Future Receivables Agreement by and between GCF Resources LLC and SANUWAVE, Inc. dated September 27, 2021

Merchant hereby sells, assigns and transfers to GCF (making GCF the absolute owner) in consideration of the purchase price specified below (the Purchase Price), the specified percentage specified below (the Specified  Percentage)  of  all of Merchant's future accounts, contract  rights and other entitlements  arising from or relating to  the payment  of monies from Merchant's customers 'and/or other third party payors (collectively, the "Receipts", including all payments made by cash, check, electronic transfer or other form of monetary payment in the ordinary course of the  Merchant's business), for  the  payments due to Merchant as a result of Merchant's sale of goods or services (the "Transactions") until the receipts purchased amount specified below (the Purchased Amount) has been delivered by or on behalf of Merchant to GCF. Merchant hereby acknowledges and agrees that GCF may elect, in its sole discretion, to pay to Merchant a percentage of the full Purchase Price specified below. If GCF elects to pay to Merchant less than the full Purchase Price specified below then the amount actually paid by GCF shall be deemed the Purchase  Price for  purposes of  this transaction notwithstanding the Purchase Price specified below and the Purchased Amount shall automatically be reduced proportionately notwithstanding the Purchased amount specified below. By signing this Agreement, Merchant expressly consents to be bound to the terms of this Agreement whether GCF, in its sole discretion, elects to pay the full Purchase Price specified below or a percentage thereof. Merchant further acknowledges that if GCF elects to pay a percentage of the full Purchase Price specified below, that such payment shall not be deemed a default under this Agreement, and that all other terms and conditions, specifically including but not limited to the Daily Amount, shall remain in effect except as otherwise provided herein. The Purchased Amount shall be paid to GCF by...in consideration of the purchase price specified below (the Purchase Price), the specified percentage specified below (the Specified Percentage) of all of Merchants...until the receipts purchased amount specified below (the Purchased Amount) has been delivered by or on behalf of Merchant to GCF. Merchant hereby acknowledges and agrees that GCF may elect, in its sole discretion, to pay to Merchant a percentage of the full Purchase Price specified below. If GCF elects to pay to Merchant less than the full Purchase Price specified below then the amount actually paid by GCF shall be deemed the Purchase Price for purposes of  this transaction notwithstanding the Purchase Price specified below and the Purchased Amount shall automatically be reduced proportionately notwithstanding the Purchased Amount specified below. By signing this Agreement, Merchant expressly consents to  be bound to the terms of this Agreement whether GCF, in  its  sole discretion, elects to pay the  full Purchase Price specified below or a percentage thereof. Merchant further acknowledges that if GCF elects to pay a percentage of the full Purchase Price specified below, that such payment shall not be deemed a default under this  Agreement,  and that all other  terms and conditions, specifically  including but  not  limited  to the Daily Amount, shall remain  in effect except as otherwise provided herein. The Purchased Amount shall be paid to GCF by...paid to GCF by Merchant's irrevocably directing and authorizing that there be only one depositing bank account, which account must be acceptable to, and pre-approved by, GCF (the "Account") into which Merchant and Merchants customers shall remit the Specified Percentage of the Merchants settlement amounts due from each Transaction, until such time as GCF receives payment in full of thePurchased Amount. Merchant hereby authorizes GCF to ACH Debit the Daily Amount (as specified below) from the Merchants Account on a daily basis and will provide GCF with all required access codes, and monthly bank statements. Merchant understands that it is responsible for  ensuring that the specified  percentage  to  be debited by GCF remains in the  Account and will be held responsible for any fees incurred by GCF resulting from a rejected ACH attempt or an event of default. (See Appendix  A) GCF is not  responsible for  any overdrafts or rejected transactions that may result from GCF ACH debiting the specified amounts under the terms of this agreement. GCF will debit the specific daily amount each business day. The Merchant shall deliver to GCF, no later than the 18th date of each month the bank statement for the  Account in respect of  the  immediately  preceding month. Within three business  days of  GCF receipt of the Merchants monthly bank statements, GCF shall reconcile the  Merchants  Account  by either crediting or debiting the difference  from or back to  the  Merchants Account  so that the amount debited per month equals the  Specified  Percentage. If  the  Merchant fails to  deliver the  bank statement for  the Account for  any month, GCF shall consider that the specific remittances  were equal to the Specified Percentage of  the  settlement amount due from each Transaction for  such month. GCF may, upon Merchants request, adjust the amount of any payment due under this Agreement at GCF sole discretion  and as it  deems appropriate.  Notwithstanding anything to  the contrary  in this Agreement  or  any other agreement between GCF and Merchant, upon the violation of any provision contained in Section 1.11 of the MERCHANT AGREEMENT TERMS AND CONDITIONS or the occurrence of an Event of Default under Section 3 of the MERCHANT AGREEMENT TERMS AND CONDITIONS, the Specified percentage shall equal 100%. A list of all fees applicable under this Agreement is contained in Appendix A. For the avoidance of any doubt, each party to this Agreement acknowledges, agrees and understands that the transaction contemplated by this Agreement is a purchase and sale of future receivables and not a loan, and no party hereto intends for this Agreement to be, or to be deemed to be, a loan agreement. Accordingly, there is no interest payable  hereunder  and no mandated date on which amounts hereunder are due. Furthermore,  the failure of the Merchant to  make sales and the Merchant going out of business or bankrupt is, in and of itself, not an Event of Default under this Agreement. These are risks assumed by GCF. Neither the Merchant nor any affiliate of the Merchant, directly or indirectly, shall assert or attempt to assert at any time and in any forum that this Agreement is a loan agreement or that the transactions contemplated hereby are or should be characterized as loans.

