RPD Technologies Americas LLC acquires Abundia Global Impact membership
Summary
RPD Technologies Americas LLC, a Delaware limited liability company, acquired membership interests in Abundia Global Impact Group Inc. from Abundia Financial LLC pursuant to a Membership Interest Purchase Agreement dated April 1, 2026. The transaction includes standard representations, warranties, covenants, and conditions typical for private acquisitions.
What changed
This Membership Interest Purchase Agreement establishes the terms by which RPD Technologies Americas LLC acquires membership interests in Abundia Global Impact Group Inc. from Abundia Financial LLC. The agreement contains representations and warranties regarding organization, capitalization, financial statements, material contracts, intellectual property, data privacy and security, compliance with laws, employee benefits, and taxes. Key closing conditions and covenants include conduct of business prior to closing, governmental approvals, tax matters provisions, and employee benefits policies.
This is a private commercial transaction disclosed as an SEC exhibit; it does not impose new regulatory obligations on market participants. Compliance teams monitoring M&A activity should note this transaction for corporate governance tracking purposes. The agreement is governed by Delaware law and includes standard indemnification, confidentiality, and further assurances provisions.
Archived snapshot
Apr 2, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
EX-10.1 3 ex10-1.htm EX-10.1
Exhibit 10.1
MEMBERSHIP
INTEREST PURCHASE AGREEMENT
among
RPD
TECHNOLOGIES AMERICAS, LLC.,
a
Delaware limited liability company,
ABUNDIA
FINANCIAL, LLC,
a
Delaware limited liability company,
and
ABUNDIA
GLOBAL IMPACT GROUP, INC.,
a
Delaware corporation,
dated
as of
April
1, 2026
| |
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TABLE
OF CONTENTS
| **** | Page |
| ARTICLE
I DEFINITIONS | 1 |
| ARTICLE
II PURCHASE AND SALE | 9 |
| Section
2.01 Purchase and Sale | 9 |
| Section
2.02 Purchase Price | 9 |
| Section
2.03 Transactions to Be Effected at the Closing | 9 |
| Section
2.04 Closing | 10 |
| Section
2.05 Withholding Tax | 10 |
| ARTICLE
III REPRESENTATIONS AND WARRANTIES RELATING TO THE COMPANY | 10 |
| Section
3.01 Organization, Authority and Qualification of the Company | 10 |
| Section
3.02 Enforceability and Authority of the Company | 10 |
| Section
3.03 Capitalization | 11 |
| Section
3.04 No Subsidiaries | 11 |
| Section
3.05 No Conflicts; Consents | 11 |
| Section
3.06 Financial Statements | 12 |
| Section
3.07 Undisclosed Liabilities; Indebtedness | 12 |
| Section
3.08 Absence of Certain Changes, Events and Conditions | 13 |
| Section
3.09 Material Contracts | 15 |
| Section
3.10 Title to Assets; Real Property | 16 |
| Section
3.11 Condition and Sufficiency of Assets | 17 |
| Section
3.12 Intellectual Property; Data Privacy and Security | 18 |
| Section
3.13 Inventory | 20 |
| Section
3.14 Accounts Receivable | 20 |
| Section
3.15 Customers and Suppliers | 21 |
| Section
3.16 Insurance | 21 |
| Section
3.17 Legal Proceedings; Governmental Orders | 22 |
| Section
3.18 Compliance With Laws; Permits | 22 |
| Section
3.19 Environmental Matters | 22 |
| Section
3.20 Employee Benefit Matters | 23 |
| Section
3.21 Employment Matters | 27 |
| Section
3.22 Taxes | 28 |
| Section
3.23 Books and Records | 29 |
| Section
3.24 Full Disclosure | 29 |
| |
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| ARTICLE
IV REPRESENTATIONS AND WARRANTIES OF SELLER | 30 |
| Section
4.01 Organization, Authority and Qualification of Seller | 30 |
| Section
4.02 Enforceability | 30 |
| Section
4.03 No Conflicts; Consents | 30 |
| Section
4.04 Title to Membership Interests | 30 |
| Section
4.05 Legal Proceedings | 31 |
| Section
4.06 Brokers | 31 |
| Section
4.07 Full Disclosure | 31 |
| ARTICLE
V REPRESENTATIONS AND WARRANTIES OF BUYER | 31 |
| Section
5.01 Organization and Authority of Buyer | 31 |
| Section
5.02 No Conflicts; Consents | 31 |
| Section
5.03 Investment Purpose | 32 |
| Section
5.04 Brokers | 32 |
| ARTICLE
VI COVENANTS | 32 |
| Section
6.01 Conduct of Business Prior to the Closing | 32 |
| Section
6.02 Access to Information | 33 |
| Section
6.03 No Solicitation of Other Bids | 33 |
| Section
6.04 Notice of Certain Events | 34 |
| Section
6.05 Resignations | 35 |
| Section
6.06 Confidentiality | 35 |
| Section
6.07 Governmental Approvals and Consents | 35 |
| Section
6.08 Closing Conditions | 37 |
| Section
6.09 Public Announcements | 37 |
| Section
6.10 Further Assurances | 37 |
| Section
6.11 Employee Benefits; Severance Policy | 37 |
| ARTICLE
VII TAX MATTERS | 38 |
| Section
7.01 Tax Covenants | 38 |
| Section
7.02 Termination of Existing Tax Sharing Agreements | 39 |
| Section
7.03 Tax Indemnification | 39 |
| Section
7.04 Straddle Period | 39 |
| Section
7.05 Contests | 40 |
| Section
7.06 Cooperation and Exchange of Information | 40 |
| Section
7.07 Tax Treatment of Indemnification Payments | 40 |
| Section
7.08 Payments to Buyer | 40 |
| Section
7.09 FIRPTA Certificate or Form W-9 | 40 |
| Section
7.10 Survival | 41 |
| Section
7.11 Overlap | 41 |
| ii |
| |
| ARTICLE
VIII CONDITIONS TO CLOSING | 41 |
| Section
8.01 Conditions to Obligations of All Parties | 41 |
| Section
8.02 Conditions to Obligations of Buyer | 41 |
| Section
8.03 Conditions to Obligations of Seller | 42 |
| ARTICLE
IX INDEMNIFICATION | 43 |
| Section
9.01 Survival | 43 |
| Section
9.02 Indemnification By Seller | 44 |
| Section
9.03 Indemnification By Buyer | 45 |
| Section
9.04 Certain Limitations | 45 |
| Section
9.05 Indemnification Procedures | 46 |
| Section
9.06 Payments | 48 |
| Section
9.07 Tax Treatment of Indemnification Payments | 48 |
| Section
9.08 Effect of Investigation | 48 |
| Section
9.09 Exclusive Remedies | 48 |
| ARTICLE
X TERMINATION | 49 |
| Section
10.01 Termination | 49 |
| Section
10.02 Effect of Termination | 50 |
| ARTICLE
XI MISCELLANEOUS | 50 |
| Section
11.01 Expenses | 50 |
| Section
11.02 Notices | 50 |
| Section
11.03 Interpretation | 51 |
| Section
11.04 Headings | 51 |
| Section
11.05 Severability | 51 |
| Section
11.06 Entire Agreement | 51 |
| Section
11.07 Successors and Assigns | 51 |
| Section
11.08 No Third-party Beneficiaries | 51 |
| Section
11.09 Amendment and Modification; Waiver | 51 |
| Section
11.10 Governing Law; Submission to Jurisdiction; Waiver of Jury Trial | 52 |
| Section
11.11 Specific Performance | 52 |
| Section
11.12 Counterparts | 52 |
INDEX
OF EXHIBITS
| Exhibit
A | - | Form
of Security Agreement |
| Exhibit
B | - | Form
of Convertible Note |
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MEMBERSHIP
INTEREST PURCHASE AGREEMENT
This
Membership Interest Purchase Agreement (this “ Agreement ”), dated as of April 1, 2026, is entered into among RPD Technologies
Americas, LLC, a Delaware limited liability company (the “ Company ”), Abundia Financial, LLC, a Delaware limited liability
company (“ Seller ”), and Abundia Global Impact Group, Inc., a Delaware corporation (“ Buyer ”).
RECITALS
WHEREAS,
Seller is the sole member of, and is the record and beneficial owner of all of the Membership Interests of the Company (the “ Membership
Interests ”);
WHEREAS,
Seller wishes to sell to Buyer, and Buyer wishes to purchase from Seller, the Membership Interests, subject to the terms and conditions
set forth herein;
WHEREAS,
the board of directors of Buyer and the Seller have each approved, adopted, and declared advisable this Agreement and the transactions
contemplated hereby, including the Proposed Transaction, upon the terms and subject to the conditions set forth herein;
WHEREAS,
Buyer has obtained an opinion from its financial advisor to the effect that, based upon and subject to the various assumptions made,
procedures followed, matters considered, and qualifications and limitations set forth therein, the transactions contemplated hereby are
fair to the holders of Common Stock from a financial point of view and, as of the date of this Agreement, such opinion has not been withdrawn,
revoked, or modified; and
WHEREAS,
concurrently with the consummation of the Proposed Transaction, Buyer, Seller and the Company shall enter into a security agreement,
substantially in the form of Exhibit A (the “ Security Agreement ”).
NOW,
THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
ARTICLE
I
DEFINITIONS
The
following terms have the meanings specified or referred to in this ARTICLE I:
“ Acquisition
Proposal ” has the meaning set forth in Section 6.03(a).
“ Action ”
means any claim, action, cause of action, demand, lawsuit, arbitration, inquiry, audit, notice of violation, proceeding, litigation,
citation, summons, subpoena or investigation of any nature, civil, criminal, administrative, regulatory or otherwise, whether at law
or in equity.
“ Affiliate ”
of a Person means any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is
under common control with, such Person. The term “control” (including the terms “controlled by” and “under
common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management
and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.
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“ Agreement ”
has the meaning set forth in the preamble.
“ Ancillary
Documents ” means the Security Agreement and the Convertible Note.
“ Asset
Purchase Agreement ” means that certain asset purchase agreement, dated as of April 16, 2025, by and among the Company, RPD
Technologies and Trimm B Jones.
“ Balance
Sheet ” has the meaning set forth in Section 3.06.
“ Balance
Sheet Date ” has the meaning set forth in Section 3.06.
“ Basket ”
has the meaning set forth in Section 9.04(a).
“ Benefit
Plan ” has the meaning set forth in Section 3.20(a).
“ Business
Day ” means any day except Saturday, Sunday or any other day on which commercial banks located in New York, New York are authorized
or required by Law to be closed for business.
“ Buyer ”
has the meaning set forth in the preamble.
“ Buyer
Indemnitees ” has the meaning set forth in Section 9.02.
“ Cap ”
has the meaning set forth in Section 9.04(b).
“ CERCLA ”
means the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended by the Superfund Amendments and Reauthorization
Act of 1986, 42 U.S.C. §§ 9601 et seq.
“ Closing ”
has the meaning set forth in Section 2.04.
“ Closing
Date ” has the meaning set forth in Section 2.04.
“ Code ”
means the Internal Revenue Code of 1986, as amended.
“ Common
Stock ” means Buyer’s common stock, par value $0.001 per share.
“ Company ”
has the meaning set forth in the preamble.
“ Company
Intellectual Property ” means all Intellectual Property that is owned or purported to be owned by the Company.
“ Company
IP Agreements ” means all licenses, sublicenses, consent to use agreements, settlements, coexistence agreements, covenants not
to sue, waivers, releases, permissions and other Contracts, including all modifications, amendments and supplements thereto, whether
written or oral, relating to Intellectual Property to which the Company is a party, beneficiary or otherwise bound.
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“ Company
IP Registrations ” means all Company Intellectual Property that is subject to any issuance, registration or application by or
with any Governmental Authority or authorized private registrar in any jurisdiction, including issued patents, registered trademarks,
domain names and copyrights, and pending applications for any of the foregoing.
“ Company
IT Systems ” means all Software, computer hardware, servers, networks, platforms, peripherals, and similar or related items
of automated, computerized, or other information technology (IT) networks and systems (including telecommunications networks and systems
for voice, data and video) owned, leased, licensed, or used (including through cloud-based or other third-party service providers) by
the Company.
“ Contracts ”
means all contracts, leases, deeds, mortgages, licenses, instruments, notes, commitments, undertakings, indentures, purchase orders,
joint ventures and all other agreements, commitments and legally binding arrangements, whether written or oral.
“ Convertible
Note ” shall mean the secured convertible promissory note, the form of which is attached as Exhibit B hereto.
“ Digital
Assets ” has the meaning set forth in the definition of Intellectual Property.
“ Direct
Claim ” has the meaning set forth in Section 9.05(c).
“ Disclosure
Schedules ” means the Disclosure Schedules delivered by the Company and each Seller concurrently with the execution and delivery
of this Agreement.
“ Dollars ”
or “ $ ” means the lawful currency of the United States.
“ Drop
Dead Date ” has the meaning set forth in Section 10.01(b).
“ Encumbrance ”
means any charge, claim, community property interest, pledge, condition, equitable interest, lien (statutory or other), option, security
interest, mortgage, easement, encroachment, right of way, right of first refusal, or restriction of any kind, including any restriction
on use, voting, transfer, receipt of income or exercise of any other attribute of ownership.
“ Environmental
Claim ” means any Action, Governmental Order, lien, fine, penalty, or, as to each, any settlement or judgment arising therefrom,
by or from any Person alleging liability of whatever kind or nature (including liability or responsibility for the costs of enforcement
proceedings, investigations, cleanup, governmental response, removal or remediation, natural resources damages, property damages, personal
injuries, medical monitoring, penalties, contribution, indemnification and injunctive relief) arising out of, based on or resulting from:
(a) the presence of, Release of, or exposure to, any Hazardous Materials; or (b) any actual or alleged non-compliance with any Environmental
Law or term or condition of any Environmental Permit.
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“ Environmental
Law ” means any applicable Law, and any Governmental Order or binding agreement with any Governmental Authority: (a) relating
to pollution (or the cleanup thereof) or the protection of natural resources, endangered or threatened species, human health or safety,
or the environment (including ambient or indoor air, soil, surface water or groundwater, or subsurface strata); or (b) concerning the
presence of, exposure to, or the management, manufacture, use, containment, storage, recycling, reclamation, reuse, treatment, generation,
discharge, transportation, processing, production, disposal or remediation of any Hazardous Materials. The term “Environmental
Law” includes, without limitation, the following (including their implementing regulations and any state analogs): the Comprehensive
Environmental Response, Compensation, and Liability Act of 1980, as amended by the Superfund Amendments and Reauthorization Act of 1986,
42 U.S.C. §§ 9601 et seq.; the Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act of 1976,
as amended by the Hazardous and Solid Waste Amendments of 1984, 42 U.S.C. §§ 6901 et seq.; the Federal Water Pollution Control
Act of 1972, as amended by the Clean Water Act of 1977, 33 U.S.C. §§ 1251 et seq.; the Toxic Substances Control Act of 1976,
as amended, 15 U.S.C. §§ 2601 et seq.; the Emergency Planning and Community Right-to-Know Act of 1986, 42 U.S.C. §§
11001 et seq.; the Clean Air Act of 1966, as amended by the Clean Air Act Amendments of 1990, 42 U.S.C. §§ 7401 et seq.; the
Federal Insecticide, Fungicide and Rodenticide Act of 1910, as amended, 7 U.S.C. §§ 136 et seq.; the Oil Pollution Act of 1990,
as amended, 33 U.S.C. §§ 2701 et. seq.; and the Occupational Safety and Health Act of 1970, as amended, 29 U.S.C. §§
651 et seq.
“ Environmental
Notice ” means any written directive, notice of violation or infraction, or notice respecting any Environmental Claim relating
to actual or alleged non-compliance with any Environmental Law or any term or condition of any Environmental Permit.
“ Environmental
Permit ” means any Permit, letter, clearance, consent, waiver, closure, exemption, decision or other action required under or
issued, granted, given, authorized by or made pursuant to Environmental Law.
“ Environmental
Professional ” means an individual licensed by a Governmental Authority to act on behalf of such Governmental Authority to oversee
environmental site investigation and remediation.
“ ERISA ”
means the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated thereunder, all as from
time to time in effect, and any successor Laws thereto.
“ ERISA
Affiliate ” means all Persons (whether or not incorporated) that is or has been treated as a single employer with the Company
the Company or any of its Affiliates under Section 414 of the Code or Section 4001 of ERISA, in each case whether or not such Person
is engaged in a trade or business.
“ Financial
Statements ” has the meaning set forth in Section 3.06.
“ FIRPTA
Certificate ” has the meaning set forth in Section 7.09.
“ GAAP ”
means United States generally accepted accounting principles in effect from time to time.
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“ Government
Contracts ” has the meaning set forth in Section 3.09(a)(xv).
“ Governmental
Authority ” means any United States federal, state, local or foreign government or political subdivision thereof, or any agency
or instrumentality of such government or political subdivision, or any self-regulated organization or other non-governmental regulatory
authority or quasi-governmental authority, including Environmental Professionals (to the extent that the rules, regulations or orders
of such organization or authority have the force of Law), or any arbitrator, court or tribunal of competent jurisdiction.
“ Governmental
Order ” means any order, writ, judgment, injunction, decree, stipulation, determination or award entered by or with any Governmental
Authority.
