Document:

[FORM
OF [SERIES A SENIOR CONVERTIBLE NOTE] [SERIES A-1 SENIOR CONVERTIBLE NOTE]

[SERIES
B SENIOR SECURED CONVERTIBLE NOTE]]

 

NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT
BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL TO THE HOLDER (IF REQUESTED BY THE COMPANY), IN A FORM
REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD OR ELIGIBLE TO BE SOLD
PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH
A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES. ANY TRANSFEREE OF THIS NOTE SHOULD
CAREFULLY REVIEW THE TERMS OF THIS NOTE, INCLUDING SECTIONS 3(c)(iii) AND 18(a) HEREOF. THE PRINCIPAL AMOUNT REPRESENTED BY THIS
NOTE AND, ACCORDINGLY, THE SECURITIES ISSUABLE UPON CONVERSION HEREOF MAY BE LESS THAN THE AMOUNTS SET FORTH ON THE FACE HEREOF
PURSUANT TO SECTION 3(c)(iii) OF THIS NOTE.

 

THIS
NOTE HAS BEEN ISSUED WITH ORIGINAL ISSUE DISCOUNT (“OID”). PURSUANT TO TREASURY REGULATION §1.1275-3(b)(1), VIVEK
RATAKONDA, A REPRESENTATIVE OF THE COMPANY HEREOF WILL, BEGINNING TEN DAYS AFTER THE ISSUANCE DATE OF THIS NOTE, PROMPTLY MAKE
AVAILABLE TO THE HOLDER UPON REQUEST THE INFORMATION DESCRIBED IN TREASURY REGULATION §1.1275-3(b)(1)(i). VIVEK RATAKONDA
MAY BE REACHED AT VIVEK@LONGFINCORP.COM.

 

Longfin
Corp

 

[Series
A][Series A-1][Series B] Senior [INSERT IN
SERIES B NOTE ONLY: Secured] 

Convertible
Note

 

	Issuance Date: February 13, 2018 (the “Issuance Date”)

                                                                     Exchange
                                         Date: August 20, 2018 (the “Exchange Date”)
	Original
    Principal Amount: U.S. $[12,500,000][$1,000][5,000,000.00]

 

    	 	 	 

    	 

    

 

FOR
VALUE RECEIVED, Longfin Corp, a Delaware corporation
(the “Company”), hereby promises to pay to the order of Hudson Bay Master Fund Ltd or its registered assigns
(“Holder”) the amount set forth above as the Original Principal Amount (as reduced pursuant to the terms hereof
pursuant to redemption, conversion or otherwise, the “Principal”) when due, whether upon the Maturity Date,
or upon acceleration, redemption or otherwise (in each case in accordance with the terms hereof) and, if an Event of Default has
occurred and is continuing, to pay interest (“Interest”) on any outstanding Principal at the applicable Default
Rate (as defined below), until the same becomes due and payable, whether upon the Maturity Date, or upon acceleration, conversion,
redemption or otherwise (in each case in accordance with the terms hereof). This [Series A][Series A-1][Series B] Senior [INSERT
IN SERIES B NOTE ONLY: Secured] Convertible Note (including all Senior [INSERT IN SERIES B NOTE ONLY: Secured] Convertible Notes
issued in exchange, transfer or replacement hereof, this “Note”) is one of an issue of Senior [INSERT IN SERIES
B NOTE ONLY: Secured] Convertible Notes issued pursuant to that certain Amendment and Exchange Agreement, dated August 20,
2018, by and between the Company and the Holder (the “Amendment and Exchange Agreement”), in exchange for that
certain [Series A][Series B] Senior [INSERT IN SERIES B NOTE ONLY: Secured] Convertible Note, with an initial aggregate principal
amount of $[10,095,941.18][42,604,058.82] (the “Original Note”) issued pursuant to that certain Securities
Purchase Agreement, dated as of January 22, 2018 (the “Subscription Date”), by and among the Company and the
investors (the “Buyers”) referred to therein, as amended from time to time (collectively, the “Notes”,
and such other Series A Senior Convertible Notes, Series A-1 Senior Convertible Notes and Series B Senior Secured Convertible
Notes issued pursuant to the Securities Purchase Agreement or otherwise in exchange, transfer or replacement therefor, collectively,
the “Other Notes”). Certain capitalized terms used herein are defined in Section 31.

 

1.
PAYMENTS OF PRINCIPAL. On the Maturity Date, the Company shall pay to the Holder an amount in cash representing all outstanding
Principal, accrued and unpaid Interest and accrued and unpaid Late Charges (as defined in Section 24(c)) on such Principal and
Interest. [INSERT IN SERIES B NOTES ONLY:, except that any Restricted Principal hereunder shall be satisfied on the Maturity Date
(in lieu of a cash payment) by Maturity Netting (as defined in the Investor Note)]. Other than as specifically permitted by this
Note, the Company may not prepay any portion of the outstanding Principal, accrued and unpaid Interest or accrued and unpaid Late
Charges on Principal and Interest, if any. [INSERT IN SERIES A AND A-1 NOTES ONLY: Notwithstanding anything herein to the contrary,
with respect to any conversion or redemption hereunder, as applicable, the Company shall convert or redeem, as applicable, First,
all accrued and unpaid Interest hereunder and under any other Series [A][A-1] Notes held by such Holder, Second, all accrued
and unpaid Late Charges on any Principal and Interest hereunder and under any other Series [A][A-1] Notes held by such Holder,
Third, all other amounts (other than Principal) outstanding under any other Series [A][A-1] Notes held by such Holder and,
Fourth, all Principal outstanding hereunder and under any other Series [A][A-1] Notes held by such Holder, in each case,
allocated pro rata among this Note and such other Series [A][A-1] Notes held by such Holder.]

 

[INSERT
IN SERIES B NOTES ONLY:

 

(a)
Securities Contract. The Company and the Holder hereby acknowledge and agree that the Amendment and Exchange Agreement,
the Securities Purchase Agreement and the Note Purchase Agreement (as defined in the Securities Purchase Agreement) each is a
“securities contract” as defined in 11 U.S.C. § 741 and that Holder shall have all rights in respect of this
Note, the Amendment and Exchange Agreement, the Amended Master Netting Agreement (as defined in the Amendment and Exchange Agreement),
the New Investor Note (as defined in the Amendment and Exchange Agreement), the Securities Purchase Agreement and the Note Purchase
Agreement as are set forth in 11 U.S.C. § 555 and 11 U.S.C. § 362(b)(6), including, without limitation, all rights of
credit, deduction, setoff, offset, Netting, and netting (collectively, “Netting” or “Net”)
as are available under this Note, the Amended Master Netting Agreement and the New Investor Note and all Netting provisions of
this Note, the New Investor Note and the Amended Master Netting Agreement, including without limitation the provisions set forth
in Section 7 of the New Investor Note, are hereby incorporated in this Note and made a part hereof as if such provisions were
set forth herein.

 

    	 	2	 

    	 

    

 

(b)
Investor Prepayments; No Share Issuance or Sales until Fully Paid. Upon the consummation of any Investor Prepayment, the
aggregate outstanding Restricted Principal under this Note shall automatically become Unrestricted Principal hereunder, on a dollar-for-dollar
basis, in an amount equal to the aggregate amount of cash paid in such Investor Prepayment. Notwithstanding anything herein to
the contrary, the shares of Common Stock issuable upon conversion of Restricted Principal hereunder shall not be issued by the
Company any may not be sold by Holder until such portion of the Investor Note equivalent to the Restricted Principal subject to
such conversion (each, an “Investor Prepayment Amount”) has been Fully Paid (as defined below) pursuant to
an Investor Prepayment or otherwise upon maturity of the Investor Note (to the Company or to such other Persons as directed by
the Company in writing) and such Restricted Principal becomes Unrestricted Principal in accordance with the preceding sentence.
“Fully Paid” means, with respect to any applicable Investor Prepayment, that the Holder shall have delivered
the applicable Investor Prepayment Amount either (x) by wire transfer to the Company, in accordance with the Flow of Funds Letter
(as defined in the Securities Purchase Agreement) (unless modified by the Company prior to the date of such Investor Prepayment
by delivery to the Holder of new wire instructions, duly executed by an executive officer of the Company, on letterhead of the
Company), or (y) if the Company and the Holder have accounts at the same financial institution, by an internal “ledger”
transfer by such financial institution of such Investor Prepayment Amount, in each case, as evidenced by either (A) an e-mail
or other written or oral confirmation by the applicable receiving financial institution that such transfer has been completed
or wire has arrived, in each case, of such Investor Prepayment Amount.

 

(c)
Prohibited Transfer or Severability Reduction. Upon any Prohibited Transfer (as defined in the Investor Note) of, or Severability
Event (as defined in the Investor Note) under, the Investor Note, (x) the Investor Note shall be deemed paid in full and shall
be null and void, and (y) 75% of the remaining Restricted Principal of this Note shall be automatically cancelled (with the remaining
25% of the Restricted Principal of this Note automatically becoming Unrestricted Principal hereunder).

 

(d)
Investor Netting Right Reduction. Upon any exercise by the Holder of Investor Netting Rights (as defined in the Investor
Note), the Restricted Principal hereunder shall automatically and simultaneously be reduced, on a dollar-for-dollar basis, by
such portion of the aggregate principal of the Investor Note cancelled pursuant to such Investor Netting Rights.

 

    	 	3	 

    	 

    

 

(e)
Single Integrated Transaction. The Company hereby acknowledges and agrees that (i) the Holder shall be entitled to exercise
the Investor Netting Rights through any means permissible under applicable law, including without limitation, Netting and (ii)
the obligations of the Holder under the Investor Note and the obligations of the Company under this Note arise in a single integrated
transaction and constitute related and interdependent obligations within such transaction.

 

(f)
Grant of Security Interest. The Company hereby grants and pledges to the Holder a continuing security interest in the Investor
Note of the Holder, including any and all cash, proceeds, funds, credits, rights and other assets therein or arising therefrom,
from time to time, and any additions, dividends, profits and interest in the foregoing and any replacements or substitutions therefore
(collectively, the “Collateral”) to secure prompt repayment of any and all amounts outstanding hereunder from
time to time and to secure prompt performance by the Company of each of its covenants and duties under this Note. Such security
interest constitutes a valid, first priority security interest in the Collateral, and will constitute a valid, first priority
security interest in later-acquired Collateral. Notwithstanding any filings undertaken related to the Holder’s rights under
the Delaware Uniform Commercial Code, the Holder’s Lien on the Collateral shall remain in effect for so long as any Restricted
Principal remains outstanding.

 

(g)
Order of Conversion and/or Redemption. Notwithstanding anything herein to the contrary, with respect to any conversion
or redemption hereunder, as applicable, the Company shall convert or redeem, as applicable, First, all accrued and unpaid
Interest hereunder and under any other Series B Notes held by such Holder, Second, all accrued and unpaid Late Charges
on any Principal and Interest hereunder and under any other Series B Notes held by such Holder, Third, all other amounts
outstanding (other than Principal) hereunder and under any other Series B Notes held by such Holder and, Fourth, all Principal
(other than Restricted Principal) outstanding hereunder and under any other Series B Notes held by such Holder, in each case,
prior to any conversion or redemption, as applicable, of any Restricted Principal hereunder, in each case, allocated pro rata
among this Note and such other Series B Notes held by such Holder.]

 

2.
INTEREST; INTEREST RATE. No Interest shall accrue hereunder unless and until an Event of Default (as defined below) has
occurred. From and after the occurrence and during the continuance of any Event of Default, Interest shall accrue hereunder at
fifteen percent (15.0%) per annum (the “Default Rate”) and shall be computed on the basis of a 360-day year
and twelve 30-day months and shall be payable in arrears on the first Trading Day of each such calendar quarter in which Interest
accrues hereunder (each, an “Interest Date”). Accrued and unpaid Interest, if any, shall also be payable by
way of inclusion of such Interest in the Conversion Amount (as defined below) on each Conversion Date (as defined below) in accordance
with Section 3(b)(i) or in cash on each Interest Date or upon any redemption in accordance with Section 11 or any required payment
upon any Bankruptcy Event of Default (as defined in Section 4(a) below). In the event that such Event of Default is subsequently
cured (and no other Event of Default then exists (including, without limitation, for the Company’s failure to pay such Interest
at the Default Rate on the applicable Interest Date)), Interest shall cease to accrue hereunder as of the calendar day immediately
following the date of such cure; provided that the Interest as calculated and unpaid during the continuance of such Event of Default
shall continue to apply to the extent relating to the days after the occurrence of such Event of Default through and including
the date of such cure of such Event of Default.

 

    	 	4	 

    	 

    

 

3.
CONVERSION OF NOTES. At any time after the Issuance Date, this Note shall be convertible into validly issued, fully paid
and non-assessable shares of Common Stock (as defined below), on the terms and conditions set forth in this Section 3.

 

(a)
Conversion Right. Subject to the provisions of Section 3(d), at any time or times on or after the Issuance Date, the Holder
shall be entitled to convert any portion of the outstanding and unpaid Conversion Amount (as defined below) into validly issued,
fully paid and non-assessable shares of Common Stock in accordance with Section 3(c), at the Conversion Rate (as defined below).
The Company shall not issue any fraction of a share of Common Stock upon any conversion. If the issuance would result in the issuance
of a fraction of a share of Common Stock, the Company shall round such fraction of a share of Common Stock up to the nearest whole
share. The Company shall pay any and all transfer, stamp, issuance and similar taxes, costs and expenses (including, without limitation,
fees and expenses of the transfer agent of the Company (the “Transfer Agent”)) that may be payable with respect
to the issuance and delivery of Common Stock upon conversion of any Conversion Amount.

 

(b)
Conversion Rate. The number of shares of Common Stock issuable upon conversion of any Conversion Amount pursuant to Section
3(a) shall be determined by dividing (x) such Conversion Amount by (y) the Conversion Price (the “Conversion Rate”).

 

(i)
“Conversion Amount” means the sum of (x) the portion of the Principal to be converted, redeemed or otherwise
with respect to which this determination is being made and (y) all accrued and unpaid Interest with respect to such portion of
the Principal amount and accrued and unpaid Late Charges with respect to such portion of such Principal and such Interest, if
any.

 

(ii)
“Conversion Price” means, with respect to any Conversion Date or other date of determination, the lower of
(x) the Variable Conversion Price (as defined below) then in effect and (y) the Fixed Conversion Price (as defined below) then
in effect.

 

(iii)
“Fixed Conversion Price” means, as of any Conversion Date or other date of determination, $3.67, subject to
adjustment as provided herein.

 

(iv)
“Variable Conversion Price” means, as of any Conversion Date or other date of determination, 80% of the lowest
VWAP of the Common Stock during the twelve (12) consecutive Trading Day period ending and including the Trading Day in which the
delivery or deemed delivery of the applicable Conversion Notice has occurred (such period, the “Variable Conversion Measuring
Period”). All such determinations to be appropriately adjusted for any stock dividend, stock split, stock combination,
reclassification or similar transaction that proportionately decreases or increases the Common Stock during such Variable Conversion
Measuring Period.

 

    	 	5	 

    	 

    

 

(c)
Mechanics of Conversion.

 

(i)
Optional Conversion. To convert any Conversion Amount into shares of Common Stock on any date (a “Conversion Date”),
the Holder shall deliver (whether via facsimile, electronic mail or otherwise), for receipt on or prior to 11:59 p.m., New York
time, on such date, a copy of an executed notice of conversion in the form attached hereto as Exhibit I (the “Conversion
Notice”) to the Company. If required by Section 3(c)(iii), within two (2) Trading Days following a conversion of this
Note as aforesaid, the Holder shall surrender this Note to a nationally recognized overnight delivery service for delivery to
the Company (or an indemnification undertaking with respect to this Note in the case of its loss, theft or destruction as contemplated
by Section 18(b)). On or before the first (1st) Trading Day following the date of receipt of a Conversion Notice, the Company
shall transmit by facsimile or electronic mail an acknowledgment of confirmation and representation as to whether such shares
of Common Stock may then be resold pursuant to Rule 144 or an effective and available registration statement, in the form attached
hereto as Exhibit II, of receipt of such Conversion Notice to the Holder and the Transfer Agent which confirmation shall
constitute an instruction to the Transfer Agent to process such Conversion Notice in accordance with the terms herein. On or before
the second (2nd) Trading Day following the date on which the Company has received a Conversion Notice (or such earlier date as
required pursuant to the 1934 Act or other applicable law, rule or regulation for the settlement of a trade initiated on the applicable
Conversion Date of such shares of Common Stock issuable pursuant to such Conversion Notice) (the “Share Delivery Deadline”),
the Company shall (1) provided that the Transfer Agent is participating in The Depository Trust Company’s (“DTC”)
Fast Automated Securities Transfer Program, credit such aggregate number of shares of Common Stock to which the Holder shall be
entitled pursuant to such conversion to the Holder’s or its designee’s balance account with DTC through its Deposit/Withdrawal
at Custodian system or (2) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, upon
the request of the Holder, issue and deliver (via reputable overnight courier) to the address as specified in the Conversion Notice,
a certificate, registered in the name of the Holder or its designee, for the number of shares of Common Stock to which the Holder
shall be entitled pursuant to such conversion. If this Note is physically surrendered for conversion pursuant to Section 3(c)(iii)
and the outstanding Principal of this Note is greater than the Principal portion of the Conversion Amount being converted, then
the Company shall as soon as practicable and in no event later than two (2) Business Days after receipt of this Note and at its
own expense, issue and deliver to the Holder (or its designee) a new Note (in accordance with Section 18(d)) representing the
outstanding Principal not converted. The Person or Persons entitled to receive the shares of Common Stock issuable upon a conversion
of this Note shall be treated for all purposes as the record holder or holders of such shares of Common Stock on the Conversion
Date. [INSERT IN SERIES B NOTE ONLY: In the event of a partial conversion of this Note pursuant hereto, the amount of Restricted
Principal converted, if any, shall be set forth in the applicable Conversion Notice.]

 

    	 	6	 

    	 

    

 

(ii)
Company’s Failure to Timely Convert. If the Company shall fail, for any reason or for no reason, on or prior to the
applicable Share Delivery Deadline, either (x) if the Transfer Agent is not participating in the DTC Fast Automated Securities
Transfer Program, to issue and deliver to the Holder (or its designee) a certificate for the number of shares of Common Stock
to which the Holder is entitled and register such shares of Common Stock on the Company’s share register, or (y) if the
Transfer Agent is participating in the DTC Fast Automated Securities Transfer Program, to credit the balance account of the Holder
or the Holder’s designee with DTC for such number of shares of Common Stock to which the Holder is entitled upon the Holder’s
conversion of this Note (as the case may be) (a “Conversion Failure”), then, in addition to all other remedies
available to the Holder, (1) the Company shall pay in cash to the Holder on each day after such Share Delivery Deadline that the
issuance of such shares of Common Stock is not timely effected an amount equal to 2% of the product of (A) the sum of the number
of shares of Common Stock not issued to the Holder on or prior to the Share Delivery Deadline and to which the Holder is entitled,
multiplied by (B) any trading price of the Common Stock selected by the Holder in writing as in effect at any time during the
period beginning on the applicable Conversion Date and ending on the applicable Share Delivery Deadline and (2) the Holder, upon
written notice to the Company, may void its Conversion Notice with respect to, and retain or have returned (as the case may be)
any portion of this Note that has not been converted pursuant to such Conversion Notice, provided that the voiding of a Conversion
Notice shall not affect the Company’s obligations to make any payments which have accrued prior to the date of such notice
pursuant to this Section 3(c)(ii) or otherwise. In addition to the foregoing, if on or prior to the Share Delivery Deadline if
the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, the Company shall fail to issue
and deliver to the Holder (or its designee) a certificate and register such shares of Common Stock on the Company’s share
register or, if the Transfer Agent is participating in the DTC Fast Automated Securities Transfer Program, the Transfer Agent
shall fail to credit the balance account of the Holder or the Holder’s designee with DTC for the number of shares of Common
Stock to which the Holder is entitled upon the Holder’s conversion hereunder or pursuant to the Company’s obligation
pursuant to clause (II) below, and if on or after such Share Delivery Deadline the Holder purchases (in an open market transaction
or otherwise) shares of Common Stock corresponding to all or any portion of the number of shares of Common Stock issuable upon
such conversion that the Holder is entitled to receive from the Company and has not received from the Company in connection with
such Conversion Failure (a “Buy-In”), then, in addition to all other remedies available to the Holder, the
Company shall, within two (2) Business Days after receipt of the Holder’s request and in the Holder’s discretion,
either: (I) pay cash to the Holder in an amount equal to the Holder’s total purchase price (including brokerage commissions
and other out-of-pocket expenses, if any) for the shares of Common Stock so purchased (including, without limitation, by any other
Person in respect, or on behalf, of the Holder) (the “Buy-In Price”), at which point the Company’s obligation
to so issue and deliver such certificate (and to issue such shares of Common Stock) or credit the balance account of such Holder
or such Holder’s designee, as applicable, with DTC for the number of shares of Common Stock to which the Holder is entitled
upon the Holder’s conversion hereunder (as the case may be) (and to issue such shares of Common Stock) shall terminate,
or (II) promptly honor its obligation to so issue and deliver to the Holder a certificate or certificates representing such shares
of Common Stock or credit the balance account of such Holder or such Holder’s designee, as applicable, with DTC for the
number of shares of Common Stock to which the Holder is entitled upon the Holder’s conversion hereunder (as the case may
be) and pay cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (x) such number
of shares of Common Stock multiplied by (y) the lowest Closing Sale Price of the Common Stock on any Trading Day during the period
commencing on the date of the applicable Conversion Notice and ending on the date of such issuance and payment under this clause
(II) (the “Buy-In Payment Amount”). Nothing shall limit the Holder’s right to pursue any other remedies
available to it hereunder, at law or in equity, including, without limitation, a decree of specific performance and/or injunctive
relief with respect to the Company’s failure to timely deliver certificates representing shares of Common Stock (or to electronically
deliver such shares of Common Stock) upon the conversion of this Note as required pursuant to the terms hereof. Notwithstanding
anything herein to the contrary, with respect to any given Conversion Failure, this Section 3(c)(ii) shall not apply to the Holder
to the extent the Company has already paid such amounts in full to such Holder with respect to such Conversion Failure, as applicable,
pursuant to the analogous sections of the Securities Purchase Agreement.

