Document:

Exhibit 10.2

 

REGISTRATION RIGHTS AGREEMENT

 

REGISTRATION RIGHTS AGREEMENT (this
“Agreement”), dated as of July 8, 2019, by and among XpresSpa Group, Inc., a Delaware corporation, with headquarters
located at 780 Third Avenue, 12th Floor, New York, NY I 0017 (the “Company”), and Calm.com, Inc.,
a Delaware corporation (the “Purchaser”).

 

WHEREAS:

 

A.          In
connection with the Securities Purchase Agreement by and between the parties hereto of even date herewith (the “Securities
Purchase Agreement”), the Company has agreed, upon the terms and subject to the conditions of the Securities Purchase
Agreement, to issue and sell to the Purchaser, (i) an unsecured convertible Note, which will be convertible into shares of the
Company’s Series E Convertible Preferred Stock in accordance with the terms of the Note and (ii) Series E Warrants to purchase
shares of the Company’s Common Stock, which will be exercisable in accordance with the terms of the Warrants.

 

B.          In
accordance with the terms of the Securities Purchase Agreement, the Company has agreed to provide Purchaser with certain registration
rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute
(collectively, the “1933 Act”), and applicable state securities laws.

 

NOW, THEREFORE, in consideration
of the premises and the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Company and the Purchaser hereby agree as follows:

 

1.       Definitions.

 

Capitalized terms used herein and not otherwise
defined herein shall have the respective meanings set forth in the Securities Purchase Agreement. As used in this Agreement, the
following terms shall have the following meanings:

 

(a)       “Additional
Effective Date” means the date the Additional Registration Statement is declared effective by the SEC.

 

(b)       “Additional
Effectiveness Deadline” means the date which is the earlier of (x) (i) in the event that the Additional Registration
Statement is not subject to a full review by the SEC, twenty (20) calendar days after the earlier of the Additional Filing Date
and the Additional Filing Deadline or (ii) in the event that the Additional Registration Statement is subject to a full review
by the SEC, seventy-five (75) calendar days after the earlier of the Additional Filing Date and the Additional Filing Deadline and
(y) the fifth (5th) Business Day after the date the Company is notified (orally or in writing, whichever is earlier)
by the SEC that such Additional Registration Statement will not be reviewed or will not be subject to further review; provided,
however, that if the Additional Effectiveness Deadline falls on a Saturday, Sunday or other day that the SEC is closed for business,
the Additional Effectiveness Deadline shall be extended to the next Business Day on which the SEC is open for business.

 

     

     

    

 

(c)       “Additional
Filing Date” means the date on which the Additional Registration Statement is filed with the SEC.

 

(d)       “Additional
Filing Deadline” means if Cutback Shares are required to be included in any Additional Registration Statement, thirty
(30) calendar days after the date the Purchaser gives notice to the Company that substantially all of the Purchaser’s Registrable
Securities registered under the immediately preceding Registration Statement are sold.

 

(e)       “Additional
Registrable Securities” means, (i) any Cutback Shares not previously included on a Registration Statement and (ii) any
capital stock of the Company issued or issuable with respect to the Underlying Common Shares, the Warrants or the Cutback Shares,
as applicable, as a result of any stock split, stock dividend, recapitalization, exchange or similar event or otherwise without
regard to any limitations on exercise of the warrants.

 

(f)       “Additional
Registration Statement” means a registration statement or registration statements of the Company filed under the 1933
Act covering the resale of any Additional Registrable Securities.

 

(g)       “Additional
Required Registration Amount” means (I) any Cutback Shares not previously included on a Registration Statement, all subject
to adjustment as provided in Section 2(f) or (11) such other amount as may be permitted by the staff of the SEC pursuant to
Rule 415, without regard to any limitations on exercise of the Warrants.

 

(h)       “Business
Day” means any day other than Saturday, Sunday or any other day on which commercial banks in the City of New York are
authorized or required by law to remain closed.

 

(i)        “Closing
Date” shall have the meaning set forth in the Securities Purchase Agreement.

 

(j)        “Cutback
Shares” means any of the Initial Required Registration Amount or the Additional Required Registration Amount (without
regard to clause (II) in the definition thereof) of Registrable Securities not included in all Registration Statements previously
declared effective as contemplated hereunder as a result of a limitation on the maximum number of shares of Common Stock of the
Company permitted to be registered by the staff of the SEC pursuant to Rule 415.

 

(k)       “Effective
Date” means the Initial Effective Date and the Additional Effective Date, as applicable.

 

(l)        “Effectiveness
Deadline” means the Initial Effectiveness Deadline and the Additional Effectiveness Deadline, as applicable.

 

(m)      “Eligible
Market” means the Principal Market, The New York Stock Exchange, Inc., the NYSE American, The Nasdaq Capital Market,
The Nasdaq Global Select Market, The Nasdaq Global Market, the OTC Bulletin Board, the OTCQB or the OTCQX (or any successor to
any of the foregoing).

 

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(n)       “Filing
Deadline” means the Initial Filing Deadline and the Additional Filing Deadline, as applicable.

 

(o)       “Initial
Effective Date” means the date that the Initial Registration Statement has been declared effective by the SEC.

 

(p)       “Initial
Effectiveness Deadline” means the date which is the earlier of (x) (i) in the event that the Initial Registration Statement
is not subject to a full review by the SEC, sixty (60) calendar days after the Initial Filing Deadline, or (ii) in the event that
the Initial Registration Statement is subject to a full review by the SEC, one hundred (100) calendar days after the Initial Filing
Deadline, and the (y) fifth (5th) Business Day after the date the Company is notified (orally or in writing, whichever is earlier)
by the SEC that such Initial Registration Statement will not be reviewed or will not be subject to further review; provided, however,
that if the Initial Effectiveness Deadline falls on a Saturday, Sunday or other day that the SEC is closed for business, the Initial
Effectiveness Deadline shall be extended to the next Business Day on which the SEC is open for business.

 

(q)       “Initial
Filing Date” means the date on which the Initial Registration Statement is filed with the SEC.

 

(r)        “Initial
Filing Deadline” means forty-five (45) days after the date of this Agreement.

 

(s)        “Initial
Registrable Securities” means (i) 125% of the Underlying Common Shares issued or issuable upon conversion of the Note
or upon exercise of the Warrant and (ii) any capital stock of the Company issued or issuable with respect to the Underlying Common
Shares, the Notes, or the Warrants as a result of any stock split, stock dividend, recapitalization, exchange or similar event
or otherwise without regard to any limitations on conversion of the Notes or exercise of the Warrants.

 

(t)        “Initial
Registration Statement” means a registration statement or registration statements of the Company filed under the 1933
Act covering the resale of the Initial Registrable Securities.

 

(u)       “Initial
Required Registration Amount” means (I) the number of Underlying Common Shares, without regard to any limitations on
exercise of the Warrants or (II) such other amount as may be permitted by the staff of the SEC pursuant to Rule 415.

 

(v)       “Purchaser”
means the Purchaser or any transferee or assignee thereof to whom the Purchaser assigns its rights under this Agreement and who
agrees to become bound by the provisions of this Agreement in accordance with Section 9 and any transferee or assignee thereof
to whom a transferee or assignee assigns its rights under this Agreement and who agrees to become bound by the provisions of this
Agreement in accordance with Section 9.

 

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(w)      “Person”
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization
and a government or any department or agency thereof.

 

(x)       “Principal
Market” means The Nasdaq Capital Market.

 

(y)       “register,”
“registered,” and “registration” refer to a registration effected by preparing and filing
one or more Registration Statements (as defined below) in compliance with the 1933 Act and pursuant to Rule 415, and the declaration
or ordering of effectiveness of such Registration Statement(s) by the SEC.

 

(z)       “Registrable
Securities” means the Initial Registrable Securities and the Additional Registrable Securities.

 

(aa)     “Registration
Statement” means the Initial Registration Statement and the Additional Registration Statement, as applicable.

 

(bb)    “Required Holders”
means holders of at least a majority of the Registrable Securities, which majority must include Purchaser for so long as Purchaser
beneficially owns at least ten percent (10%) of the Underlying Common Shares.

 

(cc)     “Required Registration
Amount” means either the Initial Required Registration Amount or the Additional Required Registration Amount, as applicable.

 

(dd)     “Rule 415”
means Rule 415 promulgated under the 1933 Act or any successor rule providing for offering securities on a continuous or delayed
basis.

 

(ee)     “SEC”
means the United States Securities and Exchange Commission.

 

(ff)      “Trading Day”
means any day on which the Common Stock is traded on the Principal Market, or, if the Principal Market is not the principal trading
market for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock is then traded;
provided that “Trading Day” shall not include any day on which the Common Stock is scheduled to trade on such exchange
or market for 4.5 or more hours or any day that the 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 time of trading on such exchange
or market, then during the hour ending at 4:00:00 p.m., New York time).

 

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2.       Registration.