“ Hazardous
Materials ” means: (a) any material, substance, chemical, waste, product, derivative, compound, mixture, solid, liquid, mineral
or gas, in each case, whether naturally occurring or manmade, that is hazardous, acutely hazardous, toxic, or words of similar import
or regulatory effect under Environmental Laws; and (b) any petroleum or petroleum-derived products, radon, radioactive materials or wastes,
asbestos in any form, lead or lead-containing materials, urea formaldehyde foam insulation, and polychlorinated biphenyls and per- and
poly-fluoroalkyl substances (PFAS) and other emerging contaminants.
“ Indebtedness ”
means, without duplication and with respect to the Company, all (a) indebtedness for borrowed money; (b) obligations for the deferred
purchase price of property or services, (c) long or short-term obligations evidenced by notes, bonds, debentures or other similar instruments;
(d) obligations under any interest rate, currency swap or other hedging agreement or arrangement; (e) capital lease obligations; (f)
reimbursement obligations under any letter of credit, banker’s acceptance or similar credit transactions; (g) guarantees made by
the Company on behalf of any third party in respect of obligations of the kind referred to in the foregoing clauses (a) through (f);
and (h) any unpaid interest, prepayment penalties, premiums, costs and fees that would arise or become due as a result of the prepayment
of any of the obligations referred to in the foregoing clauses (a) through (g).
“ Indemnified
Party ” has the meaning set forth in Section 9.05.
“ Indemnifying
Party ” has the meaning set forth in Section 9.05.
“ Independent
Accountant ” means an impartial nationally recognized firm of independent certified public accountants mutually agreed to by
Seller and Buyer.
“ Insurance
Policies ” has the meaning set forth in Section 3.16.
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“ Intellectual
Property ” means any and all rights in, arising out of, or associated with any of the following in any jurisdiction throughout
the world: (a) issued patents and patent applications (whether provisional or non-provisional), including divisionals, continuations,
continuations-in-part, substitutions, reissues, reexaminations, extensions, or restorations of any of the foregoing, and other Governmental
Authority-issued indicia of invention ownership (including certificates of invention, petty patents, and patent utility models); (b)
trademarks, service marks, brands, certification marks, logos, trade dress, trade names, and other similar indicia of source or origin,
together with the goodwill connected with the use of and symbolized by, and all registrations, applications for registration, and renewals
of, any of the foregoing (“ Trademarks ”); (c) copyrights and works of authorship, whether or not copyrightable, and
all registrations, applications for registration, and renewals of any of the foregoing; (d) internet domain names and social media account
or user names (including “handles”), all associated web addresses, URLs, websites and web pages, social media sites and pages,
and all content and data thereon or relating thereto (“ Digital Assets ”); (e) mask works, and all registrations, applications
for registration, and renewals thereof; (f) industrial designs, and all registrations, applications for registration, and renewals thereof;
(g) trade secrets, know-how, inventions (whether or not patentable), discoveries, improvements, technology, business and technical information,
databases, data compilations and collections, tools, methods, processes, techniques, and other confidential and proprietary information
and all rights therein (“ Trade Secrets ”); (h) computer programs, operating systems, applications, firmware, and other
code, including all source code, object code, application programming interfaces, data files, databases, protocols, specifications, and
other documentation thereof (“ Software ”); (i) rights of publicity; and (j) all other intellectual or industrial property
and proprietary rights.
“ Interim
Financial Statements ” has the meaning set forth in Section 3.06.
“ Knowledge
of the Company ” or “ Company’s Knowledge ” or any other similar knowledge qualification means the actual
or constructive knowledge of any manager or officer of the Company, after reasonable inquiry.
“ Law ”
means any statute, law, ordinance, regulation, rule, code, order, constitution, treaty, common law, judgment, decree, other requirement
or rule of law of any Governmental Authority.
“ Liabilities ”
has the meaning set forth in Section 3.07.
“ Licensed
Intellectual Property ” means all Intellectual Property in which the Company holds any rights or interests granted by other
Persons, including any of its Affiliates.
“ Losses ”
means losses, damages, Liabilities, deficiencies, Actions, judgments, interest, awards, penalties, fines, costs or expenses of whatever
kind, including reasonable attorneys’ fees and the cost of enforcing any right to indemnification hereunder and the cost of pursuing
any insurance providers; provided, however, that “Losses” shall not include punitive damages, except to the extent actually
awarded to a Governmental Authority or other third party.
“ Material
Adverse Effect ” means any event, occurrence, fact, condition or change that is, or could reasonably be expected to become,
individually or in the aggregate, materially adverse to (a) the business, results of operations, condition (financial or otherwise) or
assets of the Company, or (b) the ability of Seller or the Company to consummate the Proposed Transaction on a timely basis; provided,
however, that “Material Adverse Effect” shall not include any event, occurrence, fact, condition or change, directly or indirectly,
arising out of or attributable to: (i) general economic or political conditions; (ii) any action required or permitted by this Agreement
or any action taken (or omitted to be taken) with the written consent of or at the written request of Buyer; (iii) any changes in applicable
Laws or accounting rules, including GAAP; (iv) any natural or man-made disasters or acts of God; (v) any epidemics, pandemics, or disease
outbreaks or any worsening thereof; provided further, however, that any event, occurrence, fact, condition or change referred to in clause
(i) above shall be taken into account in determining whether a Material Adverse Effect has occurred or could reasonably be expected to
occur to the extent that such event, occurrence, fact, condition or change has a disproportionate effect on the Company compared to other
participants in the industries in which the Company conducts its businesses.
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“ Material
Contracts ” has the meaning set forth in Section 3.09(a).
“ Material
Customers ” has the meaning set forth in Section 3.15(a).
“ Material
Suppliers ” has the meaning set forth in Section 3.15(b).
“ Membership
Interests ” has the meaning set forth in the recitals.
“ NYSE
American ” has the meaning set forth in Section 8.01(c).
“ Open
Source Software ” means any Software that is (i) distributed as free software or as open source software (e.g., Linux), or (ii)
subject to any licensing or distribution model that includes as a term thereof any requirement for distribution of source code to licensees
or third-parties, patent license requirements on distribution, restrictions on future patent licensing terms, or other abridgement or
restriction of the exercise or enforcement of any Intellectual Property through any means, or (iii) derived from in any manner (in whole
or in part), links to, relies on, is distributed with, incorporates or contains any Software described in (i) or (ii) above.
“ Permits ”
means all permits, licenses, franchises, approvals, authorizations, registrations, certificates, variances and similar rights obtained,
or required to be obtained, from Governmental Authorities, including, without limitation, women owned small business qualifications or
certifications.
“ Permitted
Encumbrances ” has the meaning set forth Section 3.10(a).
“ Person ”
means an individual, corporation, partnership, joint venture, limited liability company, Governmental Authority, unincorporated organization,
trust, association or other entity.
“ Post-Closing
Tax Period ” means any taxable period beginning after the Closing Date and, with respect to any taxable period beginning before
and ending after the Closing Date, the portion of such taxable period beginning after the Closing Date.
“ Pre-Closing
Tax Period ” means any taxable period ending on or before the Closing Date and, with respect to any taxable period beginning
before and ending after the Closing Date, the portion of such taxable period ending on and including the Closing Date.
“ Pre-Closing
Taxes ” has the meaning set forth in Section 7.03.
“ Professional
Employer Organization ” or “ PEO ” means any staffing company, temporary employee agency, professional employer
organization, or similar company or service provider that provides services or acts as co-employer with respect to an employee.
“ Proposed
Transaction ” means the transactions contemplated by this Agreement.
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“ Proprietary
Software ” has the meaning set forth in Section 3.12(a).
“ Purchase
Price ” has the meaning set forth in Section 2.02.
“ Qualified
Benefit Plan ” has the meaning set forth in Section 3.20(c).
“ Real
Property ” means any right, title and interest in and to the real property owned by, or leased or subleased to, the Company,
together with all buildings, structures and facilities, located thereon, and including any improvements and fixtures thereon.
“ Release ”
means any actual or threatened release, spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching,
dumping, abandonment, disposing or allowing to escape or migrate into or through the environment (including, without limitation, ambient
or indoor air, surface water, groundwater, land surface or subsurface strata or within any building, structure, facility or fixture).
“ Representative ”
means, with respect to any Person, any and all directors, managers, officers, employees, consultants, financial advisors, counsel, accountants
and other agents of such Person.
“ RPD
Technologies ” means RPD Technologies, LLC, a Texas limited liability company.
“ Security
Agreement ” has the meaning set forth in the recitals.
“ Seller
Indemnitees ” has the meaning set forth in Section 9.03.
“ Seller ”
has the meaning set forth in the preamble.
“ Single
Employer Plan ” has the meaning set forth in Section 3.20(c).
“ Software ”
has the meaning set forth in the definition of Intellectual Property.
“ Straddle
Period ” has the meaning set forth in Section 7.04.
“ Taxes ”
means all United States federal, state, local, or foreign taxes on income, capital gains, gross receipts, sales, use, production, ad
valorem, transfer, franchise, registration, profits, license, lease, service, service use, withholding, payroll, employment, unemployment,
social security (including FICA), disability, value added, estimated, excise, severance, environmental, stamp, occupation, premium, property
(real or personal), real property gains, windfall profits, customs, duties or other taxes, fees, assessments or charges of any kind whatsoever,
together with any interest, additions or penalties with respect thereto and any interest in respect of such additions or penalties.
“ Tax
Claim ” has the meaning set forth in Section 7.05.
“ Tax
Return ” means any return, form, declaration, report, claim for refund, information return, election, disclosure, estimate or
statement or other document relating to Taxes filed or required to be filed with any Governmental Authority, including any schedule or
attachment thereto, and including any amendment thereof.
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“ Third-Party
Claim ” has the meaning set forth in Section 9.05(a).
“ Trade
Secrets ” has the meaning set forth in the definition of Intellectual Property.
“ Trademarks ”
has the meaning set forth in the definition of Intellectual Property.
“ Union ”
has the meaning set forth in Section 3.21(c).
“ WARN
Act ” means the federal Worker Adjustment and Retraining Notification Act of 1988, and similar state, local and foreign laws
related to plant closings, relocations, mass layoffs and employment losses.
ARTICLE
II
PURCHASE AND SALE
Section
2.01 Purchase and Sale. On the terms and subject to the conditions set forth herein, at the Closing, Seller shall sell to Buyer,
and Buyer shall purchase from Seller, the Membership Interests, free and clear of all Encumbrances, for the consideration specified in Section 2.02.
Section
2.02 Purchase Price. The consideration payable in respect of the sale, assignment and delivery of the Membership Interests shall
consist of $4,040,000 payable in the aggregate in the form of the Convertible Note by Buyer to Seller (the “ Purchase Price ”).
Notwithstanding anything to the contrary herein, Seller shall have the right to offset and set off any amounts owed by Buyer or any of
its Affiliates to Seller or its Affiliates, including any indemnification obligations or other claims arising under this Agreement or
any Ancillary Document, against any amounts payable under the Convertible Note or any Ancillary Document.
Section
2.03 Transactions to Be Effected at the Closing.
(a) At
the Closing, Buyer shall:
(i)
deliver to Seller:
(A)
the Convertible Note; and
(B)
the Ancillary Documents and all other agreements, documents, instruments or certificates required to be delivered by Buyer at or prior
to the Closing pursuant to Section 8.03 of this Agreement.
(b) At
the Closing, Seller shall deliver to Buyer:
(i)
certificates evidencing the Membership Interests, free and clear of all Encumbrances, duly endorsed in blank or accompanied by membership
interest powers or other instruments of transfer duly executed in blank, with all required membership interest transfer tax stamps affixed
thereto; and
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(ii)
The Ancillary Documents, duly executed by Seller, and all other agreements, documents, instruments or certificates required to be delivered
by Seller at or prior to the Closing pursuant to Section 8.02 of this Agreement.
Section
2.04 Closing. Subject to the terms and conditions of this Agreement, the purchase and sale of the Membership Interests contemplated
hereby shall take place at a closing (the “ Closing ”) to be held at 10:00 a.m. Eastern Time, no later than two Business
Days after the last of the conditions to Closing set forth in ARTICLE VIII have been satisfied or waived (other than conditions
which, by their nature, are to be satisfied on the Closing Date), which Closing shall be held remotely by electronic exchange of documents
and signatures, or at such other time or on such other date or at such other place as Seller and Buyer may mutually agree upon in writing
(the day on which the Closing takes place being the “ Closing Date ”).
Section
2.05 Withholding Tax. Buyer and the Company shall be entitled to deduct and withhold from the Purchase Price all Taxes that Buyer
and the Company may be required to deduct and withhold under any provision of Tax Law. All such withheld amounts shall be treated as
delivered to Seller hereunder.
ARTICLE
III
REPRESENTATIONS AND WARRANTIES RELATING TO THE COMPANY
Except
as set forth in the correspondingly numbered Section of the Disclosure Schedules, the Company represents and warrants to Buyer that the
statements contained in this ARTICLE III are true and correct as of the date hereof and as of the Closing.
Section
3.01 Organization, Authority and Qualification of the Company. The Company is a limited liability company duly organized, validly
existing and in good standing under the Laws of the state of Delaware and has full company power and authority to own, operate or lease
the properties and assets now owned, operated or leased by it and to carry on its business as it has been and is currently conducted. Section 3.01 of the Disclosure Schedules sets forth each jurisdiction in which the Company is licensed or qualified to do business,
and the Company is duly licensed or qualified to do business and is in good standing in each jurisdiction in which the properties owned
or leased by it or the operation of its business as currently conducted makes such licensing or qualification necessary. The Company
has full company power and authority to enter into this Agreement and any Ancillary Documents to which the Company is or will be a party,
to carry out its obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby.
Section
3.02 Enforceability and Authority of the Company. The execution and delivery by the Company of this Agreement and any Ancillary Document
to which the Company is or will be a party, the performance by the Company of its obligations hereunder and thereunder, and the consummation
by the Company of the transactions contemplated hereby and thereby have been duly authorized by all requisite company action on the part
of the Company. This Agreement has been duly executed and delivered by the Company, and (assuming due authorization, execution and delivery
by Buyer) this Agreement constitutes a legal, valid and binding obligation of the Company enforceable against the Company in accordance
with its terms. When each Ancillary Document to which the Company is or will be a party has been duly executed and delivered by the Company
(assuming due authorization, execution and delivery by each other party thereto), such Ancillary Document will constitute a legal and
binding obligation of the Company enforceable against it in accordance with its terms.
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Section
3.03 Capitalization.
(a) The
authorized capital of the Company consists of an unlimited number of Membership Interests, of which hundred percent (100%) are owned
by Seller.
(b) No
subscription, warrant, option, convertible or exchangeable security, or other right (contingent or otherwise) to purchase or otherwise
acquire equity securities of the Company is authorized or outstanding, and there is no commitment by the Company to issue membership
interests, subscriptions, warrants, options, convertible or exchangeable securities, or other such rights or to distribute to holders
of any of its equity securities any evidence of indebtedness or asset, to repurchase or redeem any securities of the Company or to grant,
extend, accelerate the vesting of, change the price of, or otherwise amend any warrant, option, convertible or exchangeable security
or other such right. There are no declared or accrued unpaid dividends with respect to any Membership Interests.
(c) All
issued and outstanding Membership Interests are (i) duly authorized and validly issued; (ii) not subject to any preemptive rights created
by statute, the operating agreement, or other organizational documents of the Company, or any agreement to which the Company is a party;
and (iii) free of any Encumbrances created by the Company in respect thereof. All issued and outstanding Membership Interests were issued
in compliance with applicable Law.
(d) No
outstanding Membership Interests are subject to vesting or forfeiture rights or repurchase by the Company. There are no outstanding or
authorized membership interest appreciation, dividend equivalent, phantom stock, profit participation or other similar rights with respect
to the Company or any of its securities.
(e) All
distributions, dividends, repurchases and redemptions of the capital stock (or other equity interests) of the Company were undertaken
in compliance with the operating agreement or other organizational documents of the Company then in effect, any agreement to which the
Company then was a party and in compliance with applicable Law.
Section
3.04 No Subsidiaries.1 The Company does not own or have any capital stock or other equity, ownership or profit-sharing interests
in any other Person, or the right or obligation to acquire any capital stock or other equity, ownership or profit sharing interests in
any other Person.
1 Note
to Draft: Company to confirm.
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Section
3.05 No Conflicts; Consents. The execution, delivery and performance by the Company of this Agreement and the Ancillary Documents
to which it is or will be a party, and the consummation of the transactions contemplated hereby and thereby, do not and will not: (a)
conflict with or result in a violation or breach of, or default under, any provision of the organizational documents of the Company;
(b) conflict with or result in a violation or breach of any provision of any Law or Governmental Order applicable to the Company; (c)
except as set forth in Section 3.05 of the Disclosure Schedules, require the consent, notice or other action by any Person under,
conflict with, result in a violation or breach of, constitute a default or an event that, with or without notice or lapse of time or
both, would constitute a default under, result in the acceleration of or create in any party the right to accelerate, terminate, modify
or cancel any Contract to which the Company is a party or by which the Company is bound or to which any of its properties and assets
are subject (including any Material Contract) or any Permit affecting the properties, assets or business of the Company; or (d) result
in the creation or imposition of any Encumbrance other than Permitted Encumbrances on any properties or assets of the Company. No consent,
approval, Permit, Governmental Order, declaration or filing with, or notice to, any Governmental Authority is required by or with respect
to the Company in connection with the execution and delivery of this Agreement and the Ancillary Documents to which it is or will be
a party and the consummation of the transactions contemplated hereby and thereby.