 

    	 	7	 

    	 

    

 

(iii)
Registration; Book-Entry. The Company shall maintain a register (the “Register”) for the recordation
of the names and addresses of the holders of each Note and the principal amount of the Notes [INSERT IN SERIES B NOTE ONLY: and
Restricted Principal] held by such holders (the “Registered Notes”). The entries in the Register shall be conclusive
and binding for all purposes absent manifest error. The Company and the holders of the Notes shall treat each Person whose name
is recorded in the Register as the owner of a Note for all purposes (including, without limitation, the right to receive payments
of Principal and Interest hereunder) notwithstanding notice to the contrary. A Registered Note may be assigned, transferred or
sold in whole or in part only by registration of such assignment or sale on the Register. Upon its receipt of a written request
to assign, transfer or sell all or part of any Registered Note by the holder thereof, the Company shall record the information
contained therein in the Register and issue one or more new Registered Notes in the same aggregate principal amount as the principal
amount of the surrendered Registered Note to the designated assignee or transferee pursuant to Section 18, provided that if the
Company does not so record an assignment, transfer or sale (as the case may be) of all or part of any Registered Note within two
(2) Business Days of such a request, then the Register shall be automatically deemed updated to reflect such assignment, transfer
or sale (as the case may be). Notwithstanding anything to the contrary set forth in this Section 3, following conversion of any
portion of this Note in accordance with the terms hereof, the Holder shall not be required to physically surrender this Note to
the Company unless (A) the full Conversion Amount represented by this Note is being converted (in which event this Note shall
be delivered to the Company following conversion thereof as contemplated by Section 3(c)(i)) or (B) the Holder has provided the
Company with prior written notice (which notice may be included in a Conversion Notice) requesting reissuance of this Note upon
physical surrender of this Note. The Holder and the Company shall maintain records showing the Principal, Interest and Late Charges
converted and/or paid (as the case may be) [INSERT IN SERIES B NOTE ONLY: or Restricted Principal becoming unrestricted] and the
dates of such conversions [INSERT IN SERIES B NOTE ONLY:, Investor Prepayments] and/or payments (as the case may be) or shall
use such other method, reasonably satisfactory to the Holder and the Company, so as not to require physical surrender of this
Note upon conversion. If the Company does not update the Register to record such Principal, Interest and Late Charges converted
and/or paid (as the case may be) [INSERT IN SERIES B NOTE ONLY: or Restricted Principal becoming unrestricted] and the dates of
such conversions, [INSERT IN SERIES B NOTE ONLY: Investor Prepayment] and/or payments (as the case may be) within two (2) Business
Days of such occurrence, then the Register shall be automatically deemed updated to reflect such occurrence.

 

(iv)
Pro Rata Conversion; Disputes. In the event that the Company receives a Conversion Notice from more than one holder of
Notes for the same Conversion Date and the Company can convert some, but not all, of such portions of the Notes submitted for
conversion, the Company, subject to Section 3(d), shall convert from each holder of Notes electing to have Notes converted on
such date a pro rata amount of such holder’s portion of its Notes submitted for conversion based on the principal amount
of Notes submitted for conversion on such date by such holder relative to the aggregate principal amount of all Notes submitted
for conversion on such date. In the event of a dispute as to the number of shares of Common Stock issuable to the Holder in connection
with a conversion of this Note, the Company shall issue to the Holder the number of shares of Common Stock not in dispute and
resolve such dispute in accordance with Section 23.

 

    	 	8	 

    	 

    

 

(d)
Limitations on Conversions. The Company shall not effect the conversion of any portion of this Note, and the Holder shall
not have the right to convert any portion of this Note pursuant to the terms and conditions of this Note and any such conversion
shall be null and void and treated as if never made, to the extent that after giving effect to such conversion, the Holder together
with the other Attribution Parties collectively would beneficially own in excess of 9.99% (the “Maximum Percentage”)
of the shares of Common Stock outstanding immediately after giving effect to such conversion. For purposes of the foregoing sentence,
the aggregate number of shares of Common Stock beneficially owned by the Holder and the other Attribution Parties shall include
the number of shares of Common Stock held by the Holder and all other Attribution Parties plus the number of shares of Common
Stock issuable upon conversion of this Note with respect to which the determination of such sentence is being made, but shall
exclude shares of Common Stock which would be issuable upon (A) conversion of the remaining, nonconverted portion of this Note
beneficially owned by the Holder or any of the other Attribution Parties and (B) exercise or conversion of the unexercised or
nonconverted portion of any other securities of the Company (including, without limitation, any convertible notes or convertible
preferred stock or warrants, including, without limitation, the Warrants) beneficially owned by the Holder or any other Attribution
Party subject to a limitation on conversion or exercise analogous to the limitation contained in this Section 3(d). For purposes
of this Section 3(d), beneficial ownership shall be calculated in accordance with Section 13(d) of the 1934 Act. For purposes
of determining the number of outstanding shares of Common Stock the Holder may acquire upon the conversion of this Note without
exceeding the Maximum Percentage, the Holder may rely on the number of outstanding shares of Common Stock as reflected in (x)
the Company’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K or other
public filing with the SEC, as the case may be, (y) a more recent public announcement by the Company or (z) any other written
notice by the Company or the Transfer Agent, if any, setting forth the number of shares of Common Stock outstanding (the “Reported
Outstanding Share Number”). If the Company receives a Conversion Notice from the Holder at a time when the actual number
of outstanding shares of Common Stock is less than the Reported Outstanding Share Number, the Company shall notify the Holder
in writing of the number of shares of Common Stock then outstanding and, to the extent that such Conversion Notice would otherwise
cause the Holder’s beneficial ownership, as determined pursuant to this Section 3(d), to exceed the Maximum Percentage,
the Holder must notify the Company of a reduced number of shares of Common Stock to be purchased pursuant to such Conversion Notice.
For any reason at any time, upon the written or oral request of the Holder, the Company shall within one (1) Business Day confirm
orally and in writing or by electronic mail to the Holder the number of shares of Common Stock then outstanding. In any case,
the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities
of the Company, including this Note, by the Holder and any other Attribution Party since the date as of which the Reported Outstanding
Share Number was reported. In the event that the issuance of shares of Common Stock to the Holder upon conversion of this Note
results in the Holder and the other Attribution Parties being deemed to beneficially own, in the aggregate, more than the Maximum
Percentage of the number of outstanding shares of Common Stock (as determined under Section 13(d) of the 1934 Act), the number
of shares so issued by which the Holder’s and the other Attribution Parties’ aggregate beneficial ownership exceeds
the Maximum Percentage (the “Excess Shares”) shall be deemed null and void and shall be cancelled ab initio,
and the Holder shall not have the power to vote or to transfer the Excess Shares. Upon delivery of a written notice to the Company,
the Holder may from time to time increase (with such increase not effective until the sixty-first (61st) day after
delivery of such notice) or decrease the Maximum Percentage to any other percentage not in excess of 9.99% as specified in such
notice; provided that (i) any such increase in the Maximum Percentage will not be effective until the sixty-first (61st)
day after such notice is delivered to the Company and (ii) any such increase or decrease will apply only to the Holder and the
other Attribution Parties and not to any other holder of Notes that is not an Attribution Party of the Holder. For purposes of
clarity, the shares of Common Stock issuable pursuant to the terms of this Note in excess of the Maximum Percentage shall not
be deemed to be beneficially owned by the Holder for any purpose including for purposes of Section 13(d) or Rule 16a-1(a)(1) of
the 1934 Act. No prior inability to convert this Note pursuant to this paragraph shall have any effect on the applicability of
the provisions of this paragraph with respect to any subsequent determination of convertibility. The provisions of this paragraph
shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 3(d) to the
extent necessary to correct this paragraph (or any portion of this paragraph) which may be defective or inconsistent with the
intended beneficial ownership limitation contained in this Section 3(d) or to make changes or supplements necessary or desirable
to properly give effect to such limitation. The limitation contained in this paragraph may not be waived and shall apply to a
successor holder of this Note.

 

    	 	9	 

    	 

    

 

4.
RIGHTS UPON EVENT OF DEFAULT.

 

(a)
Event of Default. Each of the following events shall constitute an “Event of Default” and each of the
events in clauses (vii), (viii) and (ix) shall constitute a “Bankruptcy Event of Default”:

 

(i)
[Intentionally Omitted];

 

(ii)
the Company’s notice, written or oral, to any holder of the Notes or Warrants, including, without limitation, by way of
public announcement or through any of its agents, at any time, of its intention not to comply, as required, with a request for
conversion of any Notes into shares of Common Stock that is requested in accordance with the provisions of the Notes, other than
pursuant to Section 3(d), or a request for exercise of any Warrants for shares of Common Stock in accordance with the provisions
of the Warrants;

 

(iii)
except to the extent the Company is in compliance with Section 10(b) below, at any time following the tenth (10th)
consecutive day that the Holder’s Authorized Share Allocation (as defined in Section 10(a) below) is less than (A) the number
of shares of Common Stock that the Holder would be entitled to receive upon a conversion of the full Conversion Amount of this
Note (without regard to any limitations on conversion set forth in Section 3(d) or otherwise), and (B) the number of shares of
Common Stock that the Holder would be entitled to receive upon exercise in full of the Holder’s Warrants (without regard
to any limitations on exercise set forth in the Warrants);

 

(iv)
the Company’s or any Subsidiary’s failure to pay to the Holder any amount of Principal, Interest, Late Charges or
other amounts when and as due under this Note (including, without limitation, the Company’s or any Subsidiary’s failure
to pay any redemption payments or amounts hereunder) or any other Transaction Document (as defined in the Securities Purchase
Agreement) or any other agreement, document, certificate or other instrument delivered in connection with the transactions contemplated
hereby and thereby, except, in the case of a failure to pay Interest and Late Charges when and as due, in which case only if such
failure remains uncured for a period of at least two (2) Trading Days;

 

(v)
the Company, on two or more occasions, either (A) fails to cure a Conversion Failure or a Delivery Failure (as defined in the
Warrants) by delivery of the required number of shares of Common Stock within five (5) Trading Days after the applicable Conversion
Date or exercise date (as the case may be) or (B) fails to remove any restrictive legend on any certificate or any shares of Common
Stock issued to the Holder upon conversion or exercise (as the case may be) of any Warrants and/or New Notes (as defined in the
Amendment and Exchange Agreement) acquired by the Holder under the Securities Purchase Agreement and/or the Amendment and Exchange
Agreement (including this Note), as applicable, as and when required by the Warrant, New Notes, the Securities Purchase Agreement
(with respect to the Warrant) and/or the Amendment and Exchange Agreement (with respect to the New Notes), as applicable, unless
otherwise then prohibited by applicable federal securities laws, and any such failure remains uncured for at least five (5) days;

 

    	 	10	 

    	 

    

 

(vi)
the occurrence of any default under, redemption of or acceleration prior to maturity of at least an aggregate of $300,000 of Indebtedness
(as defined in the Securities Purchase Agreement) of the Company or any of its Subsidiaries, other than with respect to any Other
Notes;

 

(vii)
bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings for the relief of debtors shall be instituted
by or against the Company or any Subsidiary and, if instituted against the Company or any Subsidiary by a third party, shall not
be dismissed within thirty (30) days of their initiation;

 

(viii)
the commencement by the Company or any Subsidiary of a voluntary case or proceeding under any applicable federal, state or foreign
bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated as bankrupt or
insolvent, or the consent by it to the entry of a decree, order, judgment or other similar document in respect of the Company
or any Subsidiary in an involuntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency,
reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the
filing by it of a petition or answer or consent seeking reorganization or relief under any applicable federal, state or foreign
law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian, receiver,
liquidator, assignee, trustee, sequestrator or other similar official of the Company or any Subsidiary or of any substantial part
of its property, or the making by it of an assignment for the benefit of creditors, or the execution of a composition of debts,
or the occurrence of any other similar federal, state or foreign proceeding, or the admission by it in writing of its inability
to pay its debts generally as they become due, the taking of corporate action by the Company or any Subsidiary in furtherance
of any such action or the taking of any action by any Person to commence a Uniform Commercial Code foreclosure sale or any other
similar action under federal, state or foreign law;

 

(ix)
the entry by a court of (i) a decree, order, judgment or other similar document in respect of the Company or any Subsidiary of
a voluntary or involuntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency, reorganization
or other similar law or (ii) a decree, order, judgment or other similar document adjudging the Company or any Subsidiary as bankrupt
or insolvent, or approving as properly filed a petition seeking liquidation, reorganization, arrangement, adjustment or composition
of or in respect of the Company or any Subsidiary under any applicable federal, state or foreign law or (iii) a decree, order,
judgment or other similar document appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar
official of the Company or any Subsidiary or of any substantial part of its property, or ordering the winding up or liquidation
of its affairs, and the continuance of any such decree, order, judgment or other similar document or any such other decree, order,
judgment or other similar document unstayed and in effect for a period of thirty (30) consecutive days;

 

    	 	11	 

    	 

    

 

(x)
a final judgment or judgments for the payment of money aggregating in excess of $300,000 are rendered against the Company and/or
any of its Subsidiaries and which judgments are not, within thirty (30) days after the entry thereof, bonded, discharged, settled
or stayed pending appeal, or are not discharged within thirty (30) days after the expiration of such stay; provided, however,
any judgment which is covered by insurance or an indemnity from a credit worthy party shall not be included in calculating the
$300,000 amount set forth above so long as the Company provides the Holder a written statement from such insurer or indemnity
provider (which written statement shall be reasonably satisfactory to the Holder) to the effect that such judgment is covered
by insurance or an indemnity and the Company or such Subsidiary (as the case may be) will receive the proceeds of such insurance
or indemnity within thirty (30) days of the issuance of such judgment;

 

(xi)
the Company and/or any Subsidiary, individually or in the aggregate, either (i) fails to pay, when due, or within any applicable
grace period, any payment with respect to any Indebtedness in excess of $300,000 due to any third party (other than, with respect
to unsecured Indebtedness only, payments contested by the Company and/or such Subsidiary (as the case may be) in good faith by
proper proceedings and with respect to which adequate reserves have been set aside for the payment thereof in accordance with
GAAP) or is otherwise in breach or violation of any agreement for monies owed or owing in an amount in excess of $300,000, which
breach or violation permits the other party thereto to declare a default or otherwise accelerate amounts due thereunder, or (ii)
suffer to exist any other circumstance or event that would, with or without the passage of time or the giving of notice, result
in a default or event of default under any agreement binding the Company or any Subsidiary, which default or event of default
would or is likely to have a material adverse effect on the business, assets, operations (including results thereof), liabilities,
properties, condition (including financial condition) or prospects of the Company or any of its Subsidiaries, individually or
in the aggregate;

 

(xii)
other than as specifically set forth in another clause of this Section 4(a), the Company or any Subsidiary breaches any representation
or warranty in any material respect (other than the representations or warranties subject to material adverse effect or materiality
limitations, which may not be breached in any respect) or any covenant or other term or condition of any Transaction Document,
except, in the case of a breach of a covenant or other term or condition that is curable, only if such breach remains uncured
for a period of five (5) consecutive Trading Days;

 

    	 	12	 

    	 

    

 

(xiii)
a false or inaccurate certification (including a false or inaccurate deemed certification) by the Company that either (A) the
Equity Conditions are satisfied, (B) there has been no Equity Conditions Failure, or (C) as to whether any Event of Default has
occurred;

 

(xiv)
any breach or failure in any respect by the Company or any Subsidiary to comply with any provision of Section 13 of this Note;

 

(xv)
any Material Adverse Effect (as defined in the Securities Purchase Agreement) occurs;

 

(xvi)
any material provision of any Transaction Document shall at any time for any reason (other than pursuant to the express terms
thereof) cease to be valid and binding on or enforceable against the parties thereto in any material respect, or the validity
or enforceability thereof shall be contested by any party thereto, or a proceeding shall be commenced by the Company or any Subsidiary
or any governmental authority having jurisdiction over any of them, seeking to establish the invalidity or unenforceability thereof,
or the Company or any Subsidiary shall deny in writing that it has any liability or obligation purported to be created under any
Transaction Document;

 

(xvii)
any suspension of electronic trading or settlement services by the DTC with respect to the Common Stock occurs and is continuing
for a period of at least five (5) Trading Days;

 

(xviii)
[INSERT IN SERIES B NOTE ONLY: this Note shall for any reason fail or cease to create a separate valid and perfected and, except
to the extent permitted by the terms hereof or thereof, first priority Lien (as defined in the Securities Purchase Agreement)
on the Collateral hereunder in favor of the Holder or any material provision of this Note shall at any time for any reason cease
to be valid and binding on or enforceable against the Company or the validity or enforceability thereof shall be contested by
any party thereto, or a proceeding shall be commenced by the Company or any governmental authority having jurisdiction over the
Company, seeking to establish the invalidity or unenforceability thereof;]

 

(xix)
any Event of Default (as defined in the Other Notes) occurs with respect to any Other Notes.

 

    	 	13	 

    	 

    

 

(b)
Notice of an Event of Default; Redemption Right. Upon the occurrence of an Event of Default with respect to this Note or
any Other Note, the Company shall within one (1) Business Day of becoming aware of such Event of Default deliver written notice
thereof via facsimile or electronic mail and overnight courier (with next day delivery specified) (an “Event of Default
Notice”) to the Holder. At any time after the earlier of the Holder’s receipt of an Event of Default Notice and
the Holder becoming aware of an Event of Default, (such earlier date, the “Event of Default Right Commencement Date”)
and ending (such ending date, the “Event of Default Right Expiration Date”, and each such period, an “Event
of Default Redemption Right Period”) on the third (3rd) Trading Day after the later of (x) the date such
Event of Default is cured and (y) the Holder’s receipt of an Event of Default Notice that includes (I) a reasonable description
of the applicable Event of Default, (II) a certification as to whether, in the opinion of the Company, such Event of Default is
capable of being cured and, if applicable, a reasonable description of any existing plans of the Company to cure such Event of
Default and (III) a certification as to the date the Event of Default occurred and, if cured on or prior to the date of such Event
of Default Notice, the applicable Event of Default Right Expiration Date, the Holder may require the Company to redeem (regardless
of whether such Event of Default has been cured prior to such Event of Default Right Expiration Date) all or any portion of this
Note by delivering written notice thereof (the “Event of Default Redemption Notice”) to the Company, which
Event of Default Redemption Notice shall indicate the portion of this Note the Holder is electing to redeem. Each portion of this
Note subject to redemption by the Company pursuant to this Section 4(b) shall be redeemed by the Company at a price equal to the
greater of (i) the product of (A) the Conversion Amount to be redeemed multiplied by (B) the Redemption Premium and (ii) the product
of (X) the Conversion Rate with respect to the Conversion Amount in effect at such time as the Holder delivers an Event of Default
Redemption Notice multiplied by (Y) the product of (1) the Redemption Premium multiplied by (2) the greatest Closing Sale Price
of the Common Stock on any Trading Day during the period commencing on the date immediately preceding such Event of Default and
ending on the date the Company makes the entire payment required to be made under this Section 4(b) (the “Event of Default
Redemption Price”) [INSERT IN SERIES B NOTE ONLY (except, solely if any Restricted Principal is included in such Conversion
Amount subject to redemption pursuant to the applicable Event of Default Notice (such amount of Restricted Principal, the “Event
of Default Restricted Principal Amount”), such Event of Default Redemption Price shall be reduced, on a dollar-for-dollar
basis, by such Event of Default Restricted Principal Amount and such Event of Default Restricted Principal Amount shall be satisfied
on such Redemption Date by Event of Default Netting (as defined in the Investor Note) (solely if the applicable Event of Default
does not include a Bankruptcy Event of Default) or automatically satisfied on such Redemption Date by Event of Default Bankruptcy
Netting (as defined in the Investor Note) (solely if the applicable Event of Default includes a Bankruptcy Event of Default),
as applicable, with respect thereto)]. Redemptions required by this Section 4(b) shall be made in accordance with the provisions
of Section 11. To the extent redemptions required by this Section 4(b) are deemed or determined by a court of competent jurisdiction
to be prepayments of this Note by the Company, such redemptions shall be deemed to be voluntary prepayments. Notwithstanding anything
to the contrary in this Section 4, but subject to Section 3(d), until the Event of Default Redemption Price (together with any
Late Charges thereon) is satisfied in full, the Conversion Amount submitted for redemption under this Section 4(b) (together with
any Late Charges thereon) may be converted, in whole or in part, by the Holder into Common Stock pursuant to the terms of this
Note. [INSERT IN SERIES B NOTE ONLY: In the event of a partial redemption of this Note pursuant hereto, the amount of Restricted
Principal redeemed, if any, shall be set forth in the applicable Event of Default Redemption Notice]. In the event of the Company’s
redemption of any portion of this Note under this Section 4(b), the Holder’s damages would be uncertain and difficult to
estimate because of the parties’ inability to predict future interest rates and the uncertainty of the availability of a
suitable substitute investment opportunity for the Holder. Accordingly, any redemption premium due under this Section 4(b) is
intended by the parties to be, and shall be deemed, a reasonable estimate of the Holder’s actual loss of its investment
opportunity and not as a penalty. Any redemption upon an Event of Default shall not constitute an election of remedies by the
Holder, and all other rights and remedies of the Holder shall be preserved.