 

(a)       Initial
Mandatory Registration. Promptly following the Closing Date, the Company shall prepare, and, as soon as practicable but in
no event later than the Initial Filing Deadline, file with the SEC the Initial Registration Statement on Form S-3 covering the
resale of all of the Initial Registrable Securities. In the event that Form S-3 is unavailable for such a registration, the Company
shall use Form S-1 or such other form as is available for such a registration on another appropriate form reasonably acceptable
to the Purchaser, subject to the provisions of Section 2(e). The Initial Registration Statement prepared pursuant hereto shall
register for resale at least the number of shares of Common Stock equal to the Initial Required Registration Amount determined
as of the date the Initial Registration Statement is initially filed with the SEC, subject to adjustment as provided in Section 2(f).
The Initial Registration Statement shall contain (except if otherwise directed by the Purchaser) the “Plan of Distribution”
and “Selling Shareholders” sections in substantially the form attached hereto as Exhibit B, with such modifications
as may be required by law. The Company shall use its commercially reasonable efforts to have the Initial Registration Statement
declared effective by the SEC as soon as practicable, but in no event later than the Initial Effectiveness Deadline. By 9:30 a.m.
New York time on the Business Day following the Initial Effective Date, the Company shall file with the SEC in accordance with
Rule 424 under the 1933 Act the final prospectus to be used in connection with sales pursuant to such Initial Registration Statement.
The Company represents and warrants that Cutbacks will not apply with respect to at least 384,965 Initial Registrable Securities
and that not fewer than 384,965 of Initial Registrable Securities must be included for registration in the Initial Registration
Statement.

 

(b)       Additional
Mandatory Registrations. The Company shall prepare, and, as soon as practicable but in no event later than the Additional Filing
Deadline, file with the SEC an Additional Registration Statement on Form S-3 covering the resale of all of the Additional Registrable
Securities not previously registered on a Registration Statement hereunder. To the extent the staff of the SEC does not permit
the Additional Required Registration Amount to be registered on an Additional Registration Statement, the Company shall file Additional
Registration Statements successively trying to register on each such Additional Registration Statement the maximum number of remaining
Additional Registrable Securities until the Additional Required Registration Amount has been registered with the SEC; provided
that after two rejections by the SEC of Additional Registration Statements, the Company shall not be required to file Additional
Registration Statements more frequently than once per sixty day period commencing subsequent to the second rejection. In the event
that Form S-3 is unavailable for such a registration, the Company shall use Form S-1 or such other form as is available for such
a registration on another appropriate form reasonably acceptable to the Purchaser, subject to the provisions of Section 2(e).
Each Additional Registration Statement prepared pursuant hereto shall register for resale at least that number of shares of Common
Stock equal to the Additional Required Registration Amount determined as of the date such Additional Registration Statement is
initially filed with the SEC, subject to adjustment as provided in Section 2(f). Each Additional Registration Statement shall
contain (except if otherwise directed by the Purchaser”) the “Plan of Distribution” and “Selling
Shareholders” sections in substantially the form attached hereto as Exhibit B, with such modifications as may
be required by law. The Company shall use its commercially reasonable efforts to have each Additional Registration Statement declared
effective by the SEC as soon as practicable, but in no event later than the Additional Effectiveness Deadline. By 9:30 a.m. New
York time on the Business Day following the Additional Effective Date, the Company shall file with the SEC in accordance with Rule
424 under the 1933 Act the final prospectus to be used in connection with sales pursuant to such Additional Registration Statement.

 

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(c)       [Reserved].

 

(d)       Legal
Counsel. Subject to Section 5 hereof, the Purchaser shall have the right, at its own expense, to select one legal counsel
to review and oversee any registration pursuant to this Section 2 (“Legal Counsel”), which
shall be Davis Polk & Wardwell LLP, or such other counsel as thereafter designated by the Purchaser. The Company and Legal
Counsel shall reasonably cooperate with each other in performing the Company’s obligations under this Agreement.

 

(e)       Ineligibility
for Form S-3. In the event that Form S-3 is not available for the registration of the resale of Registrable Securities hereunder,
the Company shall (i) register the resale of the Registrable Securities on Form S-1 or another appropriate form reasonably acceptable
to the Purchaser and (ii) undertake to register the Registrable Securities on Form S-3 as soon as such form is available, provided
that the Company shall maintain the effectiveness of the Registration Statement then in effect until such time as any such Registration
Statement on Form S-3 filed by the Company covering the Registrable Securities has been declared effective by the SEC.

 

(f)       Sufficient
Number of Shares Registered. In the event the number of shares available under a Registration Statement filed pursuant to Section 2(a)
or Section 2(b) is insufficient to cover the Required Registration Amount of Registrable Securities required to be covered
by such Registration Statement, the Company shall amend the applicable Registration Statement, or file a new Registration Statement
(on the short form available therefor, if applicable), or both, so as to cover at least the Required Registration Amount as of
the Trading Day immediately preceding the date of the filing of such amendment or new Registration Statement, in each case, as
soon as practicable, but in any event not later than fifteen (15) calendar days after the necessity therefor arises. The Company
shall use its commercially reasonable efforts to cause such amendment and/or new Registration Statement to become effective as
soon as practicable following the filing thereof. For purposes of the foregoing provision, the number of shares available under
a Registration Statement shall be deemed “insufficient to cover all of the Registrable Securities” if at any time the
number of shares of Common Stock available for resale under the Registration Statement is less than the Required Registration Amount.
The calculation set forth in the foregoing sentence shall be made without regard to any limitations on the exercise of the Warrants
and such calculation shall assume the Warrants are then exercisable in full into shares of Common Stock at the then prevailing
Exercise Price (as defined in the Warrants).

 

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(g)       Effect
of Failure to File and Obtain and Maintain Effectiveness of Registration Statement. If (i) the Initial Registration Statement
when declared effective fails to register the Initial Required Registration Amount of Initial Registrable Securities (a “Registration
Failure”), (ii) a Registration Statement covering all of the Registrable Securities required to be covered thereby and
required to be filed by the Company pursuant to this Agreement is (A) not filed with the SEC on or before the applicable Filing
Deadline (a “Filing Failure”) or (B) not declared effective by the SEC on or before the applicable Effectiveness
Deadline, (an “Effectiveness Failure”) or (iii) on any day after the applicable Effective Date, sales of all
of the Registrable Securities required to be included on such Registration Statement cannot be made (other than during an Allowable
Grace Period (as defined in Section 3(r))) pursuant to such Registration Statement or otherwise (including, without limitation,
because of the suspension of trading or any other limitation imposed by an Eligible Market, a failure to keep such Registration
Statement effective, a failure to disclose such information as is necessary for sales to be made pursuant to such Registration
Statement, a failure to register a sufficient number of shares of Common Stock or a failure to maintain the listing of the Common
Stock) (a “Maintenance Failure” and collectively with a Registration Failure, a Filing Failure, and an Effectiveness
Failure, the “Failures” and each a “Failure”), then, as partial relief for the damages to
any holder by reason of a Failure (which remedy shall not be exclusive of any other remedies available at law or in equity, including,
without limitation, specific performance or the additional obligation of the Company to register any Cutback Shares), the Company
shall pay to each holder of Registrable Securities relating to such Registration Statement an amount in cash equal to one percent
(1.0%) of the aggregate Subscription Amount (as defined in the Securities Purchase Agreement) of the Purchaser’s Registrable
Securities whether or not included in such Registration Statement, on each of the following dates: (i) the day of a Registration
Failure, (ii) the day of a Filing Failure; (iii) the day of an Effectiveness Failure; (iv) the initial day of a Maintenance Failure;
(v) on the thirtieth day after the date of a Registration Failure and every thirtieth day thereafter (pro rated for periods totaling
less than thirty days) until such Registration Failure is cured; (vi) on the thirtieth day after the date of a Filing Failure and
every thirtieth day thereafter (pro rated for periods totaling less than thirty days) until such Filing Failure is cured; (vii)
on the thirtieth day after the date of an Effectiveness Failure and every thirtieth day thereafter (pro rated for periods totaling
less than thirty days) until such Effectiveness Failure is cured; and (viii) on the thirtieth day after the initial date of a Maintenance
Failure and every thirtieth day thereafter (pro rated for periods totaling less than thirty days) until such Maintenance Failure
is cured; provided however, in the event that there shall be more than one Failure occurring simultaneously, the 1.0% shall apply
in the aggregate (e.g., during any single or multiple Failure, 1% shall be due, however 1% shall not be due “ per Failure”
if the Failures are simultaneous and for so long as such Failures are simultaneous). The payments to which a holder shall be entitled
pursuant to this Section 2(g) are referred to herein as “Registration Delay Payments.” Registration Delay
Payments shall be paid on the earlier of (I) the dates set forth above and (II) the third Business Day after the event or failure
giving rise to the Registration Delay Payments is cured. In the event the Company fails to make Registration Delay Payments in
a timely manner, such Registration Delay Payments shall bear interest at the rate of one percent (1%) per month (prorated for partial
months) until paid in full. Notwithstanding anything to the contrary contained herein, Registration Delay Payments shall (i) not,
in the aggregate, exceed seven percent (7%) of the aggregate Purchase Price, (ii) cease to accrue when all of the Registrable Securities
may be sold pursuant to Rule 144 without any restrictions or limitations, and (iii) cease to accrue upon the termination of the
Registration Period (as defined below).

 

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(h)       Limitation
on Other Registration Statements. Other than to register securities issued or issuable in connection with (i) that certain
Securities Purchase Agreement, dated May 15, 2018, as subsequently amended by and between the Company and each purchaser identified
on the signature pages thereto (the “Palladium SPA”), (ii) that certain reload offer letter, dated as of July
8, 2019 and (iii) that certain Fourth Amendment to Credit Agreement, dated as of July 8, 2019, by and between XpresSpa Holdings,
LLC and B3D, LLC, the Company shall not file another registration statement under the 1933 Act prior to the earlier of (a) ninety
(90) days after the date that the Initial Registration Statement is declared effective by the SEC and (b) the end of the Registration
Period (as defined in Section 3(a)) nor include in the Initial Registration Statement or Additional Registration any securities
except the Registrable Securities and Additional Registrable Securities; provided that, this Section 2(h) shall not
prevent the Company from (a) filing a registration statement on Form S-4 or Form S-8 with the SEC at any time beginning thirty
(30) calendar days after the initial filing of the Initial Registration Statement with the SEC or (b) filing a universal shelf
registration statement on Form S-3.

