# EDGAR Filing Document

**Accession Number:** 0001596961
**File Stem:** 0001596961-25-000083
**Filing Date:** 2025-8
**Character Count:** 193170
**Document Hash:** 51f762fdf59186343b5b046f4dc8d35e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001596961-25-000083.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001596961-25-000083

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250825

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Unregistered Sales of Equity Securities

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RideNow Group, Inc.
- **CENTRAL INDEX KEY:** 0001596961
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROGRAMMING SERVICES [7371]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 463951329
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38248
- **FILM NUMBER:** 251274772

**BUSINESS ADDRESS:**
- **STREET 1:** 2677 E WILLIS ROAD
- **CITY:** CHANDLER
- **STATE:** AZ
- **ZIP:** 85286
- **BUSINESS PHONE:** 480-755-5200

**MAIL ADDRESS:**
- **STREET 1:** 2677 E WILLIS ROAD
- **CITY:** CHANDLER
- **STATE:** AZ
- **ZIP:** 85286

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RumbleOn, Inc.
- **DATE OF NAME CHANGE:** 20210720

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RumbleON, Inc.
- **DATE OF NAME CHANGE:** 20170213

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Smart Server, Inc
- **DATE OF NAME CHANGE:** 20140114

?xml version='1.0' encoding='ASCII'? rmbl-20250825

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): **August 25, 2025**

![RideNow-Group-Inc-SEC-Black-1000x400.jpg](rmbl-20250825_g1.jpg)

**RideNow Group, Inc.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Nevada**<br>(State or other jurisdiction <br>of incorporation) | **001-38248**<br>(Commission File Number) | **46-3951329**<br>(I.R.S. Employer Identification No.) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2677 E Willis Road, Chandler, Arizona**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2677 E Willis Road, Chandler, Arizona**  | **85286** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Address of principal executive offices) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code **<u>(480) 755-5200</u>**

---

| |
|:---|
| **RumbleOn, Inc.**<br> **901 W. Walnut Hill Lane, Suite 110A, Irving, Texas 75038** |
| (Former name or former address, if changed since last report) |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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| |
|:---|
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c)) |

---

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Class B Common Stock, $0.001 par value | RDNW | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

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**Item 1.01. Entry into a Material Definitive Agreement.**

***Subordinated Loans***

On August 25, 2025, RideNow Group, Inc. (the "Company") issued separate unsecured subordinated promissory notes (collectively, the "Subordinated Notes") payable to each of Stone House Capital Management, LLC, Face Canyon LLC, and Mark Tkach (collectively, the "Subordinated Lenders") to evidence $3,333,334 million of unsecured subordinated loans made by each Subordinated Lender to the Company. The aggregate gross proceeds of the unsecured subordinated loans evidenced by the Subordinated Notes, or approximately $10.0 million, were used to prepay outstanding principal amounts of the loans (the "Senior Loans") owed under the Company's term loan credit agreement (the "Senior Credit Agreement"), among the Company, as borrower, the guarantors party thereto, the lenders party thereto, and Oaktree Fund Administration, LLC, as administrative agent and collateral agent (the "Senior Agent"). The prepayment was part of an aggregate $20.0 million prepayment made in satisfaction of the requirement set forth in Amendment No. 10 (as defined below).

The Subordinated Notes are subordinated in right of payment to the Company's obligations under the Senior Credit Agreement pursuant to the terms of a subordination agreement entered into by and among the Company, the Subordinated Lenders, and the Senior Agent.

The Subordinated Notes bear interest at a rate of 13.0% per annum, payable semi-annually in arrears on the last business day of each February and August, beginning February 27, 2026. Interest is payable in-kind and capitalized to the principal balance. Each Subordinated Note matures on August 31, 2028, unless earlier repaid or accelerated in accordance with its terms.

In the event a Subordinated Lender participates in a Specified Equity Offering (as defined in the Subordinated Notes), the Company is required to use the net cash proceeds received from such Subordinated Lender in such Specified Equity Offering to make a mandatory prepayment of such Subordinated Lender's Subordinated Note.

Each Subordinated Note is guaranteed on a joint and several basis by the Company's subsidiaries that are

guarantors under the Senior Credit Agreement (each, a "Subordinated Guaranty"). Subject to the terms of the corresponding Subordinated Note, each Subordinated Guaranty is irrevocable and unconditional and will remain in effect until all obligations under such Subordinated Note are satisfied.

The foregoing description of the Subordinated Notes and Subordinated Guaranties does not purport to be complete and is qualified in its entirety by reference to the full text of the Subordinated Notes, a form of which is attached hereto as Exhibit 10.1.

***Amended and Restated Warrants***

As previously disclosed in the current report on Form 8-K filed by the Company on August 11, 2025, the parties to the Senior Credit Agreement executed Amendment No. 10 ("Amendment No. 10") to the Senior Credit Agreement.

As required by Amendment No. 10, on August 28, 2025 (the deadline having been extended from August 26, 2025 by the Senior Agent, as permitted under Amendment No. 10), the Company amended and restated the warrants, dated August 14, 2023, between the Company and each applicable lender to the Senior Credit Agreement to, among other things, (i) adjust the exercise price of the warrants to be the lesser of (x) the existing exercise price of $11.09 per share and (y) an amount per share equal to 1.25 times the 30-day volume weighted average trading price of the Company Class B Common Stock as of the 30th trading day following August 11, 2025 and (ii) extend the expiration date of the warrants until August 10, 2030 (the "Amended and Restated Warrants").

The foregoing description of the Amended and Restated Warrants does not purport to be complete and is qualified in its entirety by reference to the full text of the Amended and Restated Warrants, a form of which is attached hereto as Exhibit 4.1.

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**Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.**

The disclosure regarding the Notes included in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

**Item 3.02. Unregistered Sales of Equity Securities.**

The disclosure regarding the Amended and Restated Warrants included in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

**Item 9.01. Financial Statements and Exhibits.**

(d)Exhibits

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| <u>[4.1](exhibit41formofwarranttopu.htm)</u> | <u>[Form of Amended and Restated Warrant, dated as of August 28, 2025, which amends and restates the warrants issued by RideNow Group, Inc. on August 14, 2023.](exhibit41formofwarranttopu.htm)</u> |
| <u>[10.1](exhibit101-formofsubordina.htm)</u> | <u>[Form of Unsecured Promissory Note, dated as of August 25, 2025, made by RideNow Group, Inc. payable to each Subordinated Lender.](exhibit101-formofsubordina.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **RideNow Group, Inc.** | **RideNow Group, Inc.** |
| Date: August 28, 2025 | By: | /s/ Michael Quartieri |
|  |  | Michael Quartieri |
|  |  | Chairman, Chief Executive Officer, and Interim Chief Financial Officer |

---

## Exhibit 4.1

**Exhibit 4.1**

THIS AMENDED AND RESTATED WARRANT (THE "<u>WARRANT</u>") AND ANY SHARES ACQUIRED UPON THE EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "<u>ACT</u>") OR APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE SOLD, PLEDGED, HYPOTHECATED, DONATED OR OTHERWISE TRANSFERRED WITHOUT COMPLIANCE WITH THE REGISTRATION OR QUALIFICATION PROVISIONS OF APPLICABLE FEDERAL AND STATE SECURITIES LAWS OR APPLICABLE EXEMPTIONS THEREFROM.

**RIDENOW GROUP, INC.**

**AMENDED AND RESTATED**

**WARRANT TO PURCHASE CLASS B COMMON STOCK**

Date of Issuance: August 28, 2025 ("<u>Issuance Date</u>")<br>Warrant Shares: [_____]

RideNow Group, Inc., a Nevada corporation (the "<u>Company</u>") certifies that, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, [ ], being the registered holder hereof, or its permitted assigns (the "<u>Holder</u>"), is entitled, subject to the terms and conditions set forth below, to purchase from the Company, at the Exercise Price (as defined in <u>Section 1(c)</u> below) then in effect, upon surrender of this Amended and Restated Warrant to Purchase Class B Common Stock (including any warrants to purchase Class B Common Stock issued in exchange, transfer or replacement hereof, the "<u>Warrant</u>"), at any time or times on or after the Issuance Date (as defined below), but not after 11:59 p.m., New York City Time, on the Expiration Date (as defined below), the Warrant Shares (as defined below). Except as otherwise defined herein, capitalized terms in this Warrant shall have the meanings set forth in <u>Section 19</u>. The Company and the Holder each acknowledge and agree that this Warrant amends and supersedes and replaces that warrant previously issued by the Company to the Holder on August 14, 2023.

Section 1<u>Exercise of Warrant</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Mechanics of Exercise</u>. Subject to the terms and conditions hereof, this Warrant may be exercised by the Holder, in whole or in part, by (i) delivery of a written notice (including via email), in the form attached hereto as <u>Exhibit A</u> (the "<u>Exercise Notice</u>"), of the Holder's election to exercise this Warrant to the Company, and (ii) if the Holder is not electing a Cashless Exercise (as defined below) pursuant to <u>Section 1(d)</u> of this Warrant, payment to the Company of an amount equal to the applicable Exercise Price multiplied by the number of Warrant Shares as to which this Warrant is being exercised (the "<u>Aggregate Exercise Price</u>") in cash or wire transfer of immediately available funds (a "<u>Cash Exercise</u>"). The Holder shall not be required to surrender this Warrant in order to effect an exercise hereunder, provided, that in the event of an exercise of this Warrant for all Warrant Shares then issuable hereunder, the Holder shall surrender this Warrant to the Company by the third (3rd) Trading Day following the Share Delivery Date (as defined below). On or before the first (1st) Trading Day following the

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date on which the Company has received the Exercise Notice, the Company shall transmit by email an acknowledgement of confirmation of receipt of the Exercise Notice to the Holder. No ink original or medallion guarantee shall be required on any Exercise Notice. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by (x) crediting the account of the Holder's or its designee's balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (or any equivalent or replacement system) if the Company is then a participant in such system and if the Warrant Shares may be so delivered, and either (with respect to the Common Stock) (1) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder or (2) the Warrant Shares are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant to Rule 144 (assuming Cashless Exercise of the Warrant), or (y) otherwise by physical delivery of a certificate or copy of book-entry form representing such shares, registered in the Company's share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Exercise Notice, by the date that is the earlier of (a) two (2) Trading Days after the delivery to the Company of the Exercise Notice, and (b) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Exercise Notice (such date, the "<u>Share Delivery Date</u>"), provided, that, except in the case of a Cashless Exercise of the Warrant, the Company shall have received the Aggregate Exercise Price payable by the Holder for the Warrant Shares purchased hereunder on or prior to the applicable Share Delivery Date. If this Warrant is submitted in connection with any exercise pursuant to this <u>Section 1(a)</u> and the number of Warrant Shares represented by this Warrant submitted for exercise is greater than the number of Warrant Shares being acquired upon an exercise, then upon request by the Holder, the Company shall as soon as practicable and in no event later than two (2) Trading Days after any exercise and at the Company's own expense, issue a new Warrant (in accordance with <u>Section</u> 8(e)) representing the right to purchase the number of Warrant Shares purchasable immediately prior to such exercise under this Warrant, less the number of Warrant Shares with respect to which this Warrant is exercised. The Company shall pay any and all transfer or similar taxes that may be payable with respect to the issuance and delivery of Warrant Shares upon exercise of this Warrant. The Company agrees that the Transfer Agent shall at all times be a participant in the FAST program (or any equivalent or replacement program) so long as this Warrant remains outstanding and exercisable. Upon delivery of the Exercise Notice, so long as the Aggregate Exercise Price, in the case of a Cash Exercise, is delivered to the Company on or before the first (1st) Trading Day following delivery of the Exercise Notice, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date such Warrant Shares are issued and deposited into the Holder's account with the Transfer Agent. If the Aggregate Exercise Price, in the case of a Cash Exercise, is delivered to the Company any time after the first (1st) Trading Day following delivery of the Exercise Notice, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised on the date of delivery of the Aggregate Exercise Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Failure to Deliver and Buy-In Remedy</u>. If the Company fails for any reason (other than failure to receive any applicable Aggregate Exercise Price or due to any other

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act or omission on the part of the Holder for any reason) to deliver to the Holder the Warrant Shares subject to an Exercise Notice by the Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the Weighted Average Price of the Class B Common Stock on the date of the applicable Exercise Notice), $10 per Trading Day (increasing to $20 per Trading Day on the fifth (5th) Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise as provided in the next sentence, provided, however, that Holder shall not be entitled to any liquidated damages pursuant to this sentence if Holder is entitled to a cash payment in connection with a Buy-In. Any payments made pursuant to this <u>Section 1(b)</u> shall not constitute the Holder's exclusive remedy for such events; provided further, however, that any payments made by the Company pursuant to this <u>Section 1(b)</u> shall reduce the amount of any damages that the Holder may be entitled to as a remedy for such events. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to <u>Section 1(a)</u> by the Share Delivery Date, then the Holder will have the right to rescind such exercise. In addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to issue and deposit into the Holder's account with the Transfer Agent such number of Warrant Shares to which the Holder is entitled upon the Holder's exercise pursuant to an exercise on or before the Share Delivery Date, and if after such Share Delivery Date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder's brokerage firm otherwise purchases, shares of Class B Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a "<u>Buy-In</u>"), then the Company shall (i) pay in cash to the Holder the amount, if any, by which (A) the Holder's total purchase price (including brokerage commissions, if any) for the shares of Class B Common Stock, so purchased in such Buy-In exceeds (B) the amount obtained by multiplying (1) the number of shares of Class B Common Stock purchased in such Buy-In by (2) the price at which the sell order giving rise to such Buy-In was executed, and (ii) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to Holder the number of shares of Class B Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder (in which case, if Holder has not previously delivered to the Company the Aggregate Exercise Price for such shares of Class B Common Stock, Holder shall be required to deliver such Aggregate Exercise Price to the Company prior the delivery of such shares of Class B Common Stock).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Exercise Price</u>. For purposes of this Warrant, "<u>Exercise Price</u>" shall mean the lesser of (i) $11.09 per share and (ii) an amount per share equal to 1.25 times the 30-day Weighted Average Price of a share of Class B Common Stock as of the 30th Trading Day immediately following August 11, 2025, subject to adjustments as set forth in <u>Section 2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Cashless Exercise</u>. Notwithstanding anything contained herein to the contrary, at any time on or after the Cashless Exercise Date, the Holder may, in its sole discretion, exercise this Warrant in whole or in part and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the

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Aggregate Exercise Price, elect instead to receive upon such exercise the "<u>Net Number</u>" of shares of Class B Common Stock determined according to the following formula (a "<u>Cashless Exercise</u>"):

Net Number = (<u>A x B</u>) - (<u>A x C</u>)

B

For purposes of the foregoing formula:

A =&nbsp;&nbsp;&nbsp;&nbsp;the total number of Warrant Shares with respect to which this Warrant is then being exercised.

B =&nbsp;&nbsp;&nbsp;&nbsp;the Weighted Average Price of the shares of Class B Common Stock (as reported by Bloomberg) on the date immediately preceding the date of the Exercise Notice.

C =&nbsp;&nbsp;&nbsp;&nbsp;the Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.

The Company hereby covenants and agrees that the Warrant Shares issued in a Cashless Exercise shall be deemed to have been acquired by the Holder pursuant to Rule 3(a)(9) of the Securities Act.

For the avoidance of doubt, at any time prior to the Cashless Exercise Date, the Holder may only exercise this Warrant by Cash Exercise and may not exercise by Cashless Exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>No Fractional Shares or Scrip</u>. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As to any fraction of a share that the Holder would otherwise be entitled to purchase upon such exercise, the Company shall pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price.