 

    	 	14	 

    	 

    

 

(c)
Mandatory Redemption upon Bankruptcy Event of Default. Notwithstanding anything to the contrary herein, and notwithstanding
any conversion that is then required or in process, upon any Bankruptcy Event of Default, whether occurring prior to or following
the Maturity Date, the Company shall immediately pay to the Holder an amount in cash representing (i) all outstanding Principal,
accrued and unpaid Interest and accrued and unpaid Late Charges on such Principal and Interest, multiplied by (ii) the Redemption
Premium, in addition to any and all other amounts due hereunder, without the requirement for any notice or demand or other action
by the Holder or any other person or entity, [INSERT IN SERIES B NOTES ONLY:, except that any Restricted Principal then outstanding
hereunder shall be satisfied through Bankruptcy Event of Default Netting (as defined in the Investor Note) (in lieu of such cash
payment hereunder)]; provided that the Holder may, in its sole discretion, waive such right to receive payment upon a Bankruptcy
Event of Default, in whole or in part, and any such waiver shall not affect any other rights of the Holder hereunder, including
any other rights in respect of such Bankruptcy Event of Default, any right to conversion, and any right to payment of the Event
of Default Redemption Price or any other Redemption Price, as applicable.

 

5.
RIGHTS UPON FUNDAMENTAL TRANSACTION.

 

(a)
Assumption. The Company shall not enter into or be party to a Fundamental Transaction unless (i) the Successor Entity assumes
in writing all of the obligations of the Company under this Note and the other Transaction Documents in accordance with the provisions
of this Section 5(a) pursuant to written agreements in form and substance satisfactory to the Holder and approved by the Holder
prior to such Fundamental Transaction, including agreements to deliver to each holder of Notes in exchange for such Notes a security
of the Successor Entity evidenced by a written instrument substantially similar in form and substance to the Notes, including,
without limitation, having a principal amount and interest rate equal to the principal amounts then outstanding and the interest
rates of the Notes [INSERT IN SERIES B NOTE ONLY: and, if applicable, a restricted principal equal in amount to the Restricted
Principal then outstanding hereunder], respectively, held by such holder, having similar conversion rights as the Notes and having
similar ranking and security to the Notes, and satisfactory to the Holder and (ii) the Successor Entity (including its Parent
Entity) is a publicly traded corporation whose common stock is quoted on or listed for trading on an Eligible Market. Upon the
occurrence of any Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after
the date of such Fundamental Transaction, the provisions of this Note and the other Transaction Documents referring to the “Company”
shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the
obligations of the Company under this Note and the other Transaction Documents with the same effect as if such Successor Entity
had been named as the Company herein. Upon consummation of a Fundamental Transaction, the Successor Entity shall deliver to the
Holder confirmation that there shall be issued upon conversion or redemption of this Note at any time after the consummation of
such Fundamental Transaction, in lieu of the shares of Common Stock or other securities, cash, assets or other property (except
such items still issuable under Sections 6 and 15, which shall continue to be receivable thereafter) issuable upon the conversion
or redemption of the Notes prior to such Fundamental Transaction, such shares of the publicly traded common stock (or their equivalent)
of the Successor Entity (including its Parent Entity) which the Holder would have been entitled to receive upon the happening
of such Fundamental Transaction had this Note been converted immediately prior to such Fundamental Transaction (without regard
to any limitations on the conversion of this Note), as adjusted in accordance with the provisions of this Note. Notwithstanding
the foregoing, the Holder may elect, at its sole option, by delivery of written notice to the Company to waive this Section 5(a)
to permit the Fundamental Transaction without the assumption of this Note. The provisions of this Section 4(c) shall apply similarly
and equally to successive Fundamental Transactions and shall be applied without regard to any limitations on the conversion of
this Note.

 

    	 	15	 

    	 

    

 

(b)
Notice of a Change of Control; Redemption Right. No sooner than twenty (20) Trading Days nor later than ten (10) Trading
Days prior to the consummation of a Change of Control (the “Change of Control Date”), but not prior to the
public announcement of such Change of Control, the Company shall deliver written notice thereof via facsimile or electronic mail
and overnight courier to the Holder (a “Change of Control Notice”). At any time during the period beginning
after the Holder’s receipt of a Change of Control Notice or the Holder becoming aware of a Change of Control if a Change
of Control Notice is not delivered to the Holder in accordance with the immediately preceding sentence (as applicable) and ending
on the later of twenty (20) Trading Days after (A) consummation of such Change of Control or (B) the date of receipt of such Change
of Control Notice, the Holder may require the Company to redeem all or any portion of this Note by delivering written notice thereof
(“Change of Control Redemption Notice”) to the Company, which Change of Control Redemption Notice shall indicate
the Conversion Amount the Holder is electing to redeem. The portion of this Note subject to redemption pursuant to this Section
5(b) shall be redeemed by the Company in cash at a price equal to the greatest of (i) the product of (w) the Change of Control
Redemption Premium multiplied by (y) the Conversion Amount being redeemed, (ii) the product of (x) the Change of Control Redemption
Premium multiplied by (y) the product of (A) the Conversion Amount being redeemed multiplied by (B) the quotient determined by
dividing (I) the greatest Closing Sale Price of the shares of Common Stock during the period beginning on the date immediately
preceding the earlier to occur of (1) the consummation of the applicable Change of Control and (2) the public announcement of
such Change of Control and ending on the date the Holder delivers the Change of Control Redemption Notice by (II) the Conversion
Price then in effect and (iii) the product of (y) the Change of Control Redemption Premium multiplied by (z) the product of (A)
the Conversion Amount being redeemed multiplied by (B) the quotient of (I) the aggregate cash consideration and the aggregate
cash value of any non-cash consideration per share of Common Stock to be paid to the holders of the shares of Common Stock upon
consummation of such Change of Control (any such non-cash consideration constituting publicly-traded securities shall be valued
at the highest of the Closing Sale Price of such securities as of the Trading Day immediately prior to the consummation of such
Change of Control, the Closing Sale Price of such securities on the Trading Day immediately following the public announcement
of such proposed Change of Control and the Closing Sale Price of such securities on the Trading Day immediately prior to the public
announcement of such proposed Change of Control) divided by (II) the Conversion Price then in effect (the “Change of
Control Redemption Price”) [INSERT IN SERIES B NOTE ONLY (except, solely if any Restricted Principal is included in
such Conversion Amount subject to redemption pursuant to the applicable Change of Control Notice (such amount of Restricted Principal,
the “Change of Control Restricted Principal Amount”), such Change of Control Redemption Price shall be reduced,
on a dollar-for-dollar basis, by such Change of Control Restricted Principal Amount and such Change of Control Restricted Principal
Amount shall be automatically satisfied on such Redemption Date by Redemption Netting (as defined in the Investor Note) with respect
thereto)]. Redemptions required by this Section 5(b) shall be made in accordance with the provisions of Section 11 and shall have
priority to payments to stockholders in connection with such Change of Control. To the extent redemptions required by this Section
4(c)(b) are deemed or determined by a court of competent jurisdiction to be prepayments of this Note by the Company, such redemptions
shall be deemed to be voluntary prepayments. Notwithstanding anything to the contrary in this Section 5(b), but subject to Section
3(d), until the Change of Control Redemption Price (together with any Late Charges thereon) is paid in full, the Conversion Amount
submitted for redemption under this Section 5(b) (together with any Late Charges thereon) may be converted, in whole or in part,
by the Holder into Common Stock pursuant to Section 3. [INSERT IN SERIES B NOTE ONLY: In the event of a partial redemption of
this Note pursuant hereto, the amount of Restricted Principal redeemed, if any, shall be set forth in the applicable Change of
Control Redemption Notice]. In the event of the Company’s redemption of any portion of this Note under this Section 5(b),
the Holder’s damages would be uncertain and difficult to estimate because of the parties’ inability to predict future
interest rates and the uncertainty of the availability of a suitable substitute investment opportunity for the Holder. Accordingly,
any redemption premium due under this Section 5(b) is intended by the parties to be, and shall be deemed, a reasonable estimate
of the Holder’s actual loss of its investment opportunity and not as a penalty.

 

    	 	16	 

    	 

    

 

6.
RIGHTS UPON ISSUANCE OF PURCHASE RIGHTS AND OTHER CORPORATE EVENTS.

 

(a)
Purchase Rights. In addition to any adjustments pursuant to Section 7 below, if at any time the Company grants, issues
or sells any Options, Convertible Securities or rights to purchase stock, warrants, securities or other property pro rata to all
or substantially all of the record holders of any class of Common Stock (the “Purchase Rights”), then the Holder
will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder
could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete conversion of this Note
(without taking into account any limitations or restrictions on the convertibility of this Note and assuming for such purpose
that the Note was converted at the Conversion Price as of the applicable record date) immediately prior to the date on which a
record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which
the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided,
however, that to the extent that the Holder’s right to participate in any such Purchase Right would result in the
Holder and the other Attribution Parties exceeding the Maximum Percentage, then the Holder shall not be entitled to participate
in such Purchase Right to the extent of the Maximum Percentage (and shall not be entitled to beneficial ownership of such shares
of Common Stock as a result of such Purchase Right (and beneficial ownership) to the extent of any such excess) and such Purchase
Right to such extent shall be held in abeyance (and, if such Purchase Right has an expiration date, maturity date or other similar
provision, such term shall be extended by such number of days held in abeyance, if applicable) for the benefit of the Holder until
such time or times, if ever, as its right thereto would not result in the Holder and the other Attribution Parties exceeding the
Maximum Percentage, at which time or times the Holder shall be granted such right (and any Purchase Right granted, issued or sold
on such initial Purchase Right or on any subsequent Purchase Right held similarly in abeyance (and, if such Purchase Right has
an expiration date, maturity date or other similar provision, such term shall be extended by such number of days held in abeyance,
if applicable)) to the same extent as if there had been no such limitation).

 

(b)
Other Corporate Events. In addition to and not in substitution for any other rights hereunder, prior to the consummation
of any Fundamental Transaction pursuant to which holders of shares of Common Stock are entitled to receive securities or other
assets with respect to or in exchange for shares of Common Stock (a “Corporate Event”), the Company shall make
appropriate provision to ensure that the Holder will thereafter have the right to receive upon a conversion of this Note, at the
Holder’s option (i) in addition to the shares of Common Stock receivable upon such conversion, such securities or other
assets to which the Holder would have been entitled with respect to such shares of Common Stock had such shares of Common Stock
been held by the Holder upon the consummation of such Corporate Event (without taking into account any limitations or restrictions
on the convertibility of this Note) or (ii) in lieu of the shares of Common Stock otherwise receivable upon such conversion, such
securities or other assets received by the holders of shares of Common Stock in connection with the consummation of such Corporate
Event in such amounts as the Holder would have been entitled to receive had this Note initially been issued with conversion rights
for the form of such consideration (as opposed to shares of Common Stock) at a conversion rate for such consideration commensurate
with the Conversion Rate. Provision made pursuant to the preceding sentence shall be in a form and substance satisfactory to the
Holder. The provisions of this Section 6 shall apply similarly and equally to successive Corporate Events and shall be applied
without regard to any limitations on the conversion or redemption of this Note.

 

    	 	17	 

    	 

    

 

7.
RIGHTS UPON ISSUANCE OF OTHER SECURITIES.

 

(a)
Adjustment of Fixed Conversion Price upon Issuance of Common Stock. If and whenever on or after the Subscription Date the
Company issues or sells, or in accordance with this Section 7(a) is deemed to have issued or sold, any shares of Common Stock
(including the issuance or sale of shares of Common Stock owned or held by or for the account of the Company, but excluding any
Excluded Securities issued or sold or deemed to have been issued or sold) for a consideration per share (the “New Issuance
Price”) less than a price equal to the Fixed Conversion Price in effect immediately prior to such issuance or sale or
deemed issuance or sale (such Fixed Conversion Price then in effect is referred to herein as the “Applicable Price”)
(the foregoing a “Dilutive Issuance”), then, immediately after such Dilutive Issuance, the Fixed Conversion
Price then in effect shall be reduced to an amount equal to the New Issuance Price. For all purposes of the foregoing (including,
without limitation, determining the adjusted Fixed Conversion Price and the New Issuance Price under this Section 7(a)), the following
shall be applicable:

 

(i)
Issuance of Options. If the Company in any manner grants or sells any Options and the lowest price per share for which
one share of Common Stock is at any time issuable upon the exercise of any such Option or upon conversion, exercise or exchange
of any Convertible Securities issuable upon exercise of any such Option or otherwise pursuant to the terms thereof is less than
the Applicable Price, then such share of Common Stock shall be deemed to be outstanding and to have been issued and sold by the
Company at the time of the granting or sale of such Option for such price per share. For purposes of this Section 7(a)(i), the
“lowest price per share for which one share of Common Stock is at any time issuable upon the exercise of any such Option
or upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any such Option or otherwise
pursuant to the terms thereof” shall be equal to (1) the lower of (x) the sum of the lowest amounts of consideration (if
any) received or receivable by the Company with respect to any one share of Common Stock upon the granting or sale of such Option,
upon exercise of such Option and upon conversion, exercise or exchange of any Convertible Security issuable upon exercise of such
Option or otherwise pursuant to the terms thereof and (y) the lowest exercise price set forth in such Option for which one share
of Common Stock is issuable (or may become issuable assuming all possible market conditions) upon the exercise of any such Options
or upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any such Option or otherwise
pursuant to the terms thereof, minus (2) the sum of all amounts paid or payable to the holder of such Option (or any other Person)
with respect to any one share of Common Stock upon the granting or sale of such Option, upon exercise of such Option and upon
conversion, exercise or exchange of any Convertible Security issuable upon exercise of such Option or otherwise pursuant to the
terms thereof plus the value of any other consideration consisting of cash, debt forgiveness, assets or any other property received
or receivable by, or benefit conferred on, the holder of such Option (or any other Person). Except as contemplated below, no further
adjustment of the Fixed Conversion Price shall be made upon the actual issuance of such share of Common Stock or of such Convertible
Securities upon the exercise of such Options or otherwise pursuant to the terms thereof or upon the actual issuance of such shares
of Common Stock upon conversion, exercise or exchange of such Convertible Securities.

 

    	 	18	 

    	 

    

 

(ii)
Issuance of Convertible Securities. If the Company in any manner issues or sells any Convertible Securities and the lowest
price per share for which one share of Common Stock is at any time issuable upon the conversion, exercise or exchange thereof
or otherwise pursuant to the terms thereof is less than the Applicable Price, then such share of Common Stock shall be deemed
to be outstanding and to have been issued and sold by the Company at the time of the issuance or sale of such Convertible Securities
for such price per share. For the purposes of this Section 7(a)(ii), the “lowest price per share for which one share of
Common Stock is at any time issuable (or may become issuable assuming all possible market conditions) upon the conversion, exercise
or exchange thereof or otherwise pursuant to the terms thereof” shall be equal to (1) the lower of (x) the sum of the lowest
amounts of consideration (if any) received or receivable by the Company with respect to one share of Common Stock upon the issuance
or sale of the Convertible Security and upon conversion, exercise or exchange of such Convertible Security or otherwise pursuant
to the terms thereof and (y) the lowest conversion price set forth in such Convertible Security for which one share of Common
Stock is issuable upon conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof minus (2) the sum of
all amounts paid or payable to the holder of such Convertible Security (or any other Person) with respect to any one share of
Common Stock upon the issuance or sale of such Convertible Security plus the value of any other consideration received or receivable
consisting of cash, debt forgiveness, assets or other property by, or benefit conferred on, the holder of such Convertible Security
(or any other Person). Except as contemplated below, no further adjustment of the Fixed Conversion Price shall be made upon the
actual issuance of such shares of Common Stock upon conversion, exercise or exchange of such Convertible Securities or otherwise
pursuant to the terms thereof, and if any such issuance or sale of such Convertible Securities is made upon exercise of any Options
for which adjustment of the Fixed Conversion Price has been or is to be made pursuant to other provisions of this Section 7(a),
except as contemplated below, no further adjustment of the Fixed Conversion Price shall be made by reason of such issuance or
sale.

 

(iii)
Change in Option Price or Rate of Conversion. If the purchase or exercise price provided for in any Options, the additional
consideration, if any, payable upon the issue, conversion, exercise or exchange of any Convertible Securities, or the rate at
which any Convertible Securities are convertible into or exercisable or exchangeable for shares of Common Stock increases or decreases
at any time (other than proportional changes in conversion or exercise prices, as applicable, in connection with an event referred
to in Section 7(a) below), the Fixed Conversion Price in effect at the time of such increase or decrease shall be adjusted to
the Fixed Conversion Price which would have been in effect at such time had such Options or Convertible Securities provided for
such increased or decreased purchase price, additional consideration or increased or decreased conversion rate (as the case may
be) at the time initially granted, issued or sold. For purposes of this Section 7(a)(iii), if the terms of any Option or Convertible
Security that was outstanding as of the Subscription Date are increased or decreased in the manner described in the immediately
preceding sentence, then such Option or Convertible Security and the shares of Common Stock deemed issuable upon exercise, conversion
or exchange thereof shall be deemed to have been issued as of the date of such increase or decrease. No adjustment pursuant to
this Section 7(a) shall be made if such adjustment would result in an increase of the Fixed Conversion Price then in effect.

 

    	 	19	 

    	 

    

 

(iv)
Calculation of Consideration Received. If any Option and/or Convertible Security and/or Adjustment Right is issued in connection
with the issuance or sale or deemed issuance or sale of any other securities of the Company (as determined by the Holder, the
“Primary Security”, and such Option and/or Convertible Security and/or Adjustment Right, the “Secondary
Securities”), together comprising one integrated transaction (or one or more transactions if such issuances or sales
or deemed issuances or sales of securities of the Company either (A) have at least one investor or purchaser in common, (B) are
consummated in reasonable proximity to each other and/or (C) are consummated under the same plan of financing), the aggregate
consideration per share of Common Stock with respect to such Primary Security shall be deemed to be equal to the difference of
(x) the lowest price per share for which one share of Common Stock was issued (or was deemed to be issued pursuant to Section
7(a)(i) or 7(a)(ii) above, as applicable) in such integrated transaction solely with respect to such Primary Security, minus (y)
with respect to such Secondary Securities, the sum of (I) the Black Scholes Consideration Value of each such Option, if any, (II)
the fair market value (as determined by the Holder in good faith) or the Black Scholes Consideration Value, as applicable, of
such Adjustment Right, if any, and (III) the fair market value (as determined by the Holder) of such Convertible Security, if
any, in each case, as determined on a per share basis in accordance with this Section 7(a)(iv). If any shares of Common Stock,
Options or Convertible Securities are issued or sold or deemed to have been issued or sold for cash, the consideration received
therefor (for the purpose of determining the consideration paid for such Common Stock, Option or Convertible Security, but not
for the purpose of the calculation of the Black Scholes Consideration Value) will be deemed to be the net amount of consideration
received by the Company therefor. If any shares of Common Stock, Options or Convertible Securities are issued or sold for a consideration
other than cash, the amount of such consideration received by the Company (for the purpose of determining the consideration paid
for such Common Stock, Option or Convertible Security, but not for the purpose of the calculation of the Black Scholes Consideration
Value) will be the fair value of such consideration, except where such consideration consists of publicly traded securities, in
which case the amount of consideration received by the Company for such securities will be the arithmetic average of the VWAPs
of such security for each of the five (5) Trading Days immediately preceding the date of receipt. If any shares of Common Stock,
Options or Convertible Securities are issued to the owners of the non-surviving entity in connection with any merger in which
the Company is the surviving entity, the amount of consideration therefor (for the purpose of determining the consideration paid
for such Common Stock, Option or Convertible Security, but not for the purpose of the calculation of the Black Scholes Consideration
Value) will be deemed to be the fair value of such portion of the net assets and business of the non-surviving entity as is attributable
to such shares of Common Stock, Options or Convertible Securities (as the case may be). The fair value of any consideration other
than cash or publicly traded securities will be determined jointly by the Company and the Holder. If such parties are unable to
reach agreement within ten (10) days after the occurrence of an event requiring valuation (the “Valuation Event”),
the fair value of such consideration will be determined within five (5) Trading Days after the tenth (10th) day following
such Valuation Event by an independent, reputable appraiser jointly selected by the Company and the Holder. The determination
of such appraiser shall be final and binding upon all parties absent manifest error and the fees and expenses of such appraiser
shall be borne by the Company.