Section
3.06 Financial Statements. Complete copies of the Company’s unaudited financial statements consisting of the balance sheet
of the Company as at December 31, 2025 and the related statements of income and retained earnings, members’ equity and cash flow
for the years then ended (the “ Financial Statements ”), have been delivered to Buyer. The Financial Statements have
been prepared in accordance with GAAP applied on a consistent basis throughout the period involved, subject, in the case of the Interim
Financial Statements, to normal and recurring year-end adjustments (the effect of which will not be material to the Company) and the
absence of notes (that, if presented, would not differ materially from those presented in the Financial Statements). The Financial Statements
are based on the books and records of the Company, and fairly present the financial condition of the Company as of the respective dates
they were prepared and the results of the operations of the Company for the periods indicated. The balance sheet of the Company as of
December 31, 2025, is referred to herein as the “Balance Sheet” and the date thereof as the “Balance Sheet Date.”
The Company maintains a standard system of accounting established and administered in accordance with GAAP.
Section
3.07 Undisclosed Liabilities; Indebtedness. The Company has no liabilities, obligations or commitments of any nature whatsoever,
asserted or unasserted, known or unknown, absolute or contingent, accrued or unaccrued, matured or unmatured or otherwise (“ Liabilities ”),
except (a) those which are adequately reflected or reserved against in the Balance Sheet as of the Balance Sheet Date, and (b) those
which have been incurred in the ordinary course of business consistent with past practice since the Balance Sheet Date and which are
not, individually or in the aggregate, material in amount. For the avoidance of doubt, the Company was formed on April 16, 2025 and has
conducted no business and incurred no liabilities or obligations prior to that date. All liabilities, obligations, and taxes of RPD Technologies
remain solely with its prior owner and did not transfer to the Company.
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Section
3.08 Absence of Certain Changes, Events and Conditions. Since the Balance Sheet Date, the business of the Company has been conducted
in the ordinary course of business consistent with past practice, and there has not been, with respect to the Company, any:
(a) event,
occurrence or development that has had, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse
Effect;
(b) amendment
of the operating agreement or other organizational documents of the Company;
(c) split,
combination or reclassification of any membership interests of its capital stock;
(d) issuance,
sale or other disposition of any of its capital stock, or grant of any options, warrants or other rights to purchase or obtain (including
upon conversion, exchange or exercise) any of its capital stock;
(e) declaration
or payment of any dividends or distributions on or in respect of any of its capital stock or redemption, purchase or acquisition of its
capital stock;
(f) material
change in any method of accounting or accounting practice of the Company, except as required by GAAP or as disclosed in the notes to
the Financial Statements;
(g) material
change in the Company’s cash management practices and its policies, practices and procedures with respect to collection of accounts
receivable, establishment of reserves for uncollectible accounts, accrual of accounts receivable, inventory control, prepayment of expenses,
payment of trade accounts payable, accrual of other expenses, deferral of revenue and acceptance of customer deposits;
(h) entry
into any Contract that would constitute a Material Contract;
(i) incurrence,
assumption or guarantee of any indebtedness for borrowed money except unsecured current obligations and Liabilities incurred in the ordinary
course of business consistent with past practice;
(j) transfer,
assignment, sale or other disposition of any of the assets shown or reflected in the Balance Sheet or cancellation of any debts or entitlements;
(k) transfer
or assignment of or grant of any license or sublicense under or with respect to any Company Intellectual Property or Company IP Agreements;
(l) abandonment
or lapse of or failure to maintain in full force and effect any Company IP Registration, or failure to take or maintain reasonable measures
to protect the confidentiality of any Trade Secrets included in the Company Intellectual Property;
(m) material
damage, destruction or loss (whether or not covered by insurance) to its property;
(n) capital
investment in, or loan to, any other Person;
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(o) acceleration,
termination, material modification to or cancellation of any material Contract (including, but not limited to, any Material Contract)
to which the Company is a party or by which it is bound;
(p) material
capital expenditures;
(q) imposition
of any Encumbrance (other than Permitted Encumbrances) upon any of the Company properties, capital stock or assets, tangible or intangible;
(r) (i)
grant of any bonuses, whether monetary or otherwise, or increase in any wages, salary, severance, pension or other compensation or benefits
in respect of its current or former employees, officers, managers, independent contractors or consultants, other than as provided for
in any written agreements or required by applicable Law, (ii) change in the terms of employment for any employee or any termination of
any employees for which the aggregate costs and expenses exceed $20,000, or (iii) action to accelerate the vesting or payment of any
compensation or benefit for any current or former employee, officer, manager, independent contractor or consultant;
(s) hiring
or promoting of any person as or to (as the case may be) an officer or hiring or promoting of any employee below officer except to fill
a vacancy in the ordinary course of business;
(t) adoption,
modification or termination of any: (i) employment, severance, retention or other agreement with any current or former employee, officer,
manager, independent contractor or consultant, (ii) Benefit Plan or (iii) collective bargaining or other agreement with a Union, in each
case whether written or oral;
(u) loan
to (or forgiveness of any loan to), or entry into any other transaction with, any of its members or current or former managers, officers
and employees;
(v) entry
into a new line of business or abandonment or discontinuance of existing lines of business;
(w) adoption
of any plan of merger, consolidation, reorganization, liquidation or dissolution or filing of a petition in bankruptcy under any provisions
of federal or state bankruptcy Law or consent to the filing of any bankruptcy petition against it under any similar Law;
(x) purchase,
lease or other acquisition of the right to own, use or lease any property or assets for an amount in excess of $20,000, individually
(in the case of a lease, per annum) or $50,000 in the aggregate (in the case of a lease, for the entire term of the lease, not including
any option term), except for purchases of inventory or supplies in the ordinary course of business consistent with past practice;
(y) acquisition
by merger or consolidation with, or by purchase of a substantial portion of the assets or stock of, or by any other manner, any business
or any Person or any division thereof;
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(z) action
by the Company to make, change or rescind any Tax election, amend any Tax Return or take any position on any Tax Return, take any action,
omit to take any action or enter into any other transaction that would have the effect of increasing the Tax liability or reducing any
Tax asset of Buyer in respect of any Post-Closing Tax Period; or
(aa) Contract
to do any of the foregoing, or any action or omission that would result in any of the foregoing.
Section
3.09 Material Contracts.
(a) Section
3.09(a) of the Disclosure Schedules lists each of the following Contracts of the Company (such Contracts, together with all Contracts
concerning the occupancy, management or operation of any Real Property (including without limitation, brokerage contracts) listed or
otherwise disclosed in Section 3.10(b) of the Disclosure Schedules and all Company IP Agreements set forth in Section 3.12 (b)
of the Disclosure Schedules, being “ Material Contracts ”):
(i)
each Contract of the Company involving aggregate consideration in excess of $50,000 and which, in each case, cannot be cancelled by the
Company without penalty or without more than 90 days’ notice;
(ii)
all Contracts with the Material Customers and the Material Suppliers;
(iii)
all Contracts that require the Company to purchase its total requirements of any product or service from a third party or that contain
“take or pay” provisions;
(iv)
all Contracts that provide for the indemnification by the Company of any Person or the assumption of any Tax, environmental or other
Liability of any Person;
(v)
all Contracts that relate to the acquisition or disposition of any business, a material amount of stock or assets of any other Person
or any real property (whether by merger, sale of stock, sale of assets or otherwise);
(vi)
all broker, distributor, dealer, manufacturer’s representative, franchise, agency, sales promotion, market research, marketing
consulting and advertising Contracts to which the Company is a party;
(vii)
all employment agreements and Contracts with independent contractors or consultants (or similar arrangements) to which the Company is
a party and which are not cancellable without material penalty or without more than 90 days’ notice;
(viii)
except for Contracts relating to trade payables, all Contracts relating to Indebtedness (including, without limitation, guarantees) of
the Company;
(ix)
all Contracts with any Governmental Authority to which the Company is a party (“ Government Contracts ”);
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(x)
all Contracts that limit or purport to limit the ability of the Company to compete in any line of business or with any Person or in any
geographic area or during any period of time;
(xi)
any Contracts to which the Company is a party that provide for any joint venture, partnership or similar arrangement by the Company;
(xii)
all Contracts between or among the Company on the one hand and Seller or any Affiliate of Seller (other than the Company) on the other
hand;
(xiii)
all collective bargaining agreements or Contracts with any Union to which the Company is a party;
(xiv)
all Contracts with any Person that are subcontractors under a Government Contract; and
(xv)
any other Contract that is material to the Company and not previously disclosed pursuant to this Section 3.09.
(b) Each
Material Contract is in full force and effect and is a valid and binding agreement enforceable against the Company and the other party
or parties thereto, in accordance with its terms. None of the Company or, to the Company’s Knowledge, any other party thereto is
in breach of or default under (or is alleged to be in breach of or default under) or has provided or received any notice of any intention
to terminate, any Material Contract. No event or circumstance has occurred that, with notice or lapse of time or both, would constitute
an event of default under any Material Contract or result in a termination thereof or would cause or permit the acceleration or other
changes of any right or obligation or the loss of any benefit thereunder. Complete and correct copies of each Material Contract (including
all modifications, amendments and supplements thereto and waivers thereunder) have been made available to Buyer.
Section
3.10 Title to Assets; Real Property.
(a) The
Company has good and valid (and, in the case of owned Real Property, good and marketable fee simple) title to, or a valid leasehold interest
in, all Real Property and personal property and other assets reflected in the Financial Statements or acquired after the Balance Sheet
Date, other than properties and assets sold or otherwise disposed of in the ordinary course of business consistent with past practice
since the Balance Sheet Date. All such properties and assets (including leasehold interests) are free and clear of Encumbrances except
for the following (collectively referred to as “ Permitted Encumbrances ”):
(i)
liens for Taxes not yet due and payable;
(ii)
mechanics, carriers’, workmen’s, repairmen’s or other like liens arising or incurred in the ordinary course of business
consistent with past practice or amounts that are not delinquent and which are not, individually or in the aggregate, material to the
business of the Company;
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(iii)
easements, rights of way, zoning ordinances and other similar encumbrances affecting Real Property which are not, individually or in
the aggregate, material to the business of the Company; or
(iv)
other than with respect to owned Real Property, liens arising under original purchase price conditional sales contracts and equipment
leases with third parties entered into in the ordinary course of business consistent with past practice which are not, individually or
in the aggregate, material to the business of the Company.
(b) Section
3.10(b) of the Disclosure Schedules lists (i) the street address of each parcel of Real Property; (ii) if such property is leased
or subleased by the Company, the landlord under the lease, the rental amount currently being paid, and the expiration of the term of
such lease or sublease for each leased or subleased property; and (iii) the current use of such property. With respect to owned Real
Property, Seller has delivered or made available to Buyer true, complete and correct copies of the deeds and other instruments (as recorded)
by which the Company acquired such Real Property, and copies of all title insurance policies, opinions, abstracts and surveys in the
possession of Seller or the Company and relating to the Real Property. With respect to leased Real Property, Seller has delivered or
made available to Buyer true, complete and correct copies of any leases affecting the Real Property. The Company is not a sublessor or
grantor under any sublease or other instrument granting to any other Person any right to the possession, lease, occupancy or enjoyment
of any leased Real Property. The use and operation of the Real Property in the conduct of the Company’s business do not violate
in any material respect any Law, covenant, condition, restriction, easement, license, permit or agreement. No material improvements constituting
a part of the Real Property encroach on real property owned or leased by a Person other than the Company. There are no Actions pending
nor, to the Company’s Knowledge, threatened against or affecting the Real Property or any portion thereof or interest therein in
the nature or in lieu of condemnation or eminent domain proceedings.
Section
3.11 Condition and Sufficiency of Assets. The buildings, plants, structures, furniture, fixtures, machinery, equipment, vehicles
and other items of tangible personal property of the Company are structurally sound, are in good operating condition and repair, and
are adequate for the uses to which they are being put, and none of such buildings, plants, structures, furniture, fixtures, machinery,
equipment, vehicles and other items of tangible personal property is in need of maintenance or repairs except for ordinary, routine maintenance
and repairs that are not material in nature or cost. The buildings, plants, structures, furniture, fixtures, machinery, equipment, vehicles
and other items of tangible personal property currently owned or leased by the Company, together with all other properties and assets
of the Company, are sufficient for the continued conduct of the Company’s business after the Closing in substantially the same
manner as conducted prior to the Closing and constitute all of the rights, property and assets necessary to conduct the business of the
Company as currently conducted.
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Section
3.12 Intellectual Property; Data Privacy and Security.
(a) Section
3.12(a) of the Disclosure Schedules contains a correct, current, and complete list of: (i) all Company IP Registrations, specifying
as to each, as applicable: the title, mark, or design; the record owner and inventor(s), if any; the jurisdiction by or in which it has
been issued, registered, or filed; the patent, registration, or application serial number; the issue, registration, or filing date; and
the current status; (ii) all unregistered Trademarks included in the Company Intellectual Property; (iii) all proprietary Software of
the Company (the “ Proprietary Software ”; (iv) all Digital Assets owned or used by the Company in the Company’s
business; and (v) all other Company Intellectual Property used or held for use in, and all other Licensed Intellectual Property that
is material to, the Company’s business as currently conducted and currently proposed to be conducted.
(b) Section
3.12(b) of the Disclosure Schedules contains a correct, current, and complete list of all Company IP Agreements. Seller has provided
Buyer with true and complete copies of all Company IP Agreements. Each Company IP Agreement is valid and binding on the Company in accordance
with its terms and is in full force and effect. Neither the Company nor any other party thereto is, or is alleged to be, in breach of
or default under, or has provided or received any notice of breach of, default under, or intention to terminate (including by non-renewal),
any Company IP Agreement.
(c) The
Company is the sole and exclusive legal and beneficial, and with respect to the Company IP Registrations, record, owner of all right,
title, and interest in and to the Company Intellectual Property, and has the valid and enforceable right to use all other Intellectual
Property used or held for use in or necessary for the conduct of the Company’s business as currently conducted and currently proposed
to be conducted, in each case, free and clear of Encumbrances other than Permitted Encumbrances. Each current and former employee and
independent contractor of the Company has entered into a binding, valid and enforceable written Contract granting to the Company a present,
irrevocable assignment of any ownership interest such employee or independent contractor may have in or to all Intellectual Property
invented, created, or developed by such employee or independent contractor within the scope of his or her employment or engagement with
the Company. All assignments and other instruments necessary to establish, record, and perfect the Company’s ownership interest
in the Company IP Registrations have been validly executed, delivered, and filed with the relevant Governmental Authorities and authorized
registrars. No funding, facilities or personnel of any Governmental Authority, any educational institution or any other Person (other
than the Company, its employees and independent contractors) were used, directly or indirectly, to develop or create, in whole or in
part, any owned Company Intellectual Property.
(d) All
Proprietary Software is free of “viruses,” “worms,” “trojan horses,” “time bombs,” “back
doors” (as these terms are commonly used in the computer software field), and other infections or harmful routines designed to
disrupt, disable, harm, distort or otherwise impede in any manner the legitimate operation of such software, or any other associated
software, firmware, hardware, computer system or network, except for those safety measures which may intentionally be used by the Company
for compliance with license terms. The Company has not disclosed, and is not under an obligation (contingent or otherwise) to disclose
the source code of any Proprietary Software to any other Person. No Open Source Software has been included in, linked to, or used in
the development of any Proprietary Software or other product or service of the Company.
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(e) Neither
the execution, delivery or performance of this Agreement, nor the consummation of the transactions contemplated hereunder, will result
in the loss or impairment of, or require the consent of any other Person in respect of, the Company’s right to own or use any Company
Intellectual Property or Licensed Intellectual Property.
(f) All
of the Company Intellectual Property and Licensed Intellectual Property is valid and enforceable, and all Company IP Registrations are
subsisting and in full force and effect. The Company has taken all necessary steps to maintain and enforce the Company Intellectual Property
and Licensed Intellectual Property and to preserve the confidentiality of all Trade Secrets included in the Company Intellectual Property
and Licensed Intellectual Property, including by requiring all Persons having access thereto to execute binding, written non-disclosure
agreements, and no Person is in material breach or default under such agreement. All required filings and fees related to the Company
IP Registrations have been timely submitted with and paid to the relevant Governmental Authorities and authorized registrars.
(g) The
conduct of the Company’s business as currently and formerly conducted and currently propose to be conducted, including the use
of the Company Intellectual Property and Licensed Intellectual Property in connection therewith, and the products, processes and services
of the Company have not infringed, misappropriated or otherwise violated, and will not infringe, misappropriate or otherwise violate,
the Intellectual Property or other rights of any Person. No Person has infringed, misappropriated or otherwise violated any Company Intellectual
Property or Licensed Intellectual Property.
(h) There
are no Actions (including any opposition, cancellation, revocation, review, or other proceeding), whether settled, pending, or threatened
(including in the form of offers to obtain a license): (i) alleging any infringement, misappropriation, or other violation by the Company
of the Intellectual Property of any Person; (ii) challenging the validity, enforceability, registrability, patentability, or ownership
of any Company Intellectual Property or Licensed Intellectual Property or the Company’s right, title, or interest in or to any
Company Intellectual Property or Licensed Intellectual Property; or (iii) by the Company or by the owner of any Licensed Intellectual
Property alleging any infringement, misappropriation, or other violation by any Person of the Company Intellectual Property or such Licensed
Intellectual Property. The Company is not aware of any facts or circumstances that could reasonably be expected to give rise to any such
Action. The Company is not subject to any outstanding or prospective Governmental Order that does or could reasonably be expected to
restrict or impair the use of any Company Intellectual Property or Licensed Intellectual Property.