Section 2<u>Adjustment of Exercise Price</u>. The Exercise Price for the Warrant Shares shall be subject to adjustment (without duplication) upon the occurrence of any of the following events at any time after the Issuance Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Stock Dividends, Combinations and Splits</u>. The issuance of Common Stock as a dividend or distribution to all holders of Class B Common Stock, or a subdivision, combination, split, reverse split or reclassification of the outstanding shares of Class B Common Stock into a greater or smaller number of shares, in which event the Exercise Price shall be adjusted based on the following formula:

where:

E1 = E0 x (N0 /N1)

E1 =&nbsp;&nbsp;&nbsp;&nbsp;the Exercise Price in effect immediately after (i) 9:00 a.m., New York City time (the "<u>Open of Business</u>") on the first date on which the Class B Common Stock

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can be traded without the right to receive an issuance or distribution (the "<u>Ex-Date</u>") in the case of a dividend or distribution or (ii) the consummation of the transaction in the case of a subdivision, combination, split, reverse split or reclassification;

E0 =&nbsp;&nbsp;&nbsp;&nbsp;the Exercise Price in effect immediately prior to (i) the Open of Business on the Ex-Date in the case of a dividend or distribution or (ii) the consummation of the transaction in the case of a subdivision, combination, split, reverse split or reclassification;

N0 =&nbsp;&nbsp;&nbsp;&nbsp;the number of shares of Class B Common Stock outstanding immediately prior to (i) the Open of Business on the Record Date in the case of a dividend or distribution or (ii) the consummation of the transaction in the case of a subdivision, combination, split, reverse split or reclassification; and

N1 =&nbsp;&nbsp;&nbsp;&nbsp;the number of shares of Class B Common Stock equal to (i) in the case of a dividend or distribution, the sum of the number of shares outstanding immediately prior to the Open of Business on the Record Date for such dividend or distribution plus the total number of shares issued pursuant to such dividend or distribution or (ii) in the case of a subdivision, combination, split, reverse split or reclassification, the number of shares outstanding immediately after such subdivision, combination, split, reverse split or reclassification.

Such adjustment shall become effective immediately after (i) the Open of Business on the Ex-Date in the case of a dividend or distribution or (ii) the consummation of the transaction in the case of a subdivision, combination, split, reverse split or reclassification. If any dividend or distribution or subdivision, combination, split, reverse split or reclassification of the type described in this <u>Section 2</u> is declared or announced but not so paid or made, the Exercise Price shall again be adjusted to the Exercise Price that would then be in effect if such dividend or distribution or subdivision, combination, split, reverse split or reclassification had not been declared or announced, as the case may be. If any event occurs of the type contemplated by the provisions of this <u>Section 2(a)</u> but not expressly provided for by such provisions (including, without limitation, the granting of stock appreciation rights, phantom stock rights or other rights with equity features to the holders of the Company's equity securities generally), then the Board of Directors will make an appropriate adjustment in the Exercise Price and the number of Warrant Shares so as to protect the rights of the Holder; provided, that no such adjustment pursuant to this paragraph will increase the Exercise Price or decrease the number of Warrant Shares as otherwise determined pursuant to this <u>Section 2</u>; and provided, further, that no adjustment shall be made under this <u>Section 2(a)</u> in connection with any transactions involving Purchase Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Certain Exercise Price Adjustments</u>. Upon the consummation of the Rights Offering (and/or the consummation of issuance of Class A Common Stock and Class B Common Stock pursuant to the Standby Purchase Agreement (such issuance, the "<u>Backstop Issuance</u>")), or any other issuance of Purchase Rights, the Exercise Price will be decreased (and in no event increased) based on the following formula; <u>provided that</u>, in the case of the Rights

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Offering and/or the Backstop Issuance, in no event shall the adjustment percentage exceed 6.25% (such that in no event shall the Exercise Price be adjusted below $11.25, based on the initial Exercise Price, with respect to such Rights Offering and/or the Backstop Issuance):

where:&nbsp;&nbsp;&nbsp;&nbsp;E1 = E0 \* (BP / S0)

and:&nbsp;&nbsp;&nbsp;&nbsp;BP = ((S0 \* N0) + (S1 \* N1)) / (N0 + N1)

E1 =&nbsp;&nbsp;&nbsp;&nbsp;the Exercise Price in effect immediately after the announcement of the Subscription Price (the "<u>Announcement</u>");

E0 =&nbsp;&nbsp;&nbsp;&nbsp;the Exercise Price in effect immediately prior to the Announcement;

S0 =&nbsp;&nbsp;&nbsp;&nbsp;the 10-day Weighted Average Price of a share of Class B Common Stock as of the day immediately prior to the Announcement;

S1 =&nbsp;&nbsp;&nbsp;&nbsp;the subscription price (the "<u>Subscription Price</u>") of the Purchase Right, including in the Rights Offering and/or the Backstop Issuance, to purchase one whole share of Class B Common Stock;

N0 =&nbsp;&nbsp;&nbsp;&nbsp;the number of shares of Common Stock Deemed Outstanding immediately prior to the Announcement;

N1 =&nbsp;&nbsp;&nbsp;&nbsp;the aggregate number of shares of Class B Common Stock that is purchased pursuant to the Purchase Rights, including in the Rights Offering and/or the Backstop Issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Other Dividends and Distributions</u>. The issuance as a dividend or distribution to any holders of Class B Common Stock of evidences of indebtedness, shares of capital stock or other securities (other than Common Stock that is the subject of <u>Section 2(a)</u> above, or Purchase Rights that are the subject of <u>Section 2(b)</u> above), cash or other property, in which event the Exercise Price will be adjusted based on the following formula:

where:&nbsp;&nbsp;&nbsp;&nbsp;E1 = E0 x ((P - FMV) / P)

E1 =&nbsp;&nbsp;&nbsp;&nbsp;the Exercise Price in effect immediately after the Open of Business on the Ex-Date for such dividend or distribution;

E0 =&nbsp;&nbsp;&nbsp;&nbsp;the Exercise Price in effect immediately prior to the Open of Business on the Ex-Date for such dividend or distribution;

P&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Weighted Average Price of a share of Class B Common Stock immediately prior to the Open of Business on the second Business Day preceding the Ex-Date for such dividend or distribution; and

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FMV = the Fair Market Value of the portion of such dividend or distribution applicable to one share of Class B Common Stock as of the Open of Business on the Ex-Date for such dividend or distribution.

Such decrease shall become effective immediately after the Open of Business on the Ex-Date for such dividend or distribution. In the event that such dividend or distribution is declared or announced but not so paid or made, the Exercise Price shall again be adjusted to be the Exercise Price which would then be in effect if such distribution had not been declared or announced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Tender or Exchange Offer</u>. The payment in respect of any tender offer or exchange offer by the Company for outstanding Class B Common Stock on a pro rata basis, where the cash and Weighted Average Price of any other consideration included in the payment per share of the Class B Common Stock exceeds the Weighted Average Price of a share of Class B Common Stock as of the Open of Business on the second Business Day preceding the expiration date of the tender or exchange offer (the "<u>Offer Expiration Date</u>"), in which event the Exercise Price will be adjusted based on the following formula:

where:&nbsp;&nbsp;&nbsp;&nbsp;E1 = E0 x ((N0 x P1) / ((P1 x N1) + A))

E1 =&nbsp;&nbsp;&nbsp;&nbsp;the Exercise Price in effect immediately after the Close of Business on the Offer Expiration Date;

E0 =&nbsp;&nbsp;&nbsp;&nbsp;the Exercise Price in effect immediately prior to the Close of Business on the Offer Expiration Date;

N0 =&nbsp;&nbsp;&nbsp;&nbsp;the number of shares of Class B Common Stock outstanding immediately prior to the expiration of the tender or exchange offer (prior to giving effect to the purchase or exchange of shares);

N1 =&nbsp;&nbsp;&nbsp;&nbsp;the number of shares of Class B Common Stock outstanding immediately after the expiration of the tender or exchange offer (after giving effect to the purchase or exchange of shares);

A =&nbsp;&nbsp;&nbsp;&nbsp;the aggregate cash and Weighted Average Price of any other consideration payable for shares of Class B Common Stock purchased in such tender offer or exchange offer; and

P1 =&nbsp;&nbsp;&nbsp;&nbsp;the Weighted Average Price of a share of Class B Common Stock as of the Open of Business on the second Business Day after the Offer Expiration Date.

An adjustment, if any, to the Exercise Price pursuant to this <u>Section 2(d)</u> shall become effective immediately after the Close of Business on the Offer Expiration Date. In the event that the Company or a Subsidiary of the Company is obligated to purchase shares of Class B Common Stock pursuant to any such tender offer or exchange offer, but the Company or such Subsidiary is permanently prevented by applicable law from effecting any such purchases, or all such purchases are rescinded, then the Exercise Price shall again be adjusted to be the Exercise Price

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which would then be in effect if such tender offer or exchange offer had not been made. Except as set forth in the preceding sentence, if the application of this <u>Section 2(d)</u> to any tender offer or exchange offer would result in an increase in the Exercise Price, no adjustment shall be made for such tender offer or exchange offer under this <u>Section 2(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Multiple Adjustments</u>. If any single action would require adjustment of the Exercise Price or number of Warrant Shares pursuant to more than one subsection of this <u>Section 2</u>, <u>Section 3</u> or <u>Section 4</u>, only one adjustment shall be made to each of the Exercise Price and number and such adjustment shall be the amount of adjustment that has the highest, relative to the rights and interests of the registered holders of the Warrants then outstanding, absolute value. For the purpose of calculations pursuant to this <u>Section 2</u>, the number of shares of Class B Common Stock outstanding shall be based on the number of shares of Class B Common Stock outstanding on the applicable date of determination and giving effect to the conversion of any securities convertible, exercisable or exchangeable for Class B Common Stock outstanding as of such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Adjustment Timing</u>. Solely with respect to an exercise of this Warrant for Class B Common Stock, notwithstanding anything to the contrary set forth in this <u>Section 2</u> or any other provision of this Warrant, if an Exercise Price adjustment becomes effective on any Ex-Date, and a Holder that has exercised this Warrant on or after such Ex-Date and on or prior to the related Record Date would be treated as the record holder of the Class B Common Stock on or prior to such Record Date, then, the Exercise Price adjustment relating to such Ex-Date will not be made for such exercising Holder. Instead, such Holder will be treated as if it were the record owner of shares of Class B Common Stock on an un-adjusted basis and participate in the related dividend, distribution or other event giving rise to such adjustment.

Section 3<u>Adjustments to Number of Warrants</u>. Concurrently with any adjustment to the Exercise Price under <u>Section 2</u> (other than <u>Section 2(b)</u>), the number of Warrant Shares hereunder will be adjusted such that the number of Warrant Shares in effect immediately following the effectiveness of such adjustment will be equal to the number of Warrant Shares in effect immediately prior to such adjustment, multiplied by a fraction, (a) the numerator of which is the Exercise Price in effect immediately prior to such adjustment, and (b) the denominator of which is the Exercise Price in effect immediately following such adjustment.

Section 4<u>Fundamental Transactions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>RESERVED</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Fundamental Transactions</u>. Upon the occurrence of any Fundamental Transaction in which the Company is neither the Successor Entity nor the Parent Entity of the Successor Entity, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to the "<u>Company</u>" shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if such Successor Entity had been named as the Company herein. Upon consummation of any Fundamental Transaction pursuant to which holders of shares of Class B

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Common Stock are entitled to receive shares of stock, securities, cash, assets or any other property with respect to or in exchange for shares of Class B Common Stock, the Successor Entity shall deliver to the Holder confirmation that there shall be issued upon exercise of this Warrant at any time after the consummation of such Fundamental Transaction, in lieu of, or in addition to, the shares of the Class B Common Stock (or other share of stock, securities, cash, assets or other property purchasable upon the exercise of the Warrant prior to such Fundamental Transaction), such shares of stock, securities, cash, assets or any other property whatsoever (including warrants or other purchase or subscription rights), if any, that the Holder would have been entitled to receive upon the happening of such Fundamental Transaction had this Warrant been exercised immediately prior to such Fundamental Transaction, as adjusted in accordance with the provisions of this Warrant. In addition to and not in substitution for any other rights hereunder, prior to the consummation of any Fundamental Transaction pursuant to which holders of shares of Class B Common Stock are entitled to receive shares of stock, securities, cash, assets or any other property with respect to or in exchange for shares of Class B Common Stock, the Company shall make appropriate provision to ensure that the Holder will thereafter have the right to receive upon exercise of this Warrant within thirty (30) days after the consummation of the Fundamental Transaction but, in any event, prior to the Expiration Date, in lieu of, or in addition to, the Warrant Shares (or other securities, cash, assets or other property) purchasable upon the exercise of the Warrant prior to such Fundamental Transaction, such shares of stock, securities, cash, assets or any other property whatsoever (including warrants or other purchase or subscription rights) which the Holder would have been entitled to receive upon the happening of such Fundamental Transaction had the Warrant been exercised immediately prior to such Fundamental Transaction.

Section 5<u>Reservation of Warrant Shares</u>. The Company covenants that it will at all times reserve and keep available out of the aggregate of its authorized but unissued and otherwise unreserved shares of Class B Common Stock, solely for the purpose of enabling it to issue Warrant Shares upon exercise of this Warrant as herein provided, at least a number of shares of Class B Common Stock equal to 100% of the number of shares of Class B Common Stock which are then issuable and deliverable upon the Cash Exercise of this entire Warrant for shares of Class B Common Stock, assuming a Cash Exercise of the Warrant (the "<u>Required Reserve Amount</u>"), free from preemptive or any other contingent purchase rights of Persons other than the Holder (taking into account the adjustments and restrictions in <u>Section 2</u>). The Company covenants that all shares of Class B Common Stock so issuable and deliverable shall, upon issuance and the payment of the applicable Exercise Price in accordance with the terms hereof, be duly and validly authorized, issued and fully paid and nonassessable. The Company will take all such actions as may be reasonably necessary, including but not limited to seeking stockholder approval, to assure that such shares of Class B Common Stock may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of any Eligible Market upon which the Class B Common Stock may be listed.

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Section 6<u>Insufficient Authorized Shares</u>. If at any time while this Warrant remains outstanding the Company does not have reserved for issuance upon exercise of this Warrant at least the then Required Reserve Amount (an "<u>Authorized Share Failure</u>"), then the Company shall immediately take all action necessary to increase the Company's authorized shares of Class B Common Stock to an amount sufficient to allow the Company to reserve the Required Reserve Amount for this Warrant then outstanding. Without limiting the generality of the foregoing sentence, as soon as practicable after the date of the occurrence of an Authorized Share Failure, but in no event later than one hundred and twenty (120) days after the occurrence of such Authorized Share Failure, the Company shall hold a meeting of its stockholders for the approval of an increase in the number of authorized shares of Class B Common Stock. In connection with such meeting, the Company shall provide each stockholder with a proxy statement and shall use its reasonable best efforts to solicit its stockholders' approval of such increase in authorized shares of Class B Common Stock and to cause the Board of Directors to recommend to the stockholders that they approve such proposal.

Section 7<u>Warrant Holder Not Deemed a Stockholder</u>. Except as otherwise specifically provided herein, the Holder, solely in such Person's capacity as a Holder, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in such Person's capacity as a Holder, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder which such Person is then entitled to receive upon the due exercise of this Warrant. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company.