 

    	 	20	 

    	 

    

 

(v)
Record Date. If the Company takes a record of the holders of shares of Common Stock for the purpose of entitling them (A)
to receive a dividend or other distribution payable in shares of Common Stock, Options or in Convertible Securities or (B) to
subscribe for or purchase shares of Common Stock, Options or Convertible Securities, then such record date will be deemed to be
the date of the issuance or sale of the shares of Common Stock deemed to have been issued or sold upon the declaration of such
dividend or the making of such other distribution or the date of the granting of such right of subscription or purchase (as the
case may be).

 

(b)
Adjustment of Fixed Conversion Price upon Subdivision or Combination of Common Stock. Without limiting any provision of
Section 4(c) or Section 7(a), if the Company at any time on or after the Subscription Date subdivides (by any stock split, stock
dividend, stock combination, recapitalization or other similar transaction) one or more classes of its outstanding shares of Common
Stock into a greater number of shares, the Fixed Conversion Price in effect immediately prior to such subdivision will be proportionately
reduced. Without limiting any provision of Section 4(c) or Section 7(a), if the Company at any time on or after the Subscription
Date combines (by any stock split, stock dividend, stock combination, recapitalization or other similar transaction) one or more
classes of its outstanding shares of Common Stock into a smaller number of shares, the Fixed Conversion Price in effect immediately
prior to such combination will be proportionately increased. Any adjustment pursuant to this Section 7(a) shall become effective
immediately after the effective date of such subdivision or combination. If any event requiring an adjustment under this Section
7(a) occurs during the period that a Fixed Conversion Price is calculated hereunder, then the calculation of such Fixed Conversion
Price shall be adjusted appropriately to reflect such event.

 

(c)
Holder’s Right of Adjusted Fixed Conversion Price. In addition to and not in limitation of the other provisions of
this Section 7, if the Company in any manner issues or sells or enters into any agreement to issue or sell, any Common Stock,
Options or Convertible Securities (any such securities, “Variable Price Securities”), after the Subscription
Date that are issuable pursuant to such agreement or convertible into or exchangeable or exercisable for shares of Common Stock
at a price which varies or may vary with the market price of the shares of Common Stock, including by way of one or more reset(s)
to a fixed price, but exclusive of such formulations reflecting customary anti-dilution provisions (such as share splits, share
combinations, share dividends and similar transactions) (each of the formulations for such variable price being herein referred
to as, the “Variable Price”), the Company shall provide written notice thereof via facsimile and overnight
courier to the Holder on the date of such agreement and the issuance of such Convertible Securities or Options. From and after
the date the Company enters into such agreement or issues any such Variable Price Securities, the Holder shall have the right,
but not the obligation, in its sole discretion to substitute the Variable Price for the Fixed Conversion Price upon conversion
of this Note by designating in the Conversion Notice delivered upon any conversion of this Note that solely for purposes of such
conversion the Holder is relying on the Variable Price rather than the Fixed Conversion Price then in effect. The Holder’s
election to rely on a Variable Price for a particular conversion of this Note shall not obligate the Holder to rely on a Variable
Price for any future conversion of this Note. In addition, from and after the date the Company enters into such agreement or issues
any such Variable Price Securities, for purposes of calculating the Conversion Price as of any time of determination, the “Fixed
Conversion Price” as used therein shall mean the lower of (x) the Fixed Conversion Price as of such time of determination
and (y) the Variable Price as of such time of determination.

 

    	 	21	 

    	 

    

 

(d)
Stock Combination Event Adjustments. If at any time and from time to time on or after the Subscription Date there occurs
any stock split, stock dividend, stock combination recapitalization or other similar transaction involving the Common Stock (each,
a “Stock Combination Event”, and such date thereof, the “Stock Combination Event Date”)
and the Event Market Price is less than the Fixed Conversion Price then in effect (after giving effect to the adjustment in Section
7(a) above), then on the sixteenth (16th) Trading Day immediately following such Stock Combination Event Date, the
Fixed Conversion Price then in effect on such sixteenth (16th) Trading Day (after giving effect to the adjustment in
Section 7(a) above) shall be reduced (but in no event increased) to the Event Market Price. For the avoidance of doubt, if the
adjustment in the immediately preceding sentence would otherwise result in an increase in the Fixed Conversion Price hereunder,
no adjustment shall be made.

 

(e)
Other Events. In the event that the Company (or any Subsidiary) shall take any action to which the provisions hereof are
not strictly applicable, or, if applicable, would not operate to protect the Holder from dilution or if any event occurs of the
type contemplated by the provisions of this Section 7 but not expressly provided for by such provisions (including, without limitation,
the granting of stock appreciation rights, phantom stock rights or other rights with equity features), then the Company’s
board of directors shall in good faith determine and implement an appropriate adjustment in the Fixed Conversion Price so as to
protect the rights of the Holder, provided that no such adjustment pursuant to this Section 7(c) will increase the Fixed Conversion
Price as otherwise determined pursuant to this Section 7, provided further that if the Holder does not accept such adjustments
as appropriately protecting its interests hereunder against such dilution, then the Company’s board of directors and the
Holder shall agree, in good faith, upon an independent investment bank of nationally recognized standing to make such appropriate
adjustments, whose determination shall be final and binding absent manifest error and whose fees and expenses shall be borne by
the Company.

 

(f)
Calculations. All calculations under this Section 7 shall be made by rounding to the nearest cent or the nearest 1/100th
of a share, as applicable. The number of shares of Common Stock outstanding at any given time shall not include shares owned
or held by or for the account of the Company, and the disposition of any such shares shall be considered an issue or sale of Common
Stock.

 

    	 	22	 

    	 

    

 

(g)
Voluntary Adjustment by Company. The Company may at any time during the term of this Note, with the prior written consent
of the Required Holders, reduce the then current Fixed Conversion Price of each of the Notes to any amount and for any period
of time deemed appropriate by the board of directors of the Company.

 

[INSERT
IN SERIES A-1 NOTE ONLY: (h) Default Adjustment. If at any time after the Exchange Date an Event of Default occurs under
any New Series A Note (as defined in the Amendment and Exchange Agreement) then outstanding (a “Series A Default”),
at any time after the occurrence of a Series A Default if either (x) the Holder elects in a written notice to the Company to effect
a Default Adjustment (as defined below) in accordance with this Section 7(h) or (y) a Bankruptcy Event of Default occurs, upon
such delivery by the Holder of such written notice to the Company or occurrence of a Bankruptcy Event of Default, as applicable,
the aggregate Principal amount of this Note then outstanding shall automatically increase to the difference of (x) the aggregate
amount of the claim of the Holder against the Company, as determined by a court of competent jurisdiction, arising pursuant to
all outstanding defaults, including any related redemption notices, pursuant to the terms of the Existing Series A Note (as defined
in the Amendment and Exchange Agreement) as in effect immediately prior to the time of execution of the Amendment and Exchange
Agreement less (y) $12.5 million (such automatic increase, a “Default Adjustment”, and the date thereof, a
“Default Adjustment Date”); provided, that only one Default Adjustment may occur pursuant to this Section 7(h)
hereunder.]

 

8.
[INTENTIONALLY OMITTED]

 

9.
NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company will not, by amendment of its Certificate of
Incorporation (as defined in the Securities Purchase Agreement), Bylaws (as defined in the Securities Purchase Agreement) or through
any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities,
or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Note, and will
at all times in good faith carry out all of the provisions of this Note and take all action as may be required to protect the
rights of the Holder of this Note. Without limiting the generality of the foregoing or any other provision of this Note or the
other Transaction Documents, the Company (a) shall not increase the par value of any shares of Common Stock receivable upon conversion
of this Note above the Conversion Price then in effect, and (b) shall take all such actions as may be necessary or appropriate
in order that the Company may validly and legally issue fully paid and nonassessable shares of Common Stock upon the conversion
of this Note. Notwithstanding anything herein to the contrary, if after the sixty (60) calendar day anniversary of the Issuance
Date, the Holder is not permitted to convert this Note in full for any reason (other than pursuant to restrictions set forth in
Section 3(d) hereof), the Company shall use its best efforts to promptly remedy such failure, including, without limitation, obtaining
such consents or approvals as necessary to permit such conversion into shares of Common Stock.

 

    	 	23	 

    	 

    

 

10.
RESERVATION OF AUTHORIZED SHARES.

 

(a)
Reservation. So long as any Notes remain outstanding, the Company shall at all times reserve at least 200% of the number
of shares of Common Stock as shall from time to time be necessary to effect the conversion of all of the Notes then outstanding
(without regard to any limitations on conversions and assuming such Notes remain outstanding until the Maturity Date) (the “Required
Reserve Amount”). The Required Reserve Amount (including, without limitation, each increase in the number of shares
so reserved) shall be allocated pro rata among the holders of the Notes based on the original principal amount of the Notes held
by each holder on the Closing Date or increase in the number of reserved shares, as the case may be (the “Authorized
Share Allocation”). In the event that a holder shall sell or otherwise transfer any of such holder’s Notes, each
transferee shall be allocated a pro rata portion of such holder’s Authorized Share Allocation. Any shares of Common Stock
reserved and allocated to any Person which ceases to hold any Notes shall be allocated to the remaining holders of Notes, pro
rata based on the principal amount of the Notes then held by such holders.

 

(b)
Insufficient Authorized Shares. If, notwithstanding Section 10(a), and not in limitation thereof, at any time while any
of the Notes remain outstanding the Company does not have a sufficient number of authorized and unreserved shares of Common Stock
to satisfy its obligation to reserve for issuance upon conversion of the Notes at least a number of shares of Common Stock equal
to the Required Reserve Amount (an “Authorized Share Failure”), then the Company shall immediately take all
action necessary to increase the Company’s authorized shares of Common Stock to an amount sufficient to allow the Company
to reserve the Required Reserve Amount for the Notes then outstanding. Without limiting the generality of the foregoing sentence,
as soon as practicable after the date of the occurrence of an Authorized Share Failure, but in no event later than sixty (60)
days after the occurrence of such Authorized Share Failure, the Company shall hold a meeting of its stockholders for the approval
of an increase in the number of authorized shares of Common Stock. In connection with such meeting, the Company shall provide
each stockholder with a proxy statement and shall use its best efforts to solicit its stockholders’ approval of such increase
in authorized shares of Common Stock and to cause its board of directors to recommend to the stockholders that they approve such
proposal. In the event that the Company is prohibited from issuing shares of Common Stock pursuant to the terms of this Note due
to the failure by the Company to have sufficient shares of Common Stock available out of the authorized but unissued shares of
Common Stock (such unavailable number of shares of Common Stock, the “Authorized Failure Shares”), in lieu
of delivering such Authorized Failure Shares to the Holder, the Company shall pay cash in exchange for the redemption of such
portion of the Conversion Amount convertible into such Authorized Failure Shares at a price equal to the sum of (i) the product
of (x) such number of Authorized Failure Shares and (y) the greatest Closing Sale Price of the Common Stock on any Trading Day
during the period commencing on the date the Holder delivers the applicable Conversion Notice with respect to such Authorized
Failure Shares to the Company and ending on the date of such issuance and payment under this Section 10(a); and (ii) to the extent
the Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale
by the Holder of Authorized Failure Shares, any brokerage commissions and other out-of-pocket expenses, if any, of the Holder
incurred in connection therewith. Nothing contained in Section 10(a) or this Section 10(b) shall limit any obligations of the
Company under any provision of the Securities Purchase Agreement.

 

    	 	24	 

    	 

    

 

11.
REDEMPTIONS.

 

(a)
Mechanics. The Company shall deliver the applicable Event of Default Redemption Price to the Holder in cash within five
(5) Business Days after the Company’s receipt of the Holder’s Event of Default Redemption Notice (each, an “Event
of Default Redemption Date”). If the Holder has submitted a Change of Control Redemption Notice in accordance with Section
5(b), the Company shall deliver the applicable Change of Control Redemption Price to the Holder in cash concurrently with the
consummation of such Change of Control if such notice is received prior to the consummation of such Change of Control and within
five (5) Business Days after the Company’s receipt of such notice otherwise (each, a “Change of Control Redemption
Date”). Notwithstanding anything herein to the contrary, in connection with any redemption hereunder at a time the Holder
is entitled to receive a cash payment under any of the other Transaction Documents, at the option of the Holder delivered in writing
to the Company, the applicable Redemption Price hereunder shall be increased by the amount of such cash payment owed to the Holder
under such other Transaction Document and, upon payment in full or conversion in accordance herewith, shall satisfy the Company’s
payment obligation under such other Transaction Document. In the event of a redemption of less than all of the Conversion Amount
of this Note, the Company shall promptly cause to be issued and delivered to the Holder a new Note (in accordance with Section
18(d)) representing the outstanding Principal which has not been redeemed. In the event that the Company does not pay the applicable
Redemption Price to the Holder within the time period required, at any time thereafter and until the Company pays such unpaid
Redemption Price in full, the Holder shall have the option, in lieu of redemption, to require the Company to promptly return to
the Holder all or any portion of this Note representing the Conversion Amount that was submitted for redemption and for which
the applicable Redemption Price (together with any Late Charges thereon) has not been paid. [INSERT IN SERIES B NOTES ONLY: Notwithstanding
the foregoing, if any Restricted Principal is included in such Conversion Amount subject to redemption pursuant to the applicable
Redemption Notice (such amount of Restricted Principal, the “Redemption Restricted Principal Amount”), such
Redemption Price shall be reduced, on a dollar-for-dollar basis, by such Redemption Restricted Principal Amount and such Redemption
Restricted Principal Amount shall be automatically satisfied on the applicable Redemption Date by either Redemption Netting (if
such redemption is pursuant to Section 5(b) above), Event of Default Netting (if such redemption is pursuant to Section 4 without
regard to the occurrence of any Bankruptcy Event of Default) or Bankruptcy Event of Default Netting (if such redemption is pursuant
to Section 4 as a result of the occurrence of a Bankruptcy Event of Default)]. Upon the Company’s receipt of such notice,
(x) the applicable Redemption Notice shall be null and void with respect to such Conversion Amount, (y) the Company shall immediately
return this Note, or issue a new Note (in accordance with Section 18(d)), to the Holder, and in each case the principal amount
of this Note or such new Note (as the case may be) shall be increased by an amount equal to the difference between (1) the applicable
Redemption Price (as the case may be, and as adjusted pursuant to this Section 11, if applicable) minus (2) the Principal portion
of the Conversion Amount submitted for redemption and (z) the Conversion Price of this Note or such new Notes (as the case may
be) shall be automatically adjusted with respect to each conversion effected thereafter by the Holder to the lowest of (A) the
Conversion Price as in effect on the date on which the applicable Redemption Notice is voided, (B) 80% of the lowest Closing Bid
Price of the Common Stock during the period beginning on and including the date on which the applicable Redemption Notice is delivered
to the Company and ending on and including the date on which the applicable Redemption Notice is voided and (C) 80% of the quotient
of (I) the sum of the five (5) lowest VWAPs of the Common Stock during the twenty (20) consecutive Trading Day period ending and
including the Trading Day immediately preceding the applicable Conversion Date divided by (II) five (5) (it being understood and
agreed that all such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination or
other similar transaction during such period). The Holder’s delivery of a notice voiding a Redemption Notice and exercise
of its rights following such notice shall not affect the Company’s obligations to make any payments of Late Charges which
have accrued prior to the date of such notice with respect to the Conversion Amount subject to such notice.

 

    	 	25	 

    	 

    

 

(b)
Redemption by Other Holders. Upon the Company’s receipt of notice from any of the holders of the Other Notes for
redemption or repayment as a result of an event or occurrence substantially similar to the events or occurrences described in
Section 4(b) or Section 5(b) (each, an “Other Redemption Notice”), the Company shall immediately, but no later
than one (1) Business Day of its receipt thereof, forward to the Holder by facsimile or electronic mail a copy of such notice.
If the Company receives a Redemption Notice and one or more Other Redemption Notices, during the seven (7) Business Day period
beginning on and including the date which is two (2) Business Days prior to the Company’s receipt of the Holder’s
applicable Redemption Notice and ending on and including the date which is two (2) Business Days after the Company’s receipt
of the Holder’s applicable Redemption Notice and the Company is unable to redeem all principal, interest and other amounts
designated in such Redemption Notice and such Other Redemption Notices received during such seven (7) Business Day period, then
the Company shall redeem a pro rata amount from each holder of the Notes (including the Holder) based on the principal amount
of the Notes submitted for redemption pursuant to such Redemption Notice and such Other Redemption Notices received by the Company
during such seven (7) Business Day period.

 

12.
VOTING RIGHTS. The Holder shall have no voting rights as the holder of this Note, except as required by law (including,
without limitation, the Delaware General Corporation Law) and as expressly provided in this Note.

 

13.
COVENANTS. Until all of the Notes have been converted, redeemed or otherwise satisfied in accordance with their terms:

 

(a)
Rank. All payments due under this Note (a) shall rank pari passu with all Other Notes and (b) shall be senior to
all other Indebtedness of the Company and its Subsidiaries.

 

    	 	26	 

    	 

    

 

(b)
Incurrence of Indebtedness. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly
or indirectly, incur or guarantee, assume or suffer to exist any Indebtedness (other than (i) the Indebtedness evidenced by this
Note and the Other Notes and (ii) other Permitted Indebtedness).

 

(c)
Existence of Liens. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly or indirectly,
allow or suffer to exist any mortgage, lien, pledge, charge, security interest or other encumbrance upon or in any property or
assets (including accounts and contract rights) owned by the Company or any of its Subsidiaries (collectively, “Liens”)
other than Permitted Liens.

 

(d)
Restricted Payments. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly or indirectly,
redeem, defease, repurchase, repay or make any payments in respect of, by the payment of cash or cash equivalents (in whole or
in part, whether by way of open market purchases, tender offers, private transactions or otherwise), all or any portion of any
Indebtedness (other than the Notes) whether by way of payment in respect of principal of (or premium, if any) or interest on,
such Indebtedness if at the time such payment is due or is otherwise made or, after giving effect to such payment, (i) an event
constituting an Event of Default has occurred and is continuing or (ii) an event that with the passage of time and without being
cured would constitute an Event of Default has occurred and is continuing.

 

(e)
Restriction on Redemption and Cash Dividends. The Company shall not, and the Company shall cause each of its Subsidiaries
to not, directly or indirectly, redeem, repurchase or declare or pay any cash dividend or distribution on any of its capital stock.

 

(f)
Restriction on Transfer of Assets. The Company shall not, and the Company shall cause each of its Subsidiaries to not,
directly or indirectly, sell, lease, license, assign, transfer, spin-off, split-off, close, convey or otherwise dispose of any
assets or rights of the Company or any Subsidiary owned or hereafter acquired whether in a single transaction or a series of related
transactions, other than (i) sales, leases, licenses, assignments, transfers, conveyances and other dispositions of such assets
or rights by the Company and its Subsidiaries in the ordinary course of business consistent with its past practice and (ii) sales
of inventory and product in the ordinary course of business.

 

(g)
Maturity of Indebtedness. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly
or indirectly, permit any Indebtedness of the Company or any of its Subsidiaries to mature or accelerate prior to the Maturity
Date.

 

(h)
Change in Nature of Business. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly
or indirectly, engage in any material line of business substantially different from those lines of business conducted by or publicly
contemplated to be conducted by the Company and each of its Subsidiaries on the Subscription Date or any business substantially
related or incidental thereto. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly or
indirectly, modify its or their corporate structure or purpose.

 

    	 	27	 

    	 

    

 

(i)
Preservation of Existence, Etc. The Company shall maintain and preserve, and cause each of its Subsidiaries to maintain
and preserve, its existence, rights and privileges, and become or remain, and cause each of its Subsidiaries to become or remain,
duly qualified and in good standing in each jurisdiction in which the character of the properties owned or leased by it or in
which the transaction of its business makes such qualification necessary.

 

(j)
Maintenance of Properties, Etc. The Company shall maintain and preserve, and cause each of its Subsidiaries to maintain
and preserve, all of its properties which are necessary or useful in the proper conduct of its business in good working order
and condition, ordinary wear and tear excepted, and comply, and cause each of its Subsidiaries to comply, at all times with the
provisions of all leases to which it is a party as lessee or under which it occupies property, so as to prevent any loss or forfeiture
thereof or thereunder.

 

(k)
Maintenance of Intellectual Property. The Company will, and will cause each of its Subsidiaries to, take all action necessary
or advisable to maintain all of the Intellectual Property Rights (as defined in the Securities Purchase Agreement) of the Company
and/or any of its Subsidiaries that are necessary or material to the conduct of its business in full force and effect.