(i) The
Company (i) lawfully owns, leases or licenses all Company IT Systems that are used in, or necessary for, the operation of the Company’s
business as currently conducted and currently proposed to be conducted, and such Company IT Systems are sufficient for the immediate
and anticipated needs of the Company, including as to capacity, scalability, and ability to process current and anticipated peak volumes
in a timely manner, and (ii) will continue to have such rights immediately after the Closing. All Company IT Systems are in good working
condition. There has been no malfunction, failure, continued substandard performance, denial-of-service, or other cyber incident, including
any cyberattack, or other impairment of the Company IT Systems. The Company IT Systems do not contain any viruses, bugs, vulnerabilities,
faults or other disabling code that could (a) significantly disrupt or adversely affect the functionality or integrity of the Company
IT Systems, or (b) enable or assist any Person to access, without authorization, the Company IT Systems or to maliciously disable, maliciously
encrypt, or erase any Software, hardware or data. The Company has taken all commercially reasonable steps to safeguard the confidentiality,
availability, security, and integrity of the Company IT Systems, including implementing and maintaining appropriate backup, disaster
recovery, and business continuity plans, procedures and facilities and Software and hardware support arrangements.
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(j) The
Company has complied with all applicable Laws, contractual obligations, terms of use, policies, notices, and statements concerning the
collection, use, processing, storage, transfer, security, data breach notification, or data integrity of personal information in the
conduct of the Company’s business. The Company has not (i) experienced any actual, alleged, or suspected data breach or other security
incident involving personal information in its possession or control or (ii) been subject to or received any notice of any audit, investigation,
complaint, or other Action by any Governmental Authority or other Person concerning the Company’s collection, use, processing,
storage, transfer, or protection of personal information or actual, alleged, or suspected violation of any applicable Law concerning
privacy, data security, or data breach notification, and there are no facts or circumstances that could reasonably be expected to give
rise to any such Action. The Company does not engage in the sale, as defined by applicable Law, of personal information. The Company
has posted a Company privacy policy to its website. No disclosure or representation made or contained in the Company privacy policy has
been in material violation of any Laws applicable to the Company’s processing of personal information (including by containing
any material omission). All personal information used in the operation of the Company’s business shall be owned or available for
use by the Company on identical terms and conditions immediately after the consummation of the transactions contemplated by this Agreement.
Section
3.13 Inventory. All inventory of the Company, whether or not reflected in the Balance Sheet, consists of a quality and quantity usable
and salable in the ordinary course of business consistent with past practice, except for obsolete, damaged, defective or slow-moving
items that have been written off or written down to fair market value or for which adequate reserves have been established. All such
inventory is owned by the Company free and clear of all Encumbrances, and no inventory is held on a consignment basis. The quantities
of each item of inventory (whether raw materials, work-in-process or finished goods) are not excessive, but are reasonable in the present
circumstances of the Company.
Section
3.14 Accounts Receivable. The accounts receivable reflected on the Balance Sheet and the accounts receivable arising after the Balance
Sheet Date (a) have arisen from bona fide transactions entered into by the Company involving the sale of goods or the rendering of services
in the ordinary course of business consistent with past practice; (b) constitute only valid, undisputed claims of the Company not subject
to claims of set-off or other defenses or counterclaims other than normal cash discounts accrued in the ordinary course of business consistent
with past practice; and (c) subject to a reserve for bad debts shown on the Balance Sheet or, with respect to accounts receivable arising
after the Balance Sheet Date, on the accounting records of the Company, are collectible in full within 90 days after billing. The reserve
for bad debts shown on the Balance Sheet or, with respect to accounts receivable arising after the Balance Sheet Date, on the accounting
records of the Company have been determined in accordance with GAAP, consistently applied, subject to normal year-end adjustments and
the absence of disclosures normally made in footnotes.
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Section
3.15 Customers and Suppliers.
(a) Section
3.15(a) of the Disclosure Schedules sets forth (i) a list of the Company’s top 5 customer (measured by revenue) during each
of the two most recent fiscal years and each customer that the Company reasonably expects will be among such list for 2026 (collectively,
the “ Material Customers ”).
(b) Section
3.15(b) of the Disclosure Schedules sets forth (i) a list of the Company’s top 5 suppliers and service providers, including
sales representatives, (measured by the dollar amount paid by the Company) during each of the two most recent fiscal years (collectively,
the “ Material Suppliers ”).
Section
3.16 Insurance. Section 3.16 of the Disclosure Schedules sets forth a true and complete list of all current policies or binders
of fire, liability, product liability, umbrella liability, real and personal property, workers’ compensation, vehicular, managers’
and officers’ liability, fiduciary liability and other casualty and property insurance maintained by the Company and relating to
the assets, business, operations, employees, officers and managers of the Company (collectively, the “ Insurance Policies ”)
and true and complete copies of the Insurance Policies have been made available to Buyer. The Insurance Policies are in full force and
effect and shall remain in full force and effect following the consummation of the transactions contemplated by this Agreement. The Company
has not received any written notice of cancellation of, premium increase with respect to, or alteration of coverage under, any of the
Insurance Policies. All premiums due on the Insurance Policies have either been paid or, if due and payable prior to Closing, will be
paid prior to Closing in accordance with the payment terms of each Insurance Policy. The Insurance Policies do not provide for any retrospective
premium adjustment or other experience-based liability on the part of the Company. All Insurance Policies (a) are valid and binding in
accordance with their terms; (b) are provided by carriers who are financially solvent; and (c) have not been subject to any lapse in
coverage. There are no claims related to the business of the Company pending under any Insurance Policies as to which coverage has been
questioned, denied or disputed or in respect of which there is an outstanding reservation of rights. The Company is not in default under,
and has not otherwise failed to comply with, in any material respect, any provision contained in any Insurance Policy. The Insurance
Policies are of the type and in the amounts customarily carried by Persons conducting a business similar to the Company and are sufficient
for compliance with all applicable Laws and Contracts to which the Company is a party or by which it is bound.
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Section
3.17 Legal Proceedings; Governmental Orders.
(a) There
are no Actions pending or, to the Company’s Knowledge, threatened (a) against or by the Company affecting any of its properties
or assets; or (b) against or by the Company that challenges or seeks to prevent, enjoin or otherwise delay the transactions contemplated
by this Agreement. No event has occurred or circumstances exist that may give rise to, or serve as a basis for, any such Action.
(b) There
are no outstanding Governmental Orders and no unsatisfied judgments, penalties or awards against or affecting the Company or any of its
properties or assets.
Section
3.18 Compliance With Laws; Permits.
(a) To
Company’s Knowledge, the Company has complied, and is now complying, in all material respects with all Laws applicable to it or
its business, properties or assets.
(b) To
Company’s Knowledge, all Permits required for the Company to conduct its business have been obtained by it and are valid and in
full force and effect. All fees and charges with respect to such Permits as of the date hereof have been paid in full. Section 3.18(b) of the Disclosure Schedules lists all current Permits issued to the Company, including the names of the Permits and their respective
dates of issuance and expiration. The Company has complied and is now complying with the terms of all Permits listed on Section 3.18(b) of the Disclosure Schedules. No event has occurred that, with or without notice or lapse of time or both, would reasonably be expected
to result in the revocation, suspension, lapse or limitation of any Permit set forth in Section 3.18(b) of the Disclosure Schedules.
Section
3.19 Environmental Matters.
(a) To
Company’s Knowledge, the Company is currently and has been in compliance with all Environmental Laws and has not received from
any Person any: (i) Environmental Notice or Environmental Claim; or (ii) written request for information pursuant to Environmental Law,
which, in each case, either remains pending or unresolved, or is the source of ongoing obligations or requirements as of the Closing
Date.
(b) The
Company has obtained and is in material compliance with all Environmental Permits (each of which is disclosed in Section 3.19(b) of the Disclosure Schedules) necessary for the ownership, lease, operation or use of the business or assets of the Company and all such
Environmental Permits are in full force and effect and shall be maintained in full force and effect by the Company through the Closing
Date in accordance with Environmental Law, and the Company is not aware of any condition, event or circumstance that might prevent or
impede, after the Closing Date, the ownership, lease, operation or use of the business or assets of the Company as currently carried
out.
(c) No
real property currently or formerly owned, operated or leased by the Company is listed on, or has been proposed for listing on, the National
Priorities List (or CERCLIS) under CERCLA, or any similar state list.
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(d) There
has been no Release of Hazardous Materials in contravention of Environmental Law with respect to the business or assets of the Company
or any real property currently or formerly owned, operated or leased by the Company, and the Company has not received an Environmental
Notice that any real property currently or formerly owned, operated or leased in connection with the business of the Company (including
soils, groundwater, surface water, buildings and other structure located on any such real property) has been contaminated with any Hazardous
Material which could reasonably be expected to result in an Environmental Claim against, or a violation of Environmental Law or term
of any Environmental Permit by, the Company.
(e) The
Company has not retained or assumed, by contract or operation of Law, any liabilities or obligations of third parties under Environmental
Law.
(f) The
Company has provided or otherwise made available to Buyer and listed in Section 3.19(f) of the Disclosure Schedules: (i) any and
all environmental reports, studies, audits, records, sampling data, site assessments, risk assessments, economic models and other similar
documents with respect to the business or assets of the Company or any currently or formerly owned, operated or leased real property
which are in the possession or control of the Company related to compliance with Environmental Laws, Environmental Claims or an Environmental
Notice or the Release of Hazardous Materials; and (ii) any and all material documents concerning planned or anticipated capital expenditures
required to reduce, offset, limit or otherwise control pollution and/or emissions, manage waste or otherwise ensure compliance with current
or future Environmental Laws (including, without limitation, costs of remediation, pollution control equipment and operational changes).
(g) The
Company is not aware of and does not reasonably anticipate, as of the Closing Date, any condition, event or circumstance concerning the
Release or regulation of Hazardous Materials that might, after the Closing Date, prevent, impede or materially increase the costs associated
with the ownership, lease, operation, performance or use of the business or assets of the Company as currently carried out.
Section
3.20 Employee Benefit Matters.
(a) Section
3.20(a) of the Disclosure Schedules contains a true and complete list of each pension, benefit, retirement, compensation, employment,
consulting, profit-sharing, deferred compensation, incentive, bonus, performance award, phantom equity, membership interest or membership
interest-based, change in control, retention, severance, salary continuation, termination allowance, supplemental unemployment benefit,
any compensation policy or practice (including, without limitation, sick and vacation policies or practices), paid time off (PTO), medical,
vision, dental, disability, welfare, Code Section 125 cafeteria, fringe benefit (including, without limitation, company cars), educational
allowance, any arrangement providing for insurance coverage or workers’ compensation and other similar agreement, plan, policy
or practice, program or arrangement (and any amendments thereto), including any plan, program or arrangement provided to employees through
a Professional Employer Organization including any multiple employer plan, in each case whether or not reduced to writing and whether
funded or unfunded, including each “employee benefit plan” within the meaning of Section 3(3) of ERISA, whether or not tax-qualified
and whether or not subject to ERISA, which is or has been maintained, sponsored, contributed to, or required to be contributed to for
the benefit of any current or former employee, officer, manager, retiree, independent contractor or consultant of the Company or as ERISA
Affiliate or any spouse or dependent of such individual, or under which the Company or any of its ERISA Affiliates has or may have any
Liability, or with respect to which Buyer or any of its Affiliates would reasonably be expected to have any Liability, contingent or
otherwise (as listed on Section 3.20(a) of the Disclosure Schedules, each, a “ Benefit Plan ”). The Company has separately
identified in Section 3.20(a) of the Disclosure Schedules each Benefit Plan that contains a change in control provision.
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(b) With
respect to each Benefit Plan, the Company has made available to Buyer accurate and complete copies of each of the following: (i) where
the Benefit Plan has been reduced to writing, the plan document together with all amendments and restatements (including without limitation
complete copies of any plans that may have merged into such plan); (ii) where the Benefit Plan has not been reduced to writing, a written
summary of all material plan terms; (iii) where applicable, copies of any trust agreements or other funding arrangements, custodial agreements,
insurance policies and contracts, administration or service agreements and similar agreements, and investment management or investment
advisory agreements, annuity contracts and documents relating to fees incurred by the sponsor or participants and beneficiaries; (iv)
any service contracts; (v) any documents governing the investment and management of the Benefit Plan, or the assets thereof, including,
without limitation, any investment management agreements, annuity contracts and documents relating to fees incurred by the sponsor or
participants and beneficiaries; (vi) copies of any summary plan descriptions, summaries of material modifications, summaries of benefits
and coverage, COBRA communications, employee handbooks and any other written communications (or a description of any oral communications)
relating to any Benefit Plan; (vii) in the case of any Benefit Plan that is intended to be qualified under Section 401(a) of the Code,
a copy of the most recent determination, opinion or advisory letter from the Internal Revenue Service and any legal opinions issued thereafter
with respect to such Benefit Plan’s continued qualification, with all follow-up correspondence and documentation; (viii) in the
case of any Benefit Plan for which a Form 5500 must be filed, a copy of the two most recently filed Forms 5500, with all corresponding
schedules and financial statements attached; (ix) actuarial valuations and reports related to any Benefit Plans with respect to the two
most recently completed plan years; (x) the most recent nondiscrimination tests performed under the Code; and (xi) copies of material
notices, letters or other correspondence from the Internal Revenue Service, U.S. Department of Labor, U.S. Department of Health and Human
Services, Pension Benefit Guaranty Corporation or other Governmental Authority relating to the Benefit Plan.
(c) Each
Benefit Plan and any related trust has been established, administered and maintained in accordance with its terms and in compliance with
all applicable Laws (including ERISA, the Code and any applicable local Laws), all required returns (including without limitation information
returns) have been prepared in accordance with all applicable Laws and have been timely filed in accordance with applicable Laws with
respect to such Benefit Plan, and neither the Company nor any ERISA Affiliate has received any outstanding written notice from any governmental
or quasi-governmental authority questioning or challenging such compliance.
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(d) Each
Benefit Plan that is intended to be qualified within the meaning of Section 401(a) of the Code (a “ Qualified Benefit Plan ”)
is so qualified and received a favorable and current determination letter from the Internal Revenue Service with respect to the most
recent five year filing cycle, or with respect to a prototype or volume submitter plan, can rely on an opinion letter from the Internal
Revenue Service to the prototype plan or volume submitter plan sponsor, to the effect that such Qualified Benefit Plan is so qualified
and that the plan and the trust related thereto are exempt from federal income taxes under Sections 401(a) and 501(a), respectively,
of the Code, and nothing has occurred that could reasonably be expected to adversely affect the qualified status of any Qualified Benefit
Plan. Nothing has occurred with respect to any Benefit Plan that has subjected or could reasonably be expected to subject the Company
or any of its ERISA Affiliates or, with respect to any period on or after the Closing Date, Buyer or any of its Affiliates, to a penalty
under Section 502 of ERISA or to tax or penalty under Chapter 43 of the Code.
(e) Each
asset held under any Qualified Benefit Plan may be liquidated or terminated without the imposition of any redemption or surrender charge
or comparable liability.
(f) All
benefits, contributions and premiums relating to each Benefit Plan have been timely paid in accordance with the terms of such Benefit
Plan and all applicable Laws and accounting principles, and all benefits accrued under any unfunded Benefit Plan have been paid, accrued
or otherwise adequately reserved to the extent required by, and in accordance with, GAAP. No Qualified Benefit Plan is subject to Title
IV of ERISA or Section 412 of the Code. Neither the Company nor any ERISA Affiliate is or ever has been party to any multiemployer plan,
within the meaning of Section 4001(a)(3) of ERISA, or a “multiple employer plan” within the meaning of Section 413(c) of
the Code or made contributions to any such plan.
(g) Neither
the Company nor any of its ERISA Affiliates has (i) incurred or reasonably expects to incur, either directly or indirectly, any material
Liability under Title I of ERISA or related provisions of the Code (including Section 4975 of the Code) or applicable local Law relating
to employee benefit plans; (ii) incurred or reasonably expects to incur any material liability under Chapter 43 of the Code; or (iii)
participated in a multiple employer welfare arrangement (MEWA).
(h) Neither
the Company nor any Affiliate is or ever has been a party to any multiemployer plan, within the meaning of Section 4001(a)(3) of ERISA,
or made contributions to any such plan.
(i) Neither
the Company nor any Affiliate nor any of their respective directors, managers, officers, employees or any other fiduciary has committed
any breach of fiduciary responsibility imposed by ERISA that would subject the Company or any Affiliate or any of their respective directors,
managers, officers or employees to liability under ERISA.
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(j) Each
Benefit Plan can be amended, terminated or otherwise discontinued after the Closing in accordance with its terms, without material liabilities
to Buyer, the Company or any of their Affiliates other than ordinary administrative expenses typically incurred in a termination event.
The Company has no commitment or obligation and has not made any representations to any employee, officer, manager, independent contractor
or consultant, whether or not legally binding, to adopt, amend, modify or terminate any Benefit Plan or any collective bargaining agreement,
in connection with the consummation of the transactions contemplated by this Agreement or otherwise.
(k) Other
than as required under Sections 601 to 608 of ERISA or other applicable Law, no Benefit Plan provides post-termination or retiree health
benefits to any individual for any reason, and neither the Company nor any of its ERISA Affiliates has any Liability to provide post-termination
or retiree health benefits to any individual or ever represented, promised or contracted to any individual that such individual would
be provided with post-termination or retiree health benefits.
