<html><head><meta http-equiv="content-type" content="text/html; charset=utf-8"></head><body dir="auto">Rick,<div><br></div><div>Mixing some apples and oranges in this, let’s see if we can walk through it on Monday, if not, in person on Tuesday.</div><div><br></div><div>Example: there is NO vesting period on either your or Bayfront allocation of shares - considered as Founder Share Allocation.</div><div><br></div><div>If I break free this afternoon, might have some time then.<br id="lineBreakAtBeginningOfSignature"><div dir="ltr"><div class=""><span style="font-size: 17pt;"><br></span></div><div class=""><div class=""><div><span class="" style="background-color: rgba(255, 255, 255, 0);">Best Regards,&nbsp;</span></div><div><span class="" style="background-color: rgba(255, 255, 255, 0);"><br class=""></span></div><div><span class="" style="background-color: rgba(255, 255, 255, 0);">Brian C. Stufflebean, CEO<br class=""><b class="">Bayfront Capital, LLC</b><br class=""><span class=""><a href="tel:(941)545-4153" dir="ltr" x-apple-data-detectors="true" x-apple-data-detectors-type="telephone" x-apple-data-detectors-result="0/2" style="text-decoration-color: rgba(128, 128, 128, 0.38);">(941)545-4153</a>&nbsp;Cell</span></span></div><div><span style="background-color: rgba(255, 255, 255, 0);"><span class=""><a href="tel:(866)896-2423" dir="ltr" x-apple-data-detectors="true" x-apple-data-detectors-type="telephone" x-apple-data-detectors-result="0/3" style="text-decoration-color: rgba(128, 128, 128, 0.38);">(866)896-2423</a>&nbsp;Fax<br class=""><a href="mailto:brian@bayfrontcapitalllc.com" class="">brian@bayfrontcapitalllc.com</a><br class=""><a href="http://www.bayfrontcapitalllc.com/" dir="ltr" x-apple-data-detectors="true" x-apple-data-detectors-type="link" x-apple-data-detectors-result="0/5" style="text-decoration-color: rgba(128, 128, 128, 0.38);">www.bayfrontcapitalllc.com</a></span><br class="">&nbsp; &nbsp; &nbsp;&nbsp;<br class=""><br class=""></span></div><span style="background-color: rgba(255, 255, 255, 0);"><br class="Apple-interchange-newline"><br></span><div class=""><span style="background-color: rgba(255, 255, 255, 0);"><br class="Apple-interchange-newline"><br class="Apple-interchange-newline"><br class=""></span></div><div class=""><span style="background-color: rgba(255, 255, 255, 0);"><br class=""></span></div><div class=""><span style="background-color: rgba(255, 255, 255, 0);"><br class=""></span></div><div class=""><span style="background-color: rgba(255, 255, 255, 0);"><br class=""></span></div><div class=""><span style="background-color: rgba(255, 255, 255, 0);"><br class=""></span><div class=""><span style="background-color: rgba(255, 255, 255, 0);"><br class=""></span></div><div class=""><span style="background-color: rgba(255, 255, 255, 0);"><br class=""></span></div><div class=""><span style="background-color: rgba(255, 255, 255, 0);"><b class="">CONFIDENTIALITY NOTICE / NOTICE OF&nbsp;<u class="">NOT A REGISTERED BROKER/DEALER:</u></b><span class="">&nbsp;Bayfront Capital LLC, nor its’ affiliates are registered as a Broker/Dealer, nor registered with&nbsp;FINRA. Nor does&nbsp;it provide tax or investment advice. &nbsp;Any references made to any transaction in any communication is being made as a business consultant. &nbsp; This is not a&nbsp;solicitation nor offer of any type and any reference to any proposed transaction of any type is void where prohibited by law.&nbsp;This communication&nbsp;is confidential and intended only for the intended&nbsp;recipient. &nbsp;If you are not the intended recipient, you&nbsp;may not copy, disclose, or distribute this message&nbsp;to anyone else; any such actions may be unlawful. If you have received this communication in error,&nbsp;please contact the sender of the message to inform him or her of the error.</span></span></div><div><span class=""><br></span></div></div></div></div><div class=""><span style="font-size: 17pt;"><br></span></div><div class=""><span style="font-size: 17pt;">Sent from my iPhone</span></div></div><div dir="ltr"><br><blockquote type="cite">On Jul 18, 2025, at 9:54 PM, Rick &lt;rick@mavrix.one&gt; wrote:<br><br></blockquote></div><blockquote type="cite"><div dir="ltr">﻿
    <style>body { font-family: Helvetica, Arial; font-size: 13px; }</style><div style="font-family:Helvetica,Arial;font-size:13px; "><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;">Hi Brian,<o:p></o:p></p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;"><o:p>&nbsp;</o:p></p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;">I've reviewed the attached engagement agreement, made some typo corrections, but still need clarification on several key terms before I can move forward. Let me break down my questions. I apologize in advance for not being smarter about some of these things:<o:p></o:p></p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;"><o:p>&nbsp;</o:p></p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;"><b><i>Warrant Structure (Section 2.a):</i></b>&nbsp;</p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;">Based on our discussions, I understood the 70% warrant allocation would be:<o:p></o:p></p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;">- Rick Mislan (Founder): 30%. non-dilutable?<o:p></o:p></p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;">- Bayfront Capital LLC: 30%.&nbsp;<o:p></o:p>non-dilutable?</p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;">- Capital Reserve Pool: 40% for future investors. non-dilatable?&nbsp;</p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;"><o:p></o:p></p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;"><o:p>&nbsp;</o:p></p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;">However, the agreement shows Bayfront receiving the full 70%.