 

(l)
Transactions with Affiliates. The Company shall not, nor shall it permit any of its Subsidiaries to, enter into, renew,
extend or be a party to, any transaction or series of related transactions (including, without limitation, the purchase, sale,
lease, transfer or exchange of property or assets of any kind or the rendering of services of any kind) with any affiliate, except
(i) transactions approved by a majority of the Company’s independent directors and a majority of the board of directors
and (ii) transactions in the ordinary course of business in a manner and to an extent consistent with past practice and necessary
or desirable for the prudent operation of its business, for fair consideration and on terms no less favorable to it or its Subsidiaries
than would be obtainable in a comparable arm’s length transaction with a Person that is not an affiliate thereof.

 

(m)
Restricted Issuances. The Company shall not, directly or indirectly, without the prior written consent of the holders of
a majority in aggregate principal amount of the Notes then outstanding, (i) issue any Notes (other than as contemplated by the
Securities Purchase Agreement and the Notes) or (ii) issue any other securities that would cause a breach or default under the
Notes or the Warrants.

 

    	 	28	 

    	 

    

 

(n)
No Mergers, Acquisitions or Investments. The Company shall not, directly or indirectly, without the prior written consent
of the holders of a majority in aggregate principal amount of the Notes then outstanding, which consent shall not be unreasonably
withheld, postponed or delayed, enter into, or consummate, any merger or other acquisition of any business or line of business
of any Person or make any loan to, or equity investment into or other Strategic Transaction (as defined in the Securities Purchase
Agreement) with, any Person (each, a “Subsequent Transaction”), except with respect to mergers, acquisitions,
Strategic Transactions, loans and/or equity investments (collectively, the “Permitted Transactions”), as applicable,
that, in the aggregate, would result in the issuance of less than 15,308,198 shares of Common Stock (as adjusted for stock splits,
stock dividends, stock combinations, recapitalizations and similar events) (or securities convertible or exercisable into such
shares of Common Stock) (the “Permitted Shares”); provided, that any Permitted Shares must also be subject
to a lock-up agreement, in form and substance reasonably satisfactory to the Required Holders, prohibiting the sale of such Permitted
Shares until the later of (x) the first anniversary of the date of issuance of such Permitted Shares and (y) the 180th
calendar day after the Applicable Date (as defined in the Securities Purchase Agreement) (each, a “Required Lock-Up”).
Notwithstanding the foregoing, the Company shall not consummate any Subsequent Transaction (including, without limitation, any
Permitted Transaction) with any cash proceeds from the Notes or the Warrants and the Company shall provide the Holder with an
accounting, in form and substance reasonably satisfactory to the Holder, confirming the foregoing with respect to any Subsequent
Transaction in which the Company, directly or indirectly, pays any cash consideration to any Person in excess of the net cash
proceeds received by the Company from a Subsequent Placement (as defined in the Securities Purchase Agreement) occurring, and/or
Permitted Indebtedness created, in either case, in connection therewith.

 

(o)
Independent Investigation. At the request of the Holder either (x) at any time when an Event of Default has occurred and
is continuing, (y) upon the occurrence of an event that with the passage of time or giving of notice would constitute an Event
of Default or (z) at any time the Holder reasonably believes an Event of Default may have occurred or be continuing, the Company
shall hire an independent, reputable investment bank selected by the Company and approved by the Holder to investigate as to whether
any breach of this Note has occurred (the “Independent Investigator”). If the Independent Investigator determines
that such breach of this Note has occurred, the Independent Investigator shall notify the Company of such breach and the Company
shall deliver written notice to each holder of a Note of such breach. In connection with such investigation, the Independent Investigator
may, during normal business hours, inspect all contracts, books, records, personnel, offices and other facilities and properties
of the Company and its Subsidiaries and, to the extent available to the Company after the Company uses reasonable efforts to obtain
them, the records of its legal advisors and accountants (including the accountants’ work papers) and any books of account,
records, reports and other papers not contractually required of the Company to be confidential or secret, or subject to attorney-client
or other evidentiary privilege, and the Independent Investigator may make such copies and inspections thereof as the Independent
Investigator may reasonably request. The Company shall furnish the Independent Investigator with such financial and operating
data and other information with respect to the business and properties of the Company as the Independent Investigator may reasonably
request. The Company shall permit the Independent Investigator to discuss the affairs, finances and accounts of the Company with,
and to make proposals and furnish advice with respect thereto to, the Company’s officers, directors, key employees and independent
public accountants or any of them (and by this provision the Company authorizes said accountants to discuss with such Independent
Investigator the finances and affairs of the Company and any Subsidiaries), all at such reasonable times, upon reasonable notice,
and as often as may be reasonably requested.

 

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14.
[INSERT IN SERIES A AND A-1 NOTE ONLY: [INTENTIONALLY OMITTED]][INSERT IN SERIES B NOTE ONLY: SECURITY. This Note is secured
to the extent and in the manner set forth in Section 1(f) of this Note.]

 

15.
DISTRIBUTION OF ASSETS. In addition to any adjustments pursuant to Section 7, if the Company shall declare or make any
dividend or other distributions of its assets (or rights to acquire its assets) to any or all holders of shares of Common Stock,
by way of return of capital or otherwise (including without limitation, any distribution of cash, stock or other securities, property
or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction)
(the “Distributions”), then the Holder will be entitled to such Distributions as if the Holder had held the
number of shares of Common Stock acquirable upon complete conversion of this Note (without taking into account any limitations
or restrictions on the convertibility of this Note and assuming for such purpose that the Note was converted at the Conversion
Price as of the applicable record date) immediately prior to the date on which a record is taken for such Distribution or, if
no such record is taken, the date as of which the record holders of Common Stock are to be determined for such Distributions (provided,
however, that to the extent that the Holder’s right to participate in any such Distribution would result in the Holder and
the other Attribution Parties exceeding the Maximum Percentage, then the Holder shall not be entitled to participate in such Distribution
to the extent of the Maximum Percentage (and shall not be entitled to beneficial ownership of such shares of Common Stock as a
result of such Distribution (and beneficial ownership) to the extent of any such excess) and the portion of such Distribution
shall be held in abeyance for the benefit of the Holder until such time or times, if ever, as its right thereto would not result
in the Holder and the other Attribution Parties exceeding the Maximum Percentage, at which time or times the Holder shall be granted
such Distribution (and any Distributions declared or made on such initial Distribution or on any subsequent Distribution held
similarly in abeyance) to the same extent as if there had been no such limitation).

 

16.
AMENDING THE TERMS OF THIS NOTE. The prior written consent of the Required Holders (as defined in the Securities Purchase
Agreement) shall be required for any change, waiver or amendment to this Note (other than Section 3(d)(i) which may not be amended,
modified or waived hereunder). Any change, waiver or amendment so approved shall be binding upon all existing and future holders
of this Note and any Other Notes; provided, however, that no such change, waiver or, as applied to any of the Notes held by any
particular holder of Notes, shall, without the written consent of that particular holder, (i) reduce the amount of Principal,
reduce the amount of accrued and unpaid Interest, or extend the Maturity Date, of the Notes, (ii) disproportionally and adversely
affect any rights under the Notes of any holder of Notes; or (iii) modify any of the provisions of, or impair the right of any
holder of Notes under, this Section 16.

 

17.
TRANSFER. This Note and any shares of Common Stock issued upon conversion of this Note may be offered, sold, assigned or
transferred by the Holder without the consent of the Company, subject only to the provisions of Section 2(g) of the Securities
Purchase Agreement.

 

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18.
REISSUANCE OF THIS NOTE.

 

(a)
Transfer. If this Note is to be transferred, the Holder shall surrender this Note to the Company, whereupon the Company
will forthwith issue and deliver upon the order of the Holder a new Note (in accordance with Section 18(d)), registered as the
Holder may request, representing the outstanding Principal being transferred by the Holder and, if less than the entire outstanding
Principal is being transferred, a new Note (in accordance with Section 18(d)) to the Holder representing the outstanding Principal
not being transferred. The Holder and any assignee, by acceptance of this Note, acknowledge and agree that, by reason of the provisions
of Section 3(c)(iii) following conversion or redemption of any portion of this Note, the outstanding Principal represented by
this Note may be less than the Principal stated on the face of this Note.

 

(b)
Lost, Stolen or Mutilated Note. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss,
theft, destruction or mutilation of this Note (as to which a written certification and the indemnification contemplated below
shall suffice as such evidence), and, in the case of loss, theft or destruction, of any indemnification undertaking by the Holder
to the Company in customary and reasonable form and, in the case of mutilation, upon surrender and cancellation of this Note,
the Company shall execute and deliver to the Holder a new Note (in accordance with Section 18(d)) representing the outstanding
Principal.

 

(c)
Note Exchangeable for Different Denominations. This Note is exchangeable, upon the surrender hereof by the Holder at the
principal office of the Company, for a new Note or Notes (in accordance with Section 18(d) and in principal amounts of at least
$1,000) representing in the aggregate the outstanding Principal of this Note, and each such new Note will represent such portion
of such outstanding Principal as is designated by the Holder at the time of such surrender.

 

(d)
Issuance of New Notes. Whenever the Company is required to issue a new Note pursuant to the terms of this Note, such new
Note (i) shall be of like tenor with this Note, (ii) shall represent, as indicated on the face of such new Note, the Principal
remaining outstanding (or in the case of a new Note being issued pursuant to Section 18(a) or Section 18(c), the Principal designated
by the Holder which, when added to the principal represented by the other new Notes issued in connection with such issuance, does
not exceed the Principal remaining outstanding under this Note immediately prior to such issuance of new Notes), (iii) shall have
an issuance date, as indicated on the face of such new Note, which is the same as the Issuance Date of this Note, (iv) shall have
an exchange date, as indicated on the face of such new Note, which is the same as the Exchange Date of this Note, (v) shall have
the same rights and conditions as this Note, and (vi) shall represent accrued and unpaid Interest and Late Charges on the Principal
and Interest of this Note, from the Issuance Date.

 

    	 	31	 

    	 

    

 

19.
REMEDIES, CHARACTERIZATIONS, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Note shall
be cumulative and in addition to all other remedies available under this Note and any of the other Transaction Documents at law
or in equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the Holder’s
right to pursue actual and consequential damages for any failure by the Company to comply with the terms of this Note. No failure
on the part of the Holder to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver
thereof; nor shall any single or partial exercise by the Holder of any right, power or remedy preclude any other or further exercise
thereof or the exercise of any other right, power or remedy. In addition, the exercise of any right or remedy of the Holder at
law or equity or under this Note or any of the documents shall not be deemed to be an election of Holder’s rights or remedies
under such documents or at law or equity. The Company covenants to the Holder that there shall be no characterization concerning
this instrument other than as expressly provided herein. Amounts set forth or provided for herein with respect to payments, conversion
and the like (and the computation thereof) shall be the amounts to be received by the Holder and shall not, except as expressly
provided herein, be subject to any other obligation of the Company (or the performance thereof). The Company acknowledges that
a breach by it of its obligations hereunder will cause irreparable harm to the Holder and that the remedy at law for any such
breach may be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach, the Holder
shall be entitled, in addition to all other available remedies, to specific performance and/or temporary, preliminary and permanent
injunctive or other equitable relief from any court of competent jurisdiction in any such case without the necessity of proving
actual damages and without posting a bond or other security. The Company shall provide all information and documentation to the
Holder that is requested by the Holder to enable the Holder to confirm the Company’s compliance with the terms and conditions
of this Note (including, without limitation, compliance with Section 7).

 

20.
PAYMENT OF COLLECTION, ENFORCEMENT AND OTHER COSTS. If (a) this Note is placed in the hands of an attorney for collection
or enforcement or is collected or enforced through any legal proceeding or the Holder otherwise takes action to collect amounts
due under this Note or to enforce the provisions of this Note or (b) there occurs any bankruptcy, reorganization, receivership
of the Company or other proceedings affecting Company creditors’ rights and involving a claim under this Note, then the
Company shall pay the costs incurred by the Holder for such collection, enforcement or action or in connection with such bankruptcy,
reorganization, receivership or other proceeding, including, without limitation, attorneys’ fees and disbursements. The
Company expressly acknowledges and agrees that no amounts due under this Note shall be affected, or limited, by the fact that
the purchase price paid for this Note was less than the original Principal amount hereof.

 

21.
CONSTRUCTION; HEADINGS. This Note shall be deemed to be jointly drafted by the Company and the initial Holder and shall
not be construed against any such Person as the drafter hereof. The headings of this Note are for convenience of reference and
shall not form part of, or affect the interpretation of, this Note. Unless the context clearly indicates otherwise, each pronoun
herein shall be deemed to include the masculine, feminine, neuter, singular and plural forms thereof. The terms “including,”
“includes,” “include” and words of like import shall be construed broadly as if followed by the words
“without limitation.” The terms “herein,” “hereunder,” “hereof” and words of like
import refer to this entire Note instead of just the provision in which they are found. Unless expressly indicated otherwise,
all section references are to sections of this Note. Terms used in this Note and not otherwise defined herein, but defined in
the other Transaction Documents, shall have the meanings ascribed to such terms on the Closing Date in such other Transaction
Documents unless otherwise consented to in writing by the Holder.

 

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22.
FAILURE OR INDULGENCE NOT WAIVER. No failure or delay on the part of the Holder in the exercise of any power, right or
privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege
preclude other or further exercise thereof or of any other right, power or privilege. No waiver shall be effective unless it is
in writing and signed by an authorized representative of the waiving party. Notwithstanding the foregoing, nothing contained in
this Section 22 shall permit any waiver of any provision of Section 3(d).

 

23.
DISPUTE RESOLUTION.

 

(a)
Submission to Dispute Resolution.

 

(i)
In the case of a dispute relating to a Closing Bid Price, a Closing Sale Price, a Conversion Price, a Black Scholes Consideration
Value, a VWAP or a fair market value or the arithmetic calculation of a Conversion Rate, the Restricted Principal, or the applicable
Redemption Price (as the case may be) (including, without limitation, a dispute relating to the determination of any of the foregoing),
the Company or the Holder (as the case may be) shall submit the dispute to the other party via facsimile or electronic mail (A)
if by the Company, within two (2) Business Days after the occurrence of the circumstances giving rise to such dispute or (B) if
by the Holder at any time after the Holder learned of the circumstances giving rise to such dispute. If the Holder and the Company
are unable to promptly resolve such dispute relating to such Closing Bid Price, such Closing Sale Price, such Conversion Price,
such Black Scholes Consideration Value, such VWAP or such fair market value, or the arithmetic calculation of such Conversion
Rate, the Restricted Principal or such applicable Redemption Price (as the case may be), at any time after the second (2nd)
Business Day following such initial notice by the Company or the Holder (as the case may be) of such dispute to the Company or
the Holder (as the case may be), then the Holder may, at its sole option, select an independent, reputable investment bank to
resolve such dispute.

 

(ii)
The Holder and the Company shall each deliver to such investment bank (A) a copy of the initial dispute submission so delivered
in accordance with the first sentence of this Section 23 and (B) written documentation supporting its position with respect to
such dispute, in each case, no later than 5:00 p.m. (New York time) by the fifth (5th) Business Day immediately following
the date on which the Holder selected such investment bank (the “Dispute Submission Deadline”) (the documents
referred to in the immediately preceding clauses (A) and (B) are collectively referred to herein as the “Required Dispute
Documentation”) (it being understood and agreed that if either the Holder or the Company fails to so deliver all of
the Required Dispute Documentation by the Dispute Submission Deadline, then the party who fails to so submit all of the Required
Dispute Documentation shall no longer be entitled to (and hereby waives its right to) deliver or submit any written documentation
or other support to such investment bank with respect to such dispute and such investment bank shall resolve such dispute based
solely on the Required Dispute Documentation that was delivered to such investment bank prior to the Dispute Submission Deadline).
Unless otherwise agreed to in writing by both the Company and the Holder or otherwise requested by such investment bank, neither
the Company nor the Holder shall be entitled to deliver or submit any written documentation or other support to such investment
bank in connection with such dispute (other than the Required Dispute Documentation).

 

    	 	33	 

    	 

    

 

(iii)
The Company and the Holder shall cause such investment bank to determine the resolution of such dispute and notify the Company
and the Holder of such resolution no later than ten (10) Business Days immediately following the Dispute Submission Deadline.
The fees and expenses of such investment bank shall be borne solely by the Company, and such investment bank’s resolution
of such dispute shall be final and binding upon all parties absent manifest error.

 

(b)
Miscellaneous. The Company expressly acknowledges and agrees that (i) this Section 23 constitutes an agreement to arbitrate
between the Company and the Holder (and constitutes an arbitration agreement) under § 7501, et seq. of the New York Civil
Practice Law and Rules (“CPLR”) and that the Holder is authorized to apply for an order to compel arbitration
pursuant to CPLR § 7503(a) in order to compel compliance with this Section 23, (ii) a dispute relating to a Conversion Price
includes, without limitation, disputes as to (A) whether an issuance or sale or deemed issuance or sale of Common Stock occurred
under Section 7(a), (B) the consideration per share at which an issuance or deemed issuance of Common Stock occurred, (C) whether
any issuance or sale or deemed issuance or sale of Common Stock was an issuance or sale or deemed issuance or sale of Excluded
Securities, (D) whether an agreement, instrument, security or the like constitutes and Option or Convertible Security and (E)
whether a Dilutive Issuance occurred, (iii) the terms of this Note and each other applicable Transaction Document shall serve
as the basis for the selected investment bank’s resolution of the applicable dispute, such investment bank shall be entitled
(and is hereby expressly authorized) to make all findings, determinations and the like that such investment bank determines are
required to be made by such investment bank in connection with its resolution of such dispute and in resolving such dispute such
investment bank shall apply such findings, determinations and the like to the terms of this Note and any other applicable Transaction
Documents, (iv) the Holder (and only the Holder), in its sole discretion, shall have the right to submit any dispute described
in this Section 23 to any state or federal court sitting in The City of New York, Borough of Manhattan in lieu of utilizing the
procedures set forth in this Section 23 and (v) nothing in this Section 23 shall limit the Holder from obtaining any injunctive
relief or other equitable remedies (including, without limitation, with respect to any matters described in this Section 23).

 

    	 	34	 

    	 

    

 

24.
NOTICES; CURRENCY; PAYMENTS.

 

(a)
Notices. Whenever notice is required to be given under this Note, unless otherwise provided herein, such notice shall be
given in accordance with Section 9(f) of the Securities Purchase Agreement. The Company shall provide the Holder with prompt written
notice of all actions taken pursuant to this Note, including in reasonable detail a description of such action and the reason
therefore. Without limiting the generality of the foregoing, the Company will give written notice to the Holder (i) immediately
upon any adjustment of the Conversion Price, setting forth in reasonable detail, and certifying, the calculation of such adjustment
and (ii) at least fifteen (15) days prior to the date on which the Company closes its books or takes a record (A) with respect
to any dividend or distribution upon the Common Stock, (B) with respect to any grant, issuances, or sales of any Options, Convertible
Securities or rights to purchase stock, warrants, securities or other property to holders of shares of Common Stock or (C) for
determining rights to vote with respect to any Fundamental Transaction, dissolution or liquidation, provided in each case that
such information shall be made known to the public prior to or in conjunction with such notice being provided to the Holder.

 

(b)
Currency. All dollar amounts referred to in this Note are in United States Dollars (“U.S. Dollars”),
and all amounts owing under this Note shall be paid in U.S. Dollars. All amounts denominated in other currencies (if any) shall
be converted into the U.S. Dollar equivalent amount in accordance with the Exchange Rate on the date of calculation. “Exchange
Rate” means, in relation to any amount of currency to be converted into U.S. Dollars pursuant to this Note, the U.S.
Dollar exchange rate as published in the Wall Street Journal on the relevant date of calculation (it being understood and agreed
that where an amount is calculated with reference to, or over, a period of time, the date of calculation shall be the final date
of such period of time).

 

(c)
Payments. Whenever any payment of cash is to be made by the Company to any Person pursuant to this Note, unless otherwise
expressly set forth herein, such payment shall be made in lawful money of the United States of America by a certified check drawn
on the account of the Company and sent via overnight courier service to such Person at such address as previously provided to
the Company in writing (which address, in the case of each of the Buyers, shall initially be as set forth on the Schedule of Buyers
attached to the Securities Purchase Agreement), provided that the Holder may elect to receive a payment of cash via wire transfer
of immediately available funds by providing the Company with prior written notice setting out such request and the Holder’s
wire transfer instructions. Whenever any amount expressed to be due by the terms of this Note is due on any day which is not a
Business Day, the same shall instead be due on the next succeeding day which is a Business Day. Any amount of Principal or other
amounts due under the Transaction Documents which is not paid when due (except to the extent such amount is simultaneously accruing
Interest at the Default Rate hereunder) shall result in a late charge being incurred and payable by the Company in an amount equal
to interest on such amount at the rate of eighteen percent (18%) per annum from the date such amount was due until the same is
paid in full (“Late Charge”).

 

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25.
CANCELLATION. After all Principal, accrued Interest, Late Charges and other amounts at any time owed on this Note have
been paid in full, this Note shall automatically be deemed canceled, shall be surrendered to the Company for cancellation and
shall not be reissued.