(l) There
is no pending or, to the Company’s Knowledge, threatened Action or claim relating to a Benefit Plan or assets of any Benefit Plan
(other than routine claims for benefits), and no Benefit Plan is or has been the subject of an examination or audit by a Governmental
Authority or the subject of an application or filing under or is a participant in, an amnesty, voluntary compliance, self-correction
or similar program sponsored by any Governmental Authority.
(m) There
has been no amendment to, announcement by Seller, the Company or any of their Affiliates relating to, or change in employee participation
or coverage under, any Benefit Plan or collective bargaining agreement that would increase the annual expense of maintaining such plan
above the level of the expense incurred for the most recently completed fiscal year (other than on a de minimis basis) with respect to
any manager, officer, employee, independent contractor or consultant, as applicable. None of the Company nor any of its Affiliates has
any commitment or obligation or has made any representations to any manager, officer, employee, independent contractor or consultant,
whether or not legally binding, to adopt, amend, modify or terminate any Benefit Plan or any collective bargaining agreement.
(n) Each
Benefit Plan that is subject to Section 409A of the Code has been administered in compliance with its terms and the operational and documentary
requirements of Section 409A of the Code and all applicable regulatory guidance (including notices, rulings and proposed and final regulations)
thereunder. The Company does not have any obligation to gross up, indemnify or otherwise reimburse any individual for any excise taxes,
interest or penalties incurred pursuant to Section 409A of the Code.
(o) Each
individual who is classified by the Company as an independent contractor has been properly classified for purposes of participation and
benefit accrual under each Benefit Plan.
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(p) Neither
the execution of this Agreement nor any of the transactions contemplated by this Agreement will (either alone or upon the occurrence
of any additional or subsequent events): (i) entitle any current or former manager, officer, employee, independent contractor or consultant
of the Company to severance pay or any other payment; (ii) accelerate the time of payment, funding or vesting, or increase the amount
of compensation (including membership interest-based compensation) due to any such individual; (iii) limit or restrict the right of the
Company to merge, amend, or terminate any Benefit Plan; (iv) increase the amount payable under or result in any other material obligation
pursuant to any Benefit Plan; (v) result in “excess parachute payments” within the meaning of Section 280G(b) of the Code;
or (vi) require a “gross-up” or other payment to any “disqualified individual” within the meaning of Section
280G(c) of the Code. The Company has made available to Buyer true and complete copies of any Section 280G calculations prepared (whether
or not final) with respect to any disqualified individual in connection with the transactions.
(q) All
options that have been granted by the Company to employees that purport to be “incentive membership interest options” under
the Code comply with all applicable requirements necessary to qualify for such tax status, and no option is subject to the provisions
of Section 409A of the Code.
Section
3.21 Employment Matters.
(a) To
Company’s Knowledge, the Company is and has been in compliance with all applicable Laws relating to labor, employment, and
employment practices.
(b) Section
3.21(a) of the Disclosure Schedules contains a list of all persons who are employees, independent contractors or consultants of the
Company as of the date hereof, including any employee who is on a leave of absence of any nature, paid or unpaid, authorized or unauthorized,
and sets forth for each such individual the following: (i) name; (ii) title or position (including whether full-time or part-time); (iii)
hire or retention date; (iv) current annual base compensation rate or contract fee; (v) commission, bonus or other incentive-based compensation;
and (vi) a description of the fringe benefits provided to each such individual as of the date hereof. As of the date hereof, all compensation,
including wages, commissions, bonuses, fees and other compensation, payable to all employees, independent contractors or consultants
of the Company for services performed on or prior to the date hereof have been paid in full and there are no outstanding agreements,
understandings or commitments of the Company with respect to any compensation, commissions, bonuses or fees.
(c) The
Company is not, and has not been for the past three years, a party to, bound by, or negotiating any collective bargaining agreement or
other Contract with a union, works council or labor organization (collectively, “ Union ”), and there is not, and has
not been for the past three years, any Union representing or purporting to represent any employee of the Company, and no Union or group
of employees is seeking or has sought to organize employees for the purpose of collective bargaining. There has never been, nor has there
been any threat of, any strike, slowdown, work stoppage, lockout, concerted refusal to work overtime or other similar labor disruption
or dispute affecting the Company or any of its employees. The Company has no duty to bargain with any Union.
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(d) The
Company is and has been in compliance with all applicable Laws pertaining to employment and employment practices, including all Laws
relating to labor relations, equal employment opportunities, fair employment practices, employment discrimination, harassment, retaliation,
reasonable accommodation, disability rights or benefits, immigration, wages, hours, overtime compensation, child labor, hiring, promotion
and termination of employees, working conditions, meal and break periods, privacy, health and safety, workers’ compensation, leaves
of absence, paid sick leave and unemployment insurance. All individuals characterized and treated by the Company as independent contractors
or consultants are properly treated as independent contractors under all applicable Laws. All employees of the Company classified as
exempt under the Fair Labor Standards Act and state and local wage and hour laws are properly classified. There are no Actions against
the Company pending, or to the Company’s Knowledge, threatened to be brought or filed, by or with any Governmental Authority or
arbitrator in connection with the employment of any current or former applicant, employee, consultant, volunteer, intern or independent
contractor of the Company, including, without limitation, any charge, investigation or claim relating to unfair labor practices, equal
employment opportunities, fair employment practices, employment discrimination, harassment, retaliation, reasonable accommodation, disability
rights or benefits, immigration, wages, hours, overtime compensation, employee classification, child labor, hiring, promotion and termination
of employees, working conditions, meal and break periods, privacy, health and safety, workers’ compensation, leaves of absence,
paid sick leave, unemployment insurance or any other employment related matter arising under applicable Laws.
(e) The
Company has complied with the WARN Act, and it has no plans to undertake any action that would trigger the WARN Act.
(f) Regarding
each Government Contract, the Company is and has been in compliance with Executive Order No. 11246 of 1965 (“E.O. 11246”),
as amended, Section 503 of the Rehabilitation Act of 1973 (“Section 503”), the Vietnam Era Veterans’ Readjustment Assistance
Act of 1974 (“VEVRAA”), and Executive Order 13706 (Establishing Paid Sick Leave for Federal Contractors) (“E.O. 13706”),
each including all implementing regulations and applicable guidance. The Company maintains and complies with affirmative action plans
in compliance with E.O. 11246, Section 503 and VEVRAA, including all implementing regulations and amendments. The Company is not, and
has not been for the past three years, the subject of any audit, investigation or enforcement action by any Governmental Authority in
connection with any Government Contract or related compliance with E.O. 11246, Section 503, VEVRAA or E.O. 13706. The Company has not
been debarred, suspended or otherwise made ineligible from doing business with the United States government or any government contractor.
Section
3.22 Taxes.
(a) Since
its formation on April 16, 2025, the Company has not been required to file any Tax Returns and has not incurred any Liability for Taxes.
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(b) The
Company has no outstanding or pending deficiencies, assessments, audits, examinations, or claims by any Governmental Authority, and no
such audits or examinations have been proposed or initiated.
(c) The
Company has not been a party to any Tax-sharing, Tax-allocation, Tax-indemnity, or similar agreement, nor has it assumed any Tax liability
of any other person by contract or otherwise.
(d) The
Company does not have, and has never had, any obligation for Taxes of any other person, including (i) the prior sole proprietorship operating
as “RPD Technologies,” (ii) RPD Technologies, or (iii) any predecessor entity, whether as a successor, transferee, by operation
of Law, or otherwise.
(e) The
Company is not a successor to the prior RPD Technologies sole proprietorship or to RPD Technologies for Tax purposes, and no transaction
contemplated by the Asset Purchase Agreement created or implied any successor or transferee liability for Taxes.
(f) There
are no Liens for Taxes upon any of the assets of the Company other than statutory Liens for current Taxes not yet due and payable
(g) The
Company has withheld and paid each Tax required to have been withheld and paid in connection with amounts paid or owing to any employee,
independent contractor, creditor, customer, member or other party, and complied with all information reporting and backup withholding
provisions of applicable Law.
(h) No
claim has been made by any taxing authority in any jurisdiction where the Company does not file Tax Returns that it is, or may be, subject
to Tax by that jurisdiction.
(i) The
Company is not a party to any Action by any taxing authority. There are no pending or threatened Actions by any taxing authority.
(j) There
are no Encumbrances for Taxes upon the assets of the Company (except where such Encumbrance arises as a matter of law prior to the due
date for paying the related Taxes).
Section
3.23 Books and Records. The operating agreement of the Company, which have been made available to Buyer, is complete and correct
and has been maintained in accordance with sound business practices. At the Closing, all of those books and records will be in the possession
of the Company.
Section
3.24 Full Disclosure. No representation or warranty by Company in this Agreement and no statement contained in the Disclosure Schedules
to this Agreement or any certificate or other document furnished or to be furnished to Buyer pursuant to this Agreement contains any
untrue statement of a material fact, or omits to state a material fact necessary to make such statements not misleading. The Company
is not aware of any fact, condition or circumstance that may adversely affect the assets, liabilities, business, prospects, condition
or results of operations of the Company or its business that has not been previously disclosed to the Buyer in writing. The Company has
not assumed, whether expressly, by operation of law, or otherwise, any liabilities of the prior RPD Technologies sole proprietorship,
and no transactions effected in connection with the Asset Purchase Agreement constitute a de facto merger, mere continuation, or other
successor liability theory under applicable Law.
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ARTICLE
IV
REPRESENTATIONS AND WARRANTIES OF SELLER
Seller
represents and warrants to Buyer that the statements contained in this ARTICLE IV are true and correct as of the date hereof and
as of the Closing.
Section
4.01 Organization, Authority and Qualification of Seller. Seller is a limited liability company duly organized, validly existing
and in good standing under the Laws of the state of Delaware and has full company power and authority to own, operate or lease the properties
and assets now owned, operated or leased by it and to carry on its business as it has been and is currently conducted. Seller has full
company power and authority to enter into this Agreement and any Ancillary Documents to which Seller is or will be a party, to carry
out its obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby.
Section
4.02 Enforceability. This Agreement has been duly executed and delivered by Seller, and (assuming due authorization, execution and
delivery by Buyer) this Agreement constitutes a legal, valid and binding obligation of Seller enforceable against Seller in accordance
with its terms. When each Ancillary Document to which Seller is or will be a party has been duly executed and delivered by Seller (assuming
due authorization, execution and delivery by each other party thereto), such Ancillary Document will constitute a legal and binding obligation
of Seller enforceable against it in accordance with its terms.
Section
4.03 No Conflicts; Consents. The execution, delivery and performance by Seller of this Agreement and the Ancillary Documents to which
it is or will be a party, and the consummation of the transactions contemplated hereby and thereby, do not and will not: (a) conflict
with or result in a violation or breach of any provision of any Law or Governmental Order applicable to Seller; or (b) require the consent,
notice or other action by any Person under, conflict with, result in a violation or breach of, constitute a default or an event that,
with or without notice or lapse of time or both, would constitute a default under, result in the acceleration of or create in any party
the right to accelerate, terminate, modify or cancel any Contract to which Seller is a party or by which Seller is bound or to which
any of Seller’s properties and assets are subject. No consent, approval, Permit, Governmental Order, declaration or filing with,
or notice to, any Governmental Authority is required by or with respect to Seller in connection with the execution and delivery of this
Agreement and the Ancillary Documents to which it is or will be a party and the consummation of the transactions contemplated hereby
and thereby.
Section
4.04 Title to Membership Interests. Seller is the record and beneficial owner of all the issued and outstanding Membership Interests,
free and clear of all Encumbrances. Seller is not a party to any voting trust, proxy or other agreement or understanding with respect
to the voting or transfer of any Membership Interests. Upon consummation of the transactions contemplated by this Agreement, Buyer shall
acquire from Seller good, valid and marketable title to all Membership Interests, free and clear of any Encumbrance.
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Section
4.05 Legal Proceedings. There are no Actions pending or, to Seller’s knowledge, threatened against or by Seller or any Affiliate
of Seller relating to the Company or that challenge or seek to prevent, enjoin or otherwise delay the transactions contemplated by this
Agreement. No event has occurred or circumstances exist that may give rise or serve as a basis for any such Action.
Section
4.06 Brokers. No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission in connection
with the transactions contemplated by this Agreement or any Ancillary Document based upon arrangements made by or on behalf of Seller.
Section
4.07 Full Disclosure. No representation or warranty by Seller in this Agreement or any certificate or other document furnished or
to be furnished to Buyer pursuant to this Agreement contains any untrue statement of a material fact, or omits to state a material fact
necessary to make such statements not misleading. Seller is not aware of any fact, condition or circumstance that may adversely affect
the assets, liabilities, business, prospects, condition or results of operations of the Company or its business that has not been previously
disclosed to the Buyer in writing.
ARTICLE
V
REPRESENTATIONS AND WARRANTIES OF BUYER
Buyer
represents and warrants to Seller that the statements contained in this ARTICLE V are true and correct as of the date hereof and as of
the Closing.
Section
5.01 Organization and Authority of Buyer. Buyer is a corporation duly organized, validly existing and in good standing under Laws
of the state of Delaware. Buyer has full corporate power and authority to enter into this Agreement and the Ancillary Documents to which
Buyer is or will be a party, to carry out its obligations hereunder and thereunder and to consummate the transactions contemplated hereby
and thereby. The execution and delivery by Buyer of this Agreement and any Ancillary Document to which Buyer is or will be a party, the
performance by Buyer of its obligations hereunder and thereunder and the consummation by Buyer of the transactions contemplated hereby
and thereby have been duly authorized by all requisite corporate action on the part of Buyer. This Agreement has been duly executed and
delivered by Buyer, and (assuming due authorization, execution and delivery by Seller) this Agreement constitutes a legal, valid and
binding obligation of Buyer enforceable against Buyer in accordance with its terms. When each Ancillary Document to which Buyer is or
will be a party has been duly executed and delivered by Buyer (assuming due authorization, execution and delivery by each other party
thereto), such Ancillary Document will constitute a legal and binding obligation of Buyer enforceable against it in accordance with its
terms.
Section
5.02 No Conflicts; Consents. The execution, delivery and performance by Buyer of this Agreement and the Ancillary Documents to which
it is or will be a party, and the consummation of the transactions contemplated hereby and thereby, do not and will not: (a) conflict
with or result in a violation or breach of, or default under, any provision of the organizational documents of Buyer; (b) conflict with
or result in a violation or breach of any provision of any Law or Governmental Order applicable to Buyer; or (c) require the consent,
notice or other action by any Person under any Contract to which Buyer is a party. No consent, approval, Permit, Governmental Order,
declaration or filing with, or notice to, any Governmental Authority is required by or with respect to Buyer in connection with the execution
and delivery of this Agreement and the Ancillary Documents to which Buyer is or will be a party and the consummation of the transactions
contemplated hereby and thereby, except for such consents, approvals, Permits, Governmental Orders, declarations, filings or notices
which, in the aggregate, would not have a material adverse effect on the ability of Buyer to consummate the transactions contemplated
hereby on a timely basis.
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Section
5.03 Investment Purpose. Buyer is acquiring the Membership Interests solely for its own account for investment purposes and not with
a view to, or for offer or sale in connection with, any distribution thereof. Buyer acknowledges that the Membership Interests are not
registered under the Securities Act of 1933, as amended, or any state securities laws, and that the Membership Interests may not be transferred
or sold except pursuant to the registration provisions of the Securities Act of 1933, as amended or pursuant to an applicable exemption
therefrom and subject to state securities laws and regulations, as applicable.
Section
5.04 Brokers. No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission in connection
with the transactions contemplated by this Agreement or any Ancillary Document based upon arrangements made by or on behalf of Buyer.
ARTICLE
VI
COVENANTS
Section
6.01 Conduct of Business Prior to the Closing. From the date hereof until the Closing, except as otherwise provided in this Agreement
or consented to in writing by Buyer (which consent shall not be unreasonably withheld, conditioned or delayed), Seller and the Company
agree that the Company shall (x) conduct its business in the ordinary course of business consistent with past practice; and (y) use reasonable
best efforts to maintain and preserve intact the current organization, business and franchise of the Company and to preserve the rights,
franchises, goodwill and relationships of its employees, customers, lenders, suppliers, regulators and others having business relationships
with the Company. Without limiting the foregoing, from the date hereof until the Closing Date, the Company shall:
(a) preserve
and maintain all of its Permits;
(b) pay
its debts, Taxes and other obligations when due;
(c) maintain
the properties and assets owned, operated or used by the Company in the same condition as they were on the date of this Agreement, subject
to reasonable wear and tear;
(d) continue
in full force and effect without modification all Insurance Policies, except as required by applicable Law;
(e) defend
and protect its properties and assets from infringement or usurpation;
(f) perform
all of its obligations under all Contracts relating to or affecting its properties, assets or business;
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(g) maintain
its books and records in accordance with past practice;
(h) comply
in all material respects with all applicable Laws;
(i) not
terminate (other than by expiration) or amend or modify (other than by automatic extension or renewal if deemed an amendment or modification
of any such contract) in any material respect any Contract;
(j) not
enter into any transaction outside the ordinary course of business including any agreement that could result in the payment by the Company
or Buyer of a finder’s fee, success fee or other similar fee in connection with the transactions contemplated in this Agreement;
(k) except
for sales or transfers of the Company’s products in the ordinary course of business, not sell or otherwise transfer, or agree,
commit or offer (in writing or otherwise) to sell or otherwise transfer any interest in its assets or business;
(l) not
enter into any transaction or take any other action that might cause or constitute a material breach of any representation or warranty
made by the Company or Seller in this Agreement if (A) such representation or warranty had been made as of the time of such transaction
or action, (B) such transaction had been entered into, or such action had occurred, on or prior to the date of this Agreement or (C)
such representation or warranty had been made as of the Closing Date; and
(m) not
take or permit any action that would cause any of the changes, events or conditions described in Section 3.08 to occur.