Section 8<u>Registration and Reissuance of Warrants</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Registration of Warrant</u>. The Company shall register this Warrant, upon the records to be maintained by the Company for that purpose (the "<u>Warrant Register</u>"), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary. The Company shall also register any transfer, exchange, reissuance or cancellation of any portion of this Warrant in the Warrant Register. The Holder's right to exercise this Warrant shall automatically terminate at 11:59:01 p.m., New York City time, on the Expiration Date and upon such cancellation, the Company shall register the cancellation of this Warrant in the Warrant Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Transfer of Warrant</u>. This Warrant may be offered for sale, sold, transferred or assigned without the consent of the Company, except as may otherwise be required by applicable securities laws. Subject to applicable securities laws, if this Warrant is to be

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transferred, the Holder shall surrender this Warrant to the Company, together with all applicable transfer taxes and all additional documentation (including, without limitation, an opinion of counsel reasonably satisfactory to the Company) reasonably requested by the Company to confirm that any such transfer of this Warrant complies with applicable securities laws, whereupon the Company will promptly issue and deliver upon the order of the Holder a new Warrant (in accordance with <u>Section 8(e)</u>), registered as the Holder may request, representing the right to purchase the number of Warrant Shares being transferred by the Holder and, if less than the total number of Warrant Shares then underlying this Warrant is being transferred, a new Warrant (in accordance with <u>Section 8(e)</u>) to the Holder representing the right to purchase the number of Warrant Shares not being transferred. The acceptance and execution of the new Warrant by the transferee thereof shall be deemed the acceptance by such transferee of all of the rights and obligations in respect of the new Warrant that the Holder has in respect of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Lost, Stolen or Mutilated Warrant</u>. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant, and, in the case of loss, theft or destruction, if requested by the Company, of any indemnification undertaking by the Holder to the Company in customary form by the Holder to the Company (but without the requirement to post a bond) and, in the case of mutilation, upon surrender and cancellation of this Warrant, the Company shall execute and deliver to the Holder a new Warrant (in accordance with <u>Section 8(e))</u> representing the right to purchase the Warrant Shares then underlying this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Exchangeable for Multiple Warrants</u>. This Warrant is exchangeable, upon the surrender hereof by the Holder at the principal office of the Company, together with all applicable transfer taxes, for a new Warrant or Warrants (in accordance with <u>Section 8(e)</u>) representing in the aggregate the right to purchase the number of Warrant Shares then underlying this Warrant, and each such new Warrant will represent the right to purchase such portion of such Warrant Shares as is designated by the Holder at the time of such surrender; provided, however, that the Company shall not be required to issue new Warrants for fractional Warrant Shares hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Issuance of New Warrants</u>. Whenever the Company or its Transfer Agent, as directed by the Company, is required to issue a new Warrant pursuant to the terms of this Warrant, such new Warrant shall (i) be of like tenor with this Warrant, (ii) represent, as indicated on the face of such new Warrant, the right to purchase the Warrant Shares then underlying this Warrant, (iii) have an issuance date, as indicated on the face of such new Warrant which is the same as the Issuance Date and (iv) have the same terms and conditions as this Warrant.

Section 9<u>Registration Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Filing of Registration Statement</u>. As soon as reasonably practicable, but in no event later than thirty (30) days following request by the Requisite Holders to register the Warrant Shares (which request shall not occur prior to the Resale Obligation Date) (such date of filing is referred to as the "<u>Filing Date</u>"), the Company shall file a registration statement covering the resale of the Warrant Shares on a registration statement (the "<u>Registration Statement</u>") with

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the SEC and effect the registration, qualifications or compliances (including, without limitation, the execution of any required undertaking to file post-effective amendments, appropriate qualifications or exemptions under applicable blue sky or other state securities laws and appropriate compliance with applicable securities laws, requirements or regulations) as promptly as possible after the filing thereof, but in any event prior to the date that is sixty (60) days after the Filing Date (or, in the event the Company receives comments on such Registration Statement, the date that is ninety (90) days after the Filing Date); provided, however, if the Company is unable to take such Registration Statement effective by such time due to the existence of an Effectiveness Exception, it will be required to take such Registration Statement effective as promptly as practicable following termination of such Effectiveness Exception. The Company's registration obligations pursuant to this <u>Section 9</u> shall terminate at the end of the Registration Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Expenses</u>. All registration expenses incurred in connection with any registration, qualification, exemption or compliance pursuant to this <u>Section 9</u> shall be borne by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Registration Defaults</u>. The Company further agrees that, in the event that the Registration Statement (i) has not been filed with the SEC by the date such filing is required pursuant to <u>Section 9(a)</u>, (ii) has not been declared effective by the SEC by the date such filing is required pursuant to <u>Section 9(a)</u>, or (iii) after the Registration Statement is declared effective by the SEC, is suspended by the Company or ceases to remain continuously effective as to all Warrant Shares for which it is required to be effective, other than, in each case, within the time period(s) permitted by <u>Section 9(f)(ii)</u> (each such event referred to in <u>clauses (i), (ii) and (iii), (a "Registration Default</u>")), for any thirty-day period (a "<u>Penalty Period</u>") during which the Registration Default remains uncured (which initial thirty-day period shall commence on the fifth Business Day after the date of such Registration Default if such Registration Default has not been cured by such date), the Exercise Price then in effect shall be reduced by an amount equal to one percent (1%) of such Exercise Price for each Penalty Period during which the Registration Default remains uncured; provided, however, that if the Holder fails to provide the Company with any information that is required to be provided in the Registration Statement with respect to the Holder as set forth herein, then the commencement of the Penalty Period described above shall be extended until five Business Days following the date of receipt by the Company of such required information; provided further, that the amount of reduction in Exercise Price for any partial Penalty Period shall be prorated for the number of actual days during such Penalty Period during which a Registration Default remains uncured. Notwithstanding the foregoing, the Company will not be required to cause any such reductions in Exercise Price if, during such Penalty Period, the Holder is able to sell all of its Warrant Shares pursuant to Rule 144 without complying with the volume, holding period or manner of sale requirements thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Registration Period Covenants</u>. In the case of the registration, qualification, exemption or compliance effected by the Company pursuant to this Warrant, the Company shall, upon reasonable request, inform the Holder as to the status of such registration, qualification, exemption and compliance. At its expense, during the Registration Period, the Company shall:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.except for such times as the Company is permitted hereunder to suspend the use of the prospectus forming part of the Registration Statement under <u>Section 9(f)(ii)</u>, use its commercially reasonable efforts to keep such registration, and any qualification, exemption or compliance under state securities laws that the Company determines to obtain, continuously effective with respect to the Holder, and to keep such Registration Statement free of any material misstatements or omissions, until the later of the following: (A) the date all Warrant Shares may be sold under Rule 144 during any 90 day period without volume, holding period or manner of sale limitations and (B) the fifth year anniversary of the Issuance Date. The period of time during which the Company is required hereunder to keep the Registration Statement effective is referred to herein as the "<u>Registration Period</u>;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.advise the Holders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)within two Business Days when the Registration Statement or any amendment thereto has been filed with the SEC and when the Registration Statement or any post-effective amendment thereto has become effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)within five Business Days of any request by the SEC for amendments or supplements to the Registration Statement or the prospectus included therein or for additional information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)within five Business Days of the issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for such purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)within five Business Days of the receipt by the Company of any notification with respect to the suspension of the qualification of the Warrant Shares included therein for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)within five Business Days of the occurrence of any event that requires the making of any changes in the Registration Statement or the prospectus so that, as of such date, the statements therein are not misleading and do not omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case of the prospectus, in the light of the circumstances under which they were made) not misleading; provided that, the Company shall not be required to provide, and shall not provide, the Holder or its representatives with material, non-public information unless the Holder agrees to receive such information and enters into a written confidentiality agreement with the Company in a form reasonably acceptable to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)use its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration Statement as soon as reasonably practicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)promptly deliver to the Holder, without charge, as many copies of the prospectus included in such Registration Statement and any amendment or supplement

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thereto as the Holder may reasonably request in writing; and the Company consents to the use, consistent with the provisions hereof, of the prospectus or any amendment or supplement thereto by the Holder of Warrant Shares in connection with the offering and sale of the Warrant Shares covered by the prospectus or any amendment or supplement thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) [RESERVED];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)prior to any public offering of Warrant Shares pursuant to any Registration Statement, promptly take such actions as may be necessary to register or qualify or obtain an exemption for offer and sale under the securities or blue sky laws of such United States jurisdictions as any such Holders reasonably request in writing, provided that the Company shall not for any such purpose be required to qualify generally to transact business as a foreign corporation in any jurisdiction where it is not so qualified or to consent to general service of process in any such jurisdiction, and do any and all other acts or things reasonably necessary or advisable to enable the offer and sale in such jurisdictions of the Warrant Shares covered by such Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)upon the occurrence of any event contemplated by <u>Section 9(d)(ii)(E)</u> above, except for such times as the Company is permitted hereunder to suspend the use of the prospectus forming part of the Registration Statement, the Company shall use its commercially reasonable efforts to as soon as reasonably practicable prepare a post-effective amendment to the Registration Statement or a supplement to the related prospectus, or file any other required document so that, as thereafter delivered to purchasers of the Warrant Shares included therein, the prospectus will not include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)otherwise use its commercially reasonable efforts to comply in all material respects with all applicable rules and regulations of the SEC that could affect the sale of the Warrant Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)use its commercially reasonable efforts to cause all Warrant Shares to be listed on each securities exchange or market, if any, on which equity securities issued by the Company have been listed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)use its commercially reasonable efforts to take all other steps necessary to effect the registration of the Warrant Shares contemplated hereby and to enable the Holders to sell Warrant Shares under Rule 144;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) [RESERVED]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)at the Holder's expense, permit a single counsel for the Holder to review the Registration Statement and all amendments and supplements thereto, at least two Business Days prior to the filing thereof with the SEC; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.upon request from the Holder, and subject to receipt of any additional documents reasonably requested by the Company, take all customary actions, and to cause the Transfer Agent to take all reasonable actions, necessary to remove any legend on the Warrant Shares at the earliest possible time permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Indemnity</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.To the extent permitted by law, the Company shall indemnify the Holder and each Person controlling the Holder within the meaning of Section 15 of the Act, with respect to which any registration that has been effected pursuant to this <u>Section 9</u>, against all claims, losses, damages and liabilities (or action in respect thereof), including any of the foregoing incurred in settlement of any litigation, commenced or threatened (subject to <u>Section 9(e)(iii)</u> below), arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in the Registration Statement, prospectus, any amendment or supplement thereof, or other document incident to any such registration, qualification or compliance or based on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in light of the circumstances in which they were made, or any violation by the Company of any rule or regulation promulgated by the Act applicable to the Company and relating to any action or inaction required of the Company in connection with any such registration, qualification or compliance, and will reimburse the Holder and each Person controlling the Holder, for reasonable legal and other out-of-pocket expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability or action as incurred; provided that the Company will not be liable in any such case to the extent that any untrue statement or omission or allegation thereof is made in reliance upon and in conformity with written information furnished to the Company by or on behalf of the Holder for use in preparation of such Registration Statement, prospectus, amendment or supplement; provided further that the Company will not be liable in any such case where the claim, loss, damage or liability arises out of or is related to the failure of the Holder to comply with the covenants and agreements contained in this Warrant respecting sales of Warrant Shares, and except that the foregoing indemnity agreement is subject to the condition that, insofar as it relates to any such untrue statement or alleged untrue statement or omission or alleged omission made in the preliminary prospectus but eliminated or remedied in the amended prospectus on file with the SEC at the time the Registration Statement becomes effective or in the amended prospectus filed with the SEC pursuant to Rule 424(b) or in the prospectus subject to completion under Rule 434 of the Act, which together meet the requirements of Section 10(a) of the Act (the "<u>Final Prospectus</u>"), such indemnity shall not inure to the benefit of the Holder or any such controlling Person, if a copy of the Final Prospectus furnished by the Company to the Holder for delivery was not furnished to the person or entity asserting the loss, liability, claim or damage at or prior to the time such furnishing is required by the Act and the Final Prospectus would have cured the defect giving rise to such loss, liability, claim or damage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.The Holder will severally, and not jointly, indemnify the Company, each of its directors and officers, and each Person who controls the Company within the meaning of Section 15 of the Act, against all claims, losses, damages and liabilities (or actions in respect thereof), including any of the foregoing incurred in settlement of any litigation,

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commenced or threatened (subject to <u>Section 9(e)(iii)</u> below), arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in the Registration Statement, prospectus, or any amendment or supplement thereof, incident to any such registration, or based on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in light of the circumstances in which they were made, and will reimburse the Company, such directors and officers, and each Person controlling the Company for reasonable legal and any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability or action as incurred, in each case to the extent, but only to the extent, that such untrue statement or omission or allegation thereof is made in reliance upon and in conformity with written information furnished to the Company by or on behalf of the Holder about the Holder for use in preparation of the Registration Statement, prospectus, amendment or supplement; provided that the indemnity shall not apply to the extent that such claim, loss, damage or liability results from the fact that a current copy of the prospectus was not made available to the person or entity asserting the loss, liability, claim or damage at or prior to the time such furnishing is required by the Act and the Final Prospectus would have cured the defect giving rise to such loss, claim, damage or liability. Notwithstanding the foregoing, the Holder's aggregate liability pursuant to this <u>subsection (ii)</u> shall be limited to the net amount received by the Holder from the sale of the Warrant Shares giving rise to such claims, losses, damages and liabilities (and actions in respect thereof).

()&nbsp;&nbsp;&nbsp;&nbsp;Each party entitled to indemnification under this <u>Section 9(e)</u> (the "<u>Indemnified Party</u>") shall give notice to the party required to provide indemnification (the "<u>Indemnifying Party</u>") promptly after such Indemnified Party has actual knowledge of any claim as to which indemnity may be sought, and shall permit the Indemnifying Party (at its expense) to assume the defense of any such claim or any litigation resulting therefrom; provided that counsel for the Indemnifying Party, who shall conduct the defense of such claim or litigation, shall be approved by the Indemnified Party (whose approval shall not unreasonably be withheld or delayed), and the Indemnified Party may participate in such defense at such Indemnified Party's expense; provided further that the failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations under this Warrant, unless such failure is materially prejudicial to the Indemnifying Party in defending such claim or litigation. An Indemnifying Party shall not be liable for any settlement of an action or claim effected without its written consent (which consent will not be unreasonably withheld or delayed). No Indemnifying Party, in its defense of any such claim or litigation, shall, except with the consent (such consent not to be unreasonably withheld or delayed) of the Indemnified Party consent to entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.If the indemnification provided for in this <u>Section 9(e)</u> is held by a court of competent jurisdiction to be unavailable to an Indemnified Party or is insufficient to hold such Indemnified Party harmless with respect to any loss, liability, claim, damage or expense referred to therein, then the Indemnifying Party shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss, liability, claim, damage or expense in such

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proportion as is appropriate to reflect the relative fault of the Indemnifying Party on the one hand and of the Indemnified Party on the other in connection with the statements or omissions that resulted in such loss, liability, claim, damage or expense as well as any other relevant equitable considerations. The relative fault of the Indemnifying Party and of the Indemnified Party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the Indemnifying Party or by the Indemnified Party and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. Notwithstanding the foregoing, the Holder's aggregate liability pursuant to this <u>subsection (iv)</u> shall be limited to the net amount received by the Holder from the sale of Warrant Shares giving rise to such loss, liability, claim, damage or expense (or actions in respect thereof) less all other amounts paid as damages in respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Additional Covenants and Agreements of the Holder</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.The Holder agrees that, upon receipt of any notice from the Company of the happening of any event requiring the preparation of a supplement or amendment to a prospectus relating to Warrant Shares so that, as thereafter delivered to the Holder, such prospectus shall not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, the Holder will forthwith discontinue disposition of Warrant Shares pursuant to the Registration Statement and prospectus contemplated by <u>Section 9(a)</u> until its receipt of copies of the supplemented or amended prospectus from the Company and, if so directed by the Company, the Holder shall deliver to the Company all copies, other than permanent file copies then in the Holder's possession, of the prospectus covering such Warrant Shares current at the time of receipt of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.The Holder shall suspend, upon written request of the Company, any disposition of Warrant Shares pursuant to the Registration Statement and prospectus contemplated by <u>Section 9(a)</u> during no more than 90 calendar days (which need not be consecutive days) during any 12-month period to the extent that the Board of Directors of the Company determines in good faith that the sale of Warrant Shares under the Registration Statement would be reasonably likely to cause a violation of the Act or Exchange Act; provided, that, in the event the Company requests such suspension, then the Expiration Date shall be extended by a number of Trading Days equal to the number of Trading Days that occur during such suspension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.As a condition to the inclusion of its Warrant Shares, the Holder shall furnish to the Company such information regarding the Holder and the distribution proposed by the Holder as the Company may reasonably request in writing, including completing a Registration Statement questionnaire in the form provided by the Company, or as shall be required in connection with any registration referred to in this <u>Section 9</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.The Holder hereby covenants with the Company, with respect to sales made pursuant to the Registration Statement, (A) not to make any sale of the Warrant Shares without effectively causing the prospectus delivery requirements under the Act to be