 

26.
WAIVER OF NOTICE. To the extent permitted by law, the Company hereby irrevocably waives demand, notice, presentment, protest
and all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Note
and the Securities Purchase Agreement.

 

27.
GOVERNING LAW. This Note shall be construed and enforced in accordance with, and all questions concerning the construction,
validity, interpretation and performance of this Note 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. Except as otherwise required
by Section 23 above, the Company 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. Nothing contained
herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any manner permitted by law. Nothing contained herein (i) shall
be deemed or operate to preclude the Holder from bringing suit or taking other legal action against the Company in any other jurisdiction
to collect on the Company’s obligations to the Holder, to realize on any collateral or any other security for such obligations,
or to enforce a judgment or other court ruling in favor of the Holder or (ii) shall limit, or shall be deemed or construed to
limit, any provision of Section 23. THE COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST,
A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS NOTE OR ANY TRANSACTION
CONTEMPLATED HEREBY.

 

28.
JUDGMENT CURRENCY.

 

(a)
If for the purpose of obtaining or enforcing judgment against the Company in any court in any jurisdiction it becomes necessary
to convert into any other currency (such other currency being hereinafter in this Section 28 referred to as the “Judgment
Currency”) an amount due in U.S. dollars under this Note, the conversion shall be made at the Exchange Rate prevailing
on the Trading Day immediately preceding:

 

(i)
the date actual payment of the amount due, in the case of any proceeding in the courts of New York or in the courts of any other
jurisdiction that will give effect to such conversion being made on such date: or

 

(ii)
the date on which the foreign court determines, in the case of any proceeding in the courts of any other jurisdiction (the date
as of which such conversion is made pursuant to this Section 28(a)(ii) being hereinafter referred to as the “Judgment
Conversion Date”).

 

    	 	36	 

    	 

    

 

(b)
If in the case of any proceeding in the court of any jurisdiction referred to in Section 28(a)(ii) above, there is a change in
the Exchange Rate prevailing between the Judgment Conversion Date and the date of actual payment of the amount due, the applicable
party shall pay such adjusted amount as may be necessary to ensure that the amount paid in the Judgment Currency, when converted
at the Exchange Rate prevailing on the date of payment, will produce the amount of US dollars which could have been purchased
with the amount of Judgment Currency stipulated in the judgment or judicial order at the Exchange Rate prevailing on the Judgment
Conversion Date.

 

(c)
Any amount due from the Company under this provision shall be due as a separate debt and shall not be affected by judgment being
obtained for any other amounts due under or in respect of this Note.

 

29.
SEVERABILITY. If any provision of this Note 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 Note so long as this Note 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).

 

30.
MAXIMUM PAYMENTS. Without limiting Section 9(d) of the Securities Purchase Agreement, nothing contained herein shall be
deemed to establish or require the payment of a rate of interest or other charges in excess of the maximum permitted by applicable
law. In the event that the rate of interest required to be paid or other charges hereunder exceed the maximum permitted by such
law, any payments in excess of such maximum shall be credited against amounts owed by the Company to the Holder and thus refunded
to the Company.

 

31.
CERTAIN DEFINITIONS. For purposes of this Note, the following terms shall have the following meanings:

 

(a)
“1933 Act” means the Securities Act of 1933, as amended, and the rules and regulations thereunder.

 

(b)
“1934 Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

 

(c)
“Adjustment Right” means any right granted with respect to any securities issued in connection with, or with
respect to, any issuance or sale (or deemed issuance or sale in accordance with Section 7) of shares of Common Stock (other than
rights of the type described in Section 6(a) hereof) that could result in a decrease in the net consideration received by the
Company in connection with, or with respect to, such securities (including, without limitation, any cash settlement rights, cash
adjustment or other similar rights).

 

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(d)
“Affiliate” means, with respect to any Person, any other Person that directly or indirectly controls, is controlled
by, or is under common control with, such Person, it being understood for purposes of this definition that “control”
of a Person means the power directly or indirectly either to vote 10% or more of the stock having ordinary voting power for the
election of directors of such Person or direct or cause the direction of the management and policies of such Person whether by
contract or otherwise.

 

(e)
“Approved Stock Plan” means any employee benefit plan or employment agreement which has been approved by the
board of directors of the Company prior to or subsequent to the date hereof pursuant to which shares of Common Stock, standard
options and similar incentive equity awards to purchase Common Stock may be issued to any employee, officer or director for services
provided to the Company in their capacity as such.

 

(f)
“Attribution Parties” means, collectively, the following Persons and entities: (i) any investment vehicle,
including, any funds, feeder funds or managed accounts, currently, or from time to time after the Issuance Date, directly or indirectly
managed or advised by the Holder’s investment manager or any of its Affiliates or principals, (ii) any direct or indirect
Affiliates of the Holder or any of the foregoing, (iii) any Person acting or who could be deemed to be acting as a Group together
with the Holder or any of the foregoing and (iv) any other Persons whose beneficial ownership of the Company’s Common Stock
would or could be aggregated with the Holder’s and the other Attribution Parties for purposes of Section 13(d) of the 1934
Act. For clarity, the purpose of the foregoing is to subject collectively the Holder and all other Attribution Parties to the
Maximum Percentage.

 

(g)
“Black Scholes Consideration Value” means the value of the applicable Option, Convertible Security or Adjustment
Right (as the case may be) as of the date of issuance thereof calculated using the Black Scholes Option Pricing Model obtained
from the “OV” function on Bloomberg utilizing (i) an underlying price per share equal to the Closing Sale Price of
the Common Stock on the Trading Day immediately preceding the public announcement of the execution of definitive documents with
respect to the issuance of such Option, Convertible Security or Adjustment Right (as the case may be), (ii) a risk-free interest
rate corresponding to the U.S. Treasury rate for a period equal to the remaining term of such Option, Convertible Security or
Adjustment Right (as the case may be) as of the date of issuance of such Option, Convertible Security or Adjustment Right (as
the case may be), (iii) a zero cost of borrow and (iv) an expected volatility equal to the greater of 100% and the 100 day volatility
obtained from the “HVT” function on Bloomberg (determined utilizing a 365 day annualization factor) as of the Trading
Day immediately following the date of issuance of such Option, Convertible Security or Adjustment Right (as the case may be).

 

    	 	38	 

    	 

    

 

(h)
“Bloomberg” means Bloomberg, L.P.

 

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

 

(j)
“Change of Control” means any Fundamental Transaction other than (i) any merger of the Company or any of its,
direct or indirect, wholly-owned Subsidiaries with or into any of the foregoing Persons, (ii) any reorganization, recapitalization
or reclassification of the shares of Common Stock in which holders of the Company’s voting power immediately prior to such
reorganization, recapitalization or reclassification continue after such reorganization, recapitalization or reclassification
to hold publicly traded securities and, directly or indirectly, are, in all material respects, the holders of the voting power
of the surviving entity (or entities with the authority or voting power to elect the members of the board of directors (or their
equivalent if other than a corporation) of such entity or entities) after such reorganization, recapitalization or reclassification,
or (iii) pursuant to a migratory merger effected solely for the purpose of changing the jurisdiction of incorporation of the Company
or any of its Subsidiaries.

 

(k)
“Change of Control Redemption Premium” means 130%.

 

(l)
“Closing Bid Price” and “Closing Sale Price” means, for any security as of any date, the
last closing bid price and last closing trade price, respectively, for such security if the Principal Market is an Eligible Major
Market, as reported by Bloomberg, or, if such Eligible Major Market begins to operate on an extended hours basis and does not
designate the closing bid price or the closing trade price (as the case may be) then the last bid price or last trade price, respectively,
of such security prior to 4:00:00 p.m., New York time, as reported by Bloomberg, or, if the Principal Market is not the principal
securities exchange or trading market for such security, the last closing bid price or last trade price, respectively, of such
security on the principal securities exchange or trading market where such security is listed or traded as reported by Bloomberg,
or if the foregoing do not apply, the last closing bid price or last trade price, respectively, of such security in the over-the-counter
market on the electronic bulletin board for such security as reported by Bloomberg, or, if no closing bid price or last trade
price, respectively, is reported for such security by Bloomberg, the average of the bid prices, or the ask prices, respectively,
of any market makers for such security as reported in the “pink sheets” by OTC Markets Group Inc. (formerly Pink Sheets
LLC). If the Closing Bid Price or the Closing Sale Price cannot be calculated for a security on a particular date on any of the
foregoing bases, the Closing Bid Price or the Closing Sale Price (as the case may be) of such security on such date shall be the
fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon
the fair market value of such security, then such dispute shall be resolved in accordance with the procedures in Section 23. All
such determinations shall be appropriately adjusted for any stock splits, stock dividends, stock combinations, recapitalizations
or other similar transactions during such period.

 

    	 	39	 

    	 

    

 

(m)
“Closing Date” shall have the meaning set forth in the Securities Purchase Agreement, which date is the date
the Company initially issued Notes pursuant to the terms of the Securities Purchase Agreement.

 

(n)
“Common Stock” means (i) the Company’s shares of common stock class A, par value $0.00001 per share,
and (ii) any capital stock into which such common stock shall have been changed or any share capital resulting from a reclassification
of such common stock.

 

(o)
“Convertible Securities” means any stock or other security (other than Options) that is at any time and under
any circumstances, directly or indirectly, convertible into, exercisable or exchangeable for, or which otherwise entitles the
holder thereof to acquire, any shares of Common Stock.

 

(p)
“Current Information Failure” means either (x) the Company fails for any reason to satisfy the requirements
of Rule 144(c)(1), including, without limitation, the failure to satisfy the current public information requirement under Rule
144(c) or (y) if the Company has ever been an issuer described in Rule 144(i)(1)(i) or becomes such an issuer in the future, and
the Company shall fail to satisfy any condition set forth in Rule 144(i)(2) as a result of which the Holder is unable to sell
all, or any part, of the Registrable Securities without restriction under Rule 144 (including, without limitation, volume restrictions).

 

(q)
“Current Subsidiary” means any Person in which the Company on the Subscription Date, directly or indirectly,
(i) owns any of the outstanding capital stock or holds any equity or similar interest of such Person or (ii) controls or operates
all or any part of the business, operations or administration of such Person, and all of the foregoing, collectively, “Current
Subsidiaries”.

 

(r)
“Eligible Market” means the OTC Pink Open Market, the OTCQB, the OTCQX, the New York Stock Exchange, the NYSE
American, the Nasdaq Capital Market, the Nasdaq Global Select Market, or the Nasdaq Global Market.

 

(s)
“Eligible Major Market” means the New York Stock Exchange, the NYSE American, the Nasdaq Capital Market, the
Nasdaq Global Select Market, the Nasdaq Global Market.

 

    	 	40	 

    	 

    

 

(t)
“Equity Conditions” means, with respect to any given date of determination: (i) on each day during the period
beginning thirty calendar days prior to such applicable date of determination and ending on and including such applicable date
of determination all Registrable Securities shall be eligible for sale pursuant to Rule 144 (as defined in the Securities Purchase
Agreement) without the need for registration under any applicable federal or state securities laws (in each case, disregarding
any limitation on conversion of the Notes, other issuance of securities with respect to the Notes and exercise of the Warrants)
and no Current Information Failure exists or is continuing; (ii) on each day during the period beginning thirty calendar days
prior to the applicable date of determination and ending on and including the applicable date of determination (the “Equity
Conditions Measuring Period”), the Common Stock (including all Registrable Securities) is listed or designated for quotation
(as applicable) on an Eligible Market and shall not have been suspended from trading on an Eligible Market (other than suspensions
of not more than two (2) days and occurring prior to the applicable date of determination due to business announcements by the
Company) nor shall delisting or suspension by an Eligible Market have been threatened (with a reasonable prospect of delisting
occurring after giving effect to all applicable notice, appeal, compliance and hearing periods) or reasonably likely to occur
or pending as evidenced by (A) a writing by such Eligible Market (excluding any caveat emptor designations made thereby) or (B)
the Company falling below the minimum listing maintenance requirements of the Eligible Market on which the Common Stock is then
listed or designated for quotation (as applicable); (iii) during the Equity Conditions Measuring Period, the Company shall have
delivered all shares of Common Stock issuable upon conversion of this Note on a timely basis as set forth in Section 3 hereof
and all other shares of capital stock required to be delivered by the Company on a timely basis as set forth in the other Transaction
Documents; (iv) any shares of Common Stock to be issued in connection with the event requiring determination (or issuable upon
conversion of the Conversion Amount being redeemed in the event requiring this determination) may be issued in full without violating
Section 3(d) hereof; (v) any shares of Common Stock to be issued in connection with the event requiring determination (or issuable
upon conversion of the Conversion Amount being redeemed or amount of Restricted Principal subject to an Investor Prepayment, as
applicable, in the event requiring this determination at the Conversion Price then in effect (without regard to any limitations
on conversion set forth herein)) may be issued in full without violating the rules or regulations of the Eligible Market on which
the Common Stock is then listed or designated for quotation (as applicable); (vi) on each day during the Equity Conditions Measuring
Period, no public announcement of a pending, proposed or intended Fundamental Transaction shall have occurred which has not been
abandoned, terminated or consummated; (vii) the Company shall have no knowledge of any fact that would reasonably be expected
to cause any Registrable Securities to not be eligible for sale pursuant to Rule 144 without the need for registration under any
applicable federal or state securities laws (in each case, disregarding any limitation on conversion of the Notes, other issuance
of securities with respect to the Notes and exercise of the Warrants) and no Current Information Failure exists or is continuing;
(viii) the Holder shall not be in (and no other holder of Notes shall be in) possession of any material, non-public information
provided to any of them by the Company, any of its Subsidiaries or any of their respective affiliates, employees, officers, representatives,
agents or the like; (ix) on each day during the Equity Conditions Measuring Period, the Company otherwise shall have been in compliance
with each, and shall not have breached any representation or warranty in any material respect (other than representations or warranties
subject to material adverse effect or materiality, which may not be breached in any respect) or any covenant or other term or
condition of any Transaction Document, including, without limitation, the Company shall not have failed to timely make any payment
pursuant to any Transaction Document; (x) on each Trading Day during the Equity Conditions Measuring Period, there shall not have
occurred any Volume Failure or Price Failure as of such applicable date of determination; (xi) on the applicable date of determination
(A) no Authorized Share Failure shall exist or be continuing and the applicable aggregate number of shares of Common Stock to
be issued in connection with the event requiring this determination (or issuable upon conversion of the Conversion Amount being
redeemed [INSERT IN SERIES B NOTE ONLY: or amount of Restricted Principal subject to an Investor Prepayment, as applicable,] in
the event requiring this determination at the Conversion Price then in effect (without regard to any limitations on conversion
set forth herein)) are available under the certificate of incorporation of the Company and reserved by the Company to be issued
pursuant to the Notes and (B) all shares of Common Stock to be issued in connection with the event requiring this determination
(or issuable upon conversion of the Conversion Amount being redeemed or amount of Restricted Principal subject to an Investor
Prepayment, as applicable, in the event requiring this determination at the Conversion Price then in effect (without regard to
any limitations on conversion set forth herein)) may be issued in full without resulting in an Authorized Share Failure; (xii)
on each day during the Equity Conditions Measuring Period, there shall not have occurred and there shall not exist an Event of
Default or an event that with the passage of time or giving of notice would constitute an Event of Default; and (xiii) the shares
of Common Stock issuable pursuant the event requiring the satisfaction of the Equity Conditions (or issuable upon conversion of
the Conversion Amount being redeemed or amount of Restricted Principal subject to an Investor Prepayment, as applicable, in the
event requiring this determination at the Conversion Price then in effect (without regard to any limitations on conversion set
forth herein)) are duly authorized and listed and eligible for trading without restriction on an Eligible Market.

 

    	 	41	 

    	 

    

 

(u)
“Equity Conditions Failure” means, as applicable, that (i) any day during the period commencing twenty (20)
Trading Days prior to the applicable Mandatory Prepayment Date (as defined in the Investor Note) through such Mandatory Prepayment
Date, or (ii) with respect to any other date of determination, any day during the period commencing twenty (20) Trading Days prior
to such date of determination, the Equity Conditions have not been satisfied (or waived in writing by the Holder).

 

(v)
“Excluded Securities” means (i) shares of Common Stock, standard options or similar incentive equity awards
to purchase Common Stock to directors, officers or employees of the Company in their capacity as such pursuant to an Approved
Stock Plan (as defined below), provided that (1) all such issuances (taking into account the shares of Common Stock issuable upon
exercise of such options) after the date hereof pursuant to this clause (i) do not, in the aggregate, exceed more than 5% of the
Common Stock issued and outstanding immediately prior to the date hereof and (2) the exercise price of any such options is not
lowered after issuance, none of such options are amended to increase the number of shares issuable thereunder and none of the
terms or conditions of any such options are otherwise materially changed in any manner that adversely affects any of the Buyers;
(ii) shares of Common Stock issued upon the conversion or exercise of Convertible Securities (other than standard options to purchase
Common Stock issued pursuant to an Approved Stock Plan that are covered by clause (i) above) issued prior to the date hereof,
provided that the conversion, exercise or other method of issuance (as the case may be) of any such Convertible Security is made
solely pursuant to the conversion, exercise or other method of issuance (as the case may be) provisions of such Convertible Security
that were in effect on the date immediately prior to the date of this Agreement, the conversion, exercise or issuance price of
any such Convertible Securities (other than standard options to purchase Common Stock issued pursuant to an Approved Stock Plan
that are covered by clause (i) above) is not lowered, none of such Convertible Securities (other than standard options to purchase
Common Stock issued pursuant to an Approved Stock Plan that are covered by clause (i) above) are amended to increase the number
of shares issuable thereunder and none of the terms or conditions of any such Convertible Securities (other than standard options
to purchase Common Stock issued pursuant to an Approved Stock Plan that are covered by clause (i) above) are otherwise materially
changed in any manner that adversely affects any of the Buyers; (iii) the Conversion Shares, (iv) the Warrant Shares and (v) subject
to conditions of Section 13(r) hereof, Permitted Shares, each subject to the Required Lock-Up, issued in connection with strategic
alliances, strategic mergers and acquisitions and strategic partnerships (each, a “Strategic Transaction”),
provided that (A) the primary purpose of such issuance is not to raise capital as determined in good faith by the Buyers, (B)
the purchaser or acquirer of such shares of Common Stock in such issuance solely consists of either (1) the actual participants
in such strategic alliance or strategic partnership, (2) the actual owners of such assets or securities acquired in such merger
or acquisition or (3) the shareholders, partners or members of the foregoing Persons, (C) the number or amount (as the case may
be) of such shares of Common Stock issued to such Person by the Company shall not be disproportionate to such Person’s actual
participation in such strategic alliance or strategic partnership or ownership of such assets or securities to be acquired by
the Company (as applicable), and (D) such shares of Common Stock are issued as “restricted securities” (as defined
in Rule 144) and shall not have registration rights that would provide for or allow registration for issuance or resale during
the Restricted Period (as defined in the Securities Purchase Agreement).

 

    	 	42	 

    	 

    

 

(w)
“Event Market Price” means, with respect to any Stock Combination Event Date, the quotient determined by dividing
(x) the sum of the VWAP of the Common Stock for each of the five (5) Trading Days with the lowest VWAP of the Common Stock during
the fifteen (15) consecutive Trading Day period ending and including the Trading Day immediately preceding the sixteenth (16th)
Trading Day after such Stock Combination Event Date, divided by (y) five (5).

