left: 22pt;">Rules of Construction</font></font></a><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs74_25520252284323">.</a>&#160; Unless the context otherwise requires, </font><font style="line-height: inherit;">&#8220;</font><font style="line-height: inherit;">or</font><font style="line-height: inherit;">&#8221;</font><font style="line-height: inherit;"> is not exclusive, and references to sections </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">subsections refer to sections </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">subsections of this </font><font style="line-height: inherit;">Agreement</font><font style="line-height: inherit;">.</font></font></div>
<div style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs75_25520252285379"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: bold; text-decoration: none; text-transform: none; line-height: inherit;">11.11</font><font style="font-weight: bold; text-decoration: underline; line-height: inherit; margin-left: 22pt;">Entire </font><font style="font-weight: bold; text-decoration: underline; line-height: inherit;">Agreement</font></font></a><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs75_25520252285379">.</a>&#160; This </font><font style="line-height: inherit;">Agreement</font><font style="line-height: inherit;">, together with the exhibits and schedules hereto and the </font><font style="line-height: inherit;">Note</font><font style="line-height: inherit;">, is intended by the parties as a final expression of its </font><font style="line-height: inherit;">agreement </font><font style="line-height: inherit;">and intended to be a complete and exclusive statement of the </font><font style="line-height: inherit;">agreement </font><font style="line-height: inherit;">and understanding of the parties hereto in respect of the subject matter contained herein and therein.&#160; There are no restrictions, promises, warranties </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">undertakings, other than those set forth </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">referred to herein </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">therein.&#160; This </font><font style="line-height: inherit;">Agreement</font><font style="line-height: inherit;">, together with the exhibits and schedules hereto, and the </font><font style="line-height: inherit;">Note </font><font style="line-height: inherit;">supersede all prior agreements and understandings between the parties with respect to such subject matter.</font></font></div>
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<div style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs76_25520252298126"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: bold; text-decoration: none; text-transform: none; line-height: inherit;">11.12</font><font style="font-weight: bold; text-decoration: underline; line-height: inherit; margin-left: 22pt;">Indemnification</font></font><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">.</font> </font></a></div>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">(a)</font><font style="line-height: inherit; margin-left: 33pt;">In addition to all other sums due hereunder </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">provided for in this </font><font style="line-height: inherit;">Agreement</font><font style="line-height: inherit;">, the </font><font style="line-height: inherit;">Borrower</font> <font style="line-height: inherit;">and Purchaser</font><font style="line-height: inherit;"> shall </font><font style="line-height: inherit;">each</font><font style="line-height: inherit;"> indemnify and hold harmless</font> <font style="line-height: inherit;">the other</font> <font style="line-height: inherit;">and each of its respective Affiliates, and each of their respective managers, officers, directors, agents, employees, Subsidiaries, partners, members, </font><font style="line-height: inherit;">attorneys, accountants and controlling persons (each, an &#8220;</font><font style="font-weight: bold; line-height: inherit;">Indemnified Party</font><font style="line-height: inherit;">&#8221;) to the fullest extent permitted by law from and against any and all </font><font style="line-height: inherit;">reasonable and documented out-of-pocket </font><font style="line-height: inherit;">losses, claims, damages, expenses (including, without limitation, fees, disbursements and other charges of outside counsel and costs of investigation incurred by an </font><font style="line-height: inherit;">Indemnified Party </font><font style="line-height: inherit;">in any action </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">proceeding between the </font><font style="line-height: inherit;">Borrower </font><font style="line-height: inherit;">(</font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">any of its </font><font style="line-height: inherit;">Subsidiaries</font><font style="line-height: inherit;">) and such </font><font style="line-height: inherit;">Indemnified Party </font><font style="line-height: inherit;">(</font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">Indemnified Parties</font><font style="line-height: inherit;">) </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">between an </font><font style="line-height: inherit;">Indemnified Party </font><font style="line-height: inherit;">(</font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">Indemnified Parties</font><font style="line-height: inherit;">) and any third party </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">otherwise) </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">other liabilities </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">losses (collectively, &#8220;</font><font style="font-weight: bold; line-height: inherit;">Liabilities</font><font style="line-height: inherit;">&#8221;), in each case resulting from </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">arising out of any breach of any representation </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">warranty, covenant </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">agreement </font><font style="line-height: inherit;">of </font><font style="line-height: inherit;">a Party</font> <font style="line-height: inherit;">or </font><font style="line-height: inherit;">any of its </font><font style="line-height: inherit;">Subsidiaries </font><font style="line-height: inherit;">in </font><font style="line-height: inherit;">this </font><font style="line-height: inherit;">Agreement </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">any other Transaction Document</font><font style="line-height: inherit;">, </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">any legal, administrative </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">other actions (including, without limitation, actions brought by any holders of equity </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">Indebtedness </font><font style="line-height: inherit;">of the </font><font style="line-height: inherit;">Borrower </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">any of its </font><font style="line-height: inherit;">Subsidiaries </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">derivative actions brought by any </font><font style="line-height: inherit;">Person </font><font style="line-height: inherit;">claiming through </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">in the </font><font style="line-height: inherit;">Borrower</font><font style="line-height: inherit;">&#8217;s </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">any such </font><font style="line-height: inherit;">Subsidiary</font><font style="line-height: inherit;">&#8217;s name), proceedings </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">investigations (whether formal </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">informal), </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">written threats thereof, based upon, relating to </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">arising out of the </font><font style="line-height: inherit;">Note </font><font style="line-height: inherit;">or this Agreement</font><font style="line-height: inherit;">, the </font><font style="line-height: inherit;">transactions </font><font style="line-height: inherit;">contemplated thereby, </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">any </font><font style="line-height: inherit;">Indemnified Party</font><font style="line-height: inherit;">&#8217;s role therein </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">in the </font><font style="line-height: inherit;">transactions </font><font style="line-height: inherit;">contemplated thereby, </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">the gross negligence</font><font style="line-height: inherit;">, or </font><font style="line-height: inherit;">willful misconduct of the </font><font style="line-height: inherit;">Purchaser on the one hand or the </font><font style="line-height: inherit;">Borrower </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">any of its </font><font style="line-height: inherit;">Affiliates </font><font style="line-height: inherit;">and </font><font style="line-height: inherit;">their</font> <font style="line-height: inherit;">respective directors, officers, and employees</font><font style="line-height: inherit;"> on the other hand</font><font style="line-height: inherit;">; </font><font style="font-style: italic; line-height: inherit;">provided, however, that</font> <font style="line-height: inherit;">neither Party</font><font style="line-height: inherit;"> shall</font> <font style="line-height: inherit;">be liable under this </font><font style="text-decoration: underline; line-height: inherit;">Section 11.12</font> <font style="line-height: inherit;">to an </font><font style="line-height: inherit;">Indemnified Party </font><font style="line-height: inherit;">to the extent that it is finally judicially determined that such </font><font style="line-height: inherit;">Liabilities </font><font style="line-height: inherit;">resulted from the willful misconduct, </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">gross negligence of an </font><font style="line-height: inherit;">Indemnified Party</font><font style="line-height: inherit;">.&#160; In connection with the obligation of the </font><font style="line-height: inherit;">Parties</font> <font style="line-height: inherit;">to indemnify for expenses as set forth above, </font><font style="line-height: inherit;">each Party</font> <font style="line-height: inherit;">further agrees, upon presentation of appropriate invoices, to reimburse each </font><font style="line-height: inherit;">Indemnified Party </font><font style="line-height: inherit;">for all such </font><font style="line-height: inherit;">reasonable and documented out-of-pocket </font><font style="line-height: inherit;">expenses (including, without limitation, fees, disbursements and other charges of outside counsel and costs of investigation incurred by an </font><font style="line-height: inherit;">Indemnified Party </font><font style="line-height: inherit;">in connection with any </font><font style="line-height: inherit;">Liabilities</font><font style="line-height: inherit;">) as they are incurred by such </font><font style="line-height: inherit;">Indemnified Party</font><font style="line-height: inherit;">.&#160; The </font><font style="line-height: inherit;">obligations </font><font style="line-height: inherit;">of </font><font style="line-height: inherit;">each Party</font> <font style="line-height: inherit;">under this </font><font style="text-decoration: underline; line-height: inherit;">Section</font><font style="text-decoration: underline; line-height: inherit;"> 11.12</font> <font style="line-height: inherit;">shall survive the termination of this </font><font style="line-height: inherit;">Agreement</font><font style="line-height: inherit;">.