 

3.       Related
Obligations.

 

At such time as the Company is obligated
to file a Registration Statement with the SEC pursuant to Section 2(a), 2(b), 2(e) or 2(f), the Company will use its commercially
reasonable efforts to effect the registration of the Registrable Securities in accordance with the intended method of disposition
thereof and, pursuant thereto, the Company shall have the following obligations:

 

(a)       The
Company shall promptly prepare and file with the SEC a Registration Statement with respect to the Registrable Securities and use
its commercially reasonable efforts to cause such Registration Statement relating to the Registrable Securities to become effective
as soon as practicable after such filing (but in no event later than the Effectiveness Deadline). The Company shall keep each Registration
Statement effective pursuant to Rule 415 at all times until the earlier of (i) the date that is two (2) years and six (6) months
after the Closing Date or (ii) the date on which the Purchaser shall have sold all of the Registrable Securities required to be
covered by such Registration Statement (the “Registration Period”). The Company shall ensure that each Registration
Statement (including any amendments or supplements thereto and prospectuses contained therein) shall not contain any untrue statement
of a material fact or omit to state a material fact required to be stated therein, or necessary to make the statements therein
(in the case of prospectuses, in the light of the circumstances in which they were made) not misleading. The term “commercially
reasonable efforts” shall mean, among other things, that the Company shall submit to the SEC, within two (2) Business Days
after the later of the date that (i) the Company learns that no review of a particular Registration Statement will be made by the
staff of the SEC or that the staff has no further comments on a particular Registration Statement, as the case may be, and (ii)
the approval of Legal Counsel pursuant to Section 3(c) (which approval is promptly sought), a request for acceleration of
effectiveness of such Registration Statement to a time and date not later than two (2) Business Days after the submission of such
request. The Company shall respond in writing to comments made by the SEC in respect of a Registration Statement as soon as practicable,
but in no event later than fifteen (15) calendar days after the receipt of comments by or notice from the SEC that an amendment
is required in order for a Registration Statement to be declared effective.

 

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(b)       The
Company shall prepare and file with the SEC such amendments (including post-effective amendments) and supplements to a Registration
Statement and the prospectus used in connection with such Registration Statement, which prospectus is to be filed pursuant to Rule
424 promulgated under the 1933 Act, as may be necessary to keep such Registration Statement effective at all times during the Registration
Period, and, during such period, comply with the provisions of the 1933 Act with respect to the disposition of all Registrable
Securities of the Company covered by such Registration Statement until such time as all of such Registrable Securities shall have
been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof as set forth in such Registration
Statement. In the case of amendments and supplements to a Registration Statement which are required to be filed pursuant to this
Agreement (including pursuant to this Section 3(b)) by reason of the Company filing a report on Form 10-K, Form 10-Q, Form
8-K or any analogous report under the Securities Exchange Act of 1934, as amended (the “1934 Act”), the Company
shall have incorporated such report by reference into such Registration Statement, if applicable, or shall file such amendments
or supplements with the SEC on the same day on which the 1934 Act report is filed which created the requirement for the Company
to amend or supplement such Registration Statement.

 

(c)       The
Company shall (A) permit Legal Counsel to review and comment upon (i) a Registration Statement at least three (3) Business Days
prior to its filing with the SEC and (ii) all amendments and supplements to all Registration Statements (except for those filed
by reason of the Company filing Annual Reports on Form 10 - K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and
any similar or successor reports) within a reasonable number of days prior to their filing with the SEC, (B) permit the Purchaser
to review and comment on the “Plan of Distribution” and “Selling Shareholders” sections of the Registration
Statement and all amendments and supplements to the Registration Statement to the extent any changes are made to those sections,
and (C) not file any Registration Statement or amendment or supplement thereto in a form to which Legal Counsel reasonably objects;
provided however, that if the delay in filing the Registration Statement is due to Legal Counsel’s or the Purchaser’s
unreasonable objections (and unreasonable refusal to allow the Company to file the Registration Statement) then in such event,
no Registration Failure (or similar event that triggers a Registration Delay Payment) shall be deemed to have occurred with such
delay arising from Legal Counsel’s unreasonable objections, or solely with respect to the Purchaser, arising from the Purchaser’s
unreasonable objections. The Company shall not submit a request for acceleration of the effectiveness of a Registration Statement
or any amendment or supplement thereto without the prior approval of Legal Counsel, which consent shall not be unreasonably withheld;
provided however, that if the delay in filing the effectiveness of the Registration Statement is due to Legal Counsel’s unreasonable
objections (and unreasonable refusal to allow the Registration Statement to become effective) then in such event, no Effectiveness
Failure (or similar event that triggers a Registration Delay Payment) shall be deemed to have occurred. The Company shall furnish
to Legal Counsel, without charge, copies of any correspondence from the SEC or the staff of the SEC to the Company or its representatives
relating to any Registration Statement. The Company shall reasonably cooperate with Legal Counsel in performing the Company’s
obligations pursuant to this Section 3.

 

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(d)       [Reserved].

 

(e)       The
Company shall use its commercially reasonable efforts to (i) register and qualify, unless an exemption from registration and qualification
applies, the resale by the Purchaser of the Registrable Securities covered by a Registration Statement under such other securities
or “blue sky” laws of all applicable jurisdictions in the United States, (ii) prepare and file in those jurisdictions
such amendments (including post-effective amendments) and supplements to such registrations and qualifications as may be necessary
to maintain the effectiveness thereof during the Registration Period, (iii) take such other actions as may be necessary to maintain
such registrations and qualifications in effect at all times during the Registration Period, and (iv) take all other actions reasonably
necessary or advisable to qualify the Registrable Securities for sale in such jurisdictions; provided, however, that the Company
shall not be required in connection therewith or as a condition thereto to (x) qualify to do business in any jurisdiction where
it would not otherwise be required to qualify but for this Section 3(e), (y) subject itself to general taxation in any such
jurisdiction, or (z) file a general consent to service of process in any such jurisdiction. The Company shall promptly notify Legal
Counsel of the receipt by the Company of any notification with respect to the suspension of the registration or qualification of
any of the Registrable Securities for sale under the securities or “blue sky” laws of any jurisdiction in the United
States or its receipt of actual notice of the initiation or threatening of any proceeding for such purpose.

 

(f)       The
Company shall notify Legal Counsel in writing of the happening of any event, as promptly as practicable but not later than the
first Business Day after becoming aware of such event, (i) as a result of which the prospectus included in a Registration Statement,
as then in effect, includes an untrue statement of a material fact or omission to state a 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 (provided
that in no event shall such notice contain any material, nonpublic information), or (ii) that results in the lack of effectiveness
of any Registration Statement, and, subject to Section 3(r), promptly prepare a supplement or amendment to such Registration
Statement to correct such untrue statement or omission, or lack of effectiveness of any Registration Statement. The Company shall
also promptly notify Legal Counsel in writing (i) when a prospectus or any prospectus supplement or post-effective amendment has
been filed, and when a Registration Statement or any post-effective amendment has become effective (notification of such effectiveness
shall be delivered to Legal Counsel by email on the same day of such effectiveness and by overnight mail), (ii) of any request
by the SEC for amendments or supplements to a Registration Statement or related prospectus or related information, and (iii) of
the Company’s reasonable determination that a post-effective amendment to a Registration Statement would be appropriate.
By 9:30 a.m. New York City time on the day following the date any post-effective amendment has become effective, the Company shall
file with the SEC in accordance with Rule 424 under the 1933 Act the final prospectus to be used in connection with sales pursuant
to such Registration Statement.

 

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(g)       The
Company shall use its commercially reasonable efforts to prevent the issuance of any stop order or other suspension of effectiveness
of a Registration Statement, or the suspension of the qualification of any of the Registrable Securities for sale in any jurisdiction
and, if such an order or suspension is issued, to obtain the withdrawal of such order or suspension at the earliest possible moment
and to notify Legal Counsel of the issuance of such order and the resolution thereof or its receipt of actual notice of the initiation
or threat of any proceeding for such purpose.

 

(h)       If
the Purchaser is required by the SEC to be described in the Registration Statement as an underwriter or the Company and the Purchaser
agree that it should be identified as an underwriter of Registrable Securities in the Registration Statement and the Registration
Statement is so modified, the Company shall furnish to the Purchaser, on the date of the effectiveness of the Registration Statement
and thereafter from time to time on such dates as the Purchaser may reasonably request (i) a letter, dated such date, from the
Company’s independent certified public accountants in form and substance as is customarily given by independent certified
public accountants to underwriters in an underwritten public offering, addressed to the Purchaser, and (ii) an opinion, dated as
of such date, of counsel representing the Company for purposes of such Registration Statement, in form, scope and substance as
is customarily given in an underwritten public offering, addressed to the Purchaser.

