Document:

Exhibit 4.1

 

TELIGENT,
inc.

 

CERTIFICATE OF DESIGNATION OF PREFERENCES,

RIGHTS AND LIMITATIONS

OF

SERIES D CONVERTIBLE PREFERRED STOCK

 

PURSUANT
TO SECTION 151 OF THE 

Delaware
GENERAL CORPORATION LAW

 

The undersigned, Timothy
B. Sawyer and Philip K. Yachmetz, do hereby certify that:

 

1. They are the President
and Secretary, respectively, of Teligent, Inc., a Delaware corporation (the “Corporation”).

 

2. The Corporation
is authorized to issue 1,000,000 shares of preferred stock.

 

3. The following resolutions
were duly adopted by the board of directors of the Corporation (the “Board of Directors”):

 

WHEREAS, the Amended
and Restated Certificate of Incorporation of the Corporation provides for a class of its authorized stock known as Preferred Stock,
consisting of 1,000,000 shares, $0.01 par value per share, issuable from time to time in one or more series;

 

WHEREAS, the Board
of Directors is authorized to fix the dividend rights, dividend rate, voting rights, conversion rights, rights and terms of redemption
and liquidation preferences of any wholly unissued series of preferred stock and the number of shares constituting any series and
the designation thereof; and

 

WHEREAS, it is
the desire of the Board of Directors, pursuant to its authority as aforesaid, to fix the rights, preferences, restrictions
and other matters relating to a series of the preferred stock, which shall consist of up to 100,000 shares of the preferred
stock which the Corporation has the authority to issue, as follows:

 

NOW, THEREFORE, BE
IT RESOLVED, that the Board of Directors does hereby provide for the issuance of a series of preferred stock for cash or exchange
of other securities, rights or property and does hereby fix and determine the rights, preferences, restrictions and other matters
relating to such series of preferred stock as follows:

 

     

     

    

 

 

TERMS OF PREFERRED STOCK

 

Section 1.     Definitions.
In addition to the terms defined elsewhere herein, for the purposes hereof, the following terms shall have the following meanings:

 

“Affiliate”
means, with respect to any specified Person, any other Person who, directly or indirectly, controls, is controlled by, or is under
common control with such Person, where “control” means the possession, directly or indirectly, of the power to direct
the management and policies of a Person whether through the ownership of voting securities, by contract or otherwise.

 

“Authorized
Share Increase” shall be deemed to have occurred from and after the date the Corporation has obtained approval of its
stockholders as is necessary to either (a) authorize additional shares of Common Stock in an amount sufficient to allow for
full conversion of the Preferred Stock or (ii) effectuate a reverse stock split of its outstanding shares of Common Stock to allow
for full conversion of the Preferred Stock.

 

“Available
Shares” at any given time means a number of shares of Common Stock equal to the number of authorized shares of Common
Stock of the Corporation at such time, less (a) the number of shares of Common Stock then reserved by the Corporation’s Board
of Directors for issuance upon conversion or exercise of (i) securities outstanding as of the Original Issue Date and (ii)
awards that may be granted under the Corporation’s equity incentive plans as in effect on the Original Issuance Date, (b)
30,000,000 shares of Common Stock (subject to appropriate adjustment in the event of any stock dividend, stock split, combination
or other similar recapitalization with respect to the Common Stock) and (c) the number of issued and outstanding shares of Common
Stock of the Corporation at such time.

 

“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to
close.

 

“Common
Stock” means the Corporation’s common stock, par value $0.01 per share, and any other securities into which such
securities may hereafter be reclassified or changed.

 

“Common
Stock Equivalents” means any securities of the Corporation or its subsidiaries which would entitle the holder thereof
to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, rights, options, warrants or other
instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to
receive, Common Stock.

 

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“Conversion
Shares” means initially two hundred (200) shares of Common Stock issuable upon conversion of each share of Preferred
Stock in accordance with the terms hereof, and delivered in accordance with Section 6(e)(i), and subject to adjustment as provided
herein.

 

“Corporation
Sale” shall mean the closing of (a) a consolidation or merger of the Corporation with or into another entity or other
corporate reorganization in which the Corporation is not the surviving entity (excluding any merger effected exclusively for the
purpose of changing the domicile of the Corporation), (ii) a transaction or series of related transactions in which in excess of
fifty percent (50%) of the voting power of the Corporation is transferred to a third party (or group of affiliated third parties),
excluding a bona fide equity financing transaction, or (iii) a sale, transfer, exclusive license or other disposition (but not
including a transfer or disposition by pledge or mortgage to a bona fide lender) of all or substantially all of the assets of the
Corporation.

 

“Original
Issue Date” means the date of the first issuance of any shares of the Preferred Stock regardless of the number of transfers
of any particular shares of Preferred Stock and regardless of the number of certificates which may be issued to evidence such Preferred
Stock.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

Section 2.
     Designation, Amount and Par Value. The series of preferred stock shall be designated as its
Series D Convertible Preferred Stock (the “Preferred Stock”) and the number of shares so designated shall
be up to 100,000 (which shall not be subject to increase without the written consent of all of the holders of the Preferred
Stock (each, a “Holder” and collectively, the “Holders”)). Each share of Preferred
Stock shall have a par value of $0.01 per share.

 

Section 3.     Dividends.
Holders shall be entitled to receive, and the Corporation shall pay, dividends on shares of Preferred Stock equal (on an as-if-converted-to-Common-Stock
basis) to and in the same form as dividends (other than dividends in the form of Common Stock) actually paid on shares of the
Common Stock when, as and if such dividends (other than dividends in the form of Common Stock) are paid on shares of the Common
Stock. Other than as set forth in the previous sentence, no other dividends shall be paid on shares of Preferred Stock; and the
Corporation shall pay no dividends (other than dividends in the form of Common Stock) on shares of the Common Stock unless it
simultaneously complies with the previous sentence.