&nbsp;</p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;">Don’t we need to correct this to reflect the actual arrangement.<o:p></o:p></p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;"><o:p>&nbsp;</o:p></p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;">Additionally, the warrant terms need specification:<o:p></o:p></p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;">-&nbsp;<b>Type</b>: Common or Preferred stock?<o:p></o:p></p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;">-&nbsp;<b>Anti-dilution</b>: Which positions are protected?<o:p></o:p></p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;">-&nbsp;<b>Exercise Price</b>: What's the strike price?<o:p></o:p></p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;">-&nbsp;<b>Expiration</b>: Standard 10-year term?<o:p></o:p></p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;">-&nbsp;<b>Vesting</b>: I propose my 30% fully vested, your 30% over 24 months<o:p></o:p></p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;">-&nbsp;<b>Special Rights</b>: Any board seats or liquidation preferences?<o:p></o:p></p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;"><o:p>&nbsp;</o:p></p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;"><b><i>Time Commitments and Exclusivity:</i></b></p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;">1.&nbsp;<b>Project Contact Definition</b>: The 365-day period references "latest project contact" - please define when this starts/ends.</p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;">2.&nbsp;<b>Exclusivity Period</b>: The auto-renewing 365-day exclusive is concerning. I propose a fixed 180-day period.</p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;">3.&nbsp;<b>ROFR Duration</b>: 180 months (15 years) is excessive. Industry standard is 12-24 months.<o:p></o:p></p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;"><o:p>&nbsp;</o:p></p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;"><b><i>Financial Terms and Access:</i></b></p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;">1.&nbsp;<b>3% Fee Structure</b>:&nbsp;<o:p></o:p></p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;">&nbsp;&nbsp;&nbsp;- Who pays this - me or the investors?<o:p></o:p></p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;">&nbsp;&nbsp;&nbsp;- Is this per tranche or total commitment?<o:p></o:p></p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;">&nbsp;&nbsp;&nbsp;- How is this split between you, me, and Vijay?<o:p></o:p></p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;"><o:p>&nbsp;</o:p></p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;">2.&nbsp;<b>Financial Reporting</b>: Monthly reports with bank access seems excessive. I propose quarterly statements. Also, please clarify which entity this applies to - Mavrix1, me personally, or Bayfront?<o:p></o:p></p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;"><o:p>&nbsp;</o:p></p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;"><b><i>Entity Structure Clarification:</i></b></p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;">I need clarity on the corporate structure and other related deal specific items:<o:p></o:p></p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;">- Is Mavrix1 the operating company (which I own 100%)?<o:p></o:p></p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;">- Is Bayfront Capital a separate entity where I'd own 30%?<o:p></o:p></p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;">- Are Mavrix1 and Rick Mislan treated as the same party in this agreement?<o:p></o:p></p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;">- Do I owe fees if Bayfront doesn’t get funded?</p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;">- What compensation do I receive for bringing Mavrix1 to Bayfront?<o:p></o:p></p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;">- Should that be addressed in this agreement, or should you and I have a separate agreement to represent this arrangement?<o:p></o:p></p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;">- Do I get a percentage of each and every deal you bring in?&nbsp;</p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;">- Travel, who is paying for that, is that encumbered in each deal?</p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;"><o:p>&nbsp;</o:p></p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;"><b><i>Next Steps:</i></b></p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;">Let's schedule a call to work through these items. I'm ready to move forward once I have a clear understanding of the terms that reflect our actual business arrangement.<o:p></o:p></p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;"><o:p>&nbsp;</o:p></p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;">Thank you,<o:p></o:p></p><p class="MsoNormal" style="margin: 0in; font-size: medium; font-family: &quot;Times New Roman&quot;, serif;">Rick<o:p></o:p></p></div><br><div class="gmail_signature">
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    Rick Mislan, PhD<br><div><a href="https://mavrix.one
https://mavrix.one
https://mavrix.one">https://mavrix.one</a></div><div><img src="cid:Users/rpmbbu/Library/Group%20Containers/2E337YPCZY.airmail/Library/Application%20Support/it.bloop.airmail2/Airmail/General/SignatureAttachment/rick@mavrix.one/CCE41B2F-429E-4EC4-B7BB-A76AF859DF18/mavrix.png" style="height: 11px;" data-unique-identifier=""></div>
     
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<div>&lt;BAYFRONT CAPITAL LLC- MAVRIX 1 - Engagement Agreement 07 01 2025 (DRAFT).docx&gt;</div></div></blockquote></div></body></html>