 

(i)       If
the Purchaser is required under applicable securities laws to be described in the Registration Statement as an underwriter or the
Company and the Purchaser agree that it could reasonably be deemed to be an underwriter of Registrable Securities, the Company
shall make available for inspection by (i) the Purchaser, (ii) Legal Counsel and (iii) one firm of accountants or other agents
retained by the Purchaser (collectively, the “Inspectors”), all pertinent financial and other records, and pertinent
corporate documents and properties of the Company (collectively, the “Records”), as shall be reasonably deemed
necessary by each Inspector, and cause the Company’s officers, directors and employees to supply all information which any
Inspector may reasonably request; provided, however, that each Inspector shall agree to hold in strict confidence and shall not
make any disclosure (except if the Purchaser agrees to keep such Records confidential and not to trade on such information) or
use of any Record or other information which the Company determines in good faith to be confidential, and of which determination
the Inspectors are so notified, unless (a) the disclosure of such Records is necessary to avoid or correct a misstatement or omission
in any Registration Statement or is otherwise required under the 1933 Act, (b) the release of such Records is ordered pursuant
to a final, non-appealable subpoena or order from a court or government body of competent jurisdiction, or (c) the information
in such Records has been made generally available to the public other than by disclosure in violation of this Agreement. The Purchaser
agrees that it shall, upon learning that disclosure of such Records is sought in or by a court or governmental body of competent
jurisdiction or through other means, give prompt notice to the Company and allow the Company, at its expense, to undertake appropriate
action to prevent disclosure of, or to obtain a protective order for, the Records deemed confidential. Nothing herein (or in any
other confidentiality agreement between the Company and the Purchaser) shall be deemed to limit the Purchaser’s ability to
sell Registrable Securities in a manner which is otherwise consistent with applicable laws and regulations.

 

    	11

     

    

 

(j)       The
Company shall hold in confidence and not make any disclosure of information concerning the Purchaser provided to the Company unless
(i) disclosure of such information is necessary to comply with federal or state securities laws, (ii) the disclosure of such information
is necessary to avoid or correct a misstatement or omission in any Registration Statement, (iii) the release of such information
is ordered pursuant to a subpoena or other final, non-appealable order from a court or governmental body of competent jurisdiction,
or (iv) such information has been made generally available to the public other than by disclosure in violation of this Agreement
or any other agreement. The Company agrees that it shall, upon learning that disclosure of such information concerning the Purchaser
is sought in or by a court or governmental body of competent jurisdiction or through other means, give prompt written notice to
the Purchaser and allow the Purchaser a reasonable period of time, at the Purchaser’s expense, to undertake appropriate action
to prevent disclosure of, or to obtain a protective order for, such information.

 

(k)       The
Company shall use its commercially reasonable efforts either to (i) cause all of the Registrable Securities covered by a Registration
Statement to be listed on each securities exchange on which securities of the same class or series issued by the Company are then
listed, if any, if the listing of such Registrable Securities is then permitted under the rules of such exchange or (ii) secure
the inclusion for quotation of all of the Registrable Securities on the Principal Market or (iii) if, despite the Company’s
commercially reasonable efforts, the Company is unsuccessful in satisfying the preceding clauses (i) and (ii), to secure the inclusion
for quotation on another Eligible Market for such Registrable Securities and, without limiting the generality of the foregoing,
to use its commercially reasonable efforts to arrange for at least two market makers to register with the Financial Industry Regulatory
Authority, Inc. (“FINRA”) as such with respect to such Registrable Securities. The Company shall pay all fees
and expenses in connection with satisfying its obligation under this Section 3(k).

 

(l)       The
Company shall cooperate with the Purchaser, and, to the extent applicable, facilitate the timely preparation and delivery of certificates
(not bearing any restrictive legend) representing the Registrable Securities to be offered pursuant to a Registration Statement
and enable such certificates to be in such denominations or amounts, as the case may be, as the Purchaser may reasonably request
and registered in such names as the Purchaser may request.

 

(m)       If
reasonably requested by the Purchaser, the Company shall as soon as practicable (i) incorporate in a prospectus supplement or post-effective
amendment such information as the Purchaser reasonably requests to be included therein relating to the sale and distribution of
Registrable Securities, including, without limitation, information with respect to the number of Registrable Securities being offered
or sold, the purchase price being paid therefor and any other terms of the offering of the Registrable Securities to be sold in
such offering; (ii) make all required filings of such prospectus supplement or post-effective amendment after being notified of
the matters to be incorporated in such prospectus supplement or post-effective amendment; and (iii) supplement or make amendments
to any Registration Statement if reasonably requested by the Purchaser.

 

    	12

     

    

 

(n)       The
Company shall use its commercially reasonable efforts to cause the Registrable Securities covered by a Registration Statement to
be registered with or approved by such other governmental agencies or authorities as may be necessary to consummate the disposition
of such Registrable Securities.

 

(o)       Neither
the Company nor any of its Subsidiaries has entered, as of the date hereof, nor shall the Company or any of its Subsidiaries, on
or after the date of this Agreement, enter into any agreement with respect to its securities, that would have the effect of preventing
the Company from performing its obligations hereunder.

 

(p)       The
Company shall otherwise use its commercially reasonable efforts to comply in all material respects with all applicable rules and
regulations of the SEC in connection with any registration hereunder.

 

(q)        Within
two (2) Business Days after a Registration Statement which covers Registrable Securities is ordered effective by the SEC, the Company
shall deliver, and shall cause legal counsel for the Company to deliver, to the transfer agent for such Registrable Securities
(with copies to the Purchaser) confirmation that such Registration Statement has been declared effective by the SEC in the form
attached hereto as Exhibit A.

 

(r)        Notwithstanding
anything to the contrary herein, at any time after the Effective Date, the Company may delay the disclosure of material, non-public
information concerning the Company the disclosure of which at the time is not, in the good faith opinion of the Board of Directors
of the Company and its counsel, in the best interest of the Company and, in the opinion of counsel to the Company, otherwise required
(a “Grace Period”); provided, that the Company shall promptly (i) notify the Purchaser in writing of
the existence of material, non-public information giving rise to a Grace Period (provided that in each notice the Company will
not disclose the content of such material, non-public information to the Purchaser) and the date on which the Grace Period will
begin, and (ii) notify the Purchasers in writing of the date on which the Grace Period ends; and, provided further, that no Grace
Period shall exceed ten (10) consecutive Trading Days and during any three hundred sixty five (365) day period such Grace Periods
shall not exceed an aggregate of twenty (20) Trading Days and the first day of any Grace Period must be at least five (5) Trading
Days after the last day of any prior Grace Period (each, an “Allowable Grace Period”). For purposes of
determining the length of a Grace Period above, the Grace Period shall begin on and include the date the Purchaser receives the
notice referred to in clause (i) and shall end on and include the later of the date the Purchaser receives the notice referred
to in clause (ii) and the date referred to in such notice. The provisions of Section 3(g) hereof shall not be applicable during
the period of any Allowable Grace Period. Upon expiration of the Grace Period, the Company shall again be bound by the first sentence
of Section 3(f) with respect to the information giving rise thereto unless such material, non-public information is no longer
applicable. Notwithstanding anything to the contrary, the Company shall cause its transfer agent to deliver unlegended shares of
Common Stock to a transferee of the Purchaser in accordance with the terms of the Securities Purchase Agreement in connection with
any sale of Registrable Securities with respect to which the Purchaser has entered into a contract for sale, prior to the Purchaser’s
receipt of the notice of a Grace Period and for which the Purchaser has not yet settled.

 

    	13

     

    

 

(s)       Except
as required by applicable law, neither the Company nor any Subsidiary or affiliate thereof shall identify the Purchaser as an underwriter
in any public disclosure or filing with the SEC, the Principal Market or any Eligible Market and the Purchaser being deemed an
underwriter by the SEC shall not relieve the Company of any obligations it has under this Agreement or any other Transaction Document
(as defined in the Securities Purchase Agreement); provided, however, that the foregoing shall not prohibit the Company
from including the disclosure found in the “Plan of Distribution” Section attached hereto as Exhibit B in the
Registration Statement. If the Company is required by law or in response to a comment received by the SEC to identify the Purchaser
as an underwriter in any public disclosure or filing with the SEC, the Principal Market or any Eligible Market, prior to so identifying
the Purchaser, the Company shall promptly notify each the Purchaser of the legal requirement and give each the Purchaser a reasonable
opportunity to persuade the applicable regulator that said disclosure is not required. If the Purchaser is unable to eliminate
the legal requirement to be identified as an underwriter, the Purchaser shall have five (5) Business Days, or such shorter time
as required by the applicable regulator or applicable law, to consent to such disclosure or to agree to withdraw as a selling shareholder
under the Registration Statement. If the Purchaser agrees to withdraw as a selling shareholder under the Registration Statement,
the Company shall not be responsible for any such Failures with respect to the Purchaser.

 

4.       Obligations
of the Purchaser.

 

(a)       At
least five (5) Business Days prior to the first anticipated Filing Date of a Registration Statement, the Company shall notify the
Purchaser in writing of the information the Company requires from the Purchaser to be included in such Registration Statement.
It shall be a condition precedent to the obligations of the Company to complete any registration pursuant to this Agreement with
respect to the Registrable Securities of the Purchaser that the Purchaser shall timely furnish to the Company such information
regarding itself, the Registrable Securities held by it and the intended method of disposition of the Registrable Securities held
by it as shall be reasonably required by the Company to effect and maintain the effectiveness of the registration of such Registrable
Securities and shall timely execute such documents in connection with such registration as the Company may reasonably request.

 

(b)       The
Purchaser agrees to cooperate with the Company as reasonably requested by the Company in connection with the preparation and filing
of any Registration Statement hereunder.

 

    	14

     

    

 

(c)       The
Purchaser agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 3(g)
or the first sentence of 3(f) (a “No Sale Notice”), the Purchaser will immediately discontinue disposition of
Registrable Securities pursuant to any Registration Statement(s) covering such Registrable Securities until the Purchaser’s
receipt of copies of the supplemented or amended prospectus as contemplated by Section 3(g) or the first sentence of 3(f)
or receipt of notice that no supplement or amendment is required. Notwithstanding anything to the contrary, the Company shall cause
its transfer agent to deliver unlegended shares of Common Stock to a transferee of the Purchaser in accordance with the terms of
the Securities Purchase Agreement in connection with any sale of Registrable Securities with respect to which the Purchaser has
entered into a contract for sale prior to the Purchaser’s receipt of a notice from the Company of the happening of any event
of the kind described in Section 3(g) or the first sentence of 3(f) and for which the Purchaser has not yet settled.