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satisfied, and (B) if such Warrant Shares are to be sold by any method or in any transaction other than on a national securities exchange or in the over-the-counter market, in privately negotiated transactions, or in a combination of such methods, to notify the Company at least three Business Days prior to the date on which the Holder first offers to sell any such Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.The Holder acknowledges and agrees to provide any documentation reasonably requested by the Company following sales of Warrant Shares in order for the Company to instruct the transfer agent with respect to the transfer of such Warrant Shares on the books of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi.The Holder agrees not to take any action with respect to any distribution deemed to be made pursuant to such Registration Statement that would constitute a violation of Regulation M under the Exchange Act or any other applicable rule, regulation or law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii.At the end of the Registration Period, the Holders shall discontinue sales of shares pursuant to such Registration Statement upon receipt of notice from the Company of its intention to remove from registration the shares covered by such Registration Statement which remain unsold, and such Holders shall notify the Company of the number of shares registered which remain unsold immediately upon receipt of such notice from the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Additional Covenants and Agreements of the Company</u>. With a view to making available to the Holder the benefits of certain rules and regulations of the SEC that, at any time, permit the sale of the Warrant Shares to the public without registration, so long as the Holder still owns Warrant Shares, the Company shall use its commercially reasonable efforts to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.make and keep public information available, as those terms are understood and defined in Rule 144, at all times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.file with the SEC in a timely manner all reports and other documents required of the Company under the Exchange Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.so long as the Holder owns any Warrant Shares, make available or furnish to the Holder, upon any reasonable request, a written statement by the Company as to its compliance with Rule 144 and of the Exchange Act, a copy of the most recent annual or quarterly report of the Company, and such other reports and documents of the Company as the Holder may reasonably request in availing itself of any rule or regulation of the SEC allowing the Holder to sell any such securities without registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Assignment of Registration Rights</u>. During the Registration Period, the rights to cause the Company to register Warrant Shares granted to the Holder by the Company under <u>Section 9(a)</u> may be assigned by the Holder in connection with a transfer by the Holder to a transferee of the Warrants and all Warrant Shares, provided, however, that (i) such transfer complies with all applicable securities laws and with the terms and provisions of the Warrant; (ii) the Holder gives prior written notice to the Company; and (iii) such transferee agrees in writing to comply with the terms and provisions of the Warrant, and has provided the Company with a

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completed Registration Statement questionnaire in such form as is reasonably requested by the Company.

Section 10<u>Certain Tax Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Cooperation</u>. In connection with the ownership by Holder of this Warrant and any Class B Common Stock issuable upon the exercise of this Warrant, Company shall (and shall cause its subsidiaries to) reasonably cooperate with the Holder, and use commercially reasonable efforts to provide the Holder with all reasonably requested information, records, and documents related to Company and its subsidiaries that are necessary for, the completion of tax and information returns of the Holder and its Affiliates (or their direct or indirect equity owners) and their compliance with any applicable tax laws, including with respect to withholding tax obligations. Without limiting the generality of the foregoing, (i) in the event that Company makes or has made any actual or deemed distribution to its stockholders, Company shall make commercially reasonable efforts to provide to the Holder such information regarding the current and accumulated "earnings and profits" of Company (including any projections with respect to current earnings and profits) as the Holder may reasonably request in order to determine what portion (if any) of any such distribution is a dividend for U.S. federal income tax purposes and (ii) Company shall (A) provide to the Holder, upon written request and within thirty (30) days following such request, either (1) a certification that Company is not a United States real property holding company, in accordance with Treasury Regulations Sections 1.897-2(g)(1)(ii) and 1.897-2(h)(1) or (2) written notice of its legal inability to provide such a certification, and (B) in connection with the provision of any certification pursuant to the preceding <u>clause</u> (A)(1), comply with the notice provisions set forth in Treasury Regulations Section 1.897-2(h)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Cashless Exercise</u>. If the Holder elects to exercise this Warrant using the Cashless Exercise method of payment, the Company, upon request of the Holder, shall use commercially reasonable efforts to structure the exercise of this Warrant in such a manner (as requested by the Holder) as to maximize the after-tax returns to the Holder and its Affiliates (or their direct or indirect equity owners), including, at the Holder's request, by treating the exercise as a recapitalization within the meaning of Code Section 368(a)(1)(E).

Section 11<u>Notices</u>. Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice shall be given in writing, (a) if delivered from within the domestic United States, by first-class registered or certified airmail, or nationally recognized overnight express courier, postage prepaid, or by email or (b) if delivered from outside the United States, by International Federal Express or by email and (c) will be deemed given (i) if delivered by first-class registered or certified domestic mail, three (3) Business Days after so mailed, (ii) if delivered by nationally recognized overnight carrier, one (1) Business Day after so mailed, (iii) if delivered by International Federal Express, two (2) Business Days after so mailed, and (iv) if delivered by email, upon receipt, and will be delivered and addressed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>If to the Company, to</u>

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RideNow Group, Inc.<br>2677 E Willis Road<br>Chandler, AZ 85286<br>Attention: Chief Legal Officer<br>Email: legal@ridenow.com

with a copy to (which shall not constitute notice):

Akin Gump Strauss Hauer & Feld LLP <br>One Bryant Park <br>New York, NY 10036 <br>Attention: Kerry E. Berchem <br>Email: kberchem@akingump.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>If to the Holder, to the address listed on Exhibit B.</u> 

The Company shall give written notice to the Holder (i) reasonably promptly following any adjustment of the Exercise Price, setting forth in reasonable detail, and certifying, the calculation of such adjustment and (ii) at least ten (10) days prior (or as soon as reasonable practicable if ten days is not commercially feasible) to the date on which the Company closes its books or takes a record (A) with respect to any dividend or distribution upon the shares of Class B Common Stock, (B) with respect to any grants, issuances or sales of any Options, Convertible Securities or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of shares of Class B Common Stock or (C) for determining rights to vote with respect to any Fundamental Transaction, dissolution or liquidation; provided, that in each case, such information shall be made known to the public prior to or in conjunction with such notice being provided to the Holder; and provided, further, that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporation action required to be specified in such notice. Upon receipt or delivery by the Company of any notice in accordance with the terms of this Warrant, unless the Company has in good faith determined that the matters relating to such notice do not constitute material, nonpublic information relating to the Company or its subsidiaries, the Company shall contemporaneously with any such receipt or delivery publicly disclose such material, nonpublic information on a Current Report on Form 8-K or otherwise in accordance with applicable laws. In the event that the Company believes that a notice contains material, nonpublic information relating to the Company or its subsidiaries, the Company so shall indicate to such Holder contemporaneously with delivery of such notice, and in the absence of any such indication, the Holder shall be allowed to presume that all matters relating to such notice do not constitute material, nonpublic information relating to the Company or its subsidiaries.

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Section 12<u>Noncircumvention</u>. The Company hereby covenants and agrees that the Company will not, by amendment of its Articles or Bylaws, each as currently in effect, or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, and will at all times in good faith carry out all the provisions of this Warrant and take all action as may be required to protect the rights of the Holder. Without limiting the generality of the foregoing, the Company (i) shall not increase the par value of any shares of Class B Common Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect, and (ii) shall use all reasonable efforts to take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable shares of Class B Common Stock upon the exercise of this Warrant.

Section 13<u>Amendment and Waiver</u>. Except as otherwise provided herein, the provisions of this Warrant may not be modified, amended or waived except pursuant to an instrument in writing signed by the Company and the Holder. The Company may not take any action herein prohibited, or omit to perform any act herein required to be performed by it without the written consent of the Holder and the Holder may not take any action herein prohibited, or omit to perform any act herein required to be performed by it without the written consent of the Company.

Section 14<u>Governing Law; Waiver of Jury Trial</u>. This Warrant shall be governed by and construed and enforced in accordance with, and all questions concerning the construction, validity, interpretation and performance of this Warrant shall be governed by, the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York. THE COMPANY AND THE HOLDER EACH HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM BASED UPON OR ARISING OUT OF THIS WARRANT OR ANY TRANSACTION CONTEMPLATED HEREBY.

Section 15<u>Construction; Headings</u>. This Warrant shall be deemed to be jointly drafted by the Company and the Holder and shall not be construed against any person as the drafter hereof. The headings of this Warrant are for convenience of reference and shall not form part of, or affect the interpretation of, this Warrant.

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Section 16<u>Dispute Resolution</u>. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant Shares, the Company shall submit the disputed determinations or arithmetic calculations via email within two (2) Trading Days of receipt of the Exercise Notice giving rise to such dispute, as the case may be, to the Holder. If the Holder and the Company are unable to agree upon such determination or calculation of the Exercise Price or the Warrant Shares within five (5) Trading Days after such disputed determination or arithmetic calculation is submitted to the Holder, then the Company shall, within two (2) Trading Days, submit via email (a) the disputed determination of the Exercise Price to an independent, reputable investment bank selected by the Company and approved by the Holder or (b) the disputed arithmetic calculation of the Warrant Shares to the Company's independent, outside accountant. The Company shall cause the investment bank or the accountant, as the case may be, to perform the determinations or calculations and notify the Company and the Holder of the results no later than ten (10) Trading Days after the date that such investment bank or accountant, as the case may be, receives the disputed determinations or calculations. Such investment bank's or accountant's determination or calculation, as the case may be, shall be binding upon all parties absent demonstrable error. The expenses of the investment bank and accountant will be borne by the Company unless the investment bank or accountant determines that the determination of the Exercise Price or the arithmetic calculation of the Warrant Shares by the Company was correct, in which case the expenses of the investment bank and accountant will be borne by the Holder.

Section 17<u>Remedies, Other Obligations, Breaches and Injunctive Relief</u>. The remedies provided in this Warrant shall be cumulative and in addition to all other remedies available under this Warrant, at law or in equity (including a decree of specific performance and/or other injunctive relief). The Company acknowledges that a breach by it of its obligations hereunder may cause irreparable harm to the Holder and that the remedy at law for any such breach may be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach, the Holder shall be entitled, in addition to all other available remedies, to seek an injunction restraining any breach, specific performance and any other relief that may be available from a court of competent jurisdiction, and in any case no bond or other security shall be required in connection therewith.

Section 18<u>Counterparts</u>. This Warrant may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party; provided that a facsimile, electronic or .pdf format signature shall be considered due execution and shall be binding upon the signatory thereto with the same force and effect as if the signature were an original

Section 19<u>Certain Definitions</u>. For purposes of this Warrant, the following terms shall have the following meanings:

"<u>Affiliate</u>" means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by, or is under common control with, such Person, it being understood for purposes of this definition that "control" of a Person means the power directly or indirectly either

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to vote 10% or more of the stock having ordinary voting power for the election of directors of such Person or direct or cause the direction of the management and policies of such Person whether by contract or otherwise.

"<u>Articles</u>" means the Company's Articles of Incorporation, as may be amended from time to time.

"<u>Bloomberg</u>" means Bloomberg Financial Markets.

"<u>Board of Directors</u>" means the Board of Directors of the Company.

"<u>Business Day</u>" means a day, other than a Saturday or Sunday, on which banks in New York are open for the general transaction of business.

"<u>Bylaws</u>" means the Bylaws of the Company, as amended and may be further amended from time to time.

"<u>Cashless Exercise Date</u>" means the first date on which all indebtedness for borrowed money, including outstanding principal and interest, have been repaid in full under the Oaktree Agreement, and the Oaktree Agreement is terminated.

"<u>Class A Common Stock</u>" means the Company's shares of Class A Common Stock, $0.001 par value per share.

"<u>Class B Common Stock</u>" means (i) the Company's shares of Class B Common Stock, $0.001 par value per share, and (ii) any share capital into which such Class B Common Stock shall have been changed or any share capital resulting from a reclassification of such Class B Common Stock.

"<u>Close of Business</u>" means 4:00 pm New York City time.

"<u>Code</u>" means the U.S. Internal Revenue Code of 1986, as amended (including any successor statute).

"<u>Common Stock</u>" means the common stock of the Company, as defined in the Articles, and including the Class A Common Stock and the Class B Common Stock.

"<u>Convertible Securities</u>" means any stock or securities directly or indirectly convertible into or exercisable or exchangeable for shares of Class B Common Stock.

"<u>Common Stock Deemed Outstanding</u>" means, at any given time, the sum of (a) the number of shares of Class A Common Stock and Class B Common Stock actually outstanding at such time, *plus* (b) the number of shares of Class A Common Stock issuable upon exercise of options actually outstanding at such time, *plus* (c) the number of shares of Class B Common Stock issuable upon exercise of Options actually outstanding at such time, *plus* (d) any stock or securities directly or indirectly convertible into or exercisable or exchangeable for shares of Class A Common Stock, *plus* (e) the number of shares of Class B Common Stock issuable upon

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conversion or exchange of Convertible Securities actually outstanding at such time, in each case, regardless of whether such securities are actually exercisable, convertible or exchangeable at such time; *provided*, that Common Stock Deemed Outstanding at any given time shall not include shares owned or held by or for the account of the Company or any of its wholly-owned Subsidiaries.

"<u>Effective Price</u>" means the amount paid or payable to acquire shares of Class B Common Stock (or in the case of Convertible Securities, the amount paid or payable to acquire the Convertible Security, if any, plus the exercise price for the underlying Class B Common Stock).

"<u>Effectiveness Exceptions</u>" means (i) the occurrence of any event or passage of time that makes the financial statements included or incorporated by reference in a Registration Statement non-compliant with the rules and regulations of the SEC with respect to historical or pro forma financial statements, (ii) the occurrence of any event or passage of time that makes any statement made in a Registration Statement or prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to a Registration Statement, prospectus or other documents so that, in the case of a Registration Statement or the prospectus, as the case may be, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, (iii) the occurrence or existence of any pending corporate development with respect to the Company that the Company believes may be material and that the Company has determined it is not in the best interest of the Company to disclose, and (iv) a contemplated filing of an annual report on Form 10-K or quarterly report on Form 10-Q within fifteen days from the date of such notification from the SEC that one or more of the Registration Statements will not be reviewed or is no longer subject to further review and comments.

"<u>Eligible Market</u>" means the Principal Market, The New York Stock Exchange, Inc., the NYSE American LLC, The Nasdaq Stock Market, or the OTC Bulletin Board.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended.

"<u>Expiration Date</u>" means August 10, 2030; provided, that in the event that after such date, the SEC issues any stop order suspending the effectiveness of the Registration Statement, the Registration Statement is suspended by the Company or ceases to remain continuously effective as to all Warrant Shares for which it is required to be effective, then the Expiration Date shall be extended by a number of Trading Days equal to the number of Trading Days that occur during the period that such stop order by the SEC has not been terminated or the Registration Statement is suspended by the Company or ceases to remain effective.

"<u>Fair Market Value</u>" means, as of the applicable date of determination, the fair market value of a dividend or distribution as determined reasonably and in good faith by the Board of Directors and the Holder; provided, that if the Board of Directors and the Holder cannot mutually agree on a determination of Fair Market Value within 30 days of the Ex-Date, the Fair Market Value shall be determined by an independent appraiser selected by the Board of Directors and

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reasonably satisfactory to the Holder (the "Appraiser"). The determination of Fair Market Value by the Appraiser shall be final and binding upon the parties hereto, absent fraud or manifest error, and the Company shall pay the fees and expenses of the Appraiser.