Section
6.02 Access to Information. From the date hereof until the Closing, the Company shall (a) afford Buyer and its Representatives full
and free access to and the right to inspect all of the Real Property, properties, assets, premises, books and records, Contracts and
other documents and data related to the Company; (b) furnish Buyer and its Representatives with such financial, operating and other data
and information related to the Company as Buyer or any of its Representatives may reasonably request; and (c) instruct the Representatives
of the Company to cooperate with Buyer in its investigation of the Company. Any investigation pursuant to this Section 6.02 shall
be conducted in such manner as not to interfere unreasonably with the conduct of the business of the Company. No investigation by Buyer
or other information received by Buyer shall operate as a waiver or otherwise affect any representation, warranty or agreement given
or made by the Company or Seller in this Agreement.
Section
6.03 No Solicitation of Other Bids.
(a) The
Company and Seller shall not, and shall not authorize or permit any of their Affiliates or any of their Representatives to, directly
or indirectly, (i) encourage, solicit, initiate, facilitate or continue inquiries regarding an Acquisition Proposal; (ii) enter into
discussions or negotiations with, or provide any information to, any Person concerning a possible Acquisition Proposal; or (iii) enter
into any agreements or other instruments (whether or not binding) regarding an Acquisition Proposal. The Company and Seller shall immediately
cease and cause to be terminated, and shall cause their Affiliates and all of their Representatives to immediately cease and cause to
be terminated, all existing discussions or negotiations with any Persons conducted heretofore with respect to, or that could lead to,
an Acquisition Proposal. For purposes hereof, “ Acquisition Proposal ” shall mean any inquiry, proposal or offer from
any Person (other than Buyer or any of its Affiliates) concerning (i) a merger, consolidation, liquidation, recapitalization, membership
interests exchange or other business combination transaction involving the Company; (ii) the issuance or acquisition of membership interests
of capital stock or other equity securities of the Company; or (iii) the sale, lease, exchange or other disposition of any significant
portion of the Company’s properties or assets.
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(b) In
addition to the other obligations under this Section 6.03, the Company and Seller shall promptly (and in any event within two
Business Days after receipt thereof by the Company, Seller or any of their Representatives) advise Buyer orally and in writing of any
Acquisition Proposal, any request for information with respect to any Acquisition Proposal, or any inquiry with respect to or which could
reasonably be expected to result in an Acquisition Proposal, the material terms and conditions of such request, Acquisition Proposal
or inquiry, and the identity of the Person making the same.
(c) The
Company and Seller agree that the rights and remedies for noncompliance with this Section 6.03 shall include having such provision
specifically enforced by any court having equity jurisdiction, it being acknowledged and agreed that any such breach or threatened breach
shall cause irreparable injury to Buyer and that money damages would not provide an adequate remedy to Buyer.
Section
6.04 Notice of Certain Events.
(a) From
the date hereof until the Closing, the Company and Seller shall promptly notify Buyer in writing of:
(i)
any fact, circumstance, event or action the existence, occurrence or taking of which (A) has had, or could reasonably be expected to
have, individually or in the aggregate, a Material Adverse Effect, (B) has resulted in, or could reasonably be expected to result in,
any representation or warranty made by the Company or Seller hereunder not being true and correct or (C) has resulted in, or could reasonably
be expected to result in, the failure of any of the conditions set forth in Section 8.02 to be satisfied;
(ii)
any notice or other communication from any Person alleging that the consent of such Person is or may be required in connection with the
transactions contemplated by this Agreement;
(iii)
any notice or other communication from any Governmental Authority in connection with the transactions contemplated by this Agreement;
and
(iv)
any Actions commenced or, to the Company’s Knowledge or Seller’s knowledge, threatened against, relating to or involving
or otherwise affecting Seller or the Company that, if pending on the date of this Agreement, would have been required to have been disclosed
pursuant to Section 3.17 or Section 4.05 or that relates to the consummation of the transactions contemplated by this Agreement.
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(b) Buyer’s
receipt of information pursuant to this Section 6.04 shall not operate as a waiver or otherwise affect any representation, warranty
or agreement given or made by the Company or Seller in this Agreement (including Section 9.02 and Section 10.01) and shall
not be deemed to amend or supplement the Disclosure Schedules.
Section
6.05 Resignations. 2 The Company shall deliver to Buyer written resignations, effective as of the Closing Date, of the
officers and managers of the Company requested by Buyer at least five Business Days prior to the Closing.
Section
6.06 Confidentiality. From and after the Closing, Seller shall, and shall cause any of its Affiliates to, hold, and shall use its
reasonable best efforts to cause its or their respective Representatives to hold, in confidence any and all information, whether written
or oral, concerning the Company, except to the extent that Seller can show that such information (a) is generally available to and known
by the public through no fault of Seller, any of its Affiliates or their respective Representatives; or (b) is lawfully acquired by Seller,
any of its Affiliates or their respective Representatives from and after the Closing from sources which are not prohibited from disclosing
such information by a legal, contractual or fiduciary obligation. If Seller or any of its Affiliates or their respective Representatives
are compelled to disclose any information by judicial or administrative process or by other requirements of Law, Seller shall promptly
notify Buyer in writing and shall disclose only that portion of such information which Seller is advised by its counsel in writing is
legally required to be disclosed, provided that Seller shall use reasonable best efforts to obtain an appropriate protective order
or other reasonable assurance that confidential treatment will be accorded such information.
Section
6.07 Governmental Approvals and Consents.
(a) Each
of Buyer and the Company shall, as promptly as possible, (i) make, or cause or be made, all filings and submissions required under any
Law applicable to such party or any of its Affiliates; and (ii) use reasonable best efforts to obtain, or cause to be obtained, all consents,
authorizations, orders and approvals from all Governmental Authorities that may be or become necessary for its execution and delivery
of this Agreement and the performance of its obligations pursuant to this Agreement and the Ancillary Documents. Each party shall cooperate
fully with the other parties and their Affiliates in promptly seeking to obtain all such consents, authorizations, orders and approvals.
None of the parties shall willfully take any action that will have the effect of delaying, impairing or impeding the receipt of any required
consents, authorizations, orders and approvals.
(b) The
parties hereto shall use reasonable best efforts to give all notices to, and obtain all consents from, all third parties that are described
in Section 3.05 of the Disclosure Schedules.
2 Note to Draft: parties to confirm if needed.
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(c) Without
limiting the generality of the parties’ undertakings pursuant to subsections (a) and (b) above, each of the parties hereto shall
use all reasonable best efforts to:
(i)
respond to any inquiries by any Governmental Authority regarding antitrust or other matters with respect to the transactions contemplated
by this Agreement or any Ancillary Document;
(ii)
avoid the imposition of any order or the taking of any action that would restrain, alter or enjoin the transactions contemplated by this
Agreement or any Ancillary Document; and
(iii)
in the event any Governmental Order adversely affecting the ability of the parties to consummate the transactions contemplated by this
Agreement or any Ancillary Document has been issued, to have such Governmental Order vacated or lifted.
(d) If
any consent, approval or authorization necessary to preserve any right or benefit under any Contract to which the Company is a party
is not obtained prior to the Closing, Seller shall, subsequent to the Closing, cooperate with Buyer and the Company in attempting to
obtain such consent, approval or authorization as promptly thereafter as practicable. If such consent, approval or authorization cannot
be obtained, Seller shall use its reasonable best efforts to provide the Company with the rights and benefits of the affected Contract
for the term thereof, and, if Seller provide such rights and benefits, the Company shall assume all obligations and burdens thereunder.
(e) All
analyses, appearances, meetings, discussions, presentations, memoranda, briefs, filings, arguments, and proposals made by or on behalf
of any party before any Governmental Authority or the staff or regulators of any Governmental Authority, in connection with the transactions
contemplated hereunder (but, for the avoidance of doubt, not including any interactions between Seller or the Company with Governmental
Authorities in the ordinary course of business, any disclosure which is not permitted by Law or any disclosure containing confidential
information) shall be disclosed to the other party hereunder in advance of any filing, submission or attendance, it being the intent
that the parties will consult and cooperate with one another, and consider in good faith the views of one another, in connection with
any such analyses, appearances, meetings, discussions, presentations, memoranda, briefs, filings, arguments, and proposals. Each party
shall give notice to the other parties with respect to any meeting, discussion, appearance or contact with any Governmental Authority
or the staff or regulators of any Governmental Authority, with such notice being sufficient to provide the other parties with the opportunity
to attend and participate in such meeting, discussion, appearance or contact.
(f) Notwithstanding
the foregoing, nothing in this Section 6.07 shall require, or be construed to require, Buyer or any of its Affiliates to agree
to (i) sell, hold, divest, discontinue or limit, before or after the Closing Date, any assets, businesses or interests of Buyer, the
Company or any of their respective Affiliates; (ii) any conditions relating to, or changes or restrictions in, the operations of any
such assets, businesses or interests which adversely impact the economic or business benefits to Buyer of the transactions contemplated
by this Agreement; or (iii) any material modification or waiver of the terms and conditions of this Agreement.
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Section
6.08 Closing Conditions. From the date hereof until the Closing, each party hereto shall use reasonable best efforts to take such
actions as are necessary to expeditiously satisfy the closing conditions set forth in ARTICLE VIII hereof.
Section
6.09 Public Announcements. Prior to the Closing, unless otherwise required by applicable Law or stock exchange requirements, neither
the Company, Seller nor Buyer shall issue a press releases or make any other public statements with respect to the transactions contemplated
hereby without the written consent (which may be via email) of the Company and Buyer; provided, however, that a mutually agreed joint
press release describing the terms of this Agreement shall be released promptly after execution of this Agreement and Buyer shall file
a Current Report on Form 8-K with the U.S. Securities and Exchange Commission, which shall include that press release and this Agreement
as exhibits. After the Closing, unless otherwise required by applicable Law or stock exchange requirements, Seller shall not make any
public announcements in respect of this Agreement, or the transactions contemplated hereby or otherwise communicate with any news media
without the prior written consent of Buyer.
Section
6.10 Further Assurances. Following the Closing, each of the parties hereto shall, and shall cause their respective Affiliates to,
execute and deliver such additional documents, instruments, conveyances and assurances and take such further actions as may be reasonably
required to carry out the provisions hereof and give effect to the transactions contemplated by this Agreement.
Section
6.11 Employee Benefits; Severance Policy.
(a) Provided
that it complies in all material respects with applicable law and the terms of any employment arrangements identified in Section 3.20,
Buyer may, in its sole discretion, substitute employee compensation, benefit and severance programs for those of the Company and any
Affiliate as are comparable with the programs provided from time to time to Buyer’s employees and the employees of Buyer’s
Affiliates. Subject to the preceding sentence, the Buyer shall have no obligation to continue the existence of any Benefit Plan maintained
by the Company or any Affiliate.
(b) At
least one day prior to the Closing Date, the Company and each Affiliate shall take all actions necessary to terminate each Qualified
Benefit Plan. If a Qualified Benefit Plan is terminated in accordance with this Section 6.11(b), benefit accruals, including contributions
of salary reduction contributions, if any, shall cease. The Company and each Affiliate agrees to take no action to merge any of its Qualified
Benefit Plans, transfer the assets of any of its Qualified Benefit Plans, or terminate any of its Qualified Benefit Plans, except as
otherwise provided in this Section 6.11(b) following the execution of this Agreement without the consent of Buyer. Buyer agrees
to see to the liquidation of any such terminated plan as soon as reasonably practicable.
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(c) With
respect to each Company Benefit Plan that is a “group health plan” as defined in Section 5000(b)(1) of the Code, an ERISA
Affiliate of Company shall have sole responsibility on and after the Closing Date for any liability under Section 4980B of the Code with
respect to each person who is an “M & A qualified beneficiary,” as defined in Treas. Reg. § 54.4980B-9 in connection
with the transactions contemplated by this Agreement. In the event that an ERISA Affiliate of Company shall, after the Closing, cease
to maintain all such plans, Company shall obtain the agreement of ERISA Affiliate to promptly notify Buyer.
ARTICLE
VII
TAX MATTERS
Section
7.01 Tax Covenants.
(a) Without
the prior written consent of Buyer, prior to the Closing, the Company, its Representatives and Seller shall not make, change or rescind
any Tax election, amend any Tax Return or take any position on any Tax Return, take any action, omit to take any action or enter into
any other transaction that would have the effect of increasing the Tax liability or reducing any Tax asset of Buyer or the Company in
respect of any Post-Closing Tax Period. Seller agrees that Buyer is to have no liability for any Tax resulting from any action of the
Company, any of its Representatives or Seller. Seller shall indemnify and hold harmless Buyer against any such Tax or reduction of any
Tax asset.
(b) All
transfer, documentary, sales, use, stamp, registration, value added and other such Taxes and fees (including any penalties and interest)
incurred in connection with this Agreement and the Ancillary Documents (including any real property transfer Tax and any other similar
Tax) shall be borne and paid by Seller when due. Seller shall timely file any Tax Return or other document with respect to such Taxes
or fees (and Buyer shall cooperate with respect thereto as necessary).
(c) Buyer
shall prepare, or cause to be prepared, all Tax Returns required to be filed by the Company after the Closing Date with respect to a
Pre-Closing Tax Period. Any such Tax Return shall be prepared in a manner consistent with past practice (unless otherwise required by
Law) and without a change of any election or any accounting method and shall be submitted by Buyer to Seller (together with schedules,
statements and, to the extent requested by Seller, supporting documentation) at least 45 days prior to the due date (including extensions)
of such Tax Return. If Seller objects to any item on any such Tax Return, it shall, within ten days after delivery of such Tax Return,
notify Buyer in writing that it so objects, specifying with particularity any such item and stating the specific factual or legal basis
for any such objection. If a notice of objection shall be duly delivered, Buyer and Seller shall negotiate in good faith and use their
reasonable best efforts to resolve such items. If Buyer and Seller are unable to reach such agreement within ten days after receipt by
Buyer of such notice, the disputed items shall be resolved by the Independent Accountant and any determination by the Independent Accountant
shall be final. The Independent Accountant shall resolve any disputed items within twenty days of having the item referred to it pursuant
to such procedures as it may require. If the Independent Accountant is unable to resolve any disputed items before the due date for such
Tax Return, the Tax Return shall be filed as prepared by Buyer and then amended to reflect the Independent Accountant’s resolution.
The costs, fees and expenses of the Independent Accountant shall be borne equally by Buyer and Seller. The preparation and filing of
any Tax Return of the Company that does not relate to a Pre-Closing Tax Period shall be exclusively within the control of Buyer.
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Section
7.02 Termination of Existing Tax Sharing Agreements. Any and all existing Tax sharing agreements (whether written or not) binding
upon the Company shall be terminated as of the Closing Date. After Closing, neither the Company nor any of its Representatives shall
have any further rights or liabilities thereunder.
Section
7.03 Tax Indemnification. From and after Closing, Seller shall indemnify the Company, Buyer, and each Buyer Indemnitee and hold them
harmless from and against (a) any Loss attributable to any breach of or inaccuracy in any representation or warranty made in Section
3.22; (b) any Loss attributable to any breach or violation of, or failure to fully perform, any covenant, agreement, undertaking
or obligation in ARTICLE VII; (c) all Taxes of the Company or relating to the business of the Company for all Pre-Closing Tax
Periods (“ Pre-Closing Taxes ”); (d) all Taxes of any member of an affiliated, consolidated, combined or unitary group
of which the Company (or any predecessor of the Company) is or was a member on or prior to the Closing Date by reason of a liability
under Treasury Regulation Section 1.1502-6 or any comparable provisions of foreign, state or local Law; and (e) any and all Taxes of
any person imposed on the Company arising under the principles of transferee or successor liability or by contract, relating to an event
or transaction occurring before the Closing Date. In each of the above cases, together with any out-of-pocket fees and expenses (including
attorneys’ and accountants’ fees) incurred in connection therewith, Seller shall pay Buyer for any Taxes of the Company that
are the responsibility of Seller pursuant to this Section 7.03 upon a determination that a Tax is payable or on written demand,
whichever is later.
Section
7.04 Straddle Period. In the case of Taxes that are payable with respect to a taxable period that begins before and ends after the
Closing Date (each such period, a “ Straddle Period ”), the portion of any such Taxes that are treated as Pre-Closing
Taxes for purposes of this Agreement shall be:
(a) in
the case of Taxes (i) based upon, or related to, income, receipts, profits, wages, capital or net worth, (ii) imposed in connection with
the sale, transfer or assignment of property, or (iii) required to be withheld, deemed equal to the amount which would be payable if
the taxable year ended with the Closing Date; and
(b) in
the case of other Taxes, deemed to be the amount of such Taxes for the entire period multiplied by a fraction the numerator of which
is the number of days in the period ending on the Closing Date and the denominator of which is the number of days in the entire period.