 

(d)       The
Purchaser covenants and agrees that it will comply with the prospectus delivery requirements of the 1933 Act as applicable to it
or an exemption there from in connection with sales of Registrable Securities pursuant to the Registration Statement.

 

5.       Expenses
of Registration.

 

All reasonable expenses, other than underwriting
or broker-dealer discounts and commissions, incurred in connection with registrations, filings or qualifications pursuant to Sections
2 and 3, including, without limitation, all registration, listing and qualifications fees, printers and accounting fees, and fees
and disbursements of counsel for the Company shall be paid by the Company.

  

    	15

     

    

 

6.       Indemnification.

 

In the event any Registrable Securities
are included in a Registration Statement under this Agreement:

 

(a)       To
the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend the Purchaser, the
directors, officers, partners, members, employees, agents, representatives of, and each Person, if any, who controls the Purchaser
within the meaning of the 1933 Act or the 1934 Act (each, an “Indemnified Person”), against any losses, claims,
damages, liabilities, judgments, fines, penalties, charges, costs, reasonable attorneys’ fees, amounts paid in settlement
or expenses, joint or several (collectively, “Claims”), incurred in investigating, preparing or defending any
action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental,
administrative or other regulatory agency, body or the SEC, whether pending or threatened, whether or not an indemnified party
is or may be a party thereto (“Indemnified Damages”), to which any of them may reasonably become subject insofar
as such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon:
(i) any untrue statement or alleged untrue statement of a material fact in a Registration Statement or any post-effective amendment
thereto or in any filing made in connection with the qualification of the offering under the securities or other “blue sky”
laws of any jurisdiction in which Registrable Securities are offered (“Blue Sky Filing”), or the omission or
alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading,
(ii) any untrue statement or alleged untrue statement of a material fact contained in any preliminary prospectus if used prior
to the effective date of such Registration Statement, or contained in the final prospectus (as amended or supplemented, if the
Company files any amendment thereof or supplement thereto with the SEC) or the omission or alleged omission to state therein any
material fact necessary to make the statements made therein, in light of the circumstances under which the statements therein were
made, not misleading, (iii) any violation or alleged violation by the Company of the 1933 Act, the 1934 Act, any other law, including,
without limitation, any state securities law, or any rule or regulation thereunder relating to the offer or sale of the Registrable
Securities pursuant to a Registration Statement or (iv) any violation of this Agreement (the matters in the foregoing clauses (i)
through (iv) being, collectively, “Violations”). Subject to Section 6(c), the Company shall reimburse
the Indemnified Persons, promptly as such expenses are incurred and are due and payable, for reasonable legal fees or other reasonable
expenses incurred by them in connection with investigating or defending any such Claim. Notwithstanding anything to the contrary
contained herein, the indemnification agreement contained in this Section 6(a): (i) shall not apply to a Claim by an Indemnified
Person arising out of or based upon a Violation which occurs in reliance upon and in conformity with information furnished to the
Company by such Indemnified Person for such Indemnified Person expressly for use in connection with the preparation of the Registration
Statement or any such amendment thereof or supplement thereto; and (ii) shall not apply to amounts paid in settlement of any Claim
if such settlement is effected without the prior written consent of the Company, which consent shall not be unreasonably withheld
or delayed. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Indemnified
Person and shall survive the transfer of the Registrable Securities by the Purchaser pursuant to Section 9.

 

(b)       In
connection with any Registration Statement in which an the Purchaser is participating, the Purchaser agrees to hold harmless and
defend, to the same extent and in the same manner as is set forth in Section 6(a), the Company, each of its directors, each
of its officers who signs the Registration Statement and each Person, if any, who controls the Company within the meaning of the
1933 Act or the 1934 Act (each, an “Indemnified Party”), against any Claim or Indemnified Damages to which any
of them may become subject, under the 1933 Act, the 1934 Act or otherwise, insofar as such Claim or Indemnified Damages arise out
of or are based upon any Violation, in each case to the extent, and only to the extent, that such Violation occurs in reliance
upon and in conformity with information furnished to the Company by the Purchaser expressly for use in connection with such Registration
Statement; and, subject to Section 6(c), the Purchaser shall reimburse the Indemnified Party for any legal or other expenses
reasonably incurred by an Indemnified Party in connection with investigating or defending any such Claim; provided, however, that
the indemnity agreement contained in this Section 6(b) and the agreement with respect to contribution contained in Section 7
shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of
the Purchaser, which consent shall not be unreasonably withheld or delayed; provided, further, however, that the Purchaser shall
be liable under this Section 6(b) for only that amount of a Claim or Indemnified Damages as does not exceed the net proceeds
to the Purchaser as a result of the sale of Registrable Securities pursuant to such Registration Statement. Such indemnity shall
remain in full force and effect regardless of any investigation made by or on behalf of such Indemnified Party and shall survive
the transfer of the Registrable Securities by the Purchaser pursuant to Section 9

 

    	16

     

    

 

(c)       Promptly
after receipt by an Indemnified Person or Indemnified Party under this Section 6 of notice of the commencement of any action
or proceeding (including any governmental action or proceeding) involving a Claim, such Indemnified Person or Indemnified Party
shall, if a Claim in respect thereof is to be made against any indemnifying party under this Section 6, deliver to the indemnifying
party a written notice of the commencement thereof, and the indemnifying party shall have the right to participate in, and, to
the extent the indemnifying party so desires and has acknowledged its indemnification obligations hereunder in writing, jointly
with any other indemnifying party similarly noticed, to assume control of the defense thereof with counsel mutually satisfactory
to the indemnifying party and the Indemnified Person or the Indemnified Party, as the case may be; provided, however, that an Indemnified
Person or Indemnified Party shall have the right to retain its own counsel with the fees and expenses of not more than one counsel
for all such Indemnified Person or Indemnified Party to be paid by the indemnifying party, if, in the reasonable opinion of counsel
retained by the Indemnified Person or Indemnified Party, as applicable, the representation by such counsel of the Indemnified Person
or Indemnified Party and the indemnifying party would be inappropriate due to differing interests between such Indemnified Person
or Indemnified Party and any other party represented by such counsel in such proceeding. In the case of an Indemnified Person,
legal counsel referred to in the immediately preceding sentence shall be selected by the Purchaser. The Indemnified Party or Indemnified
Person shall reasonably cooperate with the indemnifying party in connection with any negotiation or defense of any such action
or Claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably available to the Indemnified
Party or Indemnified Person which relates to such action or Claim. The indemnifying party shall keep the Indemnified Party or Indemnified
Person fully apprised at all times as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying
party shall be liable for any settlement of any action, claim or proceeding effected without its prior written consent, provided,
however, that the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall,
without the prior written consent of the Indemnified Party or Indemnified Person, consent to entry of any judgment or enter into
any settlement or other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff
to such Indemnified Party or Indemnified Person of a release from all liability in respect to such Claim or litigation and such
settlement shall not include any admission as to fault on the part of the Indemnified Party. Following indemnification as provided
for hereunder, the indemnifying party shall be subrogated to all rights of the Indemnified Party or Indemnified Person with respect
to all third parties, firms or corporations relating to the matter for which indemnification has been made. The failure to deliver
written notice to the indemnifying party within a reasonable time of the commencement of any such action shall not relieve such
indemnifying party of any liability to the Indemnified Person or Indemnified Party under this Section 6, except to the extent
that the indemnifying party is prejudiced in its ability to defend such action.

 

    	17

     

    

 

(d)       The
indemnification required by this Section 6 shall be made by periodic payments of the amount thereof during the course of the
investigation or defense, as and when bills are received or Indemnified Damages are incurred.

 

(e)       The
indemnity agreements contained herein shall be in addition to (i) any cause of action or similar right of the Indemnified Party
or Indemnified Person against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject
to pursuant to the law.

 

7.       Contribution.

 

To the extent any indemnification by an
indemnifying party is prohibited or limited by law, the indemnifying party agrees to make the maximum contribution with respect
to any amounts for which it would otherwise be liable under Section 6 to the fullest extent permitted by law; provided, however,
that: (i) no Person involved in the sale of Registrable Securities which Person is guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the 1933 Act) in connection with such sale shall be entitled to contribution from any Person
involved in such sale of Registrable Securities who was not guilty of fraudulent misrepresentation; and (ii) contribution by any
seller of Registrable Securities shall be limited in amount to the amount of net proceeds received by such seller from the sale
of such Registrable Securities pursuant to such Registration Statement.

 

8.       Reports
Under the 1934 Act.

 

With a view to making available to the Purchaser
the benefits of Rule 144 promulgated under the 1933 Act or any other similar rule or regulation of the SEC that may at any time
permit the Purchaser to sell securities of the Company to the public without registration (“Rule 144”),
the Company agrees to:

 

(a)       make
and keep public information available, as those terms are understood and defined in Rule 144;

 

(b)       file
with the SEC in a timely manner all reports and other documents required of the Company under the 1933 Act and the 1934 Act so
long as the Company remains subject to such requirements and the filing of such reports and other documents is required for the
applicable provisions of Rule 144; and

 

(c)       furnish
to the Purchaser so long as the Purchaser owns Registrable Securities, promptly upon request, a written statement by the Company,
if true, that it has complied with the reporting requirements of the 1933 Act and the 1934 Act and that it has satisfied the current
public information provisions set forth in Rule 144.