 

(x)
“Fundamental Transaction” means (A) that the Company shall, directly or indirectly, including through subsidiaries,
Affiliates or otherwise, in one or more related transactions, (i) consolidate or merge with or into (whether or not the Company
is the surviving corporation) another Subject Entity, or (ii) sell, assign, transfer, convey or otherwise dispose of all or substantially
all of the properties or assets of the Company or any of its “significant subsidiaries” (as defined in Rule 1-02 of
Regulation S-X) to one or more Subject Entities, or (iii) make, or allow one or more Subject Entities to make, or allow the Company
to be subject to or have its Common Stock be subject to or party to one or more Subject Entities making, a purchase, tender or
exchange offer that is accepted by the holders of at least either (x) 50% of the outstanding shares of Common Stock, (y) 50% of
the outstanding shares of Common Stock calculated as if any shares of Common Stock held by all Subject Entities making or party
to, or Affiliated with any Subject Entities making or party to, such purchase, tender or exchange offer were not outstanding;
or (z) such number of shares of Common Stock such that all Subject Entities making or party to, or Affiliated with any Subject
Entity making or party to, such purchase, tender or exchange offer, become collectively the beneficial owners (as defined in Rule
13d-3 under the 1934 Act) of at least 50% of the outstanding shares of Common Stock, or (iv) consummate a stock or share purchase
agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme
of arrangement) with one or more Subject Entities whereby all such Subject Entities, individually or in the aggregate, acquire,
either (x) at least 50% of the outstanding shares of Common Stock, (y) at least 50% of the outstanding shares of Common Stock
calculated as if any shares of Common Stock held by all the Subject Entities making or party to, or Affiliated with any Subject
Entity making or party to, such stock purchase agreement or other business combination were not outstanding; or (z) such number
of shares of Common Stock such that the Subject Entities become collectively the beneficial owners (as defined in Rule 13d-3 under
the 1934 Act) of at least 50% of the outstanding shares of Common Stock, or (v) reorganize, recapitalize or reclassify its Common
Stock, (B) that the Company shall, directly or indirectly, including through subsidiaries, Affiliates or otherwise, in one or
more related transactions, allow any Subject Entity individually or the Subject Entities in the aggregate to be or become the
“beneficial owner” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, whether through acquisition,
purchase, assignment, conveyance, tender, tender offer, exchange, reduction in outstanding shares of Common Stock, merger, consolidation,
business combination, reorganization, recapitalization, spin-off, scheme of arrangement, reorganization, recapitalization or reclassification
or otherwise in any manner whatsoever, of either (x) at least 50% of the aggregate ordinary voting power represented by issued
and outstanding Common Stock, (y) at least 50% of the aggregate ordinary voting power represented by issued and outstanding Common
Stock not held by all such Subject Entities as of the date of this Note calculated as if any shares of Common Stock held by all
such Subject Entities were not outstanding, or (z) a percentage of the aggregate ordinary voting power represented by issued and
outstanding shares of Common Stock or other equity securities of the Company sufficient to allow such Subject Entities to effect
a statutory short form merger or other transaction requiring other shareholders of the Company to surrender their shares of Common
Stock without approval of the shareholders of the Company or (C) directly or indirectly, including through subsidiaries, Affiliates
or otherwise, in one or more related transactions, the issuance of or the entering into any other instrument or transaction structured
in a manner to circumvent, or that circumvents, the intent of this definition in which case this definition shall be construed
and implemented in a manner otherwise than in strict conformity with the terms of this definition to the extent necessary to correct
this definition or any portion of this definition which may be defective or inconsistent with the intended treatment of such instrument
or transaction.

 

    	 	43	 

    	 

    

 

(y)
“GAAP” means United States generally accepted accounting principles, consistently applied.

 

(z)
“Group” means a “group” as that term is used in Section 13(d) of the 1934 Act and as defined in
Rule 13d-5 thereunder.

 

(aa)
“Holder Pro Rata Amount” means a fraction (i) the numerator of which is the original Principal amount of this
Note on the Closing Date and (ii) the denominator of which is the aggregate original principal amount of all Notes issued to the
initial purchasers pursuant to the Securities Purchase Agreement on the Closing Date.

 

(bb)
“Indebtedness” shall have the meaning ascribed to such term in the Securities Purchase Agreement.

 

(cc)
“Interest Date” means, with respect to any given calendar month, the first Trading Day of such calendar month.

 

(dd)
[INSERT IN SERIES A AND A-1 NOTE: [INTENTIONALLY OMITTED]] [INSERT IN SERIES B NOTE ONLY: “Investor Note” means
that certain promissory note of the Holder issued to the Company pursuant to the Amendment and Exchange Agreement in exchange
for that certain promissory note of the Holder originally issued to the Company on the Closing Date, pursuant to the Securities
Purchase Agreement, with an aggregate principal amount outstanding equal to the Restricted Principal outstanding hereunder and
secured by a cash amount set forth in a bank account of the Holder (or its affiliates) at least equal to the Restricted Principal
outstanding hereunder.]

 

(ee)
[INSERT IN SERIES A AND A-1 NOTE: [INTENTIONALLY OMITTED]] [INSERT IN SERIES B NOTE ONLY: “Investor Prepayment”
means any Prepayment (as defined in the Investor Note) of the Investor Note.]

 

(ff)
“Maturity Date” shall mean February 20, 2019; provided, however, the Maturity Date may be extended at
the option of the Holder (i) in the event that, and for so long as, an Event of Default shall have occurred and be continuing
or any event shall have occurred and be continuing that with the passage of time and the failure to cure would result in an Event
of Default or (ii) through the date that is twenty (20) Business Days after the consummation of a Fundamental Transaction in the
event that a Fundamental Transaction is publicly announced or a Change of Control Notice is delivered prior to the Maturity Date
[INSERT IN SERIES A-1 NOTE ONLY: or (iii) if a Default Adjustment occurs, through the date that is the first anniversary of the
Default Adjustment Date], provided further that if a Holder elects to convert some or all of this Note pursuant to Section 3 hereof,
and the Conversion Amount would be limited pursuant to Section 3(d) hereunder, the Maturity Date shall automatically be extended
until such time as such provision shall not limit the conversion of this Note.

 

(gg)
“New Subsidiary” means, as of any date of determination, any Person in which the Company after the Subscription
Date, directly or indirectly, (i) owns or acquires any of the outstanding capital stock or holds any equity or similar interest
of such Person or (ii) controls or operates all or any part of the business, operations or administration of such Person, and
all of the foregoing, collectively, “New Subsidiaries”.

 

(hh)
“Options” means any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible
Securities.

 

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

 

    	 	44	 

    	 

    

 

(jj)
“Permitted Indebtedness” means (i) Indebtedness evidenced by this Note and the Other Notes, (ii) Indebtedness
set forth on Schedule 3(s) to the Securities Purchase Agreement, as in effect as of the Subscription Date, (iii) Indebtedness
secured by Permitted Liens or unsecured but as described in clauses (iv) and (v) of the definition of Permitted Liens, (iv) Permitted
Pari Passu Indebtedness, (v) Permitted Subordinated Indebtedness and (vi) Indebtedness incurred by the Company for which the sole
use of proceeds is the payment of all amounts outstanding under the Notes (other than Restricted Principal (as defend in the Series
B Notes)).

 

(kk)
“Permitted Liens” means (i) any Lien for taxes not yet due or delinquent or being contested in good faith by
appropriate proceedings for which adequate reserves have been established in accordance with GAAP, (ii) any statutory Lien arising
in the ordinary course of business by operation of law with respect to a liability that is not yet due or delinquent, (iii) any
Lien created by operation of law, such as materialmen’s liens, mechanics’ liens and other similar liens, arising in
the ordinary course of business with respect to a liability that is not yet due or delinquent or that are being contested in good
faith by appropriate proceedings, (iv) Liens (A) upon or in any equipment acquired or held by the Company or any of its Subsidiaries
to secure the purchase price of such equipment or Indebtedness incurred solely for the purpose of financing the acquisition or
lease of such equipment, or (B) existing on such equipment at the time of its acquisition, provided that the Lien is confined
solely to the property so acquired and improvements thereon, and the proceeds of such equipment, in either case, with respect
to Indebtedness in an aggregate amount not to exceed $300,000, (v) Liens incurred in connection with the extension, renewal or
refinancing of the Indebtedness secured by Liens of the type described in clause (iv) above, provided that any extension, renewal
or replacement Lien shall be limited to the property encumbered by the existing Lien and the principal amount of the Indebtedness
being extended, renewed or refinanced does not increase, (vi) Liens in favor of customs and revenue authorities arising as a matter
of law to secure payments of custom duties in connection with the importation of goods, and (vii) Liens arising from judgments,
decrees or attachments in circumstances not constituting an Event of Default under Section 4(a)(x).

 

(ll)
“Permitted Pari Passu Indebtedness” means any unsecured Indebtedness incurred by the Company after the Closing
Date ranking pari passu with the Indebtedness evidenced by the Series A Notes as permitted by the prior written consent
of the Required Holders and, unless otherwise specified in such written consent, does not provide at any time for (A) the payment,
prepayment, repayment, repurchase or defeasance, directly or indirectly, of any principal, interest, fees or premium, if any,
thereon until ninety-one (91) days after the Maturity Date or later and (B) total interest and fees at a rate in excess of 10%
per annum.

 

(mm)
“Permitted Subordinated Indebtedness” means unsecured Indebtedness incurred by the Company after the Closing
Date that is made expressly subordinate in right of payment to the Indebtedness evidenced by the Notes, as reflected in a written
agreement acceptable to the Required Holders and approved by the Required Holders in writing, and which Indebtedness does not
provide at any time for (A) the payment, prepayment, repayment, repurchase or defeasance, directly or indirectly, of any principal,
interest, fees or premium, if any, thereon until ninety-one (91) days after the Maturity Date or later and (B) total interest
and fees at a rate in excess of 10% per annum.

 

    	 	45	 

    	 

    

 

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

 

(oo)
“Price Failure” means, with respect to a particular date of determination, the VWAP of the Common Stock on
any Trading Day during any Trading Day during the twenty (20) Trading Day period ending on the Trading Day immediately preceding
such date of determination fails to exceed $10.00 (as adjusted for stock splits, stock dividends, stock combinations, recapitalizations
or other similar transactions occurring after the Subscription Date). All such determinations to be appropriately adjusted for
any stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions during any such measuring
period.

 

(pp)
“Principal Market” means the OTC Pink Open Market.

 

(qq)
“Redemption Date” means, as applicable, the applicable Event of Default Redemption Date or Change of Control
Redemption Date.

 

(rr)
“Redemption Notices” means, collectively, the Event of Default Redemption Notices and the Change of Control
Redemption Notices, and each of the foregoing, individually, a “Redemption Notice.”

 

(ss)
“Redemption Premium” means 130%.

 

(tt)
“Redemption Prices” means, collectively, Event of Default Redemption Prices and the Change of Control Redemption
Prices, and each of the foregoing, individually, a “Redemption Price.”

 

(uu)
“Registrable Securities” means (i) the Conversion Shares (as defined in the Securities Purchase Agreement),
(ii) the Warrant Shares (as defined in the Securities Purchase Agreement)and (iii) any capital stock of the Company issued or
issuable with respect to the Conversion Shares, the Warrant Shares, the Notes or the Warrants, including, without limitation,
(1) as a result of any stock split, stock dividend, recapitalization, exchange or similar event or otherwise and (2) shares of
capital stock of the Company into which the shares of Common Stock (as defined in the Notes) are converted or exchanged and shares
of capital stock of a Successor Entity (as defined in the Warrants) into which the shares of Common Stock are converted or exchanged,
in each case, without regard to any limitations on conversion of the Notes or exercise of the Warrants.

 

    	 	46	 

    	 

    

 

(vv)
[INSERT IN SERIES A AND A-1 NOTE ONLY: [INTENTIONALLY OMITTED]][INSERT IN SERIES B NOTE ONLY: “Restricted Principal”
means, initially $5,000,000, subject to reduction as provided herein, including, without limitation, pursuant to Investor Prepayments,
Maturity Netting or Investor Netting Rights.]

 

(ww)
“SEC” means the United States Securities and Exchange Commission or the successor thereto.

 

(xx)
“Securities Purchase Agreement” means that certain securities purchase agreement, dated as of the Subscription
Date, by and among the Company and the initial holders of the Notes pursuant to which the Company issued the Notes, as may be
amended from time to time.

 

(yy)
“Series A Notes” shall have the meaning as set forth in the Securities Purchase Agreement.

 

(zz)
“Series B Notes” shall have the meaning set forth as set forth in the Securities Purchase Agreement.

 

(aaa)
“Subscription Date” means January 22, 2018.

 

(bbb)
“Subsidiaries” means, as of any date of determination, collectively, all Current Subsidiaries and all New Subsidiaries,
and each of the foregoing, individually, a “Subsidiary.”

 

(ccc)
“Subject Entity” means any Person, Persons or Group or any Affiliate or associate of any such Person, Persons
or Group.

 

(ddd)
“Successor Entity” means the Person (or, if so elected by the Holder, the Parent Entity) formed by, resulting
from or surviving any Fundamental Transaction or the Person (or, if so elected by the Holder, the Parent Entity) with which such
Fundamental Transaction shall have been entered into.

 

(eee)
“Trading Day” means, as applicable, (x) with respect to all price or trading volume determinations relating
to the Common Stock, any day on which the Common Stock is quoted 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 less than 4.5 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) unless such day is otherwise
designated as a Trading Day in writing by the Holder or (y) with respect to all determinations other than price determinations
relating to the Common Stock, any day on which The New York Stock Exchange (or any successor thereto) is open for trading of securities.

 

    	 	47	 

    	 

    

 

(fff)
[INSERT IN SERIES A AND A-1 NOTE: [INTENTIONALLY OMITTED]][INSERT IN SERIES B NOTE ONLY: “Unrestricted Principal”
means any Principal outstanding under this Note that is not Restricted Principal outstanding under this Note.]

 

(ggg)
“Volume Failure” means, with respect to a particular date of determination, the aggregate daily dollar trading
volume (as reported on Bloomberg) of the Common Stock on the Principal Market on any Trading Days during the twenty (20) Trading
Day period ending on the Trading Day immediately preceding such date of determination (such period, the “Volume Failure
Measuring Period”), is less than $1 million (as adjusted for any stock splits, stock dividends, stock combinations,
recapitalizations or other similar transactions occurring after the Subscription Date). All such determinations to be appropriately
adjusted for any stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions during such
Volume Failure Measuring Period.

 

(hhh)
“VWAP” means, for any security as of any date, the dollar volume-weighted average price for such security on
an Eligible Major Market during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time,
as reported by Bloomberg through its “HP” function (set to weighted average) or, if the foregoing does not apply,
the dollar volume-weighted average price of such security in the over-the-counter market on the electronic bulletin board for
such security during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported
by Bloomberg, or, if no dollar volume-weighted average price is reported for such security by Bloomberg for such hours, the average
of the highest closing bid price and the lowest closing ask price of any of the market makers for such security as reported in
the “pink sheets” by OTC Markets Group Inc. (formerly Pink Sheets LLC). If the VWAP cannot be calculated for such
security on such date on any of the foregoing bases, the VWAP of such security on such date shall be the fair market value as
mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value
of such security, then such dispute shall be resolved in accordance with the procedures in Section 23. All such determinations
shall be appropriately adjusted for any stock dividend, stock split, stock combination, recapitalization or other similar transaction
during such period.

 

(iii)
“Warrants” has the meaning ascribed to such term in the Securities Purchase Agreement, and shall include all
warrants issued in exchange therefor or replacement thereof.

 

32.
DISCLOSURE. Upon receipt or delivery by the Company of any notice in accordance with the terms of this Note, unless the
Company has in good faith determined that the matters relating to such notice do not constitute material, non-public information
relating to the Company or any of its Subsidiaries, the Company shall within one (1) Business Day of such receipt or prior to
(or simultaneous with) such delivery, as applicable, publicly disclose such material, non-public information on a Current Report
on Form 8-K or otherwise. In the event that the Company believes that a notice contains material, non-public information relating
to the Company or any of its Subsidiaries, the Company so shall indicate to the Holder contemporaneously with delivery of such
notice, and in the absence of any such indication, the Holder shall be allowed to presume that all matters relating to such notice
do not constitute material, non-public information relating to the Company or any of its Subsidiaries. If the Company or any of
its Subsidiaries provides material non-public information to the Holder that is not simultaneously filed in a Current Report on
Form 8-K and the Holder has not agreed to receive such material non-public information, the Company hereby covenants and agrees
that the Holder shall not have any duty of confidentiality to the Company, any of its Subsidiaries or any of their respective
officers, directors, employees, affiliates or agents with respect to, or a duty to any of the foregoing not to trade on the basis
of, such material non-public information. Nothing contained in this Section 32 shall limit any obligations of the Company, or
any rights of the Holder, under Section 4(i) of the Securities Purchase Agreement.

 

[signature
page follows]

 

    	 	48	 

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Note to be duly executed as of the Issuance Date set out above.

 

	 	LONGFIN CORP

	 	 	 
	 	By:	                                   
	 	Name:	 
	 	Title:	 

 

Senior
Convertible Note - Signature Page

 

    	 	 	 

    	 

    

 

EXHIBIT
I

 

LONGFIN
CORP

CONVERSION
NOTICE

 

Reference
is made to the [Series A][Series B] Senior [Secured] Convertible Note (the “Note”) issued to the undersigned
by Longfin Corp, a Delaware corporation (the “Company”). In accordance with and pursuant to the Note, the undersigned
hereby elects to convert the Conversion Amount (as defined in the Note) of the Note indicated below into shares of Common Stock,
$0.001 par value per share (the “Common Stock”), of the Company, as of the date specified below. Capitalized
terms not defined herein shall have the meaning as set forth in the Note.

 

Date
of Conversion:  _______________________________________________________________________

 

Aggregate Principal to be converted: __________________________________________________________

 

Aggregate
accrued and unpaid Interest and accrued and unpaid Late 

Charges with respect to such portion of the Aggregate Principal and 

such
Aggregate Interest to be converted: ________________________________________________________

 

AGGREGATE
CONVERSION AMOUNT

TO
BE CONVERTED:  __________________________________________________

 

Please confirm the following information: 

 

Conversion
Price:   ___________________________________________________

 

Number
of shares of Common Stock to be issued: ____________________________________

 

[  ]
Check here if all or any portion of the aggregate Principal being converted includes any Restricted Principal. Please specify
the amount Restricted Principal being converted:__________________  

 

 Please issue the Common Stock into which the Note is being converted to Holder, or for its benefit, as follows: 

 

[  ] Check here if requesting delivery as a certificate to the following name and to the following address:

 

		Issue to:	 
	 	 	 
	 	 	 

  

    	 	 	 

    	 

    

 

	 	[  ]
    Check here if requesting delivery by Deposit/Withdrawal at Custodian as follows: 

 

	 	DTC
    Participant:	 
	 	 	 
	 	DTC
    Number:	 
	 	 	 
	 	Account
    Number:	 

 

	Date:
        _____________ __,____

        

 

	 	 
	Name
    of Registered Holder	 

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

Tax ID: ___________________________________

 

Facsimile:
__________________________________

 

E-mail Address: ______________________________

 

    	 	 	 

    	 

    

 

Exhibit
II

 

ACKNOWLEDGMENT

 

The
Company hereby (a) acknowledges this Conversion Notice, (b) certifies that the above indicated number of shares of Common Stock
[are][are not] eligible to be resold by the Holder either (i) pursuant to Rule 144 (subject to the Holder’s execution and
delivery to the Company of a customary 144 representation letter) or (ii) an effective and available registration statement and
(c) hereby directs _________________ to issue the above indicated number of shares of Common Stock in accordance with the Transfer
Agent Instructions dated _____________, 20__ from the Company and acknowledged and agreed to by ________________________.

 

	 	LONGFIN CORP
	 	 	 
	 	By:
    	 
	 	Name:	 
	 	Title:THIS
NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE APPLICABLE STATE SECURITIES
LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND SUCH STATE SECURITIES
LAWS, OR AN EXEMPTION FROM REGISTRATION THEREUNDER, IN EACH CASE, TO THE EXTENT APPLICABLE HERETO.

 

EXCHANGED
SECURED PROMISSORY NOTE

 

	 	New
    York, New York
	$5,000,000.00	Original
    Issue Date: February 13, 2018
	 	Exchange
    Date:           August 20, 2018

 

FOR
VALUE RECEIVED, HUDSON BAY MASTER FUND LTD (the “Investor”) hereby promises to pay to Longfin Corp, a Delaware
corporation (the “Company”), on the date set forth below, (i) the principal amount of FIVE MILLION, DOLLARS
($5,000,000.00) and (ii) interest on the unpaid principal balance hereof at the rate set forth herein (collectively, the “Obligations”).
This Promissory Note (this “Note”) has been issued pursuant to that certain Amendment and Exchange Agreement,
dated August 20, 2018, by and between the Company and the Investor (the “Amendment and Exchange Agreement”),
in exchange for that certain secured promissory note, dated February 13, 2018, in the aggregate principal amount of $42,604,058.82,
originally issued pursuant to the Note Purchase Agreement, dated as of January 22, 2018 (the “Subscription Date”),
by and among the Company and the Investor (as amended, modified, supplemented, extended, renewed, restated or replaced from time
to time, the “Note Purchase Agreement”). Capitalized terms not defined herein shall have the meaning as set
forth in the New Series B Note (as defined in the Amendment and Exchange Agreement). NEITHER THIS NOTE NOR ANY INTEREST HEREIN
MAY BE PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED, WHETHER BY THE COMPANY, OPERATION OF LAW, COURT ORDER OR OTHERWISE, WITHOUT
THE EXPRESS PRIOR WRITTEN CONSENT OF THE INVESTOR. ANY SUCH PURPORTED ASSIGNMENT OR TRANSFER WITHOUT SUCH CONSENT SHALL BE NULL
AND VOID.

 

1.
Payment of Principal. The principal amount of this Note (the “Principal”), together with all unpaid
interest accrued thereon and any other Obligations payable hereunder, shall be due and payable in full upon the thirtieth (30th)
anniversary of the Scheduled New Series B Note Maturity Date (as defined below) (the “Maturity Date”); provided,
that the Maturity Date shall be automatically extended by one (1) calendar day for each calendar day after February 20,
2019 (the “Scheduled New Series B Note Maturity Date”), if any, that all, or any part, of the New Series B
Note remains outstanding.

 

2.
Payment of Interest. The unpaid Principal balance due hereunder shall bear interest (the “Interest”)
at an annual rate equal to 2.64% (the “Interest Rate”). Subject to Sections 3 and 7 below, Interest shall be
payable and due upon the Maturity Date. All interest shall be computed on the basis of a year of 365 or 366 days, as the case
may be, for the actual number of days (including the first day but excluding the last day) elapsed.