 

Section 4.     Voting
Rights. Except as otherwise provided herein or as otherwise required by law, the Preferred Stock shall have no voting rights.
However, as long as any shares of Preferred Stock are outstanding, the Corporation shall not, without the affirmative vote of
the Holders of a majority of the then outstanding shares of the Preferred Stock, (a) alter or change adversely the powers, preferences
or rights given to the Preferred Stock or alter or amend this Certificate of Designation, (b) amend its certificate of incorporation
or other charter documents in any manner that adversely affects any rights of the Holders, (c) increase the number of authorized
shares of Preferred Stock, or (d) enter into any agreement
with respect to any of the foregoing.

 

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Section 5.     Liquidation.
In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, the holders of shares of
Preferred Stock then outstanding shall share, together with the holders of Common Stock, in any distribution of the remaining funds
and assets available for distribution to the stockholders of the Corporation, pro rata based on the number of shares of Common
Stock such holders would have received had the conversion of such Preferred Stock occurred immediately prior to such liquidation,
dissolution or winding up.

 

Section 6. 

 

a)     
Conversion at the Option of the Holder. Each share of Preferred Stock shall be convertible by the Holder thereof
as follows:

 

		i.	At any time and from time to time to the extent that the aggregate number of shares of Common Stock
to be issued upon such conversion is less than or equal to the number of Available Shares; and

 

		ii.	At any time and from time to time, in full or in part, from and after the Authorized Share Increase;

 

b)     
Notice of Conversion. Holders shall effect conversions by providing written notice to the Corporation (a “Notice
of Conversion”). Each Notice of Conversion shall specify the number of shares of Preferred Stock to be converted and
the date on which such conversion is to be effected, which date may not be prior to the date the applicable Holder delivers by
facsimile or e-mail such Notice of Conversion to the Corporation (such date, the “Conversion Date”). If no Conversion
Date is specified in a Notice of Conversion, the Conversion Date shall be the date that such Notice of Conversion to the Corporation
is deemed delivered hereunder. No ink-original Notice of Conversion shall be required, nor shall any medallion guarantee (or other
type of guarantee or notarization) of any Notice of Conversion form be required. To effect conversions of shares of Preferred Stock,
a Holder shall not be required to surrender the certificate(s) representing the shares of Preferred Stock to the Corporation unless
all of the shares of Preferred Stock represented thereby are so converted, in which case such Holder shall deliver the certificate
representing such shares of Preferred Stock promptly following the Conversion Date at issue. Shares of Preferred Stock converted
into Common Stock in accordance with the terms hereof shall be canceled and shall not be reissued.

 

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c)     
 Available Shares Report. Within two (2) Business Days of the written request of any Holder at any time prior to
the Authorized Share Increase, the Corporation shall deliver to such Holder a report of the number of Available Shares then available.

 

d)     
Beneficial Ownership Limitation. The Corporation shall not effect any conversion of shares of Preferred Stock to
Common Stock, and a Holder shall not have the right to convert any shares of Preferred Stock to Common Stock, to the extent that,
after giving effect to such conversion, such Holder, any person having beneficial ownership of shares of Common Stock owned by
such Holder, or such Holder together with such Holder's Affiliates, and any Persons acting as a group together with such Holder
or any of such Holder's Affiliates (any such person other than Holder, including any group of which Holder is a member, an “Additional
Restricted Ownership Person”), would beneficially own in excess of fifteen percent (15%) of the number of outstanding
shares of Common Stock. For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by such
Holder and any Additional Restricted Ownership Person shall include the number of shares of Common Stock issuable upon conversion
of shares of Preferred Stock with respect to which such determination is being made, but shall exclude the number of shares of
Common Stock which are issuable upon (i) conversion of the remaining, unconverted shares of Preferred Stock beneficially owned
by such Holder or any Additional Restricted Ownership Person in excess of such limitation and (ii) exercise or conversion of the
unexercised or unconverted portion of any other securities of the Corporation subject to a limitation on conversion or exercise
analogous to the limitation contained herein beneficially owned by such Holder or any Additional Restricted Ownership Person. Except
as set forth in the preceding sentence, for purposes of this Section 6(d), beneficial ownership shall be calculated in accordance
with Section 13(d) of the Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

e)     
Mechanics of Conversion

 

i.                       
Delivery of Conversion Shares Upon Conversion. Not later than three (3) Business Days after the Conversion Date,
the Corporation shall deliver, or cause to be delivered, to such Holder a certificate or certificates representing the number of
Conversion Shares being acquired upon the conversion of the Preferred Stock, which Conversion Shares shall contain or be subject
to the following restrictive legend:

 

THE SHARES REPRESENTED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW
TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE
REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION
IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.

 

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ii.                       
Reservation of Shares Issuable Upon Conversion. The Corporation covenants that it will at all times from and after
the Authorized Share Increase reserve and keep available out of its authorized and unissued shares of Common Stock for the sole
purpose of issuance upon conversion of the Preferred Stock as herein provided, free from preemptive rights or any other actual
contingent purchase rights of Persons other than the Holder (and the other holders of the Preferred Stock), not less than such
aggregate number of shares of the Common Stock as shall be issuable (taking into account the adjustments of Section 7) upon the
conversion of the then outstanding shares of Preferred Stock hereunder. The Corporation covenants that all shares of Common Stock
that shall be so issuable shall, upon issue, be duly authorized, validly issued, fully paid and nonassessable.

 

iii.                       
Fractional Shares. No fractional shares or scrip representing fractional shares shall be issued upon the conversion
of the Preferred Stock, and instead the number of shares issued shall be rounded down to the next whole share.