 

    	18

     

    

 

9.       Assignment
of Registration Rights.

 

The rights under this Agreement shall be
automatically assignable by the Purchaser to any transferee of all or any portion of the Purchaser’s Registrable Securities
if: (i) the Purchaser agrees in writing with the transferee or assignee to assign such rights, and a copy of such agreement is
furnished to the Company within a reasonable time after such assignment; (ii) the Company is, within a reasonable time after such
transfer or assignment, furnished with written notice of (a) the name and address of such transferee or assignee, and (b) the securities
with respect to which such registration rights are being transferred or assigned; (iii) immediately following such transfer or
assignment the further disposition of such securities by the transferee or assignee is restricted under the 1933 Act or applicable
state securities laws; (iv) at or before the time the Company receives the written notice contemplated by clause (ii) of this sentence
the transferee or assignee agrees in writing with the Company to be bound by all of the provisions contained herein; and (v) such
transfer shall have been made in accordance with the applicable requirements of the Securities Purchase Agreement.

 

10.       Amendment
of Registration Rights.

 

Provisions of this Agreement may be amended
and the observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively),
only with the written consent of the Company and the Required Holders. Any amendment or waiver effected in accordance with this
Section 10 shall be binding upon the Purchaser and the Company. No such amendment shall be effective to the extent that it
applies to less than all of the holders of the Registrable Securities. No consideration shall be offered or paid to any Person
to amend or consent to a waiver or modification of any provision of this Agreement unless the same consideration (other than the
reimbursement of legal fees) also is offered to all of the parties to this Agreement.

 

11.       Miscellaneous.

 

(a)       A
Person is deemed to be a holder of Registrable Securities whenever such Person owns or is deemed to own of record such Registrable
Securities. If the Company receives conflicting instructions, notices or elections from two or more Persons with respect to the
same Registrable Securities, the Company shall act upon the basis of instructions, notice or election received from such record
owner of such Registrable Securities.

 

(b)       Any
notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be
in writing and will be deemed to have been delivered: (i) personally served, (ii) deposited in the mail, registered or certified,
return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted
by hand delivery or telegram, or (v) transmitted via electronic mail, in each case addressed as set forth below or to such other
address as such party shall have specified most recently by written notice. Any notice or other communication required or permitted
to be given hereunder shall be deemed effective upon hand delivery at the address or number designated below (if delivered on a
business day during normal business hours where such notice is to be received), or the first business day following such delivery
(if delivered other than on a business day during normal business hours where such notice is to be received), on
the second business day following the date of mailing by express courier service, fully prepaid, addressed to such address, or
upon actual receipt of such mailing, whichever shall first occur or (c) on the date sent by e-mail of a PDF document (with
confirmation of transmission) if sent during normal business hours of the recipient on a Business Day, and on the next Business
Day if sent after normal business hours of the recipient on a non-Business Day. The addresses and email addresses for such communications
shall be:

 

    	19

     

    

 

If to the Company:

 

XpresSpa Group, Inc.

780 Third Avenue, 12th Floor

New York, NY 10017

Attn: Douglas Satzman, CEO

Email: notices@xpresspagroup.com

 

With a copy (for informational purposes
only) to:

 

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.|

Chrysler Center

666 3rd Avenue

New York, NY 10017

Attn: Kenneth R. Koch, Esq.

Email: krkoch @mintz.com

 

If to the Transfer Agent:

 

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

Fax: (718) 921-8334

 

If to Legal Counsel:

 

Davis Polk & Wardwell LLP

1600 El Camino Real

Menlo Park, CA 94025

Attn: Alan Denenberg and Don Lang

Email: alan.denenberg@davispolk.com

           and donald.lang@davispolk.com

 

If to the Purchaser:

 

Calm.com, Inc.

77 Geary Street, 3rd Floor

San Francisco, CA 94108

 

    	20

     

    

 

With a copy (for informational purposes
only) to Legal Counsel

 

Written confirmation of receipt (A) given by the recipient of
such notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender's email containing
the time, date, and transmission message or (C) provided by a courier or overnight courier service shall be rebuttable evidence
of personal service or receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii)
above, respectively.

 

(c)       Failure
of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or
remedy, shall not operate as a waiver thereof.

 

(d)       All
questions concerning the construction, validity, enforcement and interpretation of this Agreement 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. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting
in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with
any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action
or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding
is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably
waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy
thereof to such party at the address for such notices to it under this Agreement and agrees that such service shall constitute
good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any manner permitted by law. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT
TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT
OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

(e)       If
any provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent
jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the
broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect
the validity of the remaining provisions of this Agreement so long as this Agreement as so modified continues to express, without
material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or
unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations
of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will
endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s),
the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

 

    	21

     

    

 

(f)        This
Agreement, the other Transaction Documents (as defined in the Securities Purchase Agreement) and the instruments referenced herein
and therein constitute the entire agreement among the parties hereto with respect to the subject matter hereof and thereof. There
are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein and therein. This Agreement,
the other Transaction Documents and the instruments referenced herein and therein supersede all prior agreements and understandings
among the parties hereto with respect to the subject matter hereof and thereof.

 

(g)       Subject
to the requirements of Section 9, this Agreement shall inure to the benefit of and be binding upon the permitted successors
and assigns of each of the parties hereto.

 

(h)       The
headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

(i)        This
Agreement may be executed in identical counterparts, each of which shall be deemed an original but all of which shall constitute
one and the same agreement. This Agreement, once executed by a party, may be delivered to the other party hereto by email transmission
of a copy of this Agreement bearing the signature of the party so delivering this Agreement.

 

(j)        Each
party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver
all such other agreements, certificates, instruments and documents, as any other party may reasonably request in order to carry
out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

(k)       All
consents and other determinations required to be made by the Purchaser pursuant to this Agreement shall be made, unless otherwise
specified in this Agreement, by the Purchaser.

 

(l)        The
language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent and no rules
of strict construction will be applied against any party.

 

(m)      This
Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for
the benefit of, nor may any provision hereof be enforced by, any other Person.

 

(n)       [Reserved].

 

(o)       Legal
Counsel may resign as Legal Counsel on five (5) calendar days’ prior notice to the Company and the Purchaser.

 

* * * * * *

 

[Signature
Page Follows]

 

    	22

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Registration Rights Agreement as of the date first written above.

 

	 	XPRESSPA GROUP, INC.
	 	 
	 	By:	 
	 	 	Name:	Douglas Satzman
	 	 	Title:	CEO

 

	 	CALM.COM, INC.
	 	 
	 	By:	 
	 	 	Name:	Alex Tew
	 	 	Title:	Co-CEO

 

    	23Exhibit 10.3

 

FOURTH AMENDMENT TO CREDIT AGREEMENT

 

This Fourth Amendment
to Credit Agreement (the “Fourth Amendment”) is made as of the 8th day of July, 2019, but shall be effective
on the Fourth Amendment Effective Date, as defined below, by and between XpresSpa Holdings, LLC, a Delaware limited liability
company (the “Borrower”) and B3D, LLC, a North Carolina limited liability company (the “Lender”).

 

WHEREAS, the
Borrower and Lender are parties to that certain Credit Agreement dated April 22, 2015, as amended by the First Amendment to Credit
Agreement and Waiver dated August 8, 2016, as assigned (together with the Existing Note, the Security Agreement, and each Guarantee)
with Borrower’s consent by Lender’s predecessor, Rockmore Investment Master Fund Ltd. (“Rockmore”)
to Lender on February 7, 2017, as amended by the Second Amendment dated May 10, 2017, as amended by the Third Amendment dated as
of May 11, 2018, and as further as amended, restated, amended and restated extended, renewed, replaced, supplemented or otherwise
modified from time to time (as amended, the “Credit Agreement”);

 

WHEREAS, pursuant
to the Credit Agreement the Lender agreed to provide credit facilities to Borrower, as defined therein; and

 

WHEREAS, Borrower’s
obligations under the Credit Agreement are evidenced by the Amended and Restated Note dated August 8, 2016, in the principal amount
of $6,500,000 executed by Borrower (the “Existing Note”) and are secured by a first priority lien on and security
interest in substantially all of the assets of the Borrower; and

 

WHEREAS, Borrower’s
obligations under the Credit Agreement and the Existing Note are guaranteed by the Subsidiary Guarantors and further secured by
a first priority lien on and security interest in substantially all of the assets of the Subsidiary Guarantors; and

 

WHEREAS, Borrower’s
obligations under the Credit Agreement are the Existing Note are also guaranteed XpresSpa Group, Inc., formerly known as FORM Holdings
Corp., a Delaware corporation (the “Parent”), of which Borrow is a wholly-owned subsidiary, pursuant to the
Amended and Restated Guaranty by Parent of even date herewith (the “Parent Guaranty”), and such obligations
are further secured by a pledge of its equity in the Borrower pursuant to the Pledge by Parent dated May 30, 2019, as amended and
restated by Parent of even date herewith (the “Pledge”); and

 

WHEREAS, (i)
the report of Parent’s independent registered public accounting firm on its financial statements for the years ended December
31, 2018 and 2017 includes an explanatory paragraph indicating that there is substantial doubt about the Company’s ability
to continue as a going concern which note violated Borrower’s covenants under Section 6.01(a) of the Credit Agreement which,
among other things, might result in Lender being entitled to declare an Event of Default under the Credit Agreement and the Existing
Note and (ii) any default directly resulting from the failure to comply with Section 8(a)(i) of those certain Secured Convertible
Notes due November 17, 2019 by the Parent with respect to the periods ending April 30, 2019 and May 31, 2019 (together, the “Existing
Defaults”); and

 

    	 	1	 

     

    

 

WHEREAS, the
Borrower has requested that Lender waive the Existing Defaults and further agree to make certain modifications to the terms of
the Credit Agreement and the Existing Note including, among other things postponement of certain interest payments, extension of
the Maturity Date; and

 

WHEREAS, the
Lender is willing to grant such waiver subject to the terms and conditions contained herein, including, but not limited to, the
increasing the principal of the Loan due and payable to Lender by the amount of five hundred thousand ($500,000.00) dollars (the
“Note Increase”), payable as provided herein below.