 

    	 	 	 

    	 

    

 

3.
Prepayment Prior to the Maturity Date.

 

(a)
Optional Prepayment. The Investor may, at its option at any time on or after the date hereof, prepay, in whole or in part,
without premium or penalty, the Obligations under this Note (each, an “Optional Prepayment”).

 

(b)
Mandatory Prepayment. Upon any Mandatory Prepayment Event (as defined below), the Investor shall promptly prepay such aggregate
outstanding Principal of this Note equal to the applicable Mandatory Prepayment Amount (as defined below) with respect to such
Mandatory Prepayment Event (each, a “Mandatory Prepayment”, and together with each Optional Prepayment, each
a “Prepayment”).

 

(c)
Mechanics of Prepayments. All Prepayments hereunder shall be made in cash, by wire transfer, in U.S. dollars and immediately
available funds, in accordance with the wire instructions delivered to the Investor by the Company on or prior to such date of
such Prepayment. At the option of the Company, prepayments may be made directly to the Company or to such other Persons as the
Company may direct in its wire instructions.

 

(d)
Cancellation of Interest upon Prepayment. Notwithstanding anything herein to the contrary, upon any Prepayment prior to
the Maturity Date (including, without limitation, any Mandatory Prepayment), the aggregate cash amount in such Prepayment shall
be applied entirely to and against any outstanding Principal under this Note, and any accrued and unpaid Interest with respect
to the Principal prepaid shall be automatically cancelled as of the date of such prepayment.

 

(e)
Definitions. For the purpose of this Note, the following definitions shall apply:

 

(i)
“Mandatory Prepayment Amount” means, with respect to any given Mandatory Prepayment Event, such amount of cash
as specified in the applicable clause of the definition of “Mandatory Prepayment Event” below (or, as applicable,
in such valid written notice delivered pursuant to such clause).

 

    	 	2	 

    	 

    

 

(ii)
“Mandatory Prepayment Event” means, as applicable, (i) with respect to any Restricted Principal of the New
Series B Note designated to be converted in a Conversion Notice, both (A) the Company’s receipt of such Conversion Notice
thereunder executed by the Investor in which all, or any part, of the principal of the New Series B Note to be converted includes
any Restricted Principal and (B) the Investor’s receipt from the Company of written confirmation that the Company’s
transfer agent (the “Transfer Agent”) has been irrevocably instructed by the Company to deliver to the Investor
(or its designee) the shares of Common Stock to be issued pursuant to such Conversion Notice in accordance with Section 3(c) of
the New Series B Note (in each case, as adjusted, if applicable, to reflect the withdrawal of any Conversion Notice, in whole
or in part, by the Investor, whether pursuant to Section 3(c)(ii) of the New Series B Note or otherwise), or (ii) on the first
(1st) Trading Day of each calendar month immediately following such time as only $6.5 million remains outstanding under
the New Series A Note (as defined in the Amendment and Exchange Agreement), until such time as no principal remains outstanding
hereunder (each, a “Mandatory Prepayment Date”), so long as no Equity Conditions Failure exists as of the applicable
Mandatory Prepayment Date and no Event of Default then exists and is continuing, with respect to the Investor’s Holder Pro
Rata Amount of the lesser of (x) the principal amount then outstanding under this Note and (y) $1,500,000 on each such Mandatory
Prepayment Date (collectively, the “Mandatory Prepayment Amounts”); provided, that if the Investor has effected
any Mandatory Prepayment Event pursuant to clause (i) above or an Optional Prepayment or any other prepayment of this Note (or
Netting as permitted by this Note, as applicable), in each case, prior to the applicable Mandatory Prepayment Date (the “Early
Prepayments”), the Investor may elect to reduce all, or any part, of any amounts payable on such Mandatory Prepayment
Date (or any other Mandatory Prepayment Date), in each case, by delivery of a written notice by the Investor to the Company, which
reduction(s) shall be made on a dollar-for-dollar basis by amounts which, in the aggregate, do not exceed the aggregate amount
of such Early Prepayments. Notwithstanding the foregoing, the Investor (or its designee) shall not commence a Deposit/Withdrawal
at Custodian with respect to such shares of Common Stock to be issued upon conversion of Restricted Principal unless and until
the Investor shall have either (x) delivered such Mandatory Prepayment Amount to the Company or (y) delivered irrevocable instructions
to the Investor’s bank, broker or other financial institution to wire such Mandatory Prepayment Amount to the Company from
an account with at least an amount of cash or other Eligible Assets (as defined below) equal to such Mandatory Prepayment Amount.

4.
Defaults.

 

(a)
the Investor shall be deemed in default hereunder upon the occurrence of any of the following (a “Default”):

 

(i)
Failure to Pay Principal or Interest. The failure of the Investor to pay, when due, all or any part of any Principal or
Interest required to be made hereunder; or

 

(ii)
Bankruptcy, etc. The Investor shall have entered against it by a court having jurisdiction thereof a decree or order for
relief in respect to the Investor in an involuntary case under any applicable bankruptcy, insolvency or other similar law now
or hereafter in effect, or a receiver, liquidator, assignee, custodian, trustee, sequestrator or other similar official shall
be appointed for the Investor or for any substantial part of the Investor’s property, or the winding up or liquidation of
the Investor’s affairs shall have been ordered; or the Investor shall commence a voluntary case under any applicable bankruptcy,
insolvency or other similar law now or hereafter in effect; or the Investor shall consent to the entry of an order for such relief
in an involuntary case under any such law, or any such involuntary case shall commence, and not be dismissed within sixty (60)
days; or the Investor shall consent to the appointment of or taking possession by a receiver, liquidator, assignee, custodian,
trustee, sequestrator or other similar official for the Investor or for any substantial part of the Investor’s property,
or make any general assignment for the benefit of creditors.

 

    	 	3	 

    	 

    

 

(b)
Consequence of Default. Upon the occurrence of a Default, the outstanding Obligations hereunder shall, at the option of
the Company, become immediately due and payable. Notwithstanding the foregoing, if there shall occur a Default under Section 4(a)(ii)
above, the entire outstanding Obligations hereunder, shall automatically become immediately due and payable without any action
on the part of the Company. Upon the occurrence of a Default, the Company shall also have all the rights and remedies of a secured
party on default under Article 9 of the Uniform Commercial Code of the State of New York with respect to the Collateral (as hereinafter
defined).

 

5.
Representations and Warranties of the Investor. The Investor represents and warrants to the Company as follows as of the
date hereof: (a) the Investor has the power and authority to execute, deliver and perform all obligations in accordance herewith;
(b) the execution, delivery and performance by the Investor of this Note are within the Investor’s legal powers, and do
not contravene any law or any contractual restriction binding on or affecting the Investor; (c) no authorization or approval or
other action by, and no notice to or filing with, any governmental authority or regulatory body is required for the due execution,
delivery and performance by the Investor of this Note; (d) this Note constitutes the legal, valid and binding obligation of the
Investor, enforceable against the Investor in accordance with its terms, except to the extent enforceability is limited by bankruptcy,
insolvency, fraudulent conveyance, moratorium and other laws for the protection of creditors generally and by general equitable
principles; and (e) there is no pending or, to the Investor’s knowledge, threatened action or proceeding affecting the Investor
before any governmental agency or arbitrator with respect to the transactions contemplated by this Note or which may materially
adversely affect the property, assets or condition (financial or otherwise) of the Investor.

 

6.
Security.

 

(a)
Grant of Security Interest. As security for the due and prompt payment and performance of all payment obligations under
this Note and any modifications, replacements and extensions hereof (collectively, “Secured Obligations”),
the Investor hereby pledges and grants a security interest to the Company in all of the Investor’s right, title, and interest
in and to, initially at least $5,000,000.00, in the aggregate, (i) in cash, (ii) cash equivalents, (iii) any Group of Ten (“G10”)
currency and any notes or other securities issued by any G10 country and (iv) any securities of a special purpose acquisition
company (each, a “SPAC”) that are redeemable for cash held in escrow by such SPAC (with a deemed fair market
value, for purposes hereof, equal to the amount of cash held in such escrow for redemption of such applicable security of such
SPAC) (collectively, the “Eligible Assets”), in each case, held by the Investor in one or more bank or brokerage
accounts described on Schedule I attached hereto (the “Collateral”, and such account or accounts, as
applicable, collectively, the “Collateral Account”), subject to reduction upon any reduction, offset or cancellation
of this Note. So long as any Restricted Principal remains outstanding under the New Series B Note, the Investor shall keep Collateral
in the Collateral Account with a fair market value of at least the amount of Restricted Principal then outstanding.

 

    	 	4	 

    	 

    

 

(b)
Change in Collateral Account. The Investor may, with at least five (5) Trading Days’ notice to the Company, move
the Collateral from an account or accounts of the Investor to a new account or accounts (collectively, the “New Collateral
Account”) at a financial institution selected by the Investor, (but if such financial institution is not listed as a
permitted financial institution on Schedule II attached hereto, subject to the consent of the Company, not to be unreasonably
withheld), and upon such move, such New Collateral Account shall be the Collateral Account for all purposes hereunder.

 

7.
Netting Rights.

 

(a)
Securities Contract. The Company and the Investor hereby acknowledge and agree that the Amendment and Exchange Agreement,
the Securities Purchase Agreement and the Note Purchase Agreement each is a “securities contract” as defined in 11
U.S.C. § 741 and that Investor shall have all rights in respect of the Investor Note, the New Series B Note, the Amendment
and Exchange Agreement, the Amended Master Netting Agreement (as defined in the Amendment and Exchange Agreement), the Securities
Purchase Agreement and the Note Purchase Agreement as are set forth in 11 U.S.C. § 555 and 11 U.S.C. § 362(b)(6), including,
without limitation, all rights of credit, deduction, setoff, offset, recoupment, and netting (collectively, “Netting”
or “Net”) as are available under this Note, the New Series B Note and the Amended Master Netting Agreement.

 

(b)
Investor Optional Netting. Notwithstanding anything herein to the contrary, the Investor may, (I) at any time on or after
the occurrence of an Event of Default or a Change of Control (in each case, whether or not a Redemption Notice has been delivered
by the Investor to the Company with respect thereto) or, (II) after August 13, 2018, at its option and at its sole discretion,
by written notice to the Company, Net, in whole or in part, any Permitted Amount (as defined in the Amended Master Netting Agreement)
of any Unpaid Amount (as defined in the Amended Master Netting Agreement) owed by the Investor to the Company under this Note
or any other Underlying Agreement (as defined in the Amended Master Netting Agreement) against (across or within each or all of
the Underlying Agreements) (x) any Unpaid Amounts owed by the Company to the Investor under the New Series B Notes or (y) any
Unpaid Amounts (subject to the limitations contained in the Amended Master Netting Agreement regarding an Equity Conditions Failure)
owed by the Company to the Investor under any other Underlying Agreement, as set forth in such written notice (each, an “Investor
Optional Netting”); provided, that no Investor Optional Netting shall occur hereunder with respect to any Mandatory
Prepayment Amount that the Investor fails to properly prepay hereunder in violation of this Note. Upon any Investor Optional Netting,
(x) such portion of Principal subject to such Investor Optional Netting shall be deemed surrendered and concurrently cancelled
as of the date of such Investor Optional Netting and (y) any accrued and unpaid Interest hereunder with respect to such portion
of Principal subject to such Investor Optional Netting shall be automatically cancelled as of the date of such Investor Optional
Netting. Each Investor Optional Netting shall be effective upon the date the Investor delivers written notice to the Company of
the Investor’s election to effect such Investor Optional Netting.

 

    	 	5	 

    	 

    

 

(c)
Automatic Netting at Redemption Date. Notwithstanding anything herein to the contrary, on each Redemption Date, solely
to the extent such portion of the Conversion Amount subject to redemption includes Restricted Principal (such aggregate amount
of Restricted Principal subject to the applicable redemption on the such Redemption Date, each, a “Redemption Restricted
Amount”), the Investor shall automatically Net (each, a “Redemption Netting”) such part of the outstanding
obligations under the New Series B Note equal to such Redemption Restricted Amount by the cancellation of the Redemption Restricted
Amount of the outstanding obligations under the New Series B Note in exchange for the surrender and concurrent cancellation of
such portion of this Note with an amount of aggregate Principal then outstanding hereunder equal to such Redemption Restricted
Amount (each a “Redemption Netting Principal Amount”). Upon any Redemption Netting, any accrued and unpaid
Interest hereunder with respect to such Redemption Netting Principal Amount being cancelled in such Redemption Netting shall be
automatically cancelled as of the date of such Redemption Netting and, thereafter, such Redemption Netting Principal Amount of
this Note shall be deemed to be paid in full and shall be null and void. Each Redemption Netting shall automatically occur on
the applicable Redemption Date. For the avoidance of doubt, if prior to the applicable Redemption Date all, or any portion, of
a Redemption Restricted Amount is converted (whether by Acceleration or otherwise in accordance with the terms of the New Series
B Note) or such other event occurs whereafter such portion of the Redemption Restricted Amount is not required to be redeemed
on the Redemption Date in accordance with the terms of the New Series B Note (as amended, modified or waived on or prior to such
date)(each a “Reversed Redemption Restricted Amount”), solely with respect to such Redemption Date, no Redemption
Netting shall occur with respect to such Reversed Redemption Restricted Amount.

 

(d)
Automatic Netting at Maturity. Notwithstanding anything herein to the contrary, at the Scheduled New Series B Note Maturity
Date, if any amounts remain outstanding under the New Series B Note and hereunder, the Investor shall automatically Net such part
of the outstanding obligations under the New Series B Note equal to the aggregate Principal then outstanding hereunder (the “Remaining
Principal Amount”) by the cancellation of the Remaining Principal Amount of the outstanding obligations under the New
Series B Note in exchange for the surrender and concurrent cancellation of the aggregate Principal then outstanding hereunder
(the “Maturity Netting”). Upon any Maturity Netting, any accrued and unpaid Interest hereunder with respect
to such portion of Principal being cancelled in such Maturity Netting shall be automatically cancelled as of the date of such
Maturity Netting and, thereafter, this Note shall be deemed to be paid in full and shall be null and void. The Maturity Netting
shall automatically occur on the Scheduled New Series B Note Maturity Date.

 

    	 	6	 

    	 

    

 

(e)
Event of Default Netting. Notwithstanding anything herein to the contrary, Investor may, at any time on or after the occurrence
of any Event of Default under the New Series B Note, but prior to the related Event of Default Right Expiration Date, at its sole
discretion, by written notice to the Company, Net all, or any part, of the outstanding obligations under the New Series B Note
by the cancellation of such portion of the outstanding obligations under the New Series B Note as set forth in such written notice
in exchange for the surrender and concurrent cancellation of an equal amount of Principal hereunder (each, an “Event
of Default Netting”). Upon any Event of Default Netting, any accrued and unpaid Interest hereunder with respect to such
portion of Principal being satisfied in such Event of Default Netting shall be automatically cancelled as of the date of such
Event of Default Netting. Each Event of Default Netting shall be effective upon the date the Investor delivers notice to the Company
of the Investor’s election to effect such Event of Default Netting.

 

(f)
Automatic Netting Upon any Bankruptcy Event of Default. Notwithstanding anything herein to the contrary, upon any Bankruptcy
Event of Default under the New Series B Note, the Investor shall automatically Net such part of the outstanding obligations under
the New Series B Note equal to the Remaining Principal Amount by the cancellation of the Remaining Principal Amount of the outstanding
obligations under the New Series B Note in exchange for the surrender and concurrent cancellation of the aggregate Principal then
outstanding hereunder (each, a “Bankruptcy Event of Default Netting”, and together with the Investor Optional
Netting, Redemption Netting, Maturity Netting and Event of Default Netting, collectively, the “Investor Netting Rights”).
Upon any Bankruptcy Event of Default Netting, any accrued and unpaid Interest hereunder with respect to such portion of Principal
being satisfied in such Bankruptcy Event of Default Netting shall be automatically cancelled as of the date of such Bankruptcy
Event of Default Netting and, thereafter, this Note shall be deemed to be paid in full and shall be null and void. Each Bankruptcy
Event of Default Netting shall be effective upon the date of the earliest occurrence of a Bankruptcy Event under the New Series
B Note.

 

(g)
Automatic Netting Upon Prohibited Transfers of this Note. If for any reason, this Note or any interest herein is pledged,
assigned or transferred to any Person other than the Company without the prior written consent of the Investor, whether by contract,
operation of law, court order or otherwise (each, a “Prohibited Transfer”), the Investor shall automatically
Net such part of the outstanding obligations under the New Series B Note equal to 75% of the remaining Restricted Principal then
outstanding under the New Series B Note (with the remaining 25% of the Restricted Principal of the New Series B Note automatically
becoming unrestricted principal thereunder) in exchange for the surrender and concurrent cancellation of the aggregate Principal
then outstanding hereunder. Upon any Prohibited Transfer, any accrued and unpaid Interest hereunder shall be automatically cancelled
as of the date of such Prohibited Transfer and, thereafter, this Note shall be deemed to be paid in full and shall be null and
void.

 

(h)
Investor Netting Rights; Single Integrated Transaction. The Company hereby acknowledges and agrees that (i) the Investor
shall be entitled to exercise the Investor Netting Rights through any means permissible under applicable law, including without
limitation, set-off and Netting and (ii) the Obligations of the Investor hereunder and the obligations of the Company under the
New Series B Note issued pursuant to the Securities Purchase Agreement arise in a single integrated transaction and constitute
related and interdependent obligations within such transaction.

 

    	 	7	 

    	 

    

 

8.
Miscellaneous.

 

(a)
Full Recourse. The parties hereby acknowledge and agree that this Note is a full recourse obligation of the Investor.

 

(b)
No Oral Waivers or Modifications. No provision of this Note may be waived or modified orally, but only in a writing signed
by the Company and the Investor.

 

(c)
Governing Law. This Note shall be construed and enforced in accordance with, and all questions concerning the construction,
validity, interpretation and performance of this Note 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 hereto hereby irrevocably
submits to the exclusive jurisdiction of the state and federal courts sitting in the Borough of Manhattan in the City of New York,
New York, 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. Nothing contained herein shall be deemed to limit in any
way any right to serve process in any manner permitted by law. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE
TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT
OF THIS NOTE OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

(d)
No Severability. If any provision of this Note is prohibited by law or otherwise determined to be invalid or unenforceable
by a court of competent jurisdiction or other similar authority (a “Severability Event”), this entire Note
shall be automatically terminated and shall thereafter be null and void and all remaining payment obligations hereunder of the
Investor to the Company shall be automatically cancelled, ab initio.

 

(e)
Currency. Principal and interest due hereunder shall be payable in lawful money of the United States of America and shall
be payable to the Company at the address of the Company, or at such other address as may be specified in a written notice to the
Investor given by the Company. The Company has provided the Investor with wire transfer instructions pursuant to which payments
may be made under this Note and such wire transfer instruction shall be valid for the entire period of this Note.

 

    	 	8	 

    	 

    

 

(f)
Weekend; Holidays. If any payment on this Note shall become due on a Saturday, Sunday or a bank or legal holiday in the
State of New York, such payment shall be made on the next succeeding business day in the State of New York.

 

(g)
Usury. If interest payable under this Note is in excess of the maximum permitted by law, the interest chargeable hereunder
shall be reduced to the maximum amount permitted by law and any excess over the maximum amount permitted by law shall be credited
to the Principal balance of this Note and applied to the same and not to the payment of Interest.

 

(h)
Remedies.

 

(i)
No failure on the part of the Company to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate
as a waiver thereof; nor shall any single or partial exercise by the Company of any right, power or remedy preclude any other
or further exercise thereof or the exercise of any other right, power or remedy. In addition, the exercise of any right or remedy
of the Company at law or equity or under this Note shall not be deemed to be an election of Company’s rights or remedies
under this Note or at law or equity.

 

(ii)
No failure on the part of the Investor to exercise, and no delay in exercising, any right, power or remedy hereunder (including,
without limitation, any Netting permitted hereunder) shall operate as a waiver thereof; nor shall any single or partial exercise
by the Investor of any right, power or remedy preclude any other or further exercise thereof or the exercise of any other right,
power or remedy. The remedies herein provided are cumulative and are not exclusive of any remedies provided by law. In addition,
the exercise of any right or remedy of the Investor at law or equity or under this Note shall not be deemed to be an election
of Investor’s rights or remedies under this Note or at law or equity.

 

(i)
Waiver of Presentment. The Investor hereby waives presentment, diligence, protest and demand, notice of protest, demand
and dishonor and nonpayment of this Note.

 

[Signature
Page Follows]

 

    	 	9	 

    	 

    

 

IN
WITNESS WHEREOF, this Note has been executed as of the date first written above.

 

	 	HUDSON
    BAY MASTER FUND LTD
	 	 	 
	 	By:	                     
	 	Name:
    	 
	 	Title:	 

 

Agreed
and accepted as of

this
20th day of August, 2018 by:

 

	LONGFIN CORP	 
	 	 	 
	By:	              	 
	Name:
    	 	 
	Title:

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