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">(b)</font><font style="line-height: inherit;"> Each </font><font style="line-height: inherit;">Indemnified Party </font><font style="line-height: inherit;">under this </font><font style="text-decoration: underline; line-height: inherit;">Section 11.12</font> <font style="line-height: inherit;">will, promptly after the receipt of notice of the commencement of any action, investigation, claim </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">other proceeding against such </font><font style="line-height: inherit;">Indemnified Party </font><font style="line-height: inherit;">in respect of which indemnity may be sought from the </font><font style="line-height: inherit;">indemnifying Party</font> <font style="line-height: inherit;">under this </font><font style="text-decoration: underline; line-height: inherit;">Section 11.12</font><font style="line-height: inherit;">, notify </font><font style="line-height: inherit;">the indemnifying Party</font> <font style="line-height: inherit;">in writing of the commencement thereof.&#160; The omission of any </font><font style="line-height: inherit;">Indemnified Party </font><font style="line-height: inherit;">to so notify </font><font style="line-height: inherit;">the </font><font style="line-height: inherit;">other Party</font> <font style="line-height: inherit;">of any such action shall not relieve the </font><font style="line-height: inherit;">indemnifying Party</font> <font style="line-height: inherit;">from any liability which it may have to such </font><font style="line-height: inherit;">Indemnified Party</font><font style="line-height: inherit;">, except to the extent that such omission impairs the </font><font style="line-height: inherit;">indemnifying Party</font><font style="line-height: inherit;">&#8217;s ability to defend the action, claim </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">other proceeding.&#160; In case any such action, claim </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">other proceeding shall be brought against any </font><font style="line-height: inherit;">Indemnified Party </font><font style="line-height: inherit;">and it shall notify the </font><font style="line-height: inherit;">indemnifying Party</font> <font style="line-height: inherit;">of the commencement thereof, the </font><font style="line-height: inherit;">indemnifying Party</font> <font style="line-height: inherit;">shall be entitled to assume the defense thereof at its own expense, with counsel satisfactory to such </font><font style="line-height: inherit;">Indemnified Party </font><font style="line-height: inherit;">in its judgment; </font><font style="text-decoration: underline; line-height: inherit;">provided</font><font style="line-height: inherit;"> that any </font><font style="line-height: inherit;">Indemnified Party </font><font style="line-height: inherit;">may, at its own expense, retain separate counsel to participate in such defense.&#160; Notwithstanding the foregoing, in any action, claim </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">proceeding in which the </font><font style="line-height: inherit;">Borrower</font><font style="line-height: inherit;"> or Purchaser</font><font style="line-height: inherit;">, on the one hand, and an </font><font style="line-height: inherit;">Indemnified Party</font><font style="line-height: inherit;">, on the other hand, is, </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">may become, a party, such </font><font style="line-height: inherit;">Indemnified Party </font><font style="line-height: inherit;">shall have the right to employ separate counsel at </font><font style="line-height: inherit;">the </font><font style="line-height: inherit;">other Party</font><font style="line-height: inherit;">&#8217;s expense and to control its own defense of such action, claim </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">proceeding if, in the opinion of counsel to such </font><font style="line-height: inherit;">Indemnified Party</font><font style="line-height: inherit;">, a conflict </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">potential conflict exists between </font><font style="line-height: inherit;">the </font><font style="line-height: inherit;">other Party</font><font style="line-height: inherit;">, on the one hand, and such </font><font style="line-height: inherit;">Indemnified Party</font><font style="line-height: inherit;">, on the other hand, that would make such separate representation advisable. The </font><font style="line-height: inherit;">Borrower</font> <font style="line-height: inherit;">agrees that it will not, without the prior written consent of </font><font style="line-height: inherit;">the </font><font style="line-height: inherit;">other Party</font><font style="line-height: inherit;">, settle, compromise </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">consent to the entry of any judgment in any pending </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">threatened claim, action </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">proceeding relating to the matters contemplated hereby (if any </font><font style="line-height: inherit;">Indemnified Party </font><font style="line-height: inherit;">is a party thereto </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">has been actually threatened in writing to be made a party thereto) unless such settlement, compromise </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">consent includes an unconditional release of the </font><font style="line-height: inherit;">Borrower or the Purchaser on the one hand</font> <font style="line-height: inherit;">and each other</font> <font style="line-height: inherit;">Indemnified Party</font><font style="line-height: inherit;"> on the other hand</font> <font style="line-height: inherit;">from all liability arising </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">that may arise out of such claim, action </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">proceeding. The rights accorded to </font><font style="line-height: inherit;">Indemnified Parties </font><font style="line-height: inherit;">hereunder shall be in addition to any rights that any </font><font style="line-height: inherit;">Indemnified Party </font><font style="line-height: inherit;">may have at common law, by separate </font><font style="line-height: inherit;">agreement </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">otherwise.</font></font></p>
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<div style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs77_255202522933302"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: bold; text-decoration: none; text-transform: none; line-height: inherit;">11.13</font><font style="font-weight: bold; text-decoration: underline; line-height: inherit; margin-left: 22pt;">No Strict Construction</font></font></a><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs77_255202522933302">.</a>&#160; The parties hereto have participated jointly in the negotiation and drafting of this </font><font style="line-height: inherit;">Agreement </font><font style="line-height: inherit;">and the </font><font style="line-height: inherit;">Note</font><font style="line-height: inherit;">.&#160; In the event an ambiguity </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">question of intent </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">interpretation arises under any provision of </font><font style="line-height: inherit;">this </font><font style="line-height: inherit;">Agreement </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">any other Transaction Document</font><font style="line-height: inherit;">, this </font><font style="line-height: inherit;">Agreement </font><font style="line-height: inherit;">and</font> <font style="line-height: inherit;">the</font><font style="line-height: inherit;"> Note</font> <font style="line-height: inherit;">shall be construed as if drafted jointly by the parties thereto, and no presumption </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">burden of proof shall arise favoring </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">disfavoring any party by virtue of the authorship of any of the provisions of </font><font style="line-height: inherit;">this </font><font style="line-height: inherit;">Agreement </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">any other Transaction Document</font><font style="line-height: inherit;">.</font></font></div>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs78_25520252294563"><font style="font-weight: bold; text-decoration: none; text-transform: none; line-height: inherit;">11.14</font><font style="font-weight: bold; text-decoration: underline; line-height: inherit; margin-left: 22pt;">Remedies</font></a><font style="line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bs78_25520252294563">.</a>&#160; </font><font style="line-height: inherit;">In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, </font><font style="line-height: inherit;">each of the Purchaser</font><font style="line-height: inherit;"> and the </font><font style="line-height: inherit;">Borrower</font><font style="line-height: inherit;"> will be entitled to specific performance under the Transaction Documents. The parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the Transaction Documents and hereby agree to waive and not to assert in any </font><font style="line-height: inherit;">a</font><font style="line-height: inherit;">ction for specific performance of any such obligation the defense that a remedy at law would be adequate</font><font style="line-height: inherit;">.</font></font></p>
<div style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none; pointer-events: none;" href="#TOC" name="B1115a_255202595754404"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: bold; text-decoration: none; text-transform: none; line-height: inherit;">11.15</font><font style="font-weight: bold; text-decoration: underline; line-height: inherit; margin-left: 22pt;">Confidential Information</font></font></a><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;"><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none; pointer-events: none;" href="#" name="B1115a_255202595754404">.</a>&#160; </font><font style="line-height: inherit;">The</font> <font style="line-height: inherit;">Purchaser </font><font style="line-height: inherit;">agrees to maintain </font><font style="line-height: inherit;">the confidentiality of information obtained by it pursuant to </font><font style="line-height: inherit;">the</font> <font style="line-height: inherit;">Note </font><font style="line-height: inherit;">and this Agreement</font><font style="line-height: inherit;">, except that such information may be disclosed </font><font style="line-height: inherit;">(i) </font><font style="line-height: inherit;">with the </font><font style="line-height: inherit;">Borrower</font><font style="line-height: inherit;">&#8217;</font><font style="line-height: inherit;">s consent, </font><font style="line-height: inherit;">(ii</font><font style="line-height: inherit;">) </font><font style="line-height: inherit;">to the extent such information presently is </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">hereafter becomes (A) publicly available other than as a result of a breach of this </font><font style="text-decoration: underline; line-height: inherit;">Section </font><font style="text-decoration: underline; line-height: inherit;">11</font><font style="text-decoration: underline; line-height: inherit;">.1</font><font style="text-decoration: underline; line-height: inherit;">4</font> <font style="line-height: inherit;">or </font><font style="line-height: inherit;">(B) available to </font><font style="line-height: inherit;">the</font> <font style="line-height: inherit;">Purchaser </font><font style="line-height: inherit;">from a source (other than </font><font style="line-height: inherit;">the Borrower or </font><font style="line-height: inherit;">any of its Subsidiaries</font><font style="line-height: inherit;">) not known by </font><font style="line-height: inherit;">the</font> <font style="line-height: inherit;">Purchaser </font><font style="line-height: inherit;">to be subject to disclosure restrictions, </font><font style="line-height: inherit;">(iii</font><font