 

iv.                       
Transfer Taxes and Expenses. The issuance of Conversion Shares on conversion of this Preferred Stock shall be made
without charge to any Holder for any documentary stamp or similar taxes that may be payable in respect of the issue or delivery
of such Conversion Shares, provided that the Corporation shall not be required to pay any tax that may be payable in respect of
any transfer involved in the issuance and delivery of any such Conversion Shares upon conversion in a name other than that of the
Holders of such shares of Preferred Stock and the Corporation shall not be required to issue or deliver such Conversion Shares
unless or until the Person or Persons requesting the issuance thereof shall have paid to the Corporation the amount of such tax
or shall have established to the satisfaction of the Corporation that such tax has been paid.

 

Section 7.     Certain
Other Adjustments.

 

a)      Stock
Dividends and Stock Splits. If the Corporation, at any time while this Preferred Stock is outstanding: (i) pays a stock
dividend or otherwise makes a dividend or distribution payable in shares of Common Stock on shares of Common Stock or any
other Common Stock Equivalents, (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii)
combines (including by way of a reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or
(iv) issues, in the event of a reclassification of shares of the Common Stock, any shares of capital stock of the
Corporation, then the number of Conversion Shares shall be multiplied by a fraction of which the numerator shall be the
number of shares of Common Stock outstanding immediately after such event, and of which the denominator shall be the number
of shares of Common Stock outstanding immediately before such event. Any adjustment made pursuant to this Section 7(a) shall
become effective (1) with respect to a dividend or distribution, immediately after the record date for the determination of
stockholders entitled to receive such dividend or distribution and (2) with respect to a subdivision, combination or
re-classification, immediately after the effective date of such event.

 

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b)     
Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 7(a) above, if at any time the Corporation
grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata
to the record holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will,
upon the conversion of such Holder’s shares of Preferred Stock, be entitled to acquire, upon the terms applicable to such
Purchase Rights, the aggregate Purchase Rights which the Holder would have acquired had such conversion occurred immediately before
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.

 

c)     
Adjustment for Merger or Consolidation. If there shall occur any consolidation or merger involving the Corporation
in which the Common Stock (but not a series of the Corporation’s preferred stock) is converted into or exchanged for securities,
cash, or other property (other than a transaction covered by Sections 7(a) or 7(b)), then, following any such consolidation or
merger, provision shall be made that each share of Preferred Stock shall thereafter be convertible, in lieu of the Common Stock
into which it was convertible prior to such event, into the kind and amount of securities, cash or other property which a holder
of the number of shares of Common Stock of the Corporation issuable upon conversion of one share Preferred Stock immediately prior
to such consolidation or merger would have been entitled to receive pursuant to such transaction; and, in such case, appropriate
adjustment (as determined in good faith by the Board of Directors) shall be made in the application of the provisions in this Section
7 with respect to the rights and interests thereafter of the holders of the Preferred Stock, to the end that the provisions set
forth in this Section 7 shall thereafter be applicable, as nearly as reasonably may be, in relation to any securities or other
property thereafter deliverable upon the conversion of the Preferred Stock.

 

d)     
Calculations. All calculations under this Section 7 shall be made to the nearest 1/100th of a share. For purposes
of this Section 7, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum
of the number of shares of Common Stock (excluding any treasury shares of the Corporation) issued and outstanding.

 

Section 8.    Redemption
upon Corporation Sale. In the event of a Corporation Sale (other than a Corporation Sale to which Section 7(c) applies), each
share of outstanding Preferred Stock shall be redeemed by the Corporation by paying the Holder thereof an amount equal to the
amount such Holder would have received in connection with such Corporation Sale had such Holder converted such share of Preferred
Stock into Common Stock immediately prior to such Corporation Sale (without giving effect to any limitations on conversion set
forth in Section 6), all to the extent permitted by Delaware law governing distributions to stockholders (the “Available
Proceeds”). Notwithstanding the foregoing, in the event of a redemption pursuant to the preceding sentence, if the Available
Proceeds are not sufficient to redeem all outstanding shares of Preferred Stock, the Corporation shall redeem a pro rata portion
of each Holder’s shares of Preferred Stock to the fullest extent of such Available Proceeds, based on the respective amounts
which would otherwise be payable in respect of the shares to be redeemed if the Available Proceeds were sufficient to redeem all
such shares, and shall redeem the remaining shares as soon as it may lawfully do so under Delaware law governing distributions
to stockholders.

 

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Section 9.     Miscellaneous.

 

a)                 
Notices. Any and all notices or other communications or deliveries to be provided by the Holders hereunder shall
be in writing and delivered in person or mailed by first class mail, postage prepaid, overnight courier or transmitted by facsimile
transmission or electronic transmission in PDF format to the Corporation at the address of its principal office at Teligent, Inc.,
105 Lincoln Avenue, Buena, NJ 08310, Attention: Timothy B. Sawyer and Philip K. Yachmetz, with a copy to K&L Gates LLP, 599
Lexington Avenue, New York City, New York 10022, Attention: Whitney J. Smith, and to K&L Gates LLP, 300 South Tryon Street,
Suite 1000, Charlotte, North Carolina 28202, Attention: Sean M. Jones, or such other address as the Corporation may specify for
such purposes by notice to the Holders delivered in accordance with this Section 9. Any and all notices or other communications
or deliveries to be provided by the Corporation hereunder shall be in writing and delivered in person or mailed by first class
mail, postage prepaid, overnight courier or transmitted by facsimile transmission or electronic transmission in PDF format addressed
to each Holder at the address of such Holder appearing on the books of the Corporation.

 

b)                 
Lost or Mutilated Preferred Stock Certificate. If a Holder’s Preferred Stock certificate shall be mutilated,
lost, stolen or destroyed, the Corporation shall execute and deliver, in exchange and substitution for and upon cancellation of
a mutilated certificate, or in lieu of or in substitution for a lost, stolen or destroyed certificate, a new certificate for the
shares of Preferred Stock so mutilated, lost, stolen or destroyed, but only upon receipt of evidence of such loss, theft or destruction
of such certificate, and of the ownership hereof reasonably satisfactory to the Corporation.