"<u>Fundamental Transaction</u>" means at any time after the Issuance Date and prior to the Expiration Date (A) that the Company shall, directly or indirectly, including through subsidiaries, Affiliates or otherwise, in one or more related transactions, (i) consolidate or merge with or into (whether or not the Company is the surviving corporation) another Subject Entity, or (ii) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of the Company to one or more Subject Entities, or (iii) make, or allow one or more Subject Entities to make, or allow the Company to be subject to or have its shares of Class B Common Stock be subject to or party to one or more Subject Entities making, a purchase, tender or exchange offer that is accepted by the holders of at least either (x) 50% of the outstanding shares of Class B Common Stock, (y) 50% of the outstanding shares of Class B Common Stock calculated as if any shares of Class B Common Stock held by all Subject Entities making or party to, or Affiliates of any Subject Entities making or party to, such purchase, tender or exchange offer were not outstanding; or (z) such number of shares of Class B Common Stock such that all Subject Entities making or party to, or Affiliates of any Subject Entity making or party to, such purchase, tender or exchange offer, become collectively the beneficial owners (as defined in Rule 13d-3 under the Exchange Act) of at least 50% of the outstanding shares of Class B Common Stock, or (iv) consummate a stock purchase or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with one or more Subject Entities whereby all such Subject Entities, individually or in the aggregate, acquire, either (x) at least 50% of the outstanding shares of Class B Common Stock, (y) at least 50% of the outstanding shares of Class B Common Stock calculated as if any shares of Class B Common Stock held by all the Subject Entities making or party to, or Affiliates of any Subject Entity making or party to, such stock purchase or other business combination were not outstanding; or (z) such number of shares of Class B Common Stock such that the Subject Entities become collectively the beneficial owners (as defined in Rule 13d-3 under the Exchange Act) of at least 50% of the outstanding shares of Class B Common Stock, or (v) reorganize, recapitalize or reclassify its shares of Class B Common Stock, (B) that the Company shall, directly or indirectly, including through Subsidiaries, Affiliates or otherwise, in one or more related transactions, allow any Subject Entity individually or the Subject Entities in the aggregate to be or become the "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, whether through acquisition, purchase, assignment, conveyance, tender, tender offer, exchange, reduction in outstanding shares of Class B Common Stock, merger, consolidation, business combination, reorganization, recapitalization, spin-off, scheme of arrangement, reorganization, recapitalization or reclassification or otherwise in any manner whatsoever, of either (x) at least 50% of the aggregate ordinary voting power represented by issued and outstanding shares of Class B Common Stock, (y) at least 50% of the aggregate ordinary voting power represented by issued and outstanding shares of Class B Common Stock not held by all such Subject Entities as of the date of this Warrant calculated as if any shares of Class B Common Stock held by all such Subject Entities were not outstanding, or (z) a percentage of the aggregate ordinary voting power represented by issued and outstanding shares of Class B Common Stock or other equity securities of the Company sufficient to allow such Subject Entities to effect a statutory short

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form merger or other transaction requiring other stockholders of the Company to surrender their Class B Common Stock without approval of the stockholders of the Company, or (C) directly or indirectly, including through Subsidiaries, Affiliates or otherwise, in one or more related transactions, the issuance by the Company of or the entering by the Company into any other instrument or transaction structured in a manner to circumvent, or that circumvents, the intent of this definition in which case this definition shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this definition to the extent necessary to correct this definition or any portion of this definition which may be defective or inconsistent with the intended treatment of such instrument or transaction.

"<u>Group</u>" means a "group" as that term is used in Section 13(d) of the Exchange Act and as defined in Rule 13d-5 thereunder.

"<u>Oaktree Agreement</u>" means that certain Term Loan Credit Agreement, dated as of August 31, 2021, as subsequently amended, restated, amended and restated, supplemented or otherwise modified from time to time, by and among the Company, Oaktree Fund Administration, LLC, as administrative agent and collateral agent and the lenders (the "Lenders") party thereto from time to time.

"<u>Options</u>" means any rights, warrants or options to subscribe for or purchase shares of Class B Common Stock or Convertible Securities.

"<u>Parent Entity</u>" of a Person means an entity that, directly or indirectly, controls the applicable Person and whose common stock or equivalent equity security is quoted or listed on an Eligible Market, or, if there is more than one such Person or Parent Entity, the Person or Parent Entity with the largest public market capitalization as of the date of consummation of the Fundamental Transaction.

"<u>Person</u>" means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization, any other entity and a government or any department or agency thereof.

"<u>Purchase Rights</u>" means the grant, sale or issuances of any Options, Convertible Securities or rights to purchase stock, warrants, securities or other property pro rata to all of the record holders of shares of Class B Common Stock.

"<u>Principal Market</u>" means The Nasdaq Stock Market.

"<u>Record Date</u>" means, with respect to any dividend, distribution or other transaction or event in which the holders of Class B Common Stock have the right to receive any cash, securities or other property or in which Class B Common Stock (or other applicable security) is exchanged for or converted into any combination of cash, securities or other property, the date fixed for determination of holders of Class B Common Stock entitled to receive such cash, securities or other property (whether such date is fixed by the Board of Directors or by statute, contract or otherwise).

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"<u>Requisite Holders</u>" means the holders representing at least 20% of the Total Warrant Shares (directly or in the form of Warrants) outstanding as of the date of the registration request.

"<u>Resale Obligation Date</u>" means the date on which the average daily Weighted Average Price for the Company's Class B Common Stock during a 30 consecutive Trading Day period exceeds 100% of the initial Exercise Price.

"<u>Rights Offering</u>" has the meaning ascribed to it in the Oaktree Agreement (as amended, restated, amended and restated, supplemented or otherwise modified prior to the date hereof).

"<u>SEC</u>" means the U.S. Securities and Exchange Commission.

"<u>Standby Purchase Agreement</u>" has the meaning ascribed to it in the Oaktree Agreement (as amended, restated, amended and restated, supplemented or otherwise modified prior to the date hereof).

"<u>Standard Settlement Period</u>" means the standard settlement period, expressed in a number of Trading Days, on the Company's primary trading market with respect to the Class B Common Stock as in effect on the date of delivery of the Exercise Notice.

"<u>Subject Entity</u>" means any Person, Persons or Group or any Affiliate or associate of any such Person, Persons or Group.

"<u>Subsidiary</u>" means, as to any Person, any corporation, partnership, limited liability company or other organization, whether incorporated or unincorporated, of which at least a majority of the securities or other interests having by their terms voting power to elect a majority of the board of directors or others performing similar functions with respect to such corporation or other organization is directly or indirectly beneficially owned or controlled by such party or by any one or more of its subsidiaries, or by such party and one or more of its subsidiaries.

"<u>Successor Entity</u>" means the Person (or, if so elected by the Holder, the Parent Entity) formed by, resulting from or surviving any Fundamental Transaction or the Person (or, if so elected by the Holder, the Parent Entity) with which such Fundamental Transaction shall have been entered into.

"<u>Total Warrant Shares</u>" means, initially, the 1,212,121 Warrant Shares, as may be adjusted pursuant to the terms of each Warrant, dated August 14, 2023, initially issued to the Lenders, as may be transferred in accordance with the terms of each Warrant.

"<u>Trading Day</u>" means any day on which the Class B Common Stock is traded on the Principal Market, or, if the Principal Market is not the principal trading market for the Class B Common Stock, then on the principal securities exchange or securities market on which the Class B Common Stock is then traded; provided that "Trading Day" shall not include any day that the Class B Common Stock is suspended from trading during the final hour of trading on such exchange or market (or if such exchange or market does not designate in advance the closing

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time of trading on such exchange or market, then during the hour ending at 4:00:00 p.m., New York City Time).

"<u>Transfer Agent</u>" means Broadridge Corporate Issuer Solutions, Inc., or any other successor Person appointed to act in the capacity of transfer agent of the Company.

"<u>Treasury Regulations</u>" means the final or temporary regulations issued by the United States Department of Treasury pursuant to its authority under the Code, and any successor regulations.

"<u>Warrant Shares</u>" means shares of Class B Common Stock set forth on the first page that may be exercised pursuant to this Warrant, subject to adjustments as set forth in <u>Section 3</u>.

"<u>Weighted Average Price</u>" means, for any security as of any date, the dollar volume-weighted average price for such security on the Principal Market during the period beginning at 9:30:01 a.m., New York City time, and ending at 4:00:00 p.m., New York City time, as reported by Bloomberg through its "Volume at Price" function or, if the foregoing does not apply, the dollar volume-weighted average price of such security in the over-the-counter market on the electronic bulletin board for such security during the period beginning at 9:30:01 a.m., New York City time, and ending at 4:00:00 p.m., New York City time, as reported by Bloomberg, or, if no dollar volume-weighted average price is reported for such security by Bloomberg for such hours, the average of the highest closing bid price and the lowest closing ask price of any of the market makers for such security as reported in the OTC Pink Market maintained by OTC Markets Group Inc. If the Weighted Average Price cannot be calculated for such security on such date on any of the foregoing bases, the Weighted Average Price of such security on such date shall be the Fair Market Value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the Fair Market Value of such security, then such dispute shall be resolved pursuant to <u>Section 14</u> with the term "Weighted Average Price" being substituted for the term "Exercise Price." All such determinations shall be appropriately adjusted for any share dividend, share split or other similar transaction during such period.

[Signature Page Follows]

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IN WITNESS WHEREOF, the Company has caused this Warrant to Purchase Class B Common Stock to be duly executed as of the Issuance Date set out above.

---

| |
|:---|
| RIDENOW GROUP, INC. |
| By: |
| Name:[____] |
| Title: [____] |

---

Accepted as of the date first written above:

---

| |
|:---|
| [ ] |
| By: |
| Name:[____] |
| Title: [____] |

---

[Signature Page to Class B Common Warrant]

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**EXHIBIT A**

**EXERCISE NOTICE<br>TO BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS WARRANT TO PURCHASE CLASS B <br>COMMON STOCK <br>RIDENOW GROUP, INC.**

The undersigned holder hereby exercises the right to purchase [ <u>]</u> shares of Class B Common Stock ("<u>Warrant Shares</u>") of RideNow Group, Inc., a Nevada corporation (the "<u>Company</u>"), evidenced by the attached Warrant to Purchase Class B Common Stock (the "<u>Warrant</u>"). Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exercise Price</u>. The Holder intends that payment of the Exercise Price shall be made as (check one):

☐ Cash Exercise under <u>Section 1(a)</u>.

☐ Cashless Exercise under <u>Section 1(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Cash Exercise</u>. If the Holder has elected a Cash Exercise, the Holder shall pay the sum of $[&nbsp;&nbsp;&nbsp;&nbsp;] to the Company in accordance with the terms of the Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Delivery of Warrant Shares</u>. The Company shall deliver to the holder Warrant Shares in accordance with the terms of the Warrant. If the shares are to be delivered electronically, please complete the Depositary information below.

DATED:

---

| |
|:---|
| (Signature must conform in all respects to name of the Holder as specified on the face of the Warrant) |
| Registered Holder |
| Address: |
| If shares are to be delivered electronically: |
| Broker name: |
| Broker Depositary account #:&nbsp;&nbsp;&nbsp;&nbsp; Account at Broker shares are to be delivered to: |

---

Exhibit A-1

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**ACKNOWLEDGMENT**

The Company hereby acknowledges this Exercise Notice.

---

| |
|:---|
| **RIDENOW GROUP, INC.** |
| By: |
| Name: |
| Title: |

---

Exhibit A-2

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**EXHIBIT B**

**NOTICE ADDRESS FOR HOLDER**

Exhibit B-1

## Exhibit 10.1

**Exhibit 10.1**

**UNSECURED PROMISSORY NOTE**

THE INDEBTEDNESS EVIDENCED BY THIS NOTE IS UNSECURED AND SUBORDINATE TO THE PRIOR PAYMENT IN FULL OF THE SENIOR DEBT PURSUANT TO THE TERMS OF THE SUBORDINATION AGREEMENT.

$3,333,334

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August 25, 2025 (the "***Effective Date***")<br>

**1. Principal**. FOR VALUE RECEIVED, RideNow Group, Inc., a Nevada corporation (the "***Borrower***"), hereby unconditionally promises to pay to [___] (the "***Lender***"), the principal sum of $3,333,334, in legal and lawful money of the United States of America, pursuant to this Unsecured Promissory Note (this "***Note***"). Reference is hereby made to that certain Subordination Agreement, dated as of the date hereof (the "***Subordination Agreement***"), by and among Oaktree Fund Administration, LLC (the "***Senior Agent***"), the Borrower and the subsidiaries of the Borrower party thereto, and the Lender and the other subordinated lenders party thereto, as such may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof. Capitalized terms used but not defined herein have the meanings ascribed thereto in the Subordination Agreement.

**2. Maturity**. The entire unpaid principal balance of this Note together with all accrued and unpaid interest thereon and all other amounts payable in connection with this Note (such amounts, the "***Outstanding Balance***") shall be due and payable in cash on August 31, 2028 (the "***Maturity Date***").

**3. Interest**. This Note shall bear interest on the unpaid principal amount hereof from the Effective Date until paid in full. This Note shall bear interest at the rate equal to (a) prior to the Maturity Date, 13.0% per annum and (b) from and after the Maturity Date, 15.0% per annum, but in each case in no event in excess of the maximum nonusurious interest rate permitted by applicable law. Interest shall be due and payable in arrears (i) on the last Business Day of each February and August of each calendar year until the Maturity Date, beginning with February 27, 2026 (each, an "***Interest Accrual Date***"), (ii) upon the prepayment of the Outstanding Balance, in full or in part, (iii) on the Maturity Date, or (iv) upon acceleration of the amounts due under this Note pursuant to the terms hereof. On each Interest Accrual Date, accrued interest expense will be payable in-kind ("***PIK Interest***"). PIK Interest shall be automatically capitalized on each Interest Accrual Date and added to the outstanding principal amount of this Note. For the avoidance of doubt, following any increase in the principal amount of this Note upon a payment of PIK Interest on any Interest Accrual Date, this Note shall bear interest on such increased principal amount from and after the date of such Interest Accrual Date, and all references herein to the principal amount of this Note shall include all accrued interest capitalized as a result of any payment in-kind of PIK Interest. Interest payable under this Note shall be computed on the basis of year of 365 or 366 days, as applicable, and actual days elapsed occurring in the period for which payable.

**4. Use of Proceeds**. The proceeds of this Note shall be used by the Borrower to prepay outstanding principal amounts of the Senior Debt under the Senior Credit Agreement.

**5. Prepayments; Manner of Payment**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The principal amount of this Note and any interest payable hereunder may be prepaid at the option of the Borrower in cash, in whole or in part, at any time and from time to time, without premium or penalty, upon at least two Business Days' prior written notice to the Lender. Any principal amounts prepaid or repaid by the Borrower may not be re-borrowed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If the Lender participates in a Specified Equity Offering, the Lender shall have the right to require the Borrower to use the net cash proceeds received from the Lender in such Specified Equity Offering to make a mandatory prepayment of this Note, as more particularly specified in Section 11.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)All payments received shall be applied first against costs of collection, if any, then against any costs, fees or expenses required to be reimbursed pursuant to the terms hereof, if any, then against accrued and unpaid interest, if any, then against principal. All payments shall be made in lawful money of the United States of America, in immediately available funds, by wire transfer to the account set forth on <u>Schedule A</u> attached hereto or to such other account at a commercial bank located in the United States of America as is identified by the Lender in a written notice to the Borrower. All payments must be received by the applicable Lender no later than 3:00 p.m. (Eastern time) on the date such payment shall become due, and any payment made after such time shall be deemed to have been made on the next succeeding Business Day. All amounts payable under this Note shall be paid free and clear of, and without reduction by reason of, any deduction, set-off or counterclaim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)If the due date of any payment or performance under this Note would otherwise fall on a day that is not a Business Day, such due date shall be extended to the next succeeding Business Day, and interest shall continue to accrue.