style="line-height: inherit;">) </font><font style="line-height: inherit;">to the extent disclosure is required by applicable </font><font style="line-height: inherit;">Requirements of Law </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">other legal process </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">requested </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">demanded by any </font><font style="line-height: inherit;">Governmental Authority</font><font style="line-height: inherit;"> or any insurance industry association,</font><font style="line-height: inherit;"> (iv</font><font style="line-height: inherit;">) </font><font style="line-height: inherit;">to any other party hereto, (v) to any assignee or participant or </font><font style="line-height: inherit;">potential assignee or participant that has agreed to comply with the covenant contained in this </font><font style="text-decoration: underline; line-height: inherit;">Section</font><font style="text-decoration: underline; line-height: inherit;">&#160;</font><font style="text-decoration: underline; line-height: inherit;">11</font><font style="text-decoration: underline; line-height: inherit;">.1</font><font style="text-decoration: underline; line-height: inherit;">4</font><font style="line-height: inherit;">, (v) </font><font style="line-height: inherit;">in connection with the exercise </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">enforcement of any right </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">remedy under </font><font style="line-height: inherit;">the Note or this Agreement</font> <font style="line-height: inherit;">or </font><font style="line-height: inherit;">in connection with any litigation </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">other proceeding to which </font><font style="line-height: inherit;">Purchaser </font><font style="line-height: inherit;">is a party </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">bound, (ix) to any nationally recognized rating agency that requires access to information about a Purchaser</font><font style="line-height: inherit;">&#8217;</font><font style="line-height: inherit;">s investment portfolio in connection with ratings issued with respect to </font><font style="line-height: inherit;">the</font> <font style="line-height: inherit;">Purchaser, or (x) to </font><font style="line-height: inherit;">the</font> <font style="line-height: inherit;">Purchaser</font><font style="line-height: inherit;">&#8217;</font><font style="line-height: inherit;">s independent auditors and other professional advisors as to which such information has been identified as confidential. In the event of any conflict between the terms of this </font><font style="text-decoration: underline; line-height: inherit;">Section </font><font style="text-decoration: underline; line-height: inherit;">11</font><font style="text-decoration: underline; line-height: inherit;">.1</font><font style="text-decoration: underline; line-height: inherit;">4</font> <font style="line-height: inherit;">and those of any other </font><font style="line-height: inherit;">Contractual Obligation </font><font style="line-height: inherit;">entered into with </font><font style="line-height: inherit;">the Borrower or any </font><font style="line-height: inherit;">of its </font><font style="line-height: inherit;">Subsidiar</font><font style="line-height: inherit;">ies</font> <font style="line-height: inherit;">(whether </font><font style="line-height: inherit;">or </font><font style="line-height: inherit;">not </font><font style="line-height: inherit;">the Note or this Agreement or any other agreement</font><font style="line-height: inherit;">), the terms of this </font><font style="text-decoration: underline; line-height: inherit;">Section</font><font style="text-decoration: underline; line-height: inherit;">&#160;</font><font style="text-decoration: underline; line-height: inherit;">11</font><font style="text-decoration: underline; line-height: inherit;">.1</font><font style="text-decoration: underline; line-height: inherit;">4</font> <font style="line-height: inherit;">shall govern</font><font style="line-height: inherit;">.</font></font></div>
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<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">IN WITNESS WHEREOF, the parties hereto have caused this </font><font style="line-height: inherit;">Agreement </font><font style="line-height: inherit;">to be executed and delivered by its respective officers hereunto duly authorized as of the date first written.</font></font></p>
<p style="margin: 0pt 0pt 24pt 216pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: bold; text-decoration: underline; line-height: inherit;">BORROWER</font><font style="font-weight: bold; line-height: inherit;">:</font></font></p>
<p style="margin: 0pt 0pt 24pt 216pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">CLEARONE, INC.</font></p>
<p style="margin: 0pt 0pt 0pt 216pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">By: </font><font style="text-decoration: underline; line-height: inherit;">/s/ Derek L. Graham</font></font></p>
<p style="margin: 0pt 0pt 0pt 198pt; text-indent: 18pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Name: </font><font style="line-height: inherit;">Derek L. Graham</font></font></p>
<p style="margin: 0pt; text-indent: 216pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Its: </font><font style="line-height: inherit;">Chief Executive Officer</font></font></p>
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 24pt 216pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: bold; line-height: inherit;">FIRST FINANCE LTD</font><font style="font-weight: bold; line-height: inherit;">.</font></font></p>
<p style="margin: 0pt 0pt 0pt 216pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">By: </font><font style="text-decoration: underline; line-height: inherit;">/s/ Andrew Hromyk</font></font></p>
<p style="margin: 0pt 0pt 0pt 198pt; text-indent: 18pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Name: </font><font style="line-height: inherit;">Andrew Hromyk</font></font></p>
<p style="margin: 0pt; text-indent: 216pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Its: </font><font style="line-height: inherit;">President </font> </font></p>
<p style="margin: 0pt 0pt 0pt 180pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">[Signature Page to Note Purchase Agreement]</font></p>
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<p style="margin: 0pt 0pt 24pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: bold; line-height: inherit;">EXHIBIT </font><font style="font-weight: bold; line-height: inherit;">A</font></font></p>
<p style="margin: 0pt 0pt 24pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline; text-transform: uppercase; line-height: inherit;">FORM OF NOTE</font></p>
<p style="margin: 0pt 0pt 0pt 180pt; text-align: center; text-indent: -180pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Intentionally omitted.</font></p>
<p style="margin: 0pt 0pt 0pt 180pt; text-align: center; text-indent: -180pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
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<p style="font-size: 11pt; line-height: 200%; margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: bold; text-transform: uppercase; line-height: inherit;">Exhibit </font><font style="font-weight: bold; text-transform: uppercase; line-height: inherit;">B</font></font></p>
<p style="font-size: 11pt; line-height: 200%; margin: 0pt; text-align: center;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: bold; text-decoration: underline; text-transform: uppercase; line-height: inherit;">Form of </font><font style="font-weight: bold; text-decoration: underline; text-transform: uppercase; line-height: inherit;">Certificate of Designation for Class A Preferred Stock</font></font></p>
<p style="font-size: 11pt; line-height: 200%; margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Intentionally Omitted.</font></p>
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<p style="font-size: 11pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: bold; text-transform: uppercase; line-height: inherit;">Exhibit </font><font style="font-weight: bold; text-transform: uppercase; line-height: inherit;">C</font></font></p>
<p style="font-size: 11pt; line-height: 1.2; margin: 0pt; text-align: center;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: bold; text-decoration: underline; text-transform: uppercase; line-height: inherit;">Form of </font><font style="font-weight: bold; text-decoration: underline; text-transform: uppercase; line-height: inherit;">Certificate of Designation for Class B Preferred Stock</font></font></p>
<p style="font-size: 11pt; line-height: 1.2; margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Intentionally Omitted.</font></p>
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<p style="font-size: 11pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: bold; text-transform: uppercase; line-height: inherit;">Exhibit </font><font style="font-weight: bold; text-transform: uppercase; line-height: inherit;">D</font></font></p>
<p style="font-size: 11pt; line-height: 1.2; margin: 0pt; text-align: center;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: bold; text-decoration: underline; text-transform: uppercase; line-height: inherit;">Form of </font><font style="font-weight: bold; text-decoration: underline; text-transform: uppercase; line-height: inherit;">OPINION OF COUNSEL TO BORROWER</font></font></p>
<p style="font-size: 11pt; line-height: 1.2; margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Intentionally Omitted.</font></p>
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<TYPE>EX-10.2
<SEQUENCE>10
<FILENAME>ex102_4.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
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<p style="margin: 0pt; text-align: right; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">EXHIBIT 10.2</font></p>
<p style="margin: 0pt; font-family: 'times new roman'; font-size: 10pt;"><font style="font-family: 'times new roman'; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">NEITHER THIS NOTE NOR THE SECURITIES INTO WHICH THIS NOTE ARE CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &#8220;SECURITIES ACT&#8221;), AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS.&#160; </font></font></p>
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<td style="width: 50%;"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; 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; font-family: 'Times New Roman'; line-height: inherit;">No.&#160;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; 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; font-family: 'Times New Roman'; line-height: inherit;">1</font></font></td>
<td style="width: 50%; text-align: right;"><font style="font-size: 10pt;"><font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; 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; font-family: 'Times New Roman'; line-height: inherit;">$</font><font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; 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; font-family: 'Times New Roman'; line-height: inherit;">3</font><font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; 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; font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; 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; font-family: 'Times New Roman'; line-height: inherit;">0</font><font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; 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; font-family: 'Times New Roman'; line-height: inherit;">00,000.00</font></font></td>




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<p style="margin: 0pt 0pt 12pt; line-height: 1.2; text-align: left;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Date: </font><font style="font-family: 'Times New Roman'; line-height: inherit;">June </font><font style="font-family: 'Times New Roman'; line-height: inherit;">20</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, 20</font><font style="font-family: 'Times New Roman'; line-height: inherit;">25</font></font></p>