 

c)                  Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Certificate of
Designation shall be governed by and construed and enforced in accordance with the internal laws of the State of Delaware,
without regard to the principles of conflict of laws thereof. The Corporation and each Holder irrevocably submits to the
exclusive jurisdiction of (a) the Court of Chancery of the State of Delaware, and (b) the United States District Court
sitting in New Castle County in the State of Delaware, for the purposes of any action arising out of this Agreement or any
transaction contemplated hereby. The Corporation and each Holder agrees that all legal proceedings concerning the
interpretation, enforcement and defense of the transactions contemplated hereby shall be commenced either in the Court of
Chancery of the State of Delaware or if such action may not be brought in such court for jurisdictional reasons, in the
United States District Court sitting in New Castle County in the State of Delaware. The Corporation and each Holder hereby
irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by
mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at
the address in effect for notices to it under this Certificate of Designation and agrees that such service shall constitute
good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any
right to serve process in any other manner permitted by applicable law. The Corporation and each Holder hereby irrevocably
waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising
out of or relating to this Certificate of Designation or the transactions contemplated hereby. If the Corporation or any
Holder shall commence an action or proceeding to enforce any provisions of this Certificate of Designation, then the
prevailing party in such action or proceeding shall be reimbursed by the other party for its attorneys’ fees and other
costs and expenses incurred in the investigation, preparation and prosecution of such action or proceeding.

 

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d)                 
Waiver. Any of the rights, powers, privileges and other terms of the Preferred Stock set forth in this Certificate
of Designation may be waived prospectively or retrospectively on behalf of all Holders by the affirmative written consent or vote
of the Holders of a majority of the then outstanding shares of the Preferred Stock.

 

e)                 
Severability. If any provision of this Certificate of Designation is invalid, illegal or unenforceable, the balance
of this Certificate of Designation shall remain in effect, and if any provision is inapplicable to any Person or circumstance,
it shall nevertheless remain applicable to all other Persons and circumstances. If it shall be found that any interest or other
amount deemed interest due hereunder violates the applicable law governing usury, the applicable rate of interest due hereunder
shall automatically be lowered to equal the maximum rate of interest permitted under applicable law.

 

f)                  
Next Business Day. Whenever any payment or other obligation hereunder shall be due on a day other than a Business
Day, such payment shall be made on the next succeeding Business Day.

 

g)                 
Headings. The headings contained herein are for convenience only, do not constitute a part of this Certificate of
Designation and shall not be deemed to limit or affect any of the provisions hereof.

 

h)                  Status
of Converted or Redeemed Preferred Stock. If any shares of Preferred Stock shall be converted, redeemed or reacquired by
the Corporation, such shares shall resume the status of authorized but unissued shares of preferred stock and shall no longer
be designated as Series D Convertible Preferred Stock.

 

*********************

 

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RESOLVED, FURTHER, that the Chairman, the
president or any vice-president, and the secretary or any assistant secretary, of the Corporation be, and they hereby are, authorized
and directed to prepare and file this Certificate of Designation of Preferences, Rights and Limitations in accordance with the
foregoing resolution and the provisions of Delaware law.

 

IN WITNESS WHEREOF,
the undersigned have executed this Certificate this 25th day of January 2021.

 

	/s/ Timothy B. Sawyer 	 	/s/ Philip K. Yachmetz
	Name: Timothy B. Sawyer 	 	Name:  Philip K. Yachmetz
	Title:  President	 	Title:  Corporate Secretary

 

    10Exhibit 10.1

 

Execution Version

 

EXCHANGE AGREEMENT

 

by and among

 

TELIGENT, INC.,

 

the undersigned funds and accounts managed
by affiliates of

 

ARES MANAGEMENT CORPORATION

 

and

 

THE PARTICIPATING NOTEHOLDERS

 

LISTED ON THE SIGNATURE PAGES HERETO

 

Dated as of January 27, 2021

 

     

     

    

 

Schedules

 

		Schedule I:	Exchange Shares (Series C Notes Exchange)

 

		Schedule II:	Exchange Shares (Ares Loan Exchange)

 

Exhibits

 

		Exhibit A:	Form of Stockholders’ Agreement

 

		Exhibit B:	Form of Voting Trust Agreement

 

		Exhibit C:	Form of Certificate of Designation

 

		Exhibit D:	Form of ATM Sales Agreement

 

    i 

     

    

 

EXCHANGE
AGREEMENT

 

This EXCHANGE AGREEMENT
(this “Agreement”) is dated as of January 27, 2021 by and among (i) Teligent, Inc., a Delaware
corporation, (the “Company”), (ii) the undersigned funds and accounts managed by affiliates of Ares
Management Corporation (collectively, “Ares”), and (iii) the Participating Noteholders (as defined
below). Ares and each Participating Noteholder are collectively referred to as the “Participating Parties”
and individually as a “Participating Party.” The Company and each Participating Party are collectively
referred to as the “Parties” and individually as a “Party.”

 

W
I T N E S S E T H

 

WHEREAS, the Company
and Ares are parties to (i) that certain First Lien Revolving Credit Agreement dated as of December 18, 2018, by and
among the Company, as the borrower, certain subsidiaries of the Company, as guarantors, the lenders from time to time party thereto,
and ACF Finco I LP, as administrative agent, as amended, restated, supplemented or otherwise modified from time to time (the “ACF
1L Credit Agreement”), and (ii) that certain Second Lien Credit Agreement dated as of December 18, 2018,
by and among the Company, as the borrower, certain subsidiaries of the Company, as guarantors, the lenders from time to time party
thereto, and Ares Capital Corporation, as administrative agent, as amended, restated, supplemented or otherwise modified from time
to time (the “Ares 2L Credit Agreement” and, together with the ACF 1L Credit Agreement, the “Ares
Credit Agreements”);

 