**6. Representations and Warranties.** The Borrower and the Guarantors (defined below) each hereby represent and warrant to the Lender as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each has all requisite capacity to execute and deliver this Note and to perform its obligations hereunder. This Note has been duly and validly authorized, executed and delivered by such entity and constitutes a valid and binding obligation of such entity enforceable against such entity in accordance with its terms, except as limited by laws affecting the enforcement of creditors' rights generally, by general equitable principles or by the discretion of any governmental authority before which any action seeking enforcement may be brought (regardless of whether enforcement is sought in a proceeding at law or in equity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The execution, delivery and performance of this Note, the consummation of the transactions contemplated hereby, and the performance by each of its obligations hereunder do not and will not (i) result in any violation of any term of its certificate of incorporation, bylaws or other organizational documents, each as in effect on the date hereof, (ii) be in conflict with or constitute a default under any of the foregoing and will not result in the creation of any mortgage, pledge, lien, encumbrance or charge upon any of the properties or assets of such entity pursuant to the foregoing, (iii) violate any statute or law or any judgment, decree, order, regulation or rule of any court or governmental authority to which the Borrower or its properties is bound or subject which could reasonably be expected to result in a Material Adverse Effect, (iv) require such entity to obtain any consent or approval, or give any notice to, or make any filing with, any third party or governmental authority, solely to the extent that the failure to obtain such consent or approval, or give any such notice, or make any such filing, could reasonably be expected to result in a Material Adverse Effect, (v) result in a material violation, default, or breach of (with or without due notice or lapse of time or both), give rise to any right of termination, cancellation or acceleration under, give rise to or accelerate any liability, payment or right under, or require the consent of any third party to, any material contract or agreement to which the Borrower or any of its Subsidiaries is a party or bound, (vi) result in the imposition or creation of any lien upon or with respect to any of the assets, properties or rights of Borrower or any of its Subsidiaries, or (vii) result in a breach of, or constitute a default under, the Senior Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The execution, delivery and performance by each of this Note and the consummation of the transactions contemplated hereby require no action by or in respect of, or consent from, approval, order, permit or authorization of, or registration, declaration or notification to, or filing with any governmental authority, except for any such action or filing the failure of which to be made or obtained would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect on such entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The representations and warranties contained in Sections 5.05 through 5.10, 5.13 and 5.14 of the Senior Credit Agreement are true and correct in all respects.

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**7. Covenants**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Limitation on Liens</u>. Neither the Borrower nor any Guarantor shall create, incur, assume or suffer to exist any security interest or lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, other than security interests and liens permitted under the Senior Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Punctual Payments</u>. The Borrower shall punctually pay all principal, interest and other liabilities due under this Note at the times and place and in the manner specified herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Conduct of Business</u>. The Borrower and each Guarantor shall (i) preserve and maintain its legal existence, (ii) preserve and maintain all of its rights, privileges, licenses and franchises necessary for the conduct of its business, (iii) comply with the requirements of all applicable laws, rules, regulations and orders of governmental authorities, (iv) pay and discharge all taxes, assessments and governmental charges or levies imposed on it or on its income or profits or on any of its property prior to the date on which penalties attach thereto, except for any such tax, assessment, charge or levy the payment of which is being contested in good faith and by proper proceedings and against which adequate reserves are being maintained, and (v) keep adequate records and books of account, in which entries will be made in accordance with generally accepted accounting principles consistently applied, except, in each case in clauses (ii)-(v), for failures that, individually or in the aggregate, will not result in a material adverse effect on such entity.

**8. Events of Default and Remedies**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each of the following events shall constitute an "***Event of Default***" hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Borrower shall default in (i) the payment of any principal owing under this Note when due and (ii) the performance or observance of any covenant in Section 7(a) of this Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the Borrower shall default in the performance or observance of any covenant in Section 7(b) of this Note (other than a default in the payment of principal when due) and such default shall continue for 5 Business Days following the Borrower's receipt of a written default notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the Borrower shall default in the performance or observance of any covenant in Section 7(c) of this Note and such default shall continue for 30 Business Days following the Borrower's receipt of a written default notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)the Borrower or a Guarantor shall (A) apply for or consent to the appointment of, or the taking of possession by, a receiver, custodian, trustee, examiner or liquidator of itself or of all or a substantial part of its property, (B) make a general assignment for the benefit of its creditors, (C) commence a voluntary case under Title 11 of the United States Code (the "***Federal Bankruptcy Code***"), (D) file a petition seeking to take advantage of any other law relating to bankruptcy, insolvency, reorganization, liquidation, dissolution, arrangement or winding-up, or composition or readjustment of debts, or (E) fail to controvert in a timely and appropriate manner, or acquiesce in writing to, any petition filed against it in an involuntary case under the Federal Bankruptcy Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Any representation or warranty by the Borrower or any Guarantor made herein shall prove to have been incorrect in any material respect (without duplication of other materiality qualifiers contained therein) on or as of the date made;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)the occurrence and continuation of a Senior Debt Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)a proceeding or case shall be commenced, without the application or consent of the Borrower or a Guarantor, in any court of competent jurisdiction, seeking (A) its reorganization, liquidation, dissolution, arrangement or winding-up, or the composition or readjustment of its debts, (B) the appointment of a receiver, custodian, trustee, examiner, liquidator or the like of it or of all or any substantial part of its property, or (C) similar relief in respect of it under any law relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts, and such proceeding or case shall continue undismissed, or an order, judgment or decree approving or ordering any of the foregoing shall be entered and continue unstayed and in effect, for a period of 60 or more days; or an order for relief against it shall be entered in an involuntary case under the Federal Bankruptcy Code; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)a Change of Control Triggering Event occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Subject to the Subordination Agreement, upon the occurrence of an Event of Default hereunder (other than in the case of Section 8(a)(iv) or Section 8(a)(vii) for which no notice shall be required and all principal and accrued interest thereon and all other amounts of the Outstanding Balance shall be automatically due and payable in cash upon the occurrence of any such Event of Default), in addition to any other remedies available to the Lender (whether by contract, at law, in equity or otherwise), the principal and all other amounts of the Outstanding Balance shall, upon written notice to the Borrower, become immediately due and payable in cash without presentment, demand, protest, notice of intent to accelerate, notice of acceleration or other formalities of any kind, all of which are hereby expressly waived by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Subject to the Subordination Agreement, the Borrower waives diligence, presentment, protest and demand and also notice of protest, demand, dishonor, acceleration, intent to accelerate and nonpayment of this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Subject to the Subordination Agreement, the Borrower agrees to pay all reasonable costs of collection incurred during an Event of Default (including without limitation attorney's fees).

**9. Subordination**. Notwithstanding any other provision of this Note or any other agreement or instrument, any and all claims of the Lender against the Borrower or any Guarantor under or in connection with this Note, or against any of their respective properties, shall be expressly subordinate and junior in right of payment to all Senior Debt subject to the terms of the Subordination Agreement, and all payments in respect of indebtedness and other obligations under or in connection with this Note may only be made at the times and in the amounts permitted under the Subordination Agreement.

**10. Guaranty**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject to the Subordination Agreement, to the maximum extent permitted by applicable law, each of the subsidiary guarantors party hereto (collectively, the "***Guarantors***"), hereby absolutely, unconditionally and irrevocably. jointly and severally, guarantees, as primary obligor and not merely as surety, to the Lender the due, complete and punctual payment by the Borrower of all of the Borrower's obligations, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred pursuant to this Note (the "***Guaranteed Obligations***") and that the Guaranteed Obligations will be paid strictly in accordance with the terms of the Subordinated Loan Documents, regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the Lender with respect thereto. The obligations of each Guarantor under this guaranty are independent of the Guaranteed Obligations, and a separate action or

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actions may be brought and prosecuted against any Guarantor to enforce such obligations, irrespective of whether any action is brought against the Borrower or any Guarantor or whether the Borrower or any Guarantor is joined in any such action or actions. If the Borrower fails to satisfy the Guaranteed Obligations if and when due, the Guarantors shall forthwith pay, or cause to be paid, the full amount of the Guaranteed Obligations regardless of whether any action is brought against the Borrower. The liability of any Guarantor under this guaranty shall be as a primary obligor (and not merely as a surety) and shall be irrevocable, absolute and unconditional irrespective of, and each Guarantor hereby irrevocably waives, to the extent permitted by law, any defenses it may now or hereafter have in any way relating to, any or all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any lack of validity or enforceability of any Subordinated Loan Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)any change in the time, manner or place of payment of, or in any other term of, all or any of the Guaranteed Obligations, or any other amendment or waiver of or any consent to departure from any Subordinated Loan Document, including, without limitation, any increase in the Guaranteed Obligations resulting from the extension of additional credit to the Borrower or any Guarantor or extension of the maturity of any Guaranteed Obligations or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)any taking, exchange, release or non-perfection of any collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)any taking, release or amendment or waiver of or consent to departure from any other guaranty, for all or any of the Guaranteed Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)any change, restructuring or termination of the corporate, limited liability company or partnership structure or existence of the Borrower or any Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)any manner of application of any collateral, or proceeds thereof, to all or any of the Guaranteed Obligations, or any manner of sale or other disposition of any collateral for all or any of the Guaranteed Obligations or any other Subordinated Debt of the Borrower or any Guarantor under the Subordinated Loan Documents or any other assets of the Borrower or any Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)any failure to disclose to the Borrower or any Guarantor any information relating to the business, condition (financial or otherwise), operations, performance, properties or prospects of the Borrower or any Guarantor now or hereafter known to the Lender (each Guarantor waiving any duty on the part of the Lender to disclose such information);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)taking any action in furtherance of the release of any Guarantor or any other Person that is liable for the Subordinated Debt from all or any part of any liability arising under or in connection with any Subordinated Loan Document without the prior written consent of the Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)any other circumstance (including, without limitation, any statute of limitations) or any existence of or reliance on any representation by the Lender that might otherwise constitute a defense available to, or a discharge of, the Borrower, any Guarantor or any other guarantor or surety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The guaranty provided pursuant to this Section 10 shall be a continuing guaranty of payment and not of collection and shall not be conditioned or contingent upon the pursuit of any remedies against the Borrower or any other person or entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The guaranty provided for in this Section 10 shall remain in full force and effect until the date on which all of the Guaranteed Obligations have been paid in full. This guaranty shall be reinstated if at any time any payment of any of the Guaranteed Obligations is rescinded or must otherwise be returned by the Lender, or any other Person upon the insolvency, bankruptcy or reorganization of the

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Borrower, any Guarantor or otherwise, all as though such payment had not been made. This guaranty is a continuing guaranty and shall (i) remain in full force and effect until payment in full of the Guaranteed Obligations (other than inchoate indemnity obligations) and shall not terminate for any reason prior to the Maturity Date (other than payment in full of the Guaranteed Obligations) and (ii) be binding upon each Guarantor and its respective successors and assigns. This Guaranty shall inure to the benefit of and be enforceable by the Lender, and its successors, and permitted pledgees, transferees and assigns.

**11. Participation Rights in Specified Equity Offering**. While this Note is outstanding, if the Borrower conducts a Specified Equity Offering, the Lender shall, in addition to any other participation rights it may have, have the right, but not the obligation, to participate in such Specified Equity Offering on the same terms and conditions as other participating investors, in an amount up to the then-outstanding principal amount of this Note, together with any accrued and unpaid interest thereon. If the Lender participates in such Specified Equity Offering, the Lender shall have the right to require the Borrower to use the net cash proceeds received from the Lender in such Specified Equity Offering to make a mandatory prepayment of this Note. Such mandatory prepayment shall be made promptly (and in any event within 10 Business Days) after the Borrower's receipt of such proceeds, and shall be applied first to accrued and unpaid interest on this Note, and then to the outstanding principal balance hereof. Notwithstanding the foregoing, the Lender's right to participate in a Specified Equity Offering and the Borrower's mandatory prepayment obligations hereunder shall be subject in all respects to compliance with applicable Nasdaq rules and regulations (if any), including, without limitation, any limitations on pricing and/or the number of shares issuable to the Lender in connection with such equity offering. For the avoidance of doubt, in the case of a rights offering made to existing equity holders of the Borrower, the rights granted under this provision shall be in addition to any rights the Lender may have to participate in such offering by virtue of its existing equity ownership in the Borrower, if any.

**12. Most Favored Nation**. Borrower represents, warrants and covenants that no other Subordinated Lender has or will be granted terms or conditions as to Subordinated Debt that are more favorable than those provided to the Lender under this Note ("***More Favorable Terms***"). This covenant remains in effect during the term of this Note. If the Borrower enters into an agreement granting More Favorable Terms to another Subordinated Lender, this Note is automatically amended to incorporate those terms, giving the Lender the full benefit. The Borrower must notify the Lender within ten business days of executing such an agreement, providing a copy of the relevant document or documents. The Lender has the right, within ten business days of receiving such notice, to decline any amended term or condition, in which case the original term or condition will continue to apply.

**13. Waiver**. No failure on the part of the Lender to exercise and no delay in exercising, and no course of dealing with respect to, any right, power or privilege under this Note shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege under this Note preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The remedies provided herein are cumulative and not exclusive of any other remedy given hereunder or thereunder or any remedy existing at law or in equity or by statute or otherwise.

**14. Notices**. All notices, requests, demands, consents and other communications in respect of this Note (including, without limitation, any modifications of, or requests, waivers or consents under, this Note) shall be given in writing and shall be deemed effectively given (a) upon personal delivery to the other party, (b) the next Business Day after deposit with a national overnight delivery service, postage prepaid, addressed as set forth below, as applicable, provided that the sending party receives confirmation of delivery from such delivery service or (c) three Business Days after deposit with the United States Post Office, postage prepaid, addressed to the Borrower at 2677 E Willis Road, Chandler, AZ 85286; or to the Lender at [___], or at such other address as such party may designate by three Business Days' advance written notice to the other party.

**15. Amendments**. This Note may not be amended, modified or supplemented except by an instrument in writing signed by the Borrower and the Lender and, if required by the Subordination Agreement, the Senior Agent.

**16. Successors; Assignments; Third-Party Beneficiary**. This Note, and the rights and obligations provided for hereunder, shall be binding upon and inure to the benefit of the Borrower and the Lender

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and their respective successors and permitted assigns. This Note and the rights and obligations hereunder shall not be assignable or delegable by the Borrower or the Lender without the prior written consent of the other (such consent not to be unreasonably withheld, conditioned or delayed), and any attempted assignment or delegation without such consent shall be null and void. The Subordination Agreement shall survive any such assignment or delegation, and the terms of the Subordination Agreement shall be binding upon the successors and assigns of the Lender and the Borrower. The Senior Agent is a third-party beneficiary of this Note.

**17. Governing Law; Submission to Jurisdiction; Venue**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER, OR RELATED TO, THIS NOTE (INCLUDING, WITHOUT LIMITATION, ANY CLAIMS SOUNDING IN CONTRACT LAW OR TORT LAW ARISING OUT OF THE SUBJECT MATTER HEREOF) SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY (A) SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF ANY NEW YORK STATE COURT OR FEDERAL COURT OF THE UNITED STATES OF AMERICA SITTING IN NEW YORK COUNTY IN THE STATE OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS NOTE OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING SHALL BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT, (B) WAIVES, TO THE FULLEST EXTENT IT MAY LEGALLY AND EFFECTIVELY DO SO, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS NOTE OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY IN ANY NEW YORK STATE COURT OR IN ANY SUCH FEDERAL COURT, (C) WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT AND (D) AGREES THAT A FINAL JUDGMENT IN ANY SUCH SUIT, ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. EACH OF THE PARTIES HERETO AGREES THAT SERVICE OF PROCESS, SUMMONS, NOTICE OR DOCUMENT BY REGISTERED MAIL ADDRESSED TO RELEVANT ADDRESS SET FORTH IN SECTION 14 SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY OR ON BEHALF OF ANY PARTY RELATED TO OR ARISING OUT OF THIS NOTE OR THE PERFORMANCE OF SERVICES HEREUNDER OR THEREUNDER.

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**18. Severability**. If any provision of this Note shall be held by any court of competent jurisdiction to be illegal, invalid, or unenforceable, such provision shall be construed and enforced as if it had been more narrowly drawn so as not to be illegal, invalid, or unenforceable, and such illegality, invalidity, or unenforceability shall have no effect upon and shall not impair the enforceability of any other provision of this Note.