The
remainder of the Taxes for the Straddle Period shall be allocated to the Post-Closing Tax Period.
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Section
7.05 Contests. Buyer agrees to give written notice to Seller of the receipt of any written notice by the Company, Buyer or any of
Buyer’s Affiliates which involves the assertion of any claim, or the commencement of any Action, in respect of which an indemnity
may be sought by Buyer pursuant to this ARTICLE VII (a “ Tax Claim ”); provided, that failure to comply
with this provision shall not affect Buyer’s right to indemnification hereunder. Buyer shall control the contest or resolution
of any Tax Claim; provided, however, that Buyer shall obtain the prior written consent of Seller (which consent shall not be unreasonably
withheld, conditioned or delayed) before entering into any settlement of a claim or ceasing to defend such claim; and, provided further, that Seller shall be entitled to participate in the defense of such claim and to employ counsel of its choice for such purpose, the fees
and expenses of which separate counsel shall be borne solely by Seller. Notwithstanding anything to in this Agreement to the contrary,
in the case of a Tax Claim, an election under Section 6226(a) of the Code (and any analogous or similar election under state or local
Law) shall be made when available, except to the extent Buyer and Seller agree in writing for any such election not to be made, and each
party hereto shall take all actions necessary to effectuate such an election.
Section
7.06 Cooperation and Exchange of Information. Seller, the Company and Buyer shall provide each other with such cooperation and information
as any of them reasonably may request of the other in filing any Tax Return pursuant to this ARTICLE VII or in connection with
any audit or other proceeding in respect of Taxes of the Company. Such cooperation and information shall include providing copies of
relevant Tax Returns or portions thereof, together with accompanying schedules, related work papers and documents relating to rulings
or other determinations by tax authorities. Each of Seller, the Company and Buyer shall retain all Tax Returns, schedules and work papers,
records and other documents in its possession relating to Tax matters of the Company for any taxable period beginning before the Closing
Date until the expiration of the statute of limitations of the taxable periods to which such Tax Returns and other documents relate,
without regard to extensions except to the extent notified by the other party in writing of such extensions for the respective Tax periods.
Prior to transferring, destroying or discarding any Tax Returns, schedules and work papers, records and other documents in its possession
relating to Tax matters of the Company for any taxable period beginning before the Closing Date, Seller, the Company or Buyer (as the
case may be) shall provide the other party with reasonable written notice and offer the other party the opportunity to take custody of
such materials.
Section
7.07 Tax Treatment of Indemnification Payments. Any indemnification payments pursuant to this ARTICLE VII shall be treated
as an adjustment to the Purchase Price by the parties for Tax purposes, unless otherwise required by Law.
Section
7.08 Payments to Buyer. Any amounts payable to Buyer pursuant to this ARTICLE VII shall be satisfied by wire transfer of immediately
available funds.
Section
7.09 FIRPTA Certificate or Form W-9. On the Closing Date, Seller shall deliver to Buyer either (a) a certificate pursuant to Treasury
Regulations Section 1.1445-2(b) that the Seller is not a foreign person with the meaning of Section 1445 of the Code (a “FIRPTA
Certificate”); or (b) a valid IRS Form W-9, Request for Taxpayer Identification Number and Certificate, duly executed by an officer
of Seller.
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Section
7.10 Survival. Notwithstanding anything in this Agreement to the contrary, the provisions of Section 3.22 and this ARTICLE
VII shall survive for the full period of all applicable statutes of limitations (giving effect to any waiver, mitigation or extension
thereof) plus 60 days.
Section
7.11 Overlap. To the extent that any obligation or responsibility pursuant to ARTICLE IX may overlap with an obligation or responsibility
pursuant to this ARTICLE VII, the provisions of this ARTICLE VII shall govern.
ARTICLE
VIII
CONDITIONS TO CLOSING
Section
8.01 Conditions to Obligations of All Parties. The obligations of each party to consummate the Proposed Transaction shall be subject
to the fulfillment, at or prior to the Closing, of each of the following conditions:
(a) No
Governmental Authority shall have enacted, issued, promulgated, enforced or entered any Governmental Order which is in effect and has
the effect of making the Proposed Transaction illegal, otherwise restraining or prohibiting consummation of the Proposed Transaction
or causing any of the transactions contemplated hereunder to be rescinded following completion thereof.
(b) The
Company and Seller shall have received all consents, authorizations, orders and approvals referred to in Section 3.05 of the Disclosure
Schedules.
(c) Buyer
shall have filed the additional listing application of NYSE American Stock Exchange operated by NYSE American LLC (the “ NYSE
American ”) and NYSE American shall have approved such listing of Buyer’s Common Stock on or prior to the Closing Date.
Section
8.02 Conditions to Obligations of Buyer. The obligations of Buyer to consummate the Proposed Transaction shall be subject to the
fulfillment or Buyer’s waiver, at or prior to the Closing, of each of the following conditions:
(a) Other
than the representations and warranties contained in Section 3.01, Section 3.02, Section 3.03, Section 3.04, Section 3.05, Section 4.01, Section 4.03, Section 4.04, Section 4.05, Section 4.06, and Section
4.07, the representations and warranties of the Company and Seller contained in this Agreement and the Ancillary Documents shall
be true and correct in all respects (without giving effect to any limitation indicated by the words “Material Adverse Effect,”
“in all material respects,” “in any material respect,” “material,” or “materially”) on
and as of the Closing Date with the same effect as though made at and as of such date (except those representations and warranties that
address matters only as of a specified date, the accuracy of which shall be determined as of that specified date in all respects), except
where the failure of such representations and warranties to be true and correct would reasonably be expected to have, individually or
in the aggregate, a Material Adverse Effect. The representations and warranties of the Company and Seller contained in Section 3.01, Section 3.02, Section 3.03, Section 3.04, Section 3.05, Section 4.01, Section 4.03, Section
4.04, Section 4.05, Section 4.06, and Section 4.07, and shall be true and correct in all respects on and as
of the Closing Date with the same effect as though made at and as of such date (except those representations and warranties that address
matters only as of a specified date, the accuracy of which shall be determined as of that specified date in all respects).
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(b) The
Company and Seller shall have duly performed and complied in all material respects with all agreements and covenants required by this
Agreement and each of the Ancillary Documents to be performed or complied with by them prior to or on the Closing Date.
(c) No
Action shall have been commenced against Buyer, Seller or the Company, which would prevent the Closing.
(d) From
the date of this Agreement, there shall not have occurred any Material Adverse Effect, nor shall any event or events have occurred that,
individually or in the aggregate, with or without the lapse of time, could reasonably be expected to result in a Material Adverse Effect.
(e) The
Ancillary Documents shall have been executed and delivered by the parties thereto and true and complete copies thereof shall have been
delivered to Buyer.
(f) The
Company shall have delivered to Buyer a good standing certificate (or its equivalent) for the Company from the secretary of state or
similar Governmental Authority of the jurisdiction under the Laws in which the Company is organized.
(g) [Reserved].
(h) Buyer
shall have received a certificate, dated the Closing Date and signed by a duly authorized officer or member, as applicable, of the Company
and Seller, that each of the conditions set forth in Section 8.02(a) and Section 8.02(b) have been satisfied.
(i) Buyer
shall have received a certificate of the member of the Company certifying that attached thereto are true and complete copies of all resolutions
adopted by the sole member of the Company authorizing the execution, delivery and performance of this Agreement and the Ancillary Documents
to which it is a party and the consummation of the Proposed Transaction contemplated hereby and thereby, and that all such resolutions
are in full force and effect and are all the resolutions adopted in connection with the Proposed Transaction contemplated hereby and
thereby.
(j) The
Company and Seller shall have delivered to Buyer such other documents or instruments as Buyer reasonably requests and are reasonably
necessary to consummate the Proposed Transaction.
Section
8.03 Conditions to Obligations of Seller. The obligations of Seller to consummate the Proposed Transaction shall be subject to the
fulfillment or the Company’s waiver (on behalf of Seller), at or prior to the Closing, of each of the following conditions:
(a) Other
than the representations and warranties of Buyer contained in Section 5.01, Section 5.02 and Section 5.04, the representations
and warranties of Buyer contained in this Agreement and the Ancillary Documents shall be true and correct in all respects (without giving
effect to any limitation indicated by the words “Material Adverse Effect,” “in all material respects,” “in
any material respect,” “material,” or “materially”) on and as of the Closing Date with the same effect
as though made at and as of such date (except those representations and warranties that address matters only as of a specified date,
the accuracy of which shall be determined as of that specified date in all respects), except where the failure of such representations
and warranties to be so true and correct would not reasonably be expected to have, individually or in the aggregate, a material adverse
effect on Buyer’s ability to consummate the Proposed Transaction. The representations and warranties of Buyer contained in Section
5.01, Section 5.02 and Section 5.04 shall be true and correct in all respects on and as of the Closing Date with the
same effect as though made at and as of such date (except those representations and warranties that address matters only as of a specified
date, the accuracy of which shall be determined as of that specified date in all respects).
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(b) Buyer
shall have duly performed and complied in all material respects with all agreements and covenants required by this Agreement and each
of the Ancillary Documents to be performed or complied with by it prior to or on the Closing Date.
(c) The
Ancillary Documents shall have been executed and delivered by the parties thereto and complete copies thereof shall have been delivered
to the Company.
(d) Buyer
shall have delivered to Seller the Promissory Note.
(e) The
Company shall have received a certificate, dated the Closing Date and signed by a duly authorized officer of Buyer, that each of the
conditions set forth in Section 8.03(a) and Section 8.03(b) have been satisfied.
(f) Buyer
shall have delivered to the Company such other documents or instruments as the Company reasonably requests and are reasonably necessary
to consummate the Proposed Transaction.
ARTICLE
IX
INDEMNIFICATION
Section
9.01 Survival. Subject to the limitations and other provisions of this Agreement, the representations and warranties contained herein
(other than any representations or warranties contained in Section 3.22 which are subject to ARTICLE VII) shall survive
the Closing and shall remain in full force and effect until the date that is two years from the Closing Date; provided, that the
representations and warranties in Section 3.01, Section 3.02, Section 3.03, Section 3.04, Section 3.05, Section 4.01, Section 4.03, Section 4.04, Section 4.05, Section 4.06, Section 4.07, Section 5.01, Section 5.02 and Section 5.04 shall survive indefinitely. All covenants and agreements of the parties contained herein
(other than any covenants or agreements contained in ARTICLE VI which are subject to ARTICLE VII) shall survive the Closing
indefinitely or for the period explicitly specified therein. Notwithstanding the foregoing, any claims asserted in good faith with reasonable
specificity (to the extent known at such time) and in writing by notice from the non-breaching party to the breaching party prior to
the expiration date of the applicable survival period shall not thereafter be barred by the expiration of the relevant representation
or warranty and such claims shall survive until finally resolved.
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Section
9.02 Indemnification By Seller. Subject to the other terms and conditions of this ARTICLE IX, from and after Closing, Seller
shall indemnify and defend each of Buyer and its Affiliates (including the Company) and their respective Representatives (collectively,
the “ Buyer Indemnitees ”) against, and shall hold each of them harmless from and against, and shall pay and reimburse
each of them for, any and all Losses incurred or sustained by, or imposed upon, the Buyer Indemnitees based upon, arising out of, with
respect to or by reason of:
(a) any
inaccuracy in or breach of any of the representations or warranties of the Company contained in this Agreement or in any certificate
or instrument delivered by or on behalf of the Company pursuant to this Agreement (other than in respect of Section 3.22, it being
understood that the sole remedy for any such inaccuracy in or breach thereof shall be pursuant to ARTICLE VII), as of the date
such representation or warranty was made or as if such representation or warranty was made on and as of the Closing Date (except for
representations and warranties that expressly relate to a specified date, the inaccuracy in or breach of which will be determined with
reference to such specified date);
(b) any
inaccuracy in or breach of any of the representations or warranties of Seller contained in this Agreement or in any certificate or instrument
delivered by or on behalf of Seller pursuant to this Agreement, as of the date such representation or warranty was made or as if such
representation or warranty was made on and as of the Closing Date (except for representations and warranties that expressly relate to
a specified date, the inaccuracy in or breach of which will be determined with reference to such specified date);
(c) any
breach or non-fulfillment of any covenant, agreement or obligation to be performed by the Company pursuant to this Agreement (other than
any breach or non-fulfillment of any covenant, agreement or obligation in ARTICLE VII, it being understood that the sole remedy
for any such breach or non-fulfillment shall be pursuant to ARTICLE VII);
(d) any
breach or non-fulfillment of any covenant, agreement or obligation to be performed by Seller pursuant to this Agreement; or
(e) For
the avoidance of doubt, Buyer shall be entitled to the full benefit of all rights, remedies, claims and indemnification protections that
the Company possesses under the Asset Purchase Agreement. From and after Closing, the Company shall retain and Buyer shall control and
may enforce, in Buyer’s sole discretion, any and all rights or claims available to the Company under the Asset Purchase Agreement,
including any indemnification rights relating to excluded liabilities or to acts, omissions, or obligations of RPD Technologies or its
equityholder prior to April 16, 2025. Seller shall have no obligation to indemnify Buyer for any liabilities, claims, or obligations
of the Company arising out of or relating to the operations, conduct, or obligations of RPD Technologies or any predecessor entities
prior to April 16, 2025, except to the extent arising from a breach of Seller’s representations or warranties set forth in this
Agreement. Buyer shall be entitled to exercise any and all rights, claims, indemnities, and remedies available to Seller under the Asset
Purchase Agreement, including the right to recover damages or equitable relief, and may enforce such rights directly against the prior
owner of the sole proprietorship.
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Section
9.03 Indemnification By Buyer. Subject to the other terms and conditions of this ARTICLE IX, from and after Closing, Buyer
shall indemnify and defend Seller and its Affiliates and their respective Representatives (collectively, the “ Seller Indemnitees ”)
against, and shall hold each of them harmless from and against, and shall pay and reimburse each of them for, any and all Losses incurred
or sustained by, or imposed upon, the Seller Indemnitees based upon, arising out of, with respect to or by reason of:
(a) any
inaccuracy in or breach of any of the representations or warranties of Buyer contained in this Agreement or in any certificate or instrument
delivered by or on behalf of Buyer pursuant to this Agreement, as of the date such representation or warranty was made or as if such
representation or warranty was made on and as of the Closing Date (except for representations and warranties that expressly relate to
a specified date, the inaccuracy in or breach of which will be determined with reference to such specified date); or
(b) any
breach or non-fulfillment of any covenant, agreement or obligation to be performed by Buyer pursuant to this Agreement (other than any
breach or non-fulfillment of any covenant, agreement or obligation in ARTICLE VII, it being understood that the sole remedy for
any such breach or non-fulfillment thereof shall be pursuant to ARTICLE VII).
Section
9.04 Certain Limitations. The indemnification provided for in Section 9.02 and Section 9.03 shall be subject to the
following limitations:
(a) Seller
shall not be liable to the Buyer Indemnitees for indemnification under Section 9.02(a) and Section 9.02(b) until the aggregate
amount of all Losses in respect of indemnification under Section 9.02(a) and Section 9.02(b) exceeds $420,000 (the “ Basket ”),
in which event Seller shall be required to pay or be liable for all such Losses from the first dollar.
(b) The
maximum liability of either party under this Article shall not exceed the Purchase Price (the “ Cap ”).
(c) Buyer
shall not be liable to the Seller Indemnitees for indemnification under Section 9.03(a) until the aggregate amount of all Losses
in respect of indemnification under Section 9.03(a) exceeds the Basket, in which event Buyer shall be required to pay or be liable
for all such Losses from the first dollar.
(d) Notwithstanding
the foregoing, the limitations set forth in Section 9.04 (a) and Section 9.04(c) shall not apply to Losses (i) arising out
of, with respect to or by reason of any inaccuracy in or breach of any representation or warranty, in Section 3.01, Section
3.02, Section 3.03, Section 3.04, Section 3.05, Section 4.01, Section 4.03, Section 4.04, Section 4.05, Section 4.06, Section 4.07, Section 5.01, Section 5.02 and Section 5.04, or (ii) arising
as a result of fraud, willful breach or intentional misrepresentations.
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(e) For
all purposes of this ARTICLE IX, (including for purposes of determining the existence of any inaccuracy in, or breach of, any
representation or warranty and for calculating the amount of any Loss with respect thereto), any inaccuracy in or breach of any representation
or warranty shall be determined without regard to any materiality, Material Adverse Effect or other similar qualification contained in
or otherwise applicable to such representation or warranty.
(f) Notwithstanding
anything to the contrary herein, Buyer’s sole and exclusive remedy for any matters, claims or liabilities arising out of or relating
to any period prior to April 16, 2025 shall be pursuant to the Asset Purchase Agreement, and Buyer shall have no right to seek indemnification
from Seller with respect to any such matters except to the extent arising from a breach of Seller’s representations and warranties
expressly set forth in this Agreement. Seller shall not be liable for any claims based on successor liability, de facto merger, continuation
of enterprise or similar theories of liability.
Section
9.05 Indemnification Procedures. The party making a claim under this ARTICLE IX is referred to as the “Indemnified Party”,
and the party against whom such claims are asserted under this ARTICLE IX is referred to as the “Indemnifying Party”.