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">CLEARONE, INC.</font><br><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">CONVERTIBLE NOTE</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">FOR VALUE RECEIVED, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">CLEARONE, INC.</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, a Delaware</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> corporation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">(the &#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Company</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221;), hereby acknowledges the receipt of an investment from First Finance Ltd. or </font><font style="font-family: 'Times New Roman'; line-height: inherit;">its</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> registered assigns (the &#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Holder</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221;) in the principal amount of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Three</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> Million</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Dollars ($</font><font style="font-family: 'Times New Roman'; line-height: inherit;">3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;">0</font><font style="font-family: 'Times New Roman'; line-height: inherit;">00</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,000.00) (the &#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Investment</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221;), in exchange for debt of the Company which may be converted into </font><font style="font-family: 'Times New Roman'; line-height: inherit;">shares of the Company&#8217;s </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class B Preferred </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Stock, par value $0.001 per share</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">(the &#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Class B</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Preferred Stock</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221;) </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on or before </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Ju</font><font style="font-family: 'Times New Roman'; line-height: inherit;">ly </font><font style="font-family: 'Times New Roman'; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, 2025 (the &#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Maturity Date</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221;), in accordance with the terms of this Convertible Note (the &#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Note</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221;) and the Purchase Agreement (as defined in Section 1 below). The Company shall pay interest to the Holder on the then outstanding principal amount of this Note in accordance with the provisions hereof.</font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">For the avoidance of doubt, this Note supersedes, in its entirety, the previously signed Convertible Note between the Company and Holder, dated as of this date, which mistakenly referred to the Maturity Date as July 18, 2025</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> and was not formally delivered. </font></font></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Interest payable under this Note shall be computed on the basis of a 360-day year and the actual number of days elapsed (including the first day but excluding the last day) during the applicable period. All amounts owed to the Holder under this Note, including the outstanding principal and all accrued and unpaid interest, shall be satisfied through the conversion of such amounts into shares of Class B Preferred Stock in accordance with the terms of this Note, and no cash payments of principal or interest shall be made.</font></p>
<p style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">1.</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 34pt;">Definitions</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.&#160; In addition to the terms defined elsewhere in this Note, (a)</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font><font style="font-family: 'Times New Roman'; line-height: inherit;">capitalized terms that are not otherwise defined herein have the meanings given to such terms in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Note</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> P</font><font style="font-family: 'Times New Roman'; line-height: inherit;">urchase Agreement, dated as of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">June </font><font style="font-family: 'Times New Roman'; line-height: inherit;">20</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, 20</font><font style="font-family: 'Times New Roman'; line-height: inherit;">25</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> (the &#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Purchase Agreement</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221;)</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, among the Company</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, and the Holder</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, and (b) the following terms have the meanings indicated:</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>
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<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Business Day</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221; means any day other than a Saturday, Sunday or other day on which commercial banks in New York or Utah are authorized or required by law or executive order to close.</font></font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Conversion Date</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221; </font><font style="font-family: 'Times New Roman'; line-height: inherit;">means the first Business Day following the date that the Class A Preferred Stock has been issued as a dividend to holders of Common Stock of the Borrower</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Note</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Conversion Price</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221; </font><font style="font-family: 'Times New Roman'; line-height: inherit;">means</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> $1,000 per share of Class B Preferred Stock</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">subject to adjustment from time to time </font><font style="font-family: 'Times New Roman'; line-height: inherit;">pursuant to this Note</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font> </font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Eligible Market</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221; means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: The NASDAQ Global Market, The NASDAQ Global Select Market, The NASDAQ Capital Market, the New York Stock Exchange, NYSE Arca or the NYSE MKT (or any successor to any of the foregoing).</font></font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Interest Rate</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221; means</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> a rate of ten percent (10%) per annum until such time as the Note is converted into </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class B</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Preferred Stock</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></p>
<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"> <font style="font-family: 'Times New Roman'; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Original Issue Date</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221; means </font><font style="font-family: 'Times New Roman'; line-height: inherit;">June </font><font style="font-family: 'Times New Roman'; line-height: inherit;">20</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, 20</font><font style="font-family: 'Times New Roman'; line-height: inherit;">25</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. </font></font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -36pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Trading Day</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221; means (a)</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font><font style="font-family: 'Times New Roman'; line-height: inherit;">any day on which the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Company&#8217;s common stock</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> is listed or quoted and traded on </font><font style="font-family: 'Times New Roman'; line-height: inherit;">an</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> Eligible Market, or (b)</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font><font style="font-family: 'Times New Roman'; line-height: inherit;">if the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Company&#8217;s common stock</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> is not then listed or quoted and traded on any Eligible Market, then any Business Day.&#160; </font></font></p>
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<p style="margin: 0pt 0pt 12pt 36pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Underlying Shares</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221; means the shares of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class B</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Preferred </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Stock issuable (i)</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font><font style="font-family: 'Times New Roman'; line-height: inherit;">upon conversion of th</font><font style="font-family: 'Times New Roman'; line-height: inherit;">is</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> Note</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, (ii)</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font><font style="font-family: 'Times New Roman'; line-height: inherit;">in satisfaction of any other obligation or right of the Company to issue share</font><font style="font-family: 'Times New Roman'; line-height: inherit;">s of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class B </font><font style="font-family: 'Times New Roman'; line-height: inherit;">P</font><font style="font-family: 'Times New Roman'; line-height: inherit;">referred </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Stock pursuant to the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Purchase Agreement</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> and in each case, any securities issued or issuable in exchange for or in respect of such securities.</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font></p>
<p style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">2.</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 34pt;">Principal and Interest</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></p>
<p style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(a) </font><font style="font-family: 'Times New Roman'; line-height: inherit; margin-left: 28pt;">The Company shall accrue interest on the then-outstanding principal amount of this Note at the Interest Rate. Upon conversion of this Note into </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class B </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Preferred Stock in accordance with </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">Section </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, any accrued and unpaid interest with respect to the principal amount of this Note being converted shall automatically convert into additional shares of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class B </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Preferred Stock, at the same </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Note Conversion Price</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> applicable to the principal amount being converted, without any further action required by the Holder.</font> </font></p>