**19. Rights and Remedies**. All rights and remedies hereunder are cumulative and not exclusive of any rights or remedies otherwise provided by law. Any single or partial exercise of any right or remedy shall not preclude the further exercise thereof or the exercise of any other right or remedy.

**20. Final Agreement**. This Note constitutes the entire agreement and understanding of the parties in respect of the subject matter hereof and supersedes all prior understandings, agreements or representations by or among the parties, written or oral, to the extent they relate in any way to the subject matter hereof.

**21. Definitions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)"***Business Day***" means a day on which commercial banks are not authorized or required to close in the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)"***Change of Control***" means any "person" or "group" (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan), other than a Permitted Holder, becomes the "beneficial owner" (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have "beneficial ownership" of all securities that such person or group has the right to acquire (such right, an "***option right***"), whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than the greater of (x) 40.0% or more of the capital stock of the Borrower entitled to vote for members of the board of directors or equivalent governing body of the Borrower on a fully diluted basis (and taking into account all such securities that such person or group has the right to acquire pursuant to any option right) (the "***Voting Stock***") and (y) the percentage of Voting Stock owned, directly or indirectly, beneficially by the Permitted Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)"***Change of Control Triggering Event***" occurs if both of the following are true at the same time: (i) a Change of Control has occurred and is continuing; and (ii) either (x) the Senior Debt has been Paid in Full pursuant to terms thereof, or (y) following a Modification of the Senior Debt, the Senior Agent (if there is one) is not Oaktree and less than $25,000,000 of the principal amount of the Senior Debt is held by Qualified Senior Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)"***Excluded Offering***" means any offering of Equity Interests issued: (i) pursuant to or upon the exercise of awards granted under an equity plan or incentive plan approved by the board of directors of the Borrower, whether on Form S-8 or otherwise; (ii) upon the exercise of any warrants, options, rights (including pursuant to this Note) or exercisable, convertible or convertible instrument outstanding as of the Effective Date (but not the exercise of rights issued pursuant to a rights offering); (iii) in connection with a merger, acquisition, bona fide third-party commercial arrangement or other similar strategic transaction; (iv) in connection with a split, division or dividend; (v) to financial institutions, lenders, noteholders or lessors in connection with credit arrangements, equipment or inventory financings or similar transactions; and (vi) to the lessor or vendor in any office lease or equipment lease or similar equipment financing transaction in which the Borrower obtains the use of such office space or equipment for its business. In addition, for the avoidance of doubt, "Excluded Offerings" also include the filing of any registration statement of the Borrower with the SEC registering securities of the Borrower, or the filing of any amendments or supplements thereto, provided that the determination of whether sales under any such registration statement are Excluded Offerings will be determined based on the preceding clauses (i) to (vi) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)"***Material Adverse Effect***" means (a) a material adverse effect on the business, operations, assets, liabilities (actual or contingent) or financial condition of the Borrower and the Guarantors, taken as a whole, (b) a material adverse effect on the ability of the Borrower and the

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Guarantors (taken as a whole) to perform their respective payment obligations under this Note or (c) a material adverse effect on the rights and remedies of the Lender under this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)"***Permitted Holders***" means collectively (i) Mark Cohen, William Coulter and Mark Tkach and their respective spouses, children, grandchildren and other immediate family members and personal representatives of their estates or trusts of which they or their respective spouses, children, grandchildren, or other immediate family members are the sole beneficiaries (in each case, directly or indirectly, including through one or more investment vehicles), (ii) the Qualified Senior Lenders, and (iii) any transferee of a Permitted Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)"***Specified Equity Offering***" means any offering of Qualified Equity Interests made to the Lender and other investors, other than an Excluded Offering.

[*Signature Pages to follow*]

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**BORROWER:**

**RIDENOW GROUP, INC.**<br>

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name:&nbsp;&nbsp;&nbsp;&nbsp;Michael Quartieri<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer and Interim Chief Financial Officer

*Signature Page to Unsecured Promissory Note*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**GUARANTORS:**

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| | | |
|:---|:---|:---|
| **BJ MOTORSPORTS, LLC**,<br>a Nevada limited liability company,<br>as a Guarantor | **BJ MOTORSPORTS, LLC**,<br>a Nevada limited liability company,<br>as a Guarantor | **BJ MOTORSPORTS, LLC**,<br>a Nevada limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

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| | | |
|:---|:---|:---|
| **C & W MOTORS, INC.**,<br>an Arizona corporation,<br>as a Guarantor | **C & W MOTORS, INC.**,<br>an Arizona corporation,<br>as a Guarantor | **C & W MOTORS, INC.**,<br>an Arizona corporation,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

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| | | |
|:---|:---|:---|
| **CMG POWERSPORTS, INC.**,<br>a Delaware corporation,<br>as a Guarantor | **CMG POWERSPORTS, INC.**,<br>a Delaware corporation,<br>as a Guarantor | **CMG POWERSPORTS, INC.**,<br>a Delaware corporation,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

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| | | |
|:---|:---|:---|
| **DHD ALLEN, L.L.C.**,<br>a Texas limited liability company,<br>as a Guarantor | **DHD ALLEN, L.L.C.**,<br>a Texas limited liability company,<br>as a Guarantor | **DHD ALLEN, L.L.C.**,<br>a Texas limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

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*Signature Page to Unsecured Promissory Note*

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| | | |
|:---|:---|:---|
| **DHD GARLAND, L.L.C.**,<br>a Texas limited liability company,<br>as a Guarantor | **DHD GARLAND, L.L.C.**,<br>a Texas limited liability company,<br>as a Guarantor | **DHD GARLAND, L.L.C.**,<br>a Texas limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

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| | | |
|:---|:---|:---|
| **EAST VALLEY MOTORCYCLES, LLC**,<br>an Arizona limited liability company,<br>as a Guarantor | **EAST VALLEY MOTORCYCLES, LLC**,<br>an Arizona limited liability company,<br>as a Guarantor | **EAST VALLEY MOTORCYCLES, LLC**,<br>an Arizona limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

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| | | |
|:---|:---|:---|
| **ECHD MOTORCYCLES, LLC**,<br>a California limited liability company,<br>as a Guarantor | **ECHD MOTORCYCLES, LLC**,<br>a California limited liability company,<br>as a Guarantor | **ECHD MOTORCYCLES, LLC**,<br>a California limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

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| | | |
|:---|:---|:---|
| **GLENDALE MOTORCYCLES, LLC**,<br>an Arizona limited liability company,<br>as a Guarantor | **GLENDALE MOTORCYCLES, LLC**,<br>an Arizona limited liability company,<br>as a Guarantor | **GLENDALE MOTORCYCLES, LLC**,<br>an Arizona limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

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*Signature Page to Unsecured Promissory Note*

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| | | |
|:---|:---|:---|
| **IOT MOTORCYCLES, LLC**,<br>an Arizona limited liability company,<br>as a Guarantor | **IOT MOTORCYCLES, LLC**,<br>an Arizona limited liability company,<br>as a Guarantor | **IOT MOTORCYCLES, LLC**,<br>an Arizona limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

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| | | |
|:---|:---|:---|
| **RHND OCALA, LLC**,<br>a Florida limited liability company,<br>as a Guarantor | **RHND OCALA, LLC**,<br>a Florida limited liability company,<br>as a Guarantor | **RHND OCALA, LLC**,<br>a Florida limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

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| | | |
|:---|:---|:---|
| **RIDE NOW, LLC**,<br>a Nevada limited liability company,<br>as a Guarantor | **RIDE NOW, LLC**,<br>a Nevada limited liability company,<br>as a Guarantor | **RIDE NOW, LLC**,<br>a Nevada limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

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| | | |
|:---|:---|:---|
| **RIDE NOW-CAROLINA, LLC**,<br>a North Carolina limited liability company,<br>as a Guarantor | **RIDE NOW-CAROLINA, LLC**,<br>a North Carolina limited liability company,<br>as a Guarantor | **RIDE NOW-CAROLINA, LLC**,<br>a North Carolina limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

*Signature Page to Unsecured Promissory Note*

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| | | |
|:---|:---|:---|
| **RIDE USA, L.L.C.**,<br>a Florida limited liability company,<br>as a Guarantor | **RIDE USA, L.L.C.**,<br>a Florida limited liability company,<br>as a Guarantor | **RIDE USA, L.L.C.**,<br>a Florida limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

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| | | |
|:---|:---|:---|
| **RN TRI-CITIES, LLC**,<br>a Washington limited liability company,<br>as a Guarantor | **RN TRI-CITIES, LLC**,<br>a Washington limited liability company,<br>as a Guarantor | **RN TRI-CITIES, LLC**,<br>a Washington limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **RN-GAINESVILLE, LLC**,<br>a Florida limited liability company,<br>as a Guarantor | **RN-GAINESVILLE, LLC**,<br>a Florida limited liability company,<br>as a Guarantor | **RN-GAINESVILLE, LLC**,<br>a Florida limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **RNKC LLC**,<br>a Kansas limited liability company,<br>as a Guarantor | **RNKC LLC**,<br>a Kansas limited liability company,<br>as a Guarantor | **RNKC LLC**,<br>a Kansas limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

*Signature Page to Unsecured Promissory Note*

------

---

| | | |
|:---|:---|:---|
| **RNMC DAYTONA, LLC**,<br>a Florida limited liability company,<br>as a Guarantor | **RNMC DAYTONA, LLC**,<br>a Florida limited liability company,<br>as a Guarantor | **RNMC DAYTONA, LLC**,<br>a Florida limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **TC MOTORCYCLES, LLC**,<br>a Florida limited liability company,<br>as a Guarantor | **TC MOTORCYCLES, LLC**,<br>a Florida limited liability company,<br>as a Guarantor | **TC MOTORCYCLES, LLC**,<br>a Florida limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **TOP CAT ENTERPRISES, L.L.C.**,<br>an Arizona limited liability company,<br>as a Guarantor | **TOP CAT ENTERPRISES, L.L.C.**,<br>an Arizona limited liability company,<br>as a Guarantor | **TOP CAT ENTERPRISES, L.L.C.**,<br>an Arizona limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **TUCSON MOTORSPORTS, INC.**,<br>an Arizona corporation,<br>as a Guarantor | **TUCSON MOTORSPORTS, INC.**,<br>an Arizona corporation,<br>as a Guarantor | **TUCSON MOTORSPORTS, INC.**,<br>an Arizona corporation,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

*Signature Page to Unsecured Promissory Note*

------

---

| | | |
|:---|:---|:---|
| **TUCSON MOTORCYCLES, INC.**,<br>an Arizona corporation,<br>as a Guarantor | **TUCSON MOTORCYCLES, INC.**,<br>an Arizona corporation,<br>as a Guarantor | **TUCSON MOTORCYCLES, INC.**,<br>an Arizona corporation,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **COYOTE MOTORSPORTS-ALLEN, LTD.**,<br>a Texas limited partnership,<br>as a Guarantor | **COYOTE MOTORSPORTS-ALLEN, LTD.**,<br>a Texas limited partnership,<br>as a Guarantor | **COYOTE MOTORSPORTS-ALLEN, LTD.**,<br>a Texas limited partnership,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **COYOTE MOTORSPORTS-GARLAND, LTD.**,<br>a Texas limited partnership,<br>as a Guarantor | **COYOTE MOTORSPORTS-GARLAND, LTD.**,<br>a Texas limited partnership,<br>as a Guarantor | **COYOTE MOTORSPORTS-GARLAND, LTD.**,<br>a Texas limited partnership,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **DLV MOTORCYCLE, LLC**,<br>a Nevada limited liability company,<br>as a Guarantor | **DLV MOTORCYCLE, LLC**,<br>a Nevada limited liability company,<br>as a Guarantor | **DLV MOTORCYCLE, LLC**,<br>a Nevada limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

*Signature Page to Unsecured Promissory Note*

------

---

| | | |
|:---|:---|:---|
| **INDTUC, LLC**,<br>an Arizona limited liability company,<br>as a Guarantor | **INDTUC, LLC**,<br>an Arizona limited liability company,<br>as a Guarantor | **INDTUC, LLC**,<br>an Arizona limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **RNAJ, LLC**,<br>an Arizona limited liability company,<br>as a Guarantor | **RNAJ, LLC**,<br>an Arizona limited liability company,<br>as a Guarantor | **RNAJ, LLC**,<br>an Arizona limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **AMERICA'S POWERSPORTS, INC**,<br>a Delaware limited liability company,<br>as a Guarantor | **AMERICA'S POWERSPORTS, INC**,<br>a Delaware limited liability company,<br>as a Guarantor | **AMERICA'S POWERSPORTS, INC**,<br>a Delaware limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **NORTH COUNTY 355 HOLDINGS, INC**,<br>a Delaware corporation,<br>as a Guarantor | **NORTH COUNTY 355 HOLDINGS, INC**,<br>a Delaware corporation,<br>as a Guarantor | **NORTH COUNTY 355 HOLDINGS, INC**,<br>a Delaware corporation,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

*Signature Page to Unsecured Promissory Note*

------

---

| | | |
|:---|:---|:---|
| **SAN DIEGO HOUSE OF MOTORCYCLES, LLC**,<br>a Delaware limited liability company,<br>as a Guarantor | **SAN DIEGO HOUSE OF MOTORCYCLES, LLC**,<br>a Delaware limited liability company,<br>as a Guarantor | **SAN DIEGO HOUSE OF MOTORCYCLES, LLC**,<br>a Delaware limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **FUN CENTER 355 HOLDINGS, INC**,<br>a Delaware corporation,<br>as a Guarantor | **FUN CENTER 355 HOLDINGS, INC**,<br>a Delaware corporation,<br>as a Guarantor | **FUN CENTER 355 HOLDINGS, INC**,<br>a Delaware corporation,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **WOODS FUN CENTER, LLC**,<br>a Texas limited liability company,<br>as a Guarantor | **WOODS FUN CENTER, LLC**,<br>a Texas limited liability company,<br>as a Guarantor | **WOODS FUN CENTER, LLC**,<br>a Texas limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **APS TEXAS HOLDINGS, LLC**,<br>a Texas limited liability company,<br>as a Guarantor | **APS TEXAS HOLDINGS, LLC**,<br>a Texas limited liability company,<br>as a Guarantor | **APS TEXAS HOLDINGS, LLC**,<br>a Texas limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

*Signature Page to Unsecured Promissory Note*

------

---

| | | |
|:---|:---|:---|
| **APS AUSTIN HOLDINGS, LLC**,<br>a Texas limited liability company,<br>as a Guarantor | **APS AUSTIN HOLDINGS, LLC**,<br>a Texas limited liability company,<br>as a Guarantor | **APS AUSTIN HOLDINGS, LLC**,<br>a Texas limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **APS OF TEXAS LLC**,<br>a Delaware limited liability company,<br>as a Guarantor | **APS OF TEXAS LLC**,<br>a Delaware limited liability company,<br>as a Guarantor | **APS OF TEXAS LLC**,<br>a Delaware limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **APS OF OKLAHOMA LLC**,<br>a Delaware limited liability company,<br>as a Guarantor | **APS OF OKLAHOMA LLC**,<br>a Delaware limited liability company,<br>as a Guarantor | **APS OF OKLAHOMA LLC**,<br>a Delaware limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **FORT THUNDER 355 HOLDINGS, INC**,<br>a Delaware corporation,<br>as a Guarantor | **FORT THUNDER 355 HOLDINGS, INC**,<br>a Delaware corporation,<br>as a Guarantor | **FORT THUNDER 355 HOLDINGS, INC**,<br>a Delaware corporation,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