 

WHEREAS, the
Borrower and Lender accordingly wish to amend certain terms of the Credit Agreement and Existing Note in accordance with this Fourth
Amendment.

 

NOW, THEREFORE, in
consideration of the foregoing and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the Lender and the Borrower agree as follows:

 

1.            Recitals.
The Recitals to this Fourth Amendment are incorporated herein by reference and form a part hereof.

 

2.            Note
Increase; Note. In consideration for Lender’s waiver of the Existing Defaults and Lender’s agreement to enter into
this Fourth Amendment, Borrower agrees to pay Lender the Note Increase. The Note Increase shall be added to, and form a part of,
the outstanding principal amount due for the Loan under the Credit Agreement and related instruments and shall be reflected in
the Second Amended and Restated Note in the principal amount of $7,000,000, of even date herewith, executed by Borrower in the
form annexed hereto as Exhibit A (as the same may be amended, restated, amended and restated, supplemented or otherwise
modified from time to time, the “Replacement Note”).

 

3.            Waiver
of Existing Defaults. Upon the Amendment Effective Date and Borrower’s fulfillment of all conditions contained herein
for the effectiveness hereof, Lender hereby waives the Existing Defaults; provided, however, that Lender’s waiver
is limited solely to the Existing Defaults. Notwithstanding anything to the contrary contained herein, such waiver shall not constitute
(a) a modification any of the terms, conditions or covenants of the Credit Agreement or any of the Loan Documents, all of which
remain in full force and effect, (b) a waiver, release or limitation of the exercise by Lender of any of its rights and remedies
thereunder, all of which are hereby expressly reserved; or (c) a waiver of any future defaults, if any, including without limitation,
any violation of Section 6.01(a) of the Credit Agreement. The waiver herein shall not relieve or release the Borrower, the Parent,
or any Subsidiary Guarantor from any of its or their respective duties, obligations, covenants or agreements under the Credit Agreement,
or any of the Loan Documents or from the consequences of any Events of Default thereunder, except as expressly described herein.
The waiver under this Section 3 shall not constitute a waiver of any other Events of Default or defaults, whether now existing
or which may occur after the date of this Fourth Amendment.

 

    	 	2	 

     

    

 

4.            Amendments.

 

(a)      Commitment Amount.Section
1.01 Definitions is hereby amended by deleting the definition corresponding to the following definition and substituting
in its place the following definition:

 

““Commitment
Amount”: $7,000,000.00.”

 

(b)      Maturity Date.
Section 1.01 Definitions is hereby amended by deleting the definition corresponding to the following definition and substituting
in its place the following definition:

 

““Maturity
Date”: May 31, 2021.”

 

(c)      Credit Party.Section
1.01 Definitions is hereby amended by deleting the definition corresponding to the following definition and substituting in its
place the following definition:

 

““Credit
Party”: The Borrower, the Parent and the Guarantors.”

 

(d)      Parent.
Section 1.01 Definitions is hereby amended by inserting the following definition thereto in proper alphabetical order as
follows:

 

““Parent”:
XpresSpa Group, Inc., formerly known as FORM Holdings Corp., a Delaware corporation, of which Borrow is a wholly-owned subsidiary.”

 

(e)       Interest
Deferment Date. Section 1.01 Definitions is hereby amended by inserting the following definition thereto in proper alphabetical
order as follows:

 

““Interest
Deferment Date”: the earlier of (i) October 7, 2019 or (ii) the date upon which the Shareholder Approval is obtained.”

 

(f)       Fourth
Amendment. Section 1.01 Definitions is hereby amended by inserting the following definition thereto in proper alphabetical
order as follows:

 

““Fourth
Amendment”: that certain Fourth Amendment to Credit Agreement, dated as of July 1, 2019, and effective as of the Fourth
Amendment Effective Date, by and between Borrower and Lender.”

 

(g)      Fourth
Amendment Effective Date. Section 1.01 Definitions is hereby amended by inserting the following definition thereto
in proper alphabetical order as follows:

 

    	 	3	 

     

    

 

““Fourth
Amendment Effective Date”: the date on which Fourth the Amendment shall have become effective in accordance with its
terms.”

 

(h)      Shareholder
Approval. Section 1.01 Definitions is hereby amended by inserting the following definition thereto in proper alphabetical
order as follows:

 

““Shareholder
Approval”: the consent of Parent’s shareholders pursuant to Nasdaq Listing Rule 5635(d) for the issuance of all
the shares of its Common Stock that could be issued pursuant to Sections 2 and 7 of the Note.”

 

(i)       Loan.
Section 2.01 Loan is hereby deleted and replaced with the following:

 

“Subject
to the terms and conditions of this Agreement, the Lender agrees to make a loan (the “Loan”) to the Borrower
through an advance of $6,000,000 on the Effective Date of this Agreement, and $500,000, which, on August 8, 2016, was added to
the Commitment Amount and the principal balance of the Note, and an additional $500,000, which, on the Fourth Amendment Effective
Date, was added to the Commitment Amount and the principal balance of the Note.”

 

(j)       Note.
At all times from the Fourth Amendment Effective Date and thereafter, the definition of “Note” in Section 2.02
shall be deemed to mean the Replacement Note and all references in the Credit Agreement and any other Loan Document to the “Note”
shall be deemed to be a reference to the Replacement Note.

 

(k)      Voluntary Prepayments.Section
2.03(a) Voluntary Prepayments. is hereby amended by deleting the current Section 2.03(a) and substituting in its place the
following:

 

“(a)    Voluntary
Prepayments. The Borrower may, at its option, prepay the Loan in full or in part at any time and from time to time by notifying
the Lender in writing not later than the date of such prepayment specifying the principal amount of the Loan to be prepaid and
the date of prepayment. Each such notice shall be irrevocable and the amount specified in each such notice shall be due and payable
on the date specified. Each partial prepayment of the Loan pursuant to this Subsection shall be in an aggregate principal amount
of $100,000 or an integral multiple of $50,000 in excess thereof, or, if less than $100,000, the outstanding principal balance
of the Loan. In the event the Borrower prepays the Loan in full before the date that is fifteen (15) Business Days prior to the
Maturity Date, the Borrower shall pay a premium equal to the greater of (i) four percent (4%) or (ii) the Black Scholes Value
of the outstanding principal amount subject to such prepayment. Notwithstanding anything to the contrary in the foregoing or in
any other Loan Document, there shall be no premium or penalty payable by the Borrower in the event that the Borrower either (y)
prepays the Loan in full on or after the date that is fifteen (15) Business Days prior to the Maturity Date and before the Maturity
Date or (z) repays the Loan in full on the Maturity Date. Simultaneously with each prepayment of the Loan, the Borrower shall
prepay all accrued and unpaid interest on the amount prepaid through the date of prepayment. If no Event of Default exists and
if the proceeds arising out of any insurance claim or series of related claims do not exceed $250,000, loss payments in each instance
will be applied by the applicable Credit Party to the repair and/or replacement of property with respect to which the loss was
incurred to the extent reasonably feasible, and any loss payments or the balance thereof remaining, to the extent not so applied,
shall be payable to the applicable Credit Party; provided, however, that payments received by any Credit Party after an Event
of Default occurs and is continuing or in excess of $250,000 for any occurrence or series of related occurrences shall be paid
to the Lender for itself and on behalf of the secured parties under the Security Agreement and, if received by such Credit Party,
shall be held in trust for the secured parties under the Security Agreement and immediately paid over to the Lender unless otherwise
directed in writing by the Lender.”

 

    	 	4	 

     

    

 

(l)       Conversion.Section
2.09. Conversion is hereby amended by deleting the current Section 2.09 and substituting in its place the following:

 

“At any
time following the Fourth Amendment Effective Date, after the receipt of the consent of the Parent’s shareholders pursuant
to Nasdaq Listing Rule 5635(d), the Lender shall have the right, but not the obligation, to convert all or any portion of the outstanding
principal amount of the Loan, plus any accrued and unpaid interest on such amount that is outstanding on the date of such conversion,
into Common Stock of the Parent on the terms and conditions set forth in the Note. Following any such conversion and notwithstanding
anything to the contrary in any Loan Document, the outstanding principal amount of the Loan shall automatically be reduced by an
amount equal to the portion of the principal amount of the Loan subject to such conversion.”

 

(m)      Interest Rate
and Payment Dates.Section 3.01(a). Prior to Maturity is hereby amended by deleting the current Section 3.01(a)
and substituting in its place the following:

 

“(a)     Prior
to Maturity. Except as otherwise provided in Section 3.01(d), prior to maturity the outstanding principal balance of the Loan
shall bear interest at the rate of 9.0% per annum calculated on a monthly basis (the “Monthly Interest”). Except
as provided in Section 3.01(b) below, interest only on the Loan, at the foregoing rate, shall be payable in arrears on the
last Business Day of each month. All interest hereunder shall be computed on the basis of a year of 360 days, and in each case
shall be payable for the actual number of days elapsed (including the first day but excluding the last day).”