<p style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">3.</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 34pt;">Ranking and Covenants</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></p>
<p style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(a) </font><font style="font-family: 'Times New Roman'; line-height: inherit; margin-left: 28pt;">Except in connection with a redemption of all outstanding shares of the Company&#8217;s Class A Preferred Stock, which shall have a preference with respect to the proceeds of a sale of all or substantially all of the Company&#8217;s assets and operating business, n</font><font style="font-family: 'Times New Roman'; line-height: inherit;">o </font><font style="font-family: 'Times New Roman'; line-height: inherit;">c</font><font style="font-family: 'Times New Roman'; line-height: inherit;">lass or series of capital stock </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or indebtedness</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">of the Company </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or any Subsidiary shall be</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> senior to or on </font><font style="font-family: 'Times New Roman'; line-height: inherit;">a parity with </font><font style="font-family: 'Times New Roman'; line-height: inherit;">this Note</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> in right of paymen</font><font style="font-family: 'Times New Roman'; line-height: inherit;">t, whether with respect to interest, damages or upon liquidation or dissolution or otherwise</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font> </font></p>
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<p style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(b) </font><font style="font-family: 'Times New Roman'; line-height: inherit; margin-left: 28pt;">The covenants set forth in the Purchase Agreement (including </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">Articles</font> <font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">8</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">9</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">of the Purchase Agreement and the affirmative and negative covenants set forth therein) are incorporated by reference herein and are for the benefit of the holders of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">this Note</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.&#160; The covenants set forth in </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">Articles </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">8</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">9</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">of the Purchase Agreement may only be amended or waived by the written consent of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Holder</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></p>
<p style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(c) </font><font style="font-family: 'Times New Roman'; line-height: inherit; margin-left: 28pt;">The Company covenants that it will at all times reserve and keep available out of its authorized but unissued and otherwise unreserved </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class B </font><font style="font-family: 'Times New Roman'; line-height: inherit;">P</font><font style="font-family: 'Times New Roman'; line-height: inherit;">referred</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> Stock, solely for the purpose of enabling it to issue Underlying Shares as required under</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> th</font><font style="font-family: 'Times New Roman'; line-height: inherit;">is</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> Note</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, the number of Underlying Shares which are then issuable and deliverable upon the conversion of (and otherwise in respect of) </font><font style="font-family: 'Times New Roman'; line-height: inherit;">this</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> Note, free from preemptive rights or any other contingent purchase rights of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">any other Person</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.&#160; The Company covenants that all Underlying Shares so issuable and deliverable shall, upon issuance in </font><font style="font-family: 'Times New Roman'; line-height: inherit;">accordance with the terms of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">this</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> Note</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, be duly and validly authorized and issued and fully paid and nonassessable.</font></font></p>
<p style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">4.</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 34pt;">Conversion</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></p>
<p style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(a) </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 28pt;">Automatic Conversion on the </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">Conversion Date</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">.</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">On the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Conversion Date</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, this Note, including the entire outstanding principal amount, shall automatically convert into shares of Class B Preferred Stock, without any further action by the Holder, at a conversion price equal to the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Note Conversion Price</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> then in effect. The number of shares of Class B Preferred Stock issuable upon such conversion shall equal the outstanding principal amount of this Note divided by the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Note Conversion Price</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> on the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Conversion Date</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. No Conversion Notice or Conversion Schedule shall be required for this automatic conversion; provided, however, that the Company shall promptly deliver to the Holder an updated capitalization table reflecting such conversion within five (5) Business Days following the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Conversion Date</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font> </font></p>
<p style="font-weight: normal; margin: 5pt 0pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(b) </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 28pt;">Automatic Conversion of Accrued Interest</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;"> and Accrued Dividends</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. </font><font style="font-family: 'Times New Roman'; line-height: inherit;">On the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Conversion Date</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, any accrued and unpaid interest and any accrued and unpaid dividends on the principal amount of this Note shall automatically convert into additional shares of Class B Preferred Stock. </font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160; </font></font></p>
<p style="font-weight: normal; margin: 0pt 0pt 12pt; page-break-after: avoid; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">5.</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 34pt;">Mechanics of Conversion; Restrictive Legends</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></p>
<p style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(a) </font><font style="font-family: 'Times New Roman'; line-height: inherit; margin-left: 28pt;">Upon conversion of this Note, the Company shall promptly (but in no event later than </font><font style="font-family: 'Times New Roman'; line-height: inherit;">one</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> (</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1</font><font style="font-family: 'Times New Roman'; line-height: inherit;">) Trading Day after the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Conversion Date</font><font style="font-family: 'Times New Roman'; line-height: inherit;">) issue or cause to be issued and cause to be delivered to or upon the written order of the Holder and in such name or names as the Holder may designate a certificate for the Underlying Shares issuable upon such conversion</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> (or the Holder or its designee shall receive a credit for such </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Underlying Shares issuable upon such conversion to its balance account with </font><font style="font-family: 'Times New Roman'; line-height: inherit;">The Depository Trust Company ( the &#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">DTC</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221;)</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> through its Deposit Withdrawal Agent Commission System)</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.&#160; The Holder, or any Person so designated by the Holder to receive Underlying Shares, shall be deemed to have become</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> the</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> holder of record of such Underlying Shares as of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Conversion Date</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.&#160; The Company shall, upon request of the Holder, use its reasonable best efforts to deliver the Underlying Shares hereunder</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> electronically through </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the DTC</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, and to credit the number of shares of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class B </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Preferred </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Stock to which the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Holder shall be entitled to the Holder&#8217;s or its designee&#8217;s balance account with the DTC through its Deposit Withdrawal Agent Commission System.&#160; If the Company is not presently eligible to deliver its </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class B </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Preferred </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Stock electronically through DTC, the Company shall use its best efforts to take all action necessary to become so eligible promptly following the Closing Date. </font></font></p>
<p style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(b) </font><font style="font-family: 'Times New Roman'; line-height: inherit; margin-left: 28pt;">The Holder shall not be required to deliver the original Note in order to effect a conversion hereunder.</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">The Holder shall deliver the original Note to the Company within thirty (30) days after the conversion of the entire Note hereunder, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">provided</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, that the Holder&#8217;s failure to so deliver the original Note shall not affect the validity of such conversion or any of the Company&#8217;s obligations under this Note, and the Company&#8217;s sole remedy for the Holder&#8217;s failure to deliver the original Note shall be to obtain an affidavit of lost note from the Holder.</font></font></p>