WHEREAS, each undersigned
holder (each a “Participating Noteholder” and, collectively, the “Participating Noteholders”)
of the Company’s 9.5% Series C Senior Secured Convertible Notes due 2023 (the “Series C Notes”)
issued under that certain Indenture dated July 20, 2020 (the “Series C Indenture”) holds Series C
Notes with an aggregate principal amount as set forth opposite such Participating Noteholder’s name on Schedule I
hereto;

 

WHEREAS, the Parties
hereto have reached an agreement in principle regarding the material terms of a recapitalization transaction (the “Recapitalization
Transaction”) to be effectuated through a series of out-of-court transactions pursuant to the terms and conditions
of that certain Term Sheet dated as of January 14, 2021 (the “Term Sheet”); and

 

WHEREAS, as part of
the Recapitalization Transaction, pursuant to this Agreement and the applicable Transaction Documents (defined below), and subject
to the terms and conditions herein and therein, the Parties agree to effectuate the Transactions (defined below) as set forth in
Section 2.1 and Section 2.2 herein.

 

NOW, THEREFORE, in
consideration of the mutual terms, conditions, and other covenants and agreements set forth herein, the Parties hereby agree as
follows:

 

    1 

     

    

 

ARTICLE I.

DEFINITIONS

 

1.1         Definitions.
In addition to the other words and terms defined elsewhere in this Agreement, as used in this Agreement, the following words and
terms have the meanings specified or referred to below:

 

(a)           “2L
Accrued PIK Interest” has the meaning set forth in Section 2.1(b).

 

(b)           “Ares”
has the meaning set forth in the preamble.

 

(c)           “Ares
Credit Agreement Amendments” has the meaning set forth in Section 2.1(b).

 

(d)           “Ares
Credit Agreements” has the meaning set forth in the recitals.

 

(e)           “Ares
Loan Exchange” has the meaning set forth in Section 2.1(c).

 

(f)            “Ares
Loan Exchange Rate” has the meaning set forth in Section 2.4(a).

 

(g)           “ATM
Offering” means a continuous at-the-market offering by the Company or any of its subsidiaries of Common Stock in
accordance with Rule 415 under the Securities Act.

 

(h)           “ATM
Sales Agreement” has the meaning set forth in Section 2.5.

 

(i)           “B.
Riley” means B. Riley Securities, Inc.

 

(j)           “B.
Riley Fee” means the commitment fee payable to B. Riley in Common Stock pursuant to that certain engagement letter
of even date herewith between the Company and B. Riley regarding the ATM Offering.

 

(k)           “Board
Resolutions” has the meaning set forth in Section 2.6(d).

 

(l)            “Business
Day” means a day other than a Saturday, Sunday or any day on which the banks located in the State of New York are
authorized or obligated to close.

 

(m)           “Certificate
of Designation” means the Company’s Certificate of Designations, Preferences and Rights of the Preferred Stock,
in the form attached as Exhibit C hereto.

 

(n)           “Closing”
has the meaning set forth in Section 2.1.

 

(o)           “Closing
Date” has the meaning set forth in Section 2.1.

 

(p)           “Collateral
Agent” has the meaning set forth in the Series C Indenture.

 

(q)           “Common
Exchange Shares” means shares of Common Stock issued to a Participating Party as Exchange Shares pursuant to the
Exchange.

 

(r)            “Common
Stock” when used with reference to the Company shall mean the Common Stock, presently par value $.01 per share, of
the Company.

 

(s)           “Conversion
Shares” has the meaning set forth in Section 3.5.

 

(t)            “Counsel”
has the meaning set forth in Section 6.3.

 

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(u)           “Disclosure”
has the meaning set forth in Section 6.1.

 

(v)           “DTC”
has the meaning set forth in Section 2.2(b).

 

(w)          “Effective
Time” has the meaning set forth in Section 2.2(b).

 

(x)           “Encumbrances”
means any mortgage, lien, pledge, assignment, charge, deed of trust, security interest, hypothecation, preference, deposit arrangement
or encumbrance (or other type of arrangement having the practical effect of the foregoing) to secure or provide for the payment
of any obligation of any Person, whether arising by contract, operation of law, or otherwise.

 

(y)           “Enforceability
Exceptions” has the meaning set forth in Section 3.2.

 

(z)           “Exchange”
means, individually and collectively, the Series C Note Exchange and the Ares Loan Exchange.

 

(aa)         “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

(bb)        “Exchange
Price” means the VWAP of the Common Stock based on a trailing five (5) Trading Day period ending on the last
Trading Day before the Closing Date.

 

(cc)         “Exchange
Shares” means the Common Exchange Shares and/or Preferred Exchange Shares issued to a Participating Party in connection
with the Exchange, as applicable.

 

(dd)        “Exchanged
Debt” means, individually and collectively, the 2L Accrued PIK Interest and Exchanged Notes.

 

(ee)         “Exchanged
Notes” means each Participating Noteholder’s Series C Notes exchanged pursuant to the Series C Note
Exchange.

 

(ff)          “Governmental
Entity” means any domestic or foreign, national, supranational, federal, state, municipal, county, city, local or
other administrative, legislative, regulatory or other governmental authority, commission, agency, court of competent jurisdiction
or other judicial entity, tribunal, legislative, regulatory or self-regulatory body, instrumentality, or quasi- governmental agency,
commission or authority or any arbitrator or arbitral tribunal.

 

(gg)        “Interim
Financing” means a $4,600,000 delayed draw term loan.

 

(hh)        “Jefferies”
means Jefferies & Company.

 

(ii)           “Jefferies
Engagement Agreement” means that certain letter agreement between Jefferies and the Company dated June 10, 2020,
as amended pursuant to certain addendums dated August 13, 2020 and January 10, 2021.

 

(jj)          “Jefferies
Fee” means that certain Restructuring and Equity Financing Fee (as defined in the Jefferies Engagement Agreement)
payable to Jefferies in connection with the consummation of the Recapitalization Transaction pursuant to the Jefferies Engagement
Agreement.