*Signature Page to Unsecured Promissory Note*

------

---

| | | |
|:---|:---|:---|
| **POWDER KEG 355 HOLDINGS, INC.**,<br>a Delaware corporation,<br>as a Guarantor | **POWDER KEG 355 HOLDINGS, INC.**,<br>a Delaware corporation,<br>as a Guarantor | **POWDER KEG 355 HOLDINGS, INC.**,<br>a Delaware corporation,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **APS OF OHIO, LLC**,<br>a Delaware limited liability company,<br>as a Guarantor | **APS OF OHIO, LLC**,<br>a Delaware limited liability company,<br>as a Guarantor | **APS OF OHIO, LLC**,<br>a Delaware limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **GEORGETOWN 355 HOLDINGS, INC.**,<br>a Delaware corporation,<br>as a Guarantor | **GEORGETOWN 355 HOLDINGS, INC.**,<br>a Delaware corporation,<br>as a Guarantor | **GEORGETOWN 355 HOLDINGS, INC.**,<br>a Delaware corporation,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **APS OF GEORGETOWN, LLC**,<br>a Delaware limited liability company,<br>as a Guarantor | **APS OF GEORGETOWN, LLC**,<br>a Delaware limited liability company,<br>as a Guarantor | **APS OF GEORGETOWN, LLC**,<br>a Delaware limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

*Signature Page to Unsecured Promissory Note*

------

---

| | | |
|:---|:---|:---|
| **RMBL TEXAS, LLC**,<br>a Delaware limited liability company,<br>as a Guarantor | **RMBL TEXAS, LLC**,<br>a Delaware limited liability company,<br>as a Guarantor | **RMBL TEXAS, LLC**,<br>a Delaware limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **WHOLESALE EXPRESS, LLC**,<br>a Tennessee limited liability company,<br>as a Guarantor | **WHOLESALE EXPRESS, LLC**,<br>a Tennessee limited liability company,<br>as a Guarantor | **WHOLESALE EXPRESS, LLC**,<br>a Tennessee limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **RUMBLEON DEALERS, INC.**,<br>a Delaware corporation,<br>as a Guarantor | **RUMBLEON DEALERS, INC.**,<br>a Delaware corporation,<br>as a Guarantor | **RUMBLEON DEALERS, INC.**,<br>a Delaware corporation,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **WHOLESALE, INC.**,<br>a Tennessee corporation,<br>as a Guarantor | **WHOLESALE, INC.**,<br>a Tennessee corporation,<br>as a Guarantor | **WHOLESALE, INC.**,<br>a Tennessee corporation,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

*Signature Page to Unsecured Promissory Note*

------

---

| | | |
|:---|:---|:---|
| **RUMBLEON FINANCE, LLC**,<br>a Nevada limited liability company,<br>as a Guarantor | **RUMBLEON FINANCE, LLC**,<br>a Nevada limited liability company,<br>as a Guarantor | **RUMBLEON FINANCE, LLC**,<br>a Nevada limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **RMBL EXPRESS, LLC**,<br>a Delaware limited liability company,<br>as a Guarantor | **RMBL EXPRESS, LLC**,<br>a Delaware limited liability company,<br>as a Guarantor | **RMBL EXPRESS, LLC**,<br>a Delaware limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **AUTOSPORT USA, INC**,<br>a Delaware corporation,<br>as a Guarantor | **AUTOSPORT USA, INC**,<br>a Delaware corporation,<br>as a Guarantor | **AUTOSPORT USA, INC**,<br>a Delaware corporation,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **NEXTGEN PRO, LLC**,<br>a Delaware limited liability company,<br>as a Guarantor | **NEXTGEN PRO, LLC**,<br>a Delaware limited liability company,<br>as a Guarantor | **NEXTGEN PRO, LLC**,<br>a Delaware limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

*Signature Page to Unsecured Promissory Note*

------

---

| | | |
|:---|:---|:---|
| **RUMBLEON TENNESSEE, LLC**,<br>a Delaware limited liability company,<br>as a Guarantor | **RUMBLEON TENNESSEE, LLC**,<br>a Delaware limited liability company,<br>as a Guarantor | **RUMBLEON TENNESSEE, LLC**,<br>a Delaware limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **RMBL MISSOURI, LLC**,<br>a Delaware limited liability company,<br>as a Guarantor | **RMBL MISSOURI, LLC**,<br>a Delaware limited liability company,<br>as a Guarantor | **RMBL MISSOURI, LLC**,<br>a Delaware limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **JJB PROPERTIES, L.L.C.**,<br>an Arizona limited liability company,<br>as a Guarantor | **JJB PROPERTIES, L.L.C.**,<br>an Arizona limited liability company,<br>as a Guarantor | **JJB PROPERTIES, L.L.C.**,<br>an Arizona limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **BAYOU MOTORCYCLES, LLC**,<br>a Louisiana limited liability company,<br>as a Guarantor | **BAYOU MOTORCYCLES, LLC**,<br>a Louisiana limited liability company,<br>as a Guarantor | **BAYOU MOTORCYCLES, LLC**,<br>a Louisiana limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

*Signature Page to Unsecured Promissory Note*

------

---

| | | |
|:---|:---|:---|
| **RIDE NOW 5 ALLEN, LLC**,<br>a Texas limited liability company,<br>as a Guarantor | **RIDE NOW 5 ALLEN, LLC**,<br>a Texas limited liability company,<br>as a Guarantor | **RIDE NOW 5 ALLEN, LLC**,<br>a Texas limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **RIDENOW POWERSPORTS TALLAHASSEE, LLC**,<br>a Florida limited liability company,<br>as a Guarantor | **RIDENOW POWERSPORTS TALLAHASSEE, LLC**,<br>a Florida limited liability company,<br>as a Guarantor | **RIDENOW POWERSPORTS TALLAHASSEE, LLC**,<br>a Florida limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **METRO MOTORCYCLE, INC.**,<br>an Arizona corporation,<br>as a Guarantor | **METRO MOTORCYCLE, INC.**,<br>an Arizona corporation,<br>as a Guarantor | **METRO MOTORCYCLE, INC.**,<br>an Arizona corporation,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

*Signature Page to Unsecured Promissory Note*

------

---

| | | |
|:---|:---|:---|
| **YSA MOTORSPORTS LLC**,<br>an Arizona limited liability company,<br>as a Guarantor | **YSA MOTORSPORTS LLC**,<br>an Arizona limited liability company,<br>as a Guarantor | **YSA MOTORSPORTS LLC**,<br>an Arizona limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **FREEDOM POWERSPORTS, LLC**,<br>a Texas limited liability company,<br>as a Guarantor | **FREEDOM POWERSPORTS, LLC**,<br>a Texas limited liability company,<br>as a Guarantor | **FREEDOM POWERSPORTS, LLC**,<br>a Texas limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **FREEDOM POWERSPORTS CANTON, LLC**,<br>a Delaware limited liability company,<br>as a Guarantor | **FREEDOM POWERSPORTS CANTON, LLC**,<br>a Delaware limited liability company,<br>as a Guarantor | **FREEDOM POWERSPORTS CANTON, LLC**,<br>a Delaware limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **FREEDOM POWERSPORTS DALLAS LLC**,<br>a Texas limited liability company,<br>as a Guarantor | **FREEDOM POWERSPORTS DALLAS LLC**,<br>a Texas limited liability company,<br>as a Guarantor | **FREEDOM POWERSPORTS DALLAS LLC**,<br>a Texas limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

*Signature Page to Unsecured Promissory Note*

------

---

| | | |
|:---|:---|:---|
| **FREEDOM POWERSPORTS DECATUR LLC**,<br>a Texas limited liability company,<br>as a Guarantor | **FREEDOM POWERSPORTS DECATUR LLC**,<br>a Texas limited liability company,<br>as a Guarantor | **FREEDOM POWERSPORTS DECATUR LLC**,<br>a Texas limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

**FREEDOM POWERSPORTS FORT WORTH, LLC**,<br>a Texas limited liability company,<br>as a Guarantor<br>

---

| | | |
|:---|:---|:---|
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **FREEDOM POWERSPORTS HUNTSVILLE, LLC**,<br>an Alabama limited liability company,<br>as a Guarantor | **FREEDOM POWERSPORTS HUNTSVILLE, LLC**,<br>an Alabama limited liability company,<br>as a Guarantor | **FREEDOM POWERSPORTS HUNTSVILLE, LLC**,<br>an Alabama limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **FREEDOM POWERSPORTS JOHNSON COUNTY, LLC**,<br>a Texas limited liability company,<br>as a Guarantor | **FREEDOM POWERSPORTS JOHNSON COUNTY, LLC**,<br>a Texas limited liability company,<br>as a Guarantor | **FREEDOM POWERSPORTS JOHNSON COUNTY, LLC**,<br>a Texas limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

*Signature Page to Unsecured Promissory Note*

------

---

| | | |
|:---|:---|:---|
| **FREEDOM POWERSPORTS LEWISVILLE LLC**,<br>a Texas limited liability company,<br>as a Guarantor | **FREEDOM POWERSPORTS LEWISVILLE LLC**,<br>a Texas limited liability company,<br>as a Guarantor | **FREEDOM POWERSPORTS LEWISVILLE LLC**,<br>a Texas limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **FREEDOM POWERSPORTS MCDONOUGH, LLC**,<br>a Delaware limited liability company,<br>as a Guarantor | **FREEDOM POWERSPORTS MCDONOUGH, LLC**,<br>a Delaware limited liability company,<br>as a Guarantor | **FREEDOM POWERSPORTS MCDONOUGH, LLC**,<br>a Delaware limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

**FREEDOM POWERSPORTS MCKINNEY LLC**,<br>a Texas limited liability company,<br>as a Guarantor<br>

---

| | | |
|:---|:---|:---|
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **FREEDOM POWERSPORTS ALPHARETTA, LLC**,<br>a Delaware limited liability company,<br>as a Guarantor | **FREEDOM POWERSPORTS ALPHARETTA, LLC**,<br>a Delaware limited liability company,<br>as a Guarantor | **FREEDOM POWERSPORTS ALPHARETTA, LLC**,<br>a Delaware limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

*Signature Page to Unsecured Promissory Note*

------

---

| | | |
|:---|:---|:---|
| **FREEDOM POWERSPORTS FARMERS BRANCH, LLC**,<br>a Texas limited liability company,<br>as a Guarantor | **FREEDOM POWERSPORTS FARMERS BRANCH, LLC**,<br>a Texas limited liability company,<br>as a Guarantor | **FREEDOM POWERSPORTS FARMERS BRANCH, LLC**,<br>a Texas limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **FREEDOM POWERSPORTS DENTON, LLC**,<br>a Texas limited liability company,<br>as a Guarantor | **FREEDOM POWERSPORTS DENTON, LLC**,<br>a Texas limited liability company,<br>as a Guarantor | **FREEDOM POWERSPORTS DENTON, LLC**,<br>a Texas limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **FREEDOM POWERSPORTS REAL ESTATE LLC**,<br>a Texas limited liability company,<br>as a Guarantor | **FREEDOM POWERSPORTS REAL ESTATE LLC**,<br>a Texas limited liability company,<br>as a Guarantor | **FREEDOM POWERSPORTS REAL ESTATE LLC**,<br>a Texas limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **EA POWERSPORTS HURST LLC**,<br>a Texas limited liability company,<br>as a Guarantor | **EA POWERSPORTS HURST LLC**,<br>a Texas limited liability company,<br>as a Guarantor | **EA POWERSPORTS HURST LLC**,<br>a Texas limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

*Signature Page to Unsecured Promissory Note*

------

---

| | | |
|:---|:---|:---|
| **FPS RE DALLAS, LLC**,<br>a series of Freedom Powersports Real Estate, LLC,<br>a Texas limited liability company,<br>as a Guarantor | **FPS RE DALLAS, LLC**,<br>a series of Freedom Powersports Real Estate, LLC,<br>a Texas limited liability company,<br>as a Guarantor | **FPS RE DALLAS, LLC**,<br>a series of Freedom Powersports Real Estate, LLC,<br>a Texas limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **FPS RE HUDSON OAKS, LLC**,<br>a series of Freedom Powersports Real Estate, LLC,<br>a Texas limited liability company,<br>as a Guarantor | **FPS RE HUDSON OAKS, LLC**,<br>a series of Freedom Powersports Real Estate, LLC,<br>a Texas limited liability company,<br>as a Guarantor | **FPS RE HUDSON OAKS, LLC**,<br>a series of Freedom Powersports Real Estate, LLC,<br>a Texas limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **FPS RE HURST, LLC**,<br>a series of Freedom Powersports Real Estate, LLC,<br>a Texas limited liability company,<br>as a Guarantor | **FPS RE HURST, LLC**,<br>a series of Freedom Powersports Real Estate, LLC,<br>a Texas limited liability company,<br>as a Guarantor | **FPS RE HURST, LLC**,<br>a series of Freedom Powersports Real Estate, LLC,<br>a Texas limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **FPS RE ATHENS, LLC**,<br>a Delaware limited liability company,<br>as a Guarantor | **FPS RE ATHENS, LLC**,<br>a Delaware limited liability company,<br>as a Guarantor | **FPS RE ATHENS, LLC**,<br>a Delaware limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

*Signature Page to Unsecured Promissory Note*

------

---

| | | |
|:---|:---|:---|
| **FPS RE FORT WORTH, LLC**,<br>a series of Freedom Powersports Real Estate, LLC,<br>a Texas limited liability company,<br>as a Guarantor | **FPS RE FORT WORTH, LLC**,<br>a series of Freedom Powersports Real Estate, LLC,<br>a Texas limited liability company,<br>as a Guarantor | **FPS RE FORT WORTH, LLC**,<br>a series of Freedom Powersports Real Estate, LLC,<br>a Texas limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **FPS RE LEWISVILLE, LLC**,<br>a series of Freedom Powersports Real Estate, LLC,<br>a Texas limited liability company,<br>as a Guarantor | **FPS RE LEWISVILLE, LLC**,<br>a series of Freedom Powersports Real Estate, LLC,<br>a Texas limited liability company,<br>as a Guarantor | **FPS RE LEWISVILLE, LLC**,<br>a series of Freedom Powersports Real Estate, LLC,<br>a Texas limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **FPS RE MCDONOUGH, LLC**,<br>a Texas limited liability company,<br>as a Guarantor | **FPS RE MCDONOUGH, LLC**,<br>a Texas limited liability company,<br>as a Guarantor | **FPS RE MCDONOUGH, LLC**,<br>a Texas limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **FPS RE MCKINNEY, LLC**,<br>a Texas limited liability company,<br>as a Guarantor | **FPS RE MCKINNEY, LLC**,<br>a Texas limited liability company,<br>as a Guarantor | **FPS RE MCKINNEY, LLC**,<br>a Texas limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

*Signature Page to Unsecured Promissory Note*

------

---

| | | |
|:---|:---|:---|
| **FPS RE BURLESON, LLC**,<br>a Texas limited liability company,<br>as a Guarantor | **FPS RE BURLESON, LLC**,<br>a Texas limited liability company,<br>as a Guarantor | **FPS RE BURLESON, LLC**,<br>a Texas limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **RO FAIRWINDS, LLC**,<br>a Florida limited liability company,<br>as a Guarantor | **RO FAIRWINDS, LLC**,<br>a Florida limited liability company,<br>as a Guarantor | **RO FAIRWINDS, LLC**,<br>a Florida limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **RIDENOW MASSACHUSETTS LLC**,<br>a Delaware limited liability company,<br>as a Guarantor | **RIDENOW MASSACHUSETTS LLC**,<br>a Delaware limited liability company,<br>as a Guarantor | **RIDENOW MASSACHUSETTS LLC**,<br>a Delaware limited liability company,<br>as a Guarantor |
| By: |  |  |
|  | Name: | Michael Quartieri |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer |

---

*Signature Page to Unsecured Promissory Note*

------

ACKNOWLEDGED AND AGREED:

**LENDER:**

**[__]**, as the Lender

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name:&nbsp;&nbsp;&nbsp;&nbsp;[●]<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;[●]

*Signature Page to Unsecured Promissory Note*

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**SCHEDULE A**

LENDER ACCOUNT INFORMATION

**[___] – Account Information**:

WIRING INSTRUCTIONS

(Wire & ACH)

Financial Institution:

[___]

ABA No.

[___]

Account Name:

[___]

Account Number:

[___]

Contact Information:

[___]

<br>