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<p style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(c) </font><font style="font-family: 'Times New Roman'; line-height: inherit; margin-left: 28pt;">The Company&#8217;s obligations to issue and deliver Underlying Shares upon conversion of this Note in accordance with the terms and subject to the conditions hereof are absolute and unconditional, irrespective of any action or inaction by the Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery of any judgment against any Person or any action to enforce the same, or any set-off, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder or any other Person of any obligation to the Company or any violation or alleged violation of law by the Holder or any other Person, and irrespective of any other circumstance which might otherwise limit such obligation of the Company to the Holder in connection with the issuance of such Underlying Shares (other than such limitations contemplated by this Note).</font></font></p>
<p style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(d) </font><font style="font-family: 'Times New Roman'; line-height: inherit; margin-left: 28pt;">Each certificate for Underlying Shares shall bear</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> the following</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> restrictive legend</font><font style="font-family: 'Times New Roman'; line-height: inherit;">:</font></font></p>
<p style="font-weight: normal; margin: 0pt 0pt 12pt 36pt; text-align: justify;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &#8220;SECURITIES ACT&#8221;), OR UNDER THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. SUCH SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED, HYPOTHECATED, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS (i) SUCH SECURITIES HAVE BEEN REGISTERED UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> OR (ii) AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE AND, IF REQUESTED BY THE COMPANY, THE HOLDER HAS PROVIDED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS.</font> </font></p>
<p style="font-weight: normal; margin: 0pt 0pt 12pt; page-break-after: avoid; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">6.</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 34pt;">Events of Default</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">At any time or times following the occurrence of an Event of Default, the</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> Holder shall have the rights and remedies set forth in </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">Article </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">10</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">of the Purchase Agreement.&#160; </font> </font></p>
<p style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">7.</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 34pt;">Charges, Taxes and Expenses</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.&#160; Issuance of certificates for Underlying Shares upon conversion of (or otherwise in respect of) this Note shall be made without charge to the Holder for any issue or transfer tax, withholding tax, transfer agent fee</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> or other incidental tax or expense in respect of the issuance of such certificate, all of which taxes and expenses shall be paid by the Company; </font><font style="font-family: 'Times New Roman'; line-height: inherit;">provided</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">however</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, that the Company shall not be required to pay any tax </font><font style="font-family: 'Times New Roman'; line-height: inherit;">which may be payable in respect of any transfer involved in the registration of any certificates for Underlying Shares or Notes in a name other than that of the Holder.&#160; The Holder shall be responsible for all other tax liabilit</font><font style="font-family: 'Times New Roman'; line-height: inherit;">ies</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> that may arise as a result of holding or transferring this Note or receiving Underlying Shares in respect hereof.</font></font></p>
<p style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(a) </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 28pt;">Stock Dividends and Splits</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.&#160; </font><font style="font-family: 'Times New Roman'; line-height: inherit;">If the Company, at any time while this Note is outstanding, (i) pays a stock dividend on its Common Stock or otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock, (ii) subdivides outstanding shares of Common Stock into a larger number of shares, or (iii) combines outstanding shares of Common Stock into a smaller number of shares, then in each such case, the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Note Conversion Price</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock outstanding immediately before such event and of which the denominator shall be the number of shares </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Common Stock outstanding immediately after such event.&#160; Any adjustment made pursuant to clause (i) of this Section 7(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution, and any adjustment pursuant to this Section 7(a) shall become effective immediately after the effective date of such subdivision or combination</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></p>
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<p style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(b) </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 28pt;">Pro Rata Distributions</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.&#160; </font><font style="font-family: 'Times New Roman'; line-height: inherit;">If the Company, at any time while this Note is outstanding, distributes to all holders of Common Stock (i) evidences of its indebtedness, (ii) any security (other than a distribution of Common Stock described in Section 7(a)</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> or a pro rata distribution of Class A Preferred Stock to holders of Common Stock in connection with the post-conversion issuance of such Preferred Stock)</font><font style="font-family: 'Times New Roman'; line-height: inherit;">), (iii) rights or warrants to subscribe for or purchase any security, or (iv) cash or any other asset (in each case, &#8220;Distributed Property&#8221;), then the Company shall deliver to the Holder (on the effective date of such distribution), the Distributed Property that the Holder would have been entitled to receive in respect of the Underlying Shares for which this Note could have been converted immediately prior to the date on which holders of Common Stock became entitled to receive such Distributed Property</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></p>
<p style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(c) </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 28pt;">Fundamental Changes</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.&#160; </font><font style="font-family: 'Times New Roman'; line-height: inherit;">If, at any time while this Note is outstanding, (i) the Company effects any merger or consolidation of the Company with or into another Person, (ii) the Company effects any sale of all or substantially all of its assets in one or more transactions, (iii) any tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to tender or exchange their shares for other securities, cash, or property, (iv) the Company effects any reorganization, reclassification, or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash, or property (other than as a result of a subdivision or combination of shares of Common Stock described in Section 7(a)), or (v) there is a Change of Control (each case in clauses (a) through (b) above, a &#8220;Fundamental Change&#8221;), then upon any subsequent conversion of this Note, the Holder shall have the right to receive (except to the extent previously distributed to the Holder pursuant to Section 7(b)), for each Underlying Share that would have been issuable upon such conversion absent such Fundamental Change), the same kind and amount of securities, cash, or property as it would have been entitled to receive upon the occurrence of such Fundamental Change if it had been, immediately prior to such Fundamental Change, the holder of one (1) share of Common Stock (the &#8220;Alternate Consideration&#8221;).&#160; If holders of Common Stock are given any choice as to the securities, cash, or property to be received in a Fundamental </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Change, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any conversion of this Note following such Fundamental Change.&#160; In the event of a Fundamental Change, the Company or the successor or purchasing Person, as the case may be, shall execute with the Holder a written agreement providing that</font><font style="font-family: 'Times New Roman'; line-height: inherit;">:</font></font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman'; line-height: inherit;">(x) </font><font style="font-family: 'Times New Roman'; line-height: inherit; margin-left: 28pt;">this Note shall thereafter entitle the Holder to </font><font style="font-family: 'Times New Roman'; line-height: inherit;">purchase</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> t</font><font style="font-family: 'Times New Roman'; line-height: inherit;">he Alternate Consideration;</font></font></p>
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<p style="margin: 0pt 0pt 0pt 70pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(y)</font><font style="font-family: 'Times New Roman'; line-height: inherit; margin-left: 28pt;">in the case of any such successor or purchasing Person, upon such consolidation, merger, statutory exchange, combination, sale</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> or conveyance</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> such successor or purchasing Person shall be jointly and severally liable with the Company for the performance of all of the Company&#8217;s obligations under this Note and the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Purchase Agreement</font><font style="font-family: 'Times New Roman'; line-height: inherit;">; and</font> </font></p>
<p style="margin: 0pt 0pt 0pt 30pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;"><br></font></font></p>
<p style="margin: 0pt 0pt 0pt 70pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(z)</font><font style="font-family: 'Times New Roman'; line-height: inherit; margin-left: 28pt;">if registration or qualification is required under the</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> Securities Act of 1933 o</font><font style="font-family: 'Times New Roman'; line-height: inherit;">r applicable state law for the public resale by the Holder of shares of stock and other securities so issuable upon exercise of this Note, such registration or qualification shall be completed prior to such reclassification, change, consolidation, merger, statutory exchange, combination or sale.&#160; </font></font></p>