 

    	 	5	 

     

    

 

(n)       Interest Rate
and Payment Dates.Section 3.01(b). Default Rate is hereby renumbered Section 3.01(d) and a new Section 3.01(b)
and a new Section 3.01(c) shall be inserted as follows:

 

“(b)      Deferred
Interest. Notwithstanding anything to the contrary contained in Section 3.01(a) above, from the Fourth Amendment Effective
Date until the Interest Deferment Date, the Monthly Interest shall continue to accrue, shall be compounded monthly, and shall
be due and payable on the Interest Deferment Date. At all times after the Interest Deferment Date, interest shall continue to
be paid as provided in Section 3.01(a) above, subject to Section 3.01(c) below.

 

(c)       Payment
in Stock. At the Company’s option, exercisable in writing by notice to the Company at any time (i) not more than thirty
(30) days but not less than five (5) Business Days prior to the Interest Deferment Date, at Company’s sole discretion, any
portion of the Monthly Interest that is payable on the Interest Deferment Date, or (ii) after the Interest Deferment Date, not
more than twenty-one (21) days but not less than five (5) Business Days, prior to the date upon which each payment of Monthly Interest
is due, at Company’s sole discretion, all or any portion of the Monthly Interest that is payable on such payment date, shall
be paid by way of issuance of Common Stock of the Parent on the terms and conditions set forth in the Note, including without limitation,
any requirement that any portion of the Monthly Interest be payable in cash until the Parent receives Shareholder Approval.”

 

(o)      Notices.     Section
9.02. is hereby amended by deleting the current name and address of the Lender and substituting in its place the following:

 

“B3D, LLC

9935D Rea Road

#317

Charlotte NC 28277

Attn: Brian Daly, Manager

Telephone: (914) 482-3992

Email: Daly2020@outlook.com”

 

5.            [INTENTIONALLY
OMITTED].

 

6.            Amendment
Effective Date. This Amendment shall become effective on the date (the “Fourth Amendment Effective Date”)
that Lender shall have received each of the following, in form and substance satisfactory to the Lender:

 

(a)       Copies
of this Amendment executed by Borrower and the Lender;

 

(b)       One
(1) original Replacement Note executed by Borrower;

 

    	 	6	 

     

    

 

(c)       One
(1) original Registration Rights Agreement in the form annexed hereto as “Exhibit B” (the “Registration
Rights Agreement”) executed by Parent; and

 

(d)       Copies
of the ratification of guaranty and security interest, executed by the Parent and each of the Subsidiary Guarantors in substantially
the form annexed hereto as “Exhibit C.”

 

7.            No
Defenses. The Borrower acknowledges that its obligations to the Lender pursuant to the Credit Agreement, as amended herein,
including but not limited to (a) its obligation to pay the principal of the Loan, in the amount of $7,000,000, and (b) all interest
that has accrued and is unpaid immediately prior to the Fourth Amendment Effective Date in the amount of $40,791.11 which amount
shall continue to accrue and shall be paid on the Interest Deferment, and (c) and all interest accrued thereunder from and after
the Fourth Amendment Effective Date, which amounts are due and owing by the Borrower to the Lender without any defenses, set-offs,
recoupments, claims or counterclaims of any kind as of the date hereof. To the extent that any defenses, set-offs, recoupments,
claims or counterclaims may exist as of the date hereof, the Borrower waives and releases the Lender from the same.

 

8.            Reaffirmation
and Affirmation of Representations. The Borrower hereby agrees with, affirms, reaffirms and acknowledges the representations
and warranties contained in the Loan Documents, including but not limited to the facts set forth in the Recitals hereto relating
to Borrower’s consent to the assignment of the Credit Agreement, the Existing Note and all other Loan Documents (including
guaranties and security documents) by Rockmore to Lender. The Borrower represents that the representations and warranties contained
in the Loan Documents are true and in full force and effect and continue to be true and in full force and effect.

 

9.            Ratification
of Unchanged Terms. The Borrower affirms, ratifies and reaffirms all terms, covenants, conditions and agreements contained
in the Loan Documents, in each case as amended and modified by this Fourth Amendment. All terms and conditions of the Credit Agreement
and Loan Documents not amended or modified by this Fourth Amendment, and any and all Exhibits annexed thereto and all other writings
submitted by the Borrowers to the Lender pursuant thereto, and all Liens granted thereunder, shall remain unchanged and in full
force and effect, in each case except as amended by this Fourth Amendment.

 

10.           No
Waiver. This Fourth Amendment shall not constitute a waiver or modification of any of the Lender’s rights and remedies
or of any of the terms, conditions, warranties, representations, or covenants contained in the Loan Documents, except as specifically
set forth hereinabove, and the Lender hereby reserves all of its rights and remedies pursuant to the Loan Documents and applicable
law.

 

11.           Severability.
Any provision of this Fourth Amendment held by a court of competent jurisdiction to be invalid or unenforceable shall not impair
or invalidate the remainder of this Amendment and the effect thereof shall be confirmed to the provision so held to be invalid
or unenforceable.

 

    	 	7	 

     

    

 

12.           Binding
Effect; No Third Party Beneficiaries. This Fourth Amendment shall be binding upon and inure to the benefit of each of the parties
hereto and their respective successors and assigns. This Fourth Amendment is solely for the benefit of each of the parties hereto
and their respective successors and assigns, and no other Person shall have any right, benefit, priority or interest under, or
because of the existence of, this Fourth Amendment.

 

13.           Governing
Law. This Fourth Amendment is governed by and is to be construed and enforced in accordance with the laws of the State of New
York (without regard to the conflicts of law rules of New York). The parties to this Agreement hereby consent to the exclusive
jurisdiction of the federal and state courts of the State of New York in the event of any dispute arising under or in connection
with this Agreement.

 

14.           Further
Assurances. The parties hereto shall execute and deliver such additional documents and take such additional action as may be
necessary or desirable to effectuate the provisions and purposes of this Fourth Amendment.

 

15.           Authorization.
The Borrower represents and warrants to the Lender that this Fourth Amendment has been approved by proper corporate authorization
and resolution of the Borrower.

 

16.           Counterparts.
This Fourth Amendment may be executed in several counterparts, each of which, when executed and delivered, shall be deemed an original,
and all of which together shall constitute one agreement. Any signature delivered by a party by facsimile transmission or by email
in “PDF” or similar format shall be deemed to be an original signature hereto.

 

[Signature Page Follows]

 

*       *       *

 

    	 	8	 

     

    

 

[Signature Page to Fourth Amendment to
Credit Agreement]

 

IN WITNESS WHEREOF,
each of the undersigned has executed and delivered this Fourth Amendment to Credit Agreement as of the date first above written.

 

	 	XPRESSPA HOLDINGS, LLC
	 	 	 
	 	By:	 
	 	Name:	Douglas Satzman
	 	Title:	Chief Executive Officer
	 	 	 
	 	B3D, LLC
	 	 	 
	 	By:	 
	 	Name:	Brian Daly
	 	Title:	Manager

 

PARENT’S ACKNOWLEDGMENT AND
AGREEMENT

 

XpresSpa Group,
Inc., a Delaware corporation (the “Parent”) by signing below, represents and warrants to Lender, acknowledges
and agrees: (i) Parent is the sole member of Borrower, has a direct financial benefit from the Loan, is the Parent Guarantor of
all of the obligations under the foregoing Fourth Amendment (the “Fourth Amendment”), the Credit Agreement as
amended by the Fourth Amendment, the Loan and the Replacement Note, which obligations are secured by the pledge of its equity in
the Borrower, and (ii) Parent hereby assumes and agrees to be bound by all obligations and provisions contained in the Credit Agreement
and the Replacement Note which pertain to Parent, including but not limited to Parent’s obligations under the Registration
Rights Agreement and Parent’s obligation to issue to Lender Common Shares of Parent’s stock upon conversion of any
portion of the Replacement Note and upon exercise of Lender’s rights to be paid interest by way of issuance of Common Stock
of the Parent accordance with Section 3.01(b) of the Credit Agreement (and Section 2 of the Replacement Note).

 

    	 	9	 

     

    

 

In addition, Parent
agrees that for each instance where shareholder approval is provided for in connection with the issuance to Lender of any shares
of Common Stock pursuant to any of the Fourth Amendment, the Replacement Note, and/or the Registration Rights Agreement, the Parent
shall use commercially reasonable efforts to obtain within one hundred (120) days after the Fourth Amendment Effective Date, the
consent of its shareholders pursuant to Nasdaq Listing Rule 5635(d) (the “Shareholder Approval”) for the issuance
of all the shares of its Common Stock that could be issued pursuant to Sections 2 and 7 of the Replacement Note. If, despite the
Parent’s commercially reasonable efforts as provided herein, the Shareholder Approval is not initially obtained, the Parent
shall cause an additional shareholder meeting to be held every three (3) months thereafter until such Shareholder Approval is obtained.
Notwithstanding anything to the contrary contained in this Acknowledgment and Agreement, the Parent shall have no obligation to
solicit or obtain the Shareholder Approval if Nasdaq Listing Rule 5635(d) no longer applies to the Parent or would not prohibit
the Lender from acquiring shares of Common Stock pursuant to the Replacement Note without receipt of such Shareholder Approval.

 

	 	XPRESSPA GROUP, INC.
	 	 	 
	 	By:	 
	 	Name:	Douglas Satzman
	 	Title:	Chief Executive Officer

 

    	 	10	 

     

    

 

EXHIBIT A

 

REPLACEMENT NOTE

 

Attached.

 

    	 	11	 

     

    

 

EXHIBIT B

 

REGISTRATION AGREEMENT

 

Attached.

 

    	 	12	 

     

    

 

EXHIBIT C

 

FORM OF RATIFICATION

 

[Attached]

 

    	 	13

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