 

    3 

     

    

 

(kk)         “Law”
means any federal, state, local or foreign law (including common law), statute, code, ordinance, directive, rule, regulation, Order
or other requirement of or rule or law promulgated, issued, enforced or entered by any Governmental Entity.

 

(ll)           “Material
Adverse Effect” means any event, occurrence, fact, condition or change, that, individually or in the aggregate, results,
or would reasonably be likely to result, in a material adverse effect on the condition (financial or otherwise) or in the earnings,
business, properties, surplus or results of operations of the Company and its Subsidiaries, taken as a whole; provided,
however, that any event, occurrence, fact, condition or change arising out of or attributable to, directly or indirectly:
(i) general economic or political conditions; (ii) conditions generally affecting the generic pharmaceuticals industry
in the US and Canada; (iii) changes in financial or securities markets in general; (iv) acts of war (whether or not declared),
armed hostilities or terrorism, or the escalation or worsening thereof; or (v) changes in applicable laws or accounting rules,
including U.S. generally accepted accounting principles (“GAAP”), in each case, shall not be deemed,
either alone or in combination, to constitute a Material Adverse Effect; provided, further, that, notwithstanding
the immediately preceding proviso, any event, occurrence, fact, condition or change referred to in clauses (i) through (iii) and
(v) immediately above shall be taken into account in determining whether a Material Adverse Effect has occurred or would reasonably
be likely to occur to the extent that such event, occurrence, fact, condition or change has a disproportionate effect on the Company
and its Subsidiaries, taken as a whole, compared to other entities whose primary business is in the generic pharmaceuticals industry
in the U.S. and Canada.

 

(a)           “NDA”
means the Amended and Restated Confidentiality Agreement between the Company and each of the Participating Noteholders.

 

(b)           “Order”
means any order, consent, injunction, judgment, decree, stipulation, ruling, opinion, decision, writ, assessment or arbitration
award, including any consent decree or consent agreement.

 

(c)           “Participating
Noteholder” has the meaning set forth in the preamble.

 

(d)           “Participating
Party” has the meaning set forth in the preamble.

 

(e)           “Party”
has the meaning set forth in the preamble.

 

(f)            “Person”
means any individual, corporation, partnership, limited liability company, trust, joint stock company, business trust, unincorporated
association, joint venture, Governmental Entity or other entity of any nature whatsoever.

 

(g)           “Placement
Shares” means shares of Common Stock sold by the Agent (as defined in the ATM Sales Agreement) as part of the ATM
Offering.

 

(h)           “Preferred
Exchange Shares” means shares of Preferred Stock issued to a Participating Party as Exchange Shares pursuant to the
Exchange.

 

    4 

     

    

 

(i)            “Preferred
Stock” means the convertible preferred stock of the Company, which shall have the rights, preferences and privileges
set forth in the Certificate of Designation.

 

(j)            “Professional
Advisors” means, individually and collectively, Counsel and Jefferies.

 

(k)           “Public
Float” means the aggregate market value of the outstanding voting and non-voting
common equity (as defined in Rule 405) of the Company held by persons other than affiliates of the Company (as determined
pursuant to Rule 144 of the Securities Act).

 

(l)            “Recapitalization
Transaction” has the meaning set forth in the Recitals.

 

(m)          “Representative”
means, with respect to any Person, any and all directors, officers, employees, consultants, financial advisors, counsel, accountants
and other agents of such Person.

 

(n)           “SEC”
means the Securities and Exchange Commission.

 

(o)           “Securities
Act” means the Securities Act of 1933, as amended from time to time, and the rules and regulations promulgated
thereunder

 

(p)           “Series C
Indenture” has the meaning set forth in the recitals.

 

(q)           “Series C
Note Exchange” has the meaning set forth in Section 2.1(a).

 

(r)            “Series C
Note Exchange Rate” has the meaning set forth in Section 2.2(a)

 

(s)           “Series C
Notes” has the meaning set forth in the recitals.

 

(t)            “Stockholder
Approval” has the meaning set forth in Section 6.4.

 

(u)           “Stockholders’
Agreement” has the meaning set forth in Section 2.6(d).

 

(v)           “Short
Sales” means all “short sales” as defined in Rule 200 of Regulation SHO promulgated under the Exchange
Act.

 

(w)          “Subsidiary”
means (a) any corporation more than 50% of whose voting stock having by the terms thereof power to elect a majority of the
directors of such corporations at the time is owned by the Company directly or indirectly and (b) any partnership, association,
joint venture or other entity in which the Company directly or indirectly has more than 50% voting equity interest at the time.

 

(x)           “Term
Sheet” has the meaning set forth in the recitals.

 

(y)           “Trading
Day” means any day on which trading occurs on the Nasdaq Global Market (or any successor thereto) or other securities
markets in the United States.

 

    5 

     

    

 

(z)           “Transaction
Documents” means this Agreement, the Term Sheet, the ATM Sales Agreement, the Ares Credit Agreement Amendments, the
Voting Trust Agreements, the Stockholders’ Agreement, and the Board Resolutions.

 

(aa)         “Transactions”
means the Exchange, the ATM Offering and the Ares Credit Agreement Amendments.

 

(bb)        “Trustee”
has the meaning set forth in the Series C Indenture.

 

(cc)         “Voting
Trust Agreements” has the meaning set forth in Section 2.6(b).

 

(dd)        “Voting
Trustee” means the “Trustee” as defined in the Voting Trust Agreement.

 

(ee)         “VWAP”
per share of common stock of the Company on any Trading Day means the per share volume-weighted average price as displayed under
the heading Bloomberg VWAP on Bloomberg page “TLGT:US <equity>” (or its equivalent successor if such page is
not available) in respect of the period from the open of trading on the relevant Trading Day until the close of trading on such
Trading Day.