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<p style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">If, in the case of any Fundamental Change, the Alternate Consideration includes shares of stock, other securities, other property</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> or assets of a Person other than the Company or any such successor or purchasing Person, as the case may be, in such Fundamental Change, then such written agreement shall also be executed by such other Person and shall contain such additional provisions to protect the interests of the Holder as the Board of Directors of the Company shall reasonably consider necessa</font><font style="font-family: 'Times New Roman'; line-height: inherit;">ry by reason of the foregoing.&#160; </font><font style="font-family: 'Times New Roman'; line-height: inherit;">At the Holder&#8217;s request, any successor to the Company or surviving Person in such Fundamental Change shall issue to the Holder a new Note consistent with the foregoing provisions and evidencing the Holder&#8217;s right to convert such Note into Alternate Consideration. The terms of any agreement pursuant to which a Fundamental Change is effected shall include terms requiring any such successor or surviving Person to comply with the provisions of this </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">Section </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">7</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">(c)</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> and ensuring that this Note (or any such replacement security) will be similarly adjusted upon any subsequent transaction analogous to a Fundamental Change. If any Fundamental Change constitutes or results in a Change of Control, then the Company (or any such successor or surviving entity) will purchase each Note</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> (unless such Holder declines to accept such payment in accordance with </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">Section </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">8.9(b) </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of the Purchase Agreement)</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> for a purchase pric</font><font style="font-family: 'Times New Roman'; line-height: inherit;">e, payable in cash</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, equal to the greater of (x) </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the purchase price specified in </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">Section </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">2.1</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">of the Purchase Agreement</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, and (y) the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">product of (i) </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Event Equity Value</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and (ii)</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> the Underlying Shares issuable upon conversion of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> principal amount </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of each Note,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">plus</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">all accrued but unpaid interest on each Note. </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Any repurchase of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">this Note</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> in connection with a Fundamental Change shall be made in the order of</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> priority set forth in </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">Section </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">8.5(b)</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">of the Purchase Agreement (provided, that, any repurchase or repayment that is allocated to the principal amount of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">this Note</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> shall be applied to the principal payments in reverse chronological order).&#160;</font></font></p>
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<p style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(d)</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 28pt;">Calculations</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.&#160; All calculations under this </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">Section </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">7</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">shall be made to the nearest cent or the nearest 1/100th of a share, as applicable.&#160; The number of shares of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class B </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Preferred </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Stock outstanding at any given time shall not include shares owned or held by or for the account </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of the Company, and the disposition of any such shares shall be considered an issue or sale of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class B</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> Preferred Stock</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></p>
<p style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(e)</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 28pt;">Notice of Adjustments</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.&#160; Upon the occurrence of each adjustment pursuant to this </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">Section </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">7</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, the Company</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> at its expense</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> will promptly compute such adjustment in accordance with the terms hereof and prepare and deliver to the Holder a certificate describing in reasonable detail</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> such adjustment and the transactions giving rise thereto, including all facts upon which such adjustment is based.</font></font></p>
<p style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(f)</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 28pt;">Notice of Corporate Events</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.&#160; If the Company (i) declares a dividend or any other distribution of cash, securities</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> or other property in respect of its </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Preferred </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Stock, including without limitation</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> any granting of rights or warrants to subscribe for or purchase any capital stock of the Company or any Subsidiary, (ii) authorizes</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160; approves, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or </font><font style="font-family: 'Times New Roman'; line-height: inherit;">enters into any agreement contemplating or solicit</font><font style="font-family: 'Times New Roman'; line-height: inherit;">ing</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> stockholder approval for a Fundamental Change</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> or (iii) authorizes the voluntary dissolution, liquidation</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> or winding up of the affairs of the Company, then the Company shall deliver to the holders of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">this Note</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> a notice describing the material terms and conditions of such transaction, at least twenty (20) Trading Days prior to the applicable record or effective date on which a Person would need to hold</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Class B</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Preferred </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Stock in order to participate in or vote with respect to such transaction, and the Company will take all steps reasonably necessary in order to ensure that the holders of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">this Note</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> are given the practical opportunity to convert </font><font style="font-family: 'Times New Roman'; line-height: inherit;">this Note</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> prior to such time so as to participate in or vote with respect to such transaction. </font></font></p>
<p style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">8.</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 34pt;">No Fractional Shares</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.&#160; The Company shall not issue or cause to be issued fractional Underlying Shares on conversion of this Note.&#160; If any fraction of an Underlying Share would, except for the provisions of this </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">Section </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">8</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, be issuable upon conversion of this Note, the number of Underlying Shares to be issued will be rounded up to the nearest whole share.</font></font></p>
<p style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">9.</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 34pt;">Notices</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.&#160; Any and all notices or other communications or deliveries hereunder shall be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number specified in this </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">Section</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">&#160;</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">9</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> prior to 5:00 p.m. (New York City time) on a Trading Day, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number specified in this </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">Section </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">9</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> on a day that is not a Trading Day or later than 5:00 p.m. (New York City time) on any Trading Day, (iii) the Trading Day following the date of mailing, if sent by nationally recognized overnight courier service specifying next Business Day delivery, or (iv) upon actual receipt by the party to whom such notice is required to be given, if by hand delivery.&#160; The address and facsimile number of a party for such notices or communications shall be as set forth in the Purchase Agreement, unless changed by such party by two (2) Trading Days&#8217; prior notice to the other party in accordance with this </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">Section </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">9</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></p>
<p style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">10.</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit; margin-left: 34pt;">Miscellaneous</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></p>
<p style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(a)</font><font style="font-family: 'Times New Roman'; line-height: inherit; margin-left: 28pt;">This Note shall be binding on and inure to the benefit of the parties hereto and their respective successors and permitted assigns.&#160; Subject to the restrictions on transfer set forth herein, this Note may be assigned by the Holder.&#160; The Company shall not be permitted to assign this Note absent the prior written consent of the Holder.</font></font></p>
<p style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(b)</font><font style="font-family: 'Times New Roman'; line-height: inherit; margin-left: 28pt;">Except as expressly set forth herein, nothing in this Note shall be construed to give to any Person other than the Company and the Holder any legal or equitable right, remedy</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> or cause under this Note.</font></font></p>
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<p style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(c)</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit; margin-left: 28pt;">THE COMPANY HEREBY WAIVES ITS RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS NOTE OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> AND ALL OTHER CLAIMS.&#160; THE COMPANY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL. </font></font></p>