Security Interest. This Agreement will constitute a security agreement under the Uniform Commercial Code. Merchant grants to GCF a security interest in and lien upon: (a) all accounts, chattel paper, documents, equipment, general intangibles, instruments, and inventory, as those terms are defined in Article 9 of the Uniform Commercial Code (the "UCC"), now or hereafter owned or acquired by Merchant, (b) all proceeds, as that term is defined in Article 9 of the UCC (c) all funds at any time in the Merchant's Account, regardless of the source of such funds, (d) present and future Electronic Check Transactions, and (e) any amount which may be due to GCF under this Agreement, including but not limited to all rights to receive any payments or credits under this Agreement (collectively, the "Secured Assets"). Merchant agrees to provide other security to GCF upon request to secure Merchant's obligations under this Agreement. Merchant agrees that, if at any time there are insufficient funds in Merchant's Account to cover GCF entitlements under this Agreement, GCF is granted a further security interest in all of Merchant's assets of any kind whatsoever, and such assets shall then become Secured Assets. These security interests and liens will secure all of GCF entitlements under this Agreement and any other agreements now existing or later entered into between Merchant, GCF or an affiliate of GCF. GCF is authorized to file any and all notices or filings it deems necessary or appropriate to enforce its entitlements hereunder.

This security interest may be exercised by GCF without notice or demand of any kind by making an immediate withdrawal or freezing the Secured Assets. Pursuant to Article 9 of the Uniform Commercial Code, as amended from time to time, GCF has control over and may direct the disposition of the Secured Assets, without further consent of Merchant. Merchant hereby represents and warrants that no other person or entity has a security interest in the Secured Assets. With respect to such security interests and liens, GCF will have all rights afforded under the Uniform Commercial Code, any other applicable law and in equity. Merchant will obtain from GCF written consent prior to granting a security interest of any kind in the Secured Assets to a third party. Merchant agrees that this is a contract of recoupment and GCF is not required to file a motion for relief from a bankruptcy action automatic stay to realize on any of the Secured Assets. Nevertheless, Merchant agrees not to contest or object to any motion for relief from the automatic stay filed by GCF. Merchant agrees to execute and deliver to GCF such instruments and documents GCF may reasonably request to perfect and confirm the lien, security interest and right of setoff set forth in this Agreement. GCF is authorized to execute all such instruments and documents in Merchant's name.

Additional Collateral. To secure Guarantor's performance obligations to GCF under the Guaranty, the Guarantor hereby grants GCF a security interest in SANUWAVE SERVICES, LLC the   "Additional Collateral"). Guarantor understands that GCF will have a security interest in the aforesaid Additional Collateral upon execution of this Agreement. Merchant and Guarantor each acknowledge and agree that any security interest granted to GCF under any other agreement between Merchant or Guarantor and GCF (the "Cross-Collateral") will secure the obligations hereunder and under the Merchant Agreement.

Merchant and Guarantor each agrees to execute any documents or take any action in connection with this Agreement as GCF deems necessary to perfect or maintain GCF first priority security interest in the Collateral and the Additional Collateral, including the execution of any account control agreements. Merchant and Guarantor each hereby authorizes GCF to file any financing statements deemed necessary by GCF to perfect or maintain GCF security interest, which financing statement may contain notification that Merchant and/or Guarantor have granted a negative pledge to GCF with respect to the Collateral, and the Additional Collateral, and that any subsequent lien or may be tortuously interfering with GCF rights. Merchant and Guarantor shall be liable for, and GCF may charge and collect, all costs and expenses, including but not limited to attorney's fees, which may be incurred by GCF in protecting, preserving and enforcing GCF security interest and rights.