 

1.2         Interpretation.
Unless the context of this Agreement otherwise requires, (i) words of any gender include each other gender, (ii) words
using the singular or plural number also include the plural or singular number, respectively, (iii) the terms “hereof,”
 “herein,” “hereby” and derivative or similar words refer to this entire Agreement, (iv) the terms
 “Article” or “Section” refer to the specified Article or Section of this Agreement, and (v) the
words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without
limitation.” The term “or” is not necessarily exclusive. Any reference herein to any statute, agreement or document,
or any section thereof, shall, unless otherwise expressly provided, be a reference to such statute, agreement, document or section
as amended, modified or supplemented (including any successor section) and in effect from time to time. The parties acknowledge
and agree that, except as specifically provided herein, they may pursue judicial remedies at law or in equity in the event of a
dispute with respect to the interpretation or construction of this Agreement. This Agreement shall be interpreted and enforced
in accordance with the provisions hereof without the aid of any canon, custom or rule of law requiring or suggesting construction
against the party causing the drafting of the provision in question.

 

ARTICLE II.

DEBT EXCHANGE AND ADDITIONAL TRANSACTIONS

 

2.1         Simultaneous
Signing and Closing. The Transactions shall take place at a closing (the “Closing”)
to be managed by the electronic exchange of documents, contemporaneously with the execution and delivery of this Agreement on the
date first above written, or at such other time or on such other date as the Parties mutually may agree in writing. The day on
which the Closing takes place is referred to as the “Closing Date.” The Parties agree to effectuate the
Transactions (each of which shall be (a) conditioned upon the closing (or, in the case of the ATM Offering, the commencement)
of each other Transaction, and (b) effective as of the Closing Date) as follows:

 

    6 

     

    

 

(a)           each
Participating Noteholder shall exchange such Participating Noteholder’s right, title and interest in all of such Participating
Noteholder’s Series C Notes for certain Exchange Shares as set forth on Schedule I hereto (the “Series C
Note Exchange”);

 

(b)           Ares
and the Company shall execute certain amendments to the Ares Credit Agreements (the “Ares Credit Agreement Amendments”),
pursuant to which, among other things, (i) Ares will provide the Company with the Interim Financing, and (ii) all accrued
and unpaid PIK Interest under the 2L Credit Agreement (the “2L Accrued PIK Interest”) as of the Closing
Date shall be deemed satisfied and waived by Ares;

 

(c)           in
exchange for the satisfaction and waiver of the 2L Accrued PIK Interest, the Company shall issue to Ares certain Preferred Exchange
Shares as set forth on Schedule II hereto (the “Ares Loan Exchange”); and

 

(d)           the
Company shall enter into the ATM Sales Agreement with B. Riley;

 

provided, however, that (i) the
Transactions set forth in subsections (a) through (c) above shall be deemed to be effective as of the Effective Time,
and (ii) the Transaction set forth in subsection (d) above shall be deemed to be effective immediately following the
Effective Time.

 

2.2         Series C
Note Exchange. Subject to the terms and conditions hereof, each Participating Noteholder
hereby agrees to exchange, at the applicable Series C Note Exchange Rate, such Participating Noteholder’s Series C
Notes for the issuance by the Company to each such Participating Noteholder of certain Exchange Shares, and each Participating
Noteholder shall accept from the Company such Exchange Shares, as set forth on Schedule I hereto.

 

(a)           Exchange
Rate. The exchange rate for the Series C Note Exchange (as applicable, the “Series C Note Exchange Rate”)
shall be equal to the following:

 

(i)            Each
one thousand dollars ($1,000) of principal amount of Exchanged Notes (plus any accrued and
outstanding interest on such Exchanged Notes that has become due and payable) held by each Participating Noteholder (other than
Laurence Lytton) shall be exchanged for an amount of Common Exchange Shares equal to (A) 1,000 divided by (B) (x) the
Exchange Price multiplied by (y) 1.60.

 

(ii)           Each
one thousand dollars ($1,000) of principal amount of Exchanged Notes (plus any accrued and
outstanding interest on such Exchanged Notes that has become due and payable) held by Laurence Lytton shall be exchanged for an
amount of Common Exchange Shares equal to (A) 1,000 divided by (B) (x) the Exchange Price multiplied by
(y) 1.50.

 

(b)          Exchange
Settlement. As soon as practicable following the effectiveness of the Series C Note Exchange, which shall be deemed to
occur at 4:01 p.m. (New York time) on the Closing Date (such date and time, the “Effective Time”):

 

    7 

     

    

 

(i)            Each
Participating Noteholder shall assign and transfer all right, title and interest in and to its Exchanged Notes to the Company,
and deliver or cause to be delivered the Exchanged Notes held by such Participating Noteholder to the Company, by book-entry transfer
through the facilities of The Depositary Trust Company (“DTC”) from the account(s) of such Participating
Noteholder (or, in the case of physical Series C Notes, by physical delivery of such Notes to the Trustee), free and clear
of all Encumbrances, together with any customary documents of conveyance or transfer that the Company or Trustee may reasonably
deem necessary or desirable to transfer such Exchanged Notes to the Company.

 

(ii)           The
Company shall immediately instruct the Trustee to cancel the Exchanged Notes in accordance with the terms of the Series C
Indenture.

 

(iii)          The
Company shall promptly execute and deliver to its transfer agent for Common Stock an instruction letter (in form and substance
reasonably acceptable to the Participating Noteholders, the “Transfer Agent Instruction Letter”) providing for
the delivery of the Exchange Shares, via a book-entry position on the records of the transfer agent, to each Participating Noteholder
(or its designee) as set forth on Schedule I hereto. The Company shall provide each Participating Party satisfactory evidence
thereof.