(a) Third-Party
Claims. If any Indemnified Party receives notice of the assertion or commencement of any Action made or brought by any Person who is
not a party to this Agreement or an Affiliate of a party to this Agreement or a Representative of the foregoing (a “ Third-Party
Claim ”) against such Indemnified Party with respect to which the Indemnifying Party is obligated to provide indemnification
under this Agreement, the Indemnified Party shall give the Indemnifying Party reasonably prompt written notice thereof, but in any event
not later than 30 calendar days after receipt of such notice of such Third-Party Claim. The failure to give such prompt written notice
shall not, however, relieve the Indemnifying Party of its indemnification obligations, except and only to the extent that the Indemnifying
Party forfeits rights or defenses by reason of such failure. Such notice by the Indemnified Party shall describe the Third-Party Claim
in reasonable detail, shall include copies of all material written evidence thereof and shall indicate the estimated amount, if reasonably
practicable, of the Loss that has been or may be sustained by the Indemnified Party. The Indemnifying Party shall have the right to participate
in, or by giving written notice to the Indemnified Party, to assume the defense of any Third-Party Claim at the Indemnifying Party’s
expense and by the Indemnifying Party’s own counsel, and the Indemnified Party shall cooperate in good faith in such defense; provided,
that if the Indemnifying Party is Seller, such Indemnifying Party shall not have the right to defend or direct the defense of any
such Third-Party Claim that (x) is asserted directly by or on behalf of a Person that is a supplier or customer of the Company, or (y)
seeks an injunction or other equitable relief against the Indemnified Party. In the event that the Indemnifying Party assumes the defense
of any Third-Party Claim, subject to Section 9.05(b), it shall have the right to take such action as it deems necessary to avoid,
dispute, defend, appeal or make counterclaims pertaining to any such Third-Party Claim in the name and on behalf of the Indemnified Party.
The Indemnified Party shall have the right to participate in the defense of any Third-Party Claim with counsel selected by it subject
to the Indemnifying Party’s right to control the defense thereof. The fees and disbursements of such counsel shall be at the expense
of the Indemnified Party, provided, that if in the reasonable opinion of counsel to the Indemnified Party, (A) there are legal
defenses available to an Indemnified Party that are different from or additional to those available to the Indemnifying Party; or (B)
there exists a conflict of interest between the Indemnifying Party and the Indemnified Party that cannot be waived, the Indemnifying
Party shall be liable for the reasonable fees and expenses of counsel to the Indemnified Party in each jurisdiction for which the Indemnified
Party determines counsel is required. If the Indemnifying Party elects not to compromise or defend such Third-Party Claim, fails to promptly
notify the Indemnified Party in writing of its election to defend as provided in this Agreement, or fails to diligently prosecute the
defense of such Third-Party Claim, the Indemnified Party may, subject to Section 9.05(b), pay, compromise, defend such Third-Party
Claim and seek indemnification for any and all Losses based upon, arising from or relating to such Third-Party Claim. Seller and Buyer
shall cooperate with each other in all reasonable respects in connection with the defense of any Third-Party Claim, including making
available (subject to the provisions of Section 6.06) records relating to such Third-Party Claim and furnishing, without expense
(other than reimbursement of actual out-of-pocket expenses) to the defending party, management employees of the non-defending party as
may be reasonably necessary for the preparation of the defense of such Third-Party Claim.
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(b) Settlement
of Third-Party Claims. Notwithstanding any other provision of this Agreement, the Indemnifying Party shall not enter into settlement
of any Third-Party Claim without the prior written consent of the Indemnified Party, except as provided in this Section 9.05(b).
If a firm offer is made to settle a Third-Party Claim without leading to Liability or the creation of a financial or other obligation
on the part of the Indemnified Party and provides, in customary form, for the unconditional release of each Indemnified Party from all
Liabilities and obligations in connection with such Third-Party Claim and the Indemnifying Party desires to accept and agree to such
offer, the Indemnifying Party shall give written notice to that effect to the Indemnified Party. If the Indemnified Party fails to consent
to such firm offer within ten days after its receipt of such notice, the Indemnified Party may continue to contest or defend such Third-Party
Claim, and in such event, the maximum liability of the Indemnifying Party as to such Third-Party Claim shall not exceed the amount of
such settlement offer. If the Indemnified Party fails to consent to such firm offer and also fails to assume defense of such Third-Party
Claim, the Indemnifying Party may settle the Third-Party Claim upon the terms set forth in such firm offer to settle such Third-Party
Claim. If the Indemnified Party has assumed the defense pursuant to Section 9.05(a), it shall not agree to any settlement without
the written consent of the Indemnifying Party (which consent shall not be unreasonably withheld, conditioned or delayed).
(c) Direct
Claims. Any Action by an Indemnified Party on account of a Loss which does not result from a third party claim (a “ Direct Claim ”)
shall be asserted by the Indemnified Party giving the Indemnifying Party reasonably prompt written notice thereof, but in any event not
later than 30 days after the Indemnified Party becomes aware of such Direct Claim. The failure to give such prompt written notice shall
not, however, relieve the Indemnifying Party of its indemnification obligations, except and only to the extent that the Indemnifying
Party forfeits rights or defenses by reason of such failure. Such notice by the Indemnified Party shall describe the Direct Claim in
reasonable detail, shall include copies of all material written evidence thereof and shall indicate the estimated amount, if reasonably
practicable, of the Loss that has been or may be sustained by the Indemnified Party. The Indemnifying Party shall have 30 days after
its receipt of such notice to respond in writing to such Direct Claim. The Indemnified Party shall allow the Indemnifying Party and its
professional advisors to investigate the matter or circumstance alleged to give rise to the Direct Claim, and whether and to what extent
any amount is payable in respect of the Direct Claim and the Indemnified Party shall assist the Indemnifying Party’s investigation
by giving such information and assistance (including access to the Company’s premises and personnel and the right to examine and
copy any accounts, documents or records) as the Indemnifying Party or any of its professional advisors may reasonably request. If the
Indemnifying Party does not so respond within such 30-day period, the Indemnifying Party shall be deemed to have rejected such claim,
in which case the Indemnified Party shall be free to pursue such remedies as may be available to the Indemnified Party on the terms and
subject to the provisions of this Agreement.
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(d) Tax
Claims. Notwithstanding any other provision of this Agreement, the control of any claim, assertion, event or proceeding in respect of
Taxes of the Company (including, but not limited to, any such claim in respect of a breach of the representations and warranties in Section
3.22 hereof or any breach or violation of or failure to fully perform any covenant, agreement, undertaking or obligation in ARTICLE
VII) shall be governed exclusively by ARTICLE VII hereof.
Section
9.06 Payments. Once a Loss is agreed to by the Indemnifying Party or finally adjudicated to be payable pursuant to this ARTICLE
IX, the Indemnifying Party shall satisfy its obligations within 15 Business Days of such final, non-appealable adjudication by wire
transfer of immediately available funds.
Section
9.07 Tax Treatment of Indemnification Payments. All indemnification payments made under this Agreement shall be treated by the parties
as an adjustment to the Purchase Price for Tax purposes, unless otherwise required by Law.
Section
9.08 Effect of Investigation. The representations, warranties and covenants of the Indemnifying Party, and the Indemnified Party’s
right to indemnification with respect thereto, shall not be affected or deemed waived by reason of any investigation made by or on behalf
of the Indemnified Party (including by any of its Representatives) or by reason of the fact that the Indemnified Party or any of its
Representatives knew or should have known that any such representation or warranty is, was or might be inaccurate or by reason of the
Indemnified Party’s waiver of any condition set forth in Section 8.02 or Section 8.03, as the case may be.
Section
9.09 Exclusive Remedies. Subject to and except for Section 11.11, the parties acknowledge and agree that from and after Closing
their sole and exclusive remedy with respect to any and all claims (other than claims arising from fraud or willful misconduct on the
part of a party hereto in connection with the Proposed Transaction) for any breach of any representation, warranty, covenant, agreement
or obligation set forth herein or otherwise relating to the subject matter of this Agreement, shall be pursuant to the indemnification
provisions set forth in ARTICLE VII and this ARTICLE IX. In furtherance of the foregoing, except with respect to Section
11.11, each party hereby waives, from and after Closing, to the fullest extent permitted under Law, any and all rights, claims and
causes of action for any breach of any representation, warranty, covenant, agreement or obligation set forth herein or otherwise relating
to the subject matter of this Agreement it may have against the other parties hereto and their Affiliates and each of their respective
Representatives arising under or based upon any Law, except pursuant to the indemnification provisions set forth in ARTICLE VII and this ARTICLE IX. Nothing in this Section 9.09 shall limit any Person’s right to seek and obtain any equitable
relief to which any Person shall be entitled or to seek any remedy on account of any party’s fraud or willful misconduct.
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ARTICLE
X
TERMINATION
Section
10.01 Termination. This Agreement may be terminated at any time prior to the Closing:
(a) by
the mutual written consent of the Company and Buyer;
(b) by
either the Company or Buyer, upon written notice to the other party, if the Proposed Transaction has not been consummated on or before
April 30, 2026 (the “ Drop Dead Date ”); provided, however, that the right to terminate this Agreement pursuant
to this Section 10.01(b) shall not be available to any party whose material breach of any representation, warranty, covenant,
or agreement set forth in this Agreement has been the principal cause of, or primarily resulted in, the failure of the Proposed Transaction
to be consummated on or before the Drop Dead Date;
(c) by
Buyer by written notice to the Company if Buyer is not then in material breach of any provision of this Agreement and there has been
a breach, inaccuracy in or failure to perform any representation, warranty, covenant or agreement made by the Company or Seller pursuant
to this Agreement that would give rise to the failure of any of the conditions specified in ARTICLE VIII and such breach, inaccuracy
or failure has not been cured by the Company or Seller within ten days of the Company’s or Seller’s receipt of written notice
of such breach from Buyer;
(d) by
the Company by written notice to Buyer if the Company and Seller are not then in material breach of any provision of this Agreement and
there has been a breach, inaccuracy in or failure to perform any representation, warranty, covenant or agreement made by Buyer pursuant
to this Agreement that would give rise to the failure of any of the conditions specified in ARTICLE VIII and such breach, inaccuracy
or failure has not been cured by Buyer within ten days of Buyer’s receipt of written notice of such breach from the Company; or
(e) by
Buyer or the Company if (i) there shall be any Law that makes consummation of the Proposed Transaction illegal or otherwise prohibited;
or (ii) any Governmental Authority shall have issued a Governmental Order restraining or enjoining the Proposed Transaction, and such
Governmental Order shall have become final and non-appealable.
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Section
10.02 Effect of Termination. In the event of the termination of this Agreement in accordance with this Article, this Agreement shall
forthwith become void and there shall be no liability on the part of any party hereto except:
(a) that
the obligations set forth in this ARTICLE X and ARTICLE XI hereof shall survive termination; and
(b) that
nothing herein shall relieve any party hereto from liability for any willful breach of any provision hereof.
ARTICLE
XI
MISCELLANEOUS
Section
11.01 Expenses. Except as otherwise expressly provided herein, all costs and expenses, including, without limitation, fees and disbursements
of counsel, financial advisors and accountants, incurred in connection with this Agreement and the Proposed Transaction incurred by Buyer
shall be paid by Buyer and those incurred by the Company or Seller shall be paid by Seller, whether or not the Closing shall have occurred.
Section
11.02 Notices. All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and
shall be deemed to have been given (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee
if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by e-mail of a PDF document (with confirmation
of transmission) if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business hours
of the recipient; or (d) on the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid.
Such communications must be sent to the respective parties at the following addresses (or at such other address for a party as shall
be specified in a notice given in accordance with this Section 11.02):
| If
to the Company or Seller (prior to Closing): | | 48
Wall Street, 11th floor
New
York, New York 10005
E-mail:
Attention:
Joseph Gasik |
| | | |
| with
a copy to: | | 10
S Wacker Dr Suite 4000
Chicago,
IL 60606
E-mail:
Attention:
Michael Galibois |
| | | |
| If
to Buyer: | | 1300
Post Oak Blvd., Suite 1305
Houston,
Texas 77056
E-mail:
Attention:
Edward Gillespie |
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| |
| with
a copy to: | | Sullivan
& Worcester LLP
1251
Avenue of the Americas
New
York, NY 10020
E-mail:
Attention:
David Danovitch
Attention:
Joseph Segilia |
Section
11.03 Interpretation. For purposes of this Agreement, unless otherwise expressly provided, (a) the words “include,” “includes”
and “including” shall be deemed to be followed by the words “without limitation;” (b) the word “or”
is not exclusive; (c) the words “herein,” “hereof,” “hereby,” “hereto” and “hereunder”
refer to this Agreement as a whole; and (d) references herein: (i) to Articles, Sections, Disclosure Schedules and Exhibits mean the
Articles and Sections of, and Disclosure Schedules and Exhibits attached to, this Agreement; (ii) to an agreement, instrument or other
document means such agreement, instrument or other document as amended, supplemented and modified from time to time to the extent permitted
by the provisions thereof and (iii) to a statute means such statute as amended from time to time and includes any successor legislation
thereto and any regulations promulgated thereunder. This Agreement shall be construed without regard to any presumption or rule requiring
construction or interpretation against the party drafting an instrument or causing any instrument to be drafted. The Disclosure Schedules
and Exhibits referred to herein shall be construed with, and as an integral part of, this Agreement to the same extent as if they were
set forth verbatim herein.
Section
11.04 Headings. The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.
Section
11.05 Severability. If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity,
illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such
term or provision in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal or unenforceable,
the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely
as possible in a mutually acceptable manner in order that the Proposed Transaction be consummated as originally contemplated to the greatest
extent possible.
Section
11.06 Entire Agreement. This Agreement and the Ancillary Documents constitute the sole and entire agreement of the parties to this
Agreement with respect to the subject matter contained herein and therein, and supersede all prior and contemporaneous understandings
and agreements, both written and oral, with respect to such subject matter. In the event of any inconsistency between the statements
in the body of this Agreement and those in the Ancillary Documents, the Exhibits and Disclosure Schedules (other than an exception expressly
set forth as such in the Disclosure Schedules), the statements in the body of this Agreement will control.
Section
11.07 Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their
respective successors and permitted assigns. Neither party may assign its rights or obligations hereunder without the prior written consent
of the other party, which consent shall not be unreasonably withheld, conditioned or delayed; provided, however, that prior to
the Closing Date, Buyer may, without the prior written consent of the Company, assign all or any portion of its rights under this Agreement
to one or more of its direct or indirect wholly owned subsidiaries. No assignment shall relieve the assigning party of any of its obligations
hereunder.
Section
11.08 No Third-party Beneficiaries. Except as provided in ARTICLE IX, this Agreement is for the sole benefit of the parties
hereto and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon
any other Person any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.
Section
11.09 Amendment and Modification; Waiver. This Agreement may only be amended, modified or supplemented by an agreement in writing
signed by each party hereto. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in
writing and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure,
breach or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring
before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from this
Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or
privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.
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Section
11.10 Governing Law; Submission to Jurisdiction; Waiver of Jury Trial.
(a) This
Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware without giving effect to any
choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction).
(b) ANY
LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE ANCILLARY DOCUMENTS OR THE PROPOSED TRANSACTION OR
THEREBY MAY BE INSTITUTED IN THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA OR THE COURTS OF THE STATE OF DELAWARE IN EACH CASE LOCATED
IN THE CITY OF WILMINGTON AND COUNTY OF NEW CASTLE, AND EACH PARTY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS IN
ANY SUCH SUIT, ACTION OR PROCEEDING. SERVICE OF PROCESS, SUMMONS, NOTICE OR OTHER DOCUMENT BY MAIL TO SUCH PARTY’S ADDRESS SET
FORTH HEREIN SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY SUIT, ACTION OR OTHER PROCEEDING BROUGHT IN ANY SUCH COURT. THE PARTIES IRREVOCABLY
AND UNCONDITIONALLY WAIVE ANY OBJECTION TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING IN SUCH COURTS AND IRREVOCABLY WAIVE
AND AGREE NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT
IN AN INCONVENIENT FORUM.
(c) EACH
PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT OR THE ANCILLARY DOCUMENTS IS LIKELY TO INVOLVE
COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL
BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE ANCILLARY DOCUMENTS OR THE PROPOSED TRANSACTION
CONTEMPLATED HEREBY OR THEREBY. EACH PARTY TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE OF ANY OTHER PARTY
HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A LEGAL
ACTION, (B) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (D) SUCH PARTY
HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS Section 11.10(c).
Section
11.11 Specific Performance. The parties agree that irreparable damage would occur if any provision of this Agreement were not performed
in accordance with the terms hereof and that the parties shall be entitled to specific performance of the terms hereof, in addition to
any other remedy to which they are entitled at law or in equity.
Section
11.12 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together
shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by e-mail or other means of electronic transmission
shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.
[signature
page follows]
| 52 |
| |
IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first written above by their duly authorized
representatives.
| | COMPANY: | |
| | | |
| | RPD TECHNOLOGIES AMERICAS, LLC | |
| | | |
| | By | /s/
Joseph Gasik |
| | Name: | Joseph
Gasik |
| | Title: | Managing
Member |
| | | |
| | SELLER: | |
| | | |
| | ABUNDIA FINANCIAL, LLC | |
| | | |
| | By | /s/
Joseph Gasik |
| | Name: | Joseph
Gasik |
| | Title: | Managing
Member |
| | | |
| | BUYER: | |
| | | |
| | ABUNDIA GLOBAL IMPACT GROUP, INC. | |
| | | |
| | By | /s/
Edward Gillespie |
| | Name: | Edward
Gillespie |
| | Title: | Chief
Executive Officer |
| |
Named provisions
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