Negative Pledge. Merchant and Guarantor each agrees not to create, incur, assume, or permit to exist, directly or indirectly, any lien on or with respect to any of the Collateral or the Additional Collateral, as applicable.

Consent to Enter Premises and Assign Lease. GCF shall have the right to cure Merchant's default in the payment of rent on the following terms. In the event Merchant is served with papers in an action against Merchant for nonpayment of rent or for summary eviction, GCF may execute its rights and remedies under the Assignment of Lease. Merchant also agrees that GCF may enter into an agreement with Merchant's landlord giving GCF the right: (a) to enter Merchant's premises and to take possession of the fixtures and equipment therein for the purpose of protecting and preserving same; and/or (b) to assign Merchant's lease to another qualified business capable of operating a business comparable to Merchant's at such premises.

Validity Guaranty of Performance. The undersigned Guarantor(s) hereby guarantees to GCF, Merchant's good faith, truthfulness and performance of all of the representations, warranties, covenants made by Merchant in the Merchant Agreement in Sections thereof 2.3, 2.5, 2.6, 2.9, 2.10, 2.11, 2.12, 2.13 and 2.14, as each agreement may be renewed, amended, extended or otherwise modified (the "Guaranteed  Obligations"). Guarantor's obligations are due at the time of any breach by Merchant of any representation, warranty, or covenant made by Merchant in the Agreement.

Guarantor Waivers. In the event of a breach of the above, GCF may seek recovery from Guarantors for all of GCF losses and damages by enforcement of GCF rights under this Agreement without first seeking to obtain payment from Merchant, any other guarantor, or any Collateral or Additional Collateral GCF may hold pursuant to this Agreement or any other guaranty.

GCF does not  have to  notify Guarantor of any of the following events and Guarantor will not be released from its obligations under this Agreement if it is not notified of: (i) Merchant's failure to pay timely any amount owed under the Merchant Agreement; (ii) any adverse change in Merchant's financial condition or business; (iii) any sale or other disposition of any collateral securing the Guaranteed Obligations or any other guaranty of the Guaranteed Obligations; (iv) GCF acceptance of this Agreement; and (v) any renewal, extension or other modification of the Merchant Agreement or Merchant's other obligations to GCF. In addition, GCF may take any of the following actions without releasing Guarantor from any of its obligations under this Agreement: (i) renew, extend or otherwise modify the Merchant Agreement or Merchant's other obligations to GCF; (ii) release Merchant from its obligations to GCF; (iii) sell, release, impair, waive or otherwise fail to realize upon any collateral securing the Guaranteed Obligations or any other guaranty of the Guaranteed Obligations; and (iv) foreclose on any collateral securing the Guaranteed Obligations or any other guaranty of the Guaranteed Obligations in a manner that impairs or precludes the right of Guarantor to obtain reimbursement for payment under this Agreement. Until the Merchant Amount plus any accrued but unpaid interest and Merchant's other obligations to GCF under the Merchant Agreement and this Agreement are paid in full, Guarantor shall not seek reimbursement  from Merchant or any other guarantor for any amounts paid by it under this Agreement. Guarantor permanently waives and shall not  seek to exercise any of the following rights that it may have against Merchant, any other guarantor, or any collateral provided by Merchant or any other guarantor, for any amounts paid by it, or acts performed by it, under this Agreement: (i) subrogation; (ii) reimbursement; (iii) performance; (iv) indemnification; or (v) contribution. In the event that GCF must return any amount paid by Merchant or any other guarantor  of the Guaranteed Obligations because that person has become subject to a proceeding under the United States Bankruptcy Code or any similar law, Guarantor's obligations under this Agreement shall include that amount.

Guarantor Acknowledgement. Guarantor acknowledges that: (i) He/She understands the seriousness of the provisions of this Agreement; (ii) He/She has had a full opportunity to consult with counsel of his/her choice; and (iii) He/She has consulted with counsel of its choice or has decided not to avail himself/herself of that opportunity.

Joint and Several Liability. The obligations hereunder of the persons or entities constituting Guarantor under this Agreement are joint and several.

THE TERMS, DEFINITIONS, CONDITIONS AND INFORMATION SET FORTH IN THE "MERCHANT AGREEMENT", INCLUDING THE "TERMS AND CONDITIONS", ARE HEREBY INCORPORATED IN AND MADE A PART OF THIS SECURITY AGREEMENT AND GUARANTY. CAPITALIZED TERMS NOT DEFINED IN THIS SECURITY AGREEMENT AND GUARANTY, SHALL HAVE THE MEANING SET FORTH IN THE MERCHANT AGREEMENT, INCLUDING THE TERMS AND CONDITIONS.