<p style="font-weight: normal; margin: 5pt 0pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(d)</font><font style="font-family: 'Times New Roman'; line-height: inherit; margin-left: 28pt;">This Note, and the rights and obligations of the parties hereto with respect to all matters arising hereunder or related hereto, shall be governed by, and construed in accordance with the laws of the State of New York, without giving effect to its conflicts of law principles.</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">The Company and, by accepting this Note, the Holder, each irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan, for the adjudication of any claim, dispute, suit, action</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> or proceeding arising out of or relating to this Note, or the transactions contemplated hereby or thereby.</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">The Company and the Holder each hereby irrevocably waives, and agrees not to assert in any such suit, action</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> or proceeding, any claim that (i) it is not personally subject to the jurisdiction of any such court, (ii) such suit, action</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> or proceeding is improper, or (iii) such suit, action</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> or proceeding is an inconvenient forum.</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Each party irrevocably waives personal service of process and consents to service of process being made by registered or certified mail, return receipt requested, or by overnight courier service with evidence of delivery, in each case addressed to the party at its address for notices specified in the Purchase Agreement. Service in such manner shall constitute good and sufficient service of process and notice thereof. Nothing herein shall affect any party&#8217;s right to serve process in any other manner permitted by law.</font> </font></p>
<p style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(e)</font><font style="font-family: 'Times New Roman'; line-height: inherit; margin-left: 28pt;">If action is instituted to collect on this Note, the Company promises to pay all reasonable costs and expenses, including reasonable attorneys</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8217;</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> fees, incurred in connection with such action.&#160; The Company shall pay the reasonable attorneys&#8217; fees incurred by the Holder in connection with any amendment to, or waiver of, this Note. </font></font></p>
<p style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(f)</font><font style="font-family: 'Times New Roman'; line-height: inherit; margin-left: 28pt;">In case any one or more of the provisions of this Note shall be invalid or unenforceable in any respect, the validity and enforceability of the remaining terms and provisions of this Note shall not in any way be affected or impaired thereby and the parties will attempt in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Note.</font></font></p>
<p style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(g)</font><font style="font-family: 'Times New Roman'; line-height: inherit; margin-left: 28pt;">This Note, together with the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Purchase Agreement</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> constitutes the entire agreement of the parties with respect to the subject matter hereof.&#160; No provision of this Note may be waived or amended except in a written instrument signed, in the case of an amendment, by the Company and the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Holder</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> or, in the case of a waiver, by the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Holder</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.&#160; Any waiver executed by the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Holder</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> shall be binding on the Company and all holders of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">this Note</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.&#160; No waiver of any default with respect to any provision, condition</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> or requirement of this Note shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">provision, condition</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> or requirement hereof, nor shall any delay or omission of either party to exercise any right hereunder in any manner impair the exercise of any such right. </font></font></p>
<p style="font-weight: normal; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(h)</font><font style="font-family: 'Times New Roman'; line-height: inherit; margin-left: 28pt;">The Holder shall have no rights as a holder of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Class B</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Preferred </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Stock as a result of being a holder of this Note, except as required by law or rights expressly provided in this Note.</font></font></p>
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<p style="margin: 0pt 0pt 12pt; text-align: center; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK</font><br><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">SIGNATURE PAGE FOLLOWS]</font></p>
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<p style="margin: 0pt 0pt 12pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">IN WITNESS WHEREOF, the Company has caused this Note to be duly executed by a duly authorized officer as of the date first above indicated.</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">CLEARONE, INC.</font></p>





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<p style="margin: 0pt; text-align: justify;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">By</font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">/s/ Derek L. Graham</font></font></p>





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<p style="margin: 0pt; text-align: justify;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Name: </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Derek L. Graham</font></font></p>





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<p style="margin: 0pt; text-align: justify;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Title: </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Chief Executive Officer</font></font></p>





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<p style="margin: 0pt 0pt 12pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Acknowledged and Agreed to by:</font></p>
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<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">By: </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">/s/ Andrew Hromyk</font></font></p>
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Name: </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Andrew Hromyk</font></font></p>
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Its: </font><font style="font-family: 'Times New Roman'; line-height: inherit;">President&#160; </font></font></p>
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<p style="margin: 0pt 0pt 12pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">This Conversion Schedule reflects conversions of the Convertible Note issued by </font><font style="font-family: 'Times New Roman'; line-height: inherit;">CLEARONE, INC.</font></font></p>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.25.2</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>DEI Document<br></strong></div></th>
<th class="th"><div>Jun. 25, 2025</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">Jun. 25,  2025<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_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<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_AmendmentFlag', window );">Amendment Flag</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_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_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<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_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-33660<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_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">87-0398877<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_CityAreaCode', window );">City Area Code</a></td>
<td class="text">801<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_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">975-7200<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_WrittenCommunications', window );">Written Communications</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_SolicitingMaterial', window );">Soliciting Material</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_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</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_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer 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_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_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_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">CLRO<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_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
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<div style="display: none;">
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<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 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 style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</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>
</tr>
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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>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<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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<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>End date of current fiscal year in the format --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_CurrentFiscalYearEndDate</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:gMonthDayItemType</td>
</tr>
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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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<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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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<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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<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_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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<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>dei:submissionTypeItemType</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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<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>
</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_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>
</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_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>
</table>
<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>
</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:centralIndexKeyItemType</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_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>
</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_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>
</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:fileNumberItemType</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_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>
</table>
<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>
</table>
<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>
</div></td></tr>
</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>
</div></td></tr>
</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>
</div></td></tr>
</table>
<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>
</table>
<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>
</table></div>
</div></td></tr>
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