On August 8, 2022, Infinite Group, Inc. (the “Company”), as borrower, entered into a financing arrangement (the “Loan Agreement”) with Celtic Bank (the “Lender”), a Utah corporation. Pursuant to the Loan Agreement, the Lender agreed to lend the Company $139,400.00 with a one-time fixed loan fee of $11,152.00 for a total obligation of $150,552.00. Under the terms of the Loan Agreement, payments are due beginning August 15, 2022, and shall consist of 25% of the Company's receivables processed through Stripe, Inc.'s payment processing platform and then due and owing to the Company or $16,728.00 over a sixty day period, whichever is higher.

Subsequent payments shall also consist of 25% of the Company's receivables processed through Stripe, Inc.'s payment processing platform and then due and owing to the Company or $16,728.00 over a sixty day period, whichever is higher, with the final payment due on February 6, 2024. The Loan is subject to customary events of default. No material relationship exists between the Company or its affiliates and Lender, other than in respect to the processing of credit card payments through Stripe, Inc.‘s payment processing platform, and the Loan Agreement.