 

(c)          Effective
Time. For the avoidance of doubt, upon the Effective Time, (i) each Participating Noteholder (or its designee) shall be
deemed for all corporate purposes to have become the legal, beneficial and record holder of its respective Exchange Shares and
(ii) the aggregate principal amount of (and any and all accrued and unpaid interest
on) the Exchanged Notes shall be deemed cancelled. For the avoidance of doubt, all of the issued and outstanding Series C
Notes shall be exchanged pursuant to this Agreement.

 

2.3         Ares
Credit Agreement Amendments. Subject to the terms and conditions hereof, the Company
and Ares shall have duly executed (i) an amendment to the ACF 1L Credit Agreement in form and substance previously agreed
to by the Company and Ares (the “1L Credit Agreement Amendment”), and (ii) an amendment to the Ares
2L Credit Agreement in form and substance previously agreed to by the Company and Ares (the “2L Credit Agreement Amendment”).

 

2.4         Ares
Loan Exchange. In exchange for Ares’ satisfaction and waiver of the 2L Accrued
PIK Interest, the Company shall issue and deliver to Ares, at the Ares Loan Exchange Rate, certain Preferred Exchange Shares, and
Ares shall accept from the Company such Preferred Exchange Shares, as set forth on Schedule II hereto.

 

(a)           Exchange
Rate. The exchange rate for the Ares Loan Exchange (the “Ares Loan Exchange Rate”) shall be equal
to the following: Each one thousand dollars ($1,000) of 2L Accrued PIK Interest shall be
exchanged for an amount of Preferred Exchange Shares equal to (i) 1,000 divided by (ii) (x) the Exchange
Price multiplied by (y) 1.30.

 

(b)           Exchange
Settlement. As soon as practicable following the effectiveness of
the Ares Loan Exchange, which shall be deemed to occur at the Effective Time, the Company shall deliver to each Participating
Party set forth on Schedule II a certificate, duly executed on behalf of the Company and bearing the restrictive legend
pursuant to Section 2.4(c), representing the number of Preferred Exchange Shares set forth across from such Participating
Party’s name on Schedule II hereto in the column captioned “Preferred Exchange Shares.” Upon the
Effective Time, such Participating Party shall be deemed for all corporate purposes to have become the legal, beneficial and record
holder of such Preferred Exchange Shares.

 

    8 

     

    

 

(c)           Legend.
The Preferred Exchange Shares issued to Ares in connection with the Ares Loan Exchange will bear a legend substantially to the
following effect:

 

THE SECURITIES REPRESENTED
BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND
MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO IS IN EFFECT
UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS.

 

THE SECURITIES REPRESENTED
BY THIS INSTRUMENT MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF A STOCKHOLDERS’ AGREEMENT BETWEEN THE COMPANY
AND THE STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.

 

2.5         ATM
Sales Agreement. The Company and B. Riley shall have duly executed the ATM Sales Agreement
in the form attached hereto as Exhibit D (the “ATM Sales Agreement”). The Company shall have
delivered executed copies of the ATM Sales Agreement to each Participating Party, and shall commence the ATM Offering pursuant
to the terms of the ATM Sales Agreement and this Agreement (including Section 6.2 herein).

 

2.6         Additional
Exchange Transaction Documents.

 

(a)           Stockholders’
Agreement. The Company and each Participating Party shall have duly executed the Stockholders’ Agreement in the form
attached hereto as Exhibit A (the “Stockholders’ Agreement”), and delivered executed
copies of the same to the other Parties hereto.

 

(b)           Voting
Trust Agreements. The Company, the Voting Trustee and each Participating Noteholder shall have duly executed each such Participating
Party’s respective Voting Trust Agreement, substantially in the form attached hereto as Exhibit B (the “Voting
Trust Agreements”, and each a “Voting Trust Agreement”), and delivered executed copies
of the same to the Parties hereto.

 

(c)           Certificate
of Designation. The Certificate of Designation shall have been duly executed by the Company and duly filed with the Secretary
of State of Delaware, and the Participating Parties shall have received evidence of such execution and filing.

 

(d)           Board
Resolutions. Each Participating Party shall have received a copy of the Action by Unanimous Written Consent, duly adopted by
the Board of Directors of the Company, which shall be in full force and effect at the time of the Closing, authorizing the execution,
delivery and performance by the Company of this Agreement and the other Transaction Documents and the consummation by the Company
of the Transactions, certified as such by the Secretary or Assistant Secretary of the Company on or before the Closing Date (the
 “Board Resolutions”).

 

    9 

     

    

 

(e)           Opinion
of Counsel for the Company. Each Participating Party shall have received on the Closing Date an opinion letter of counsel to
the Company, dated the Closing Date, in form and substance previously agreed to by the Participating Parties. Such opinion shall
be rendered to the Participating Parties at the request of the Company and shall so state therein

 

(f)            FIRPTA
Compliance. The Company shall have delivered to each Participating Party a properly executed statement (a “FIRPTA
Compliance Certificate”) in form and substance previously agreed to by the Participating Parties for purposes of satisfying
the Company’s obligations under Treasury Regulation Section 1.1445-2(c)(3).

 

(g)           IRS
Forms. Each Participating Party shall have delivered to the Company a completed IRS Form W-9 or W-8, as applicable, with
regards to such Participating Party.

 

ARTICLE III.

REPRESENTATIONS AND WARRANTIES OF

THE COMPANY

 

The Company represents
and warrants to each of the Participating Parties as follows, in each case, except as disclosed in the SEC Reports:

 

3.1         Power
and Authorization. The Company has been duly incorporated or formed, as applicable,
and is validly existing as a corporation, limited partnership or limited liability company, as applicable, in good standing under
the laws of the jurisdiction of its incorporation or formation, as applicable, and has the requisite corporate, limited partnership
or limited liability company, as applicable, power, authority and capacity to execute and deliver this Agreement and the applicable
Transaction Documents, to perform its obligations hereunder and thereunder, and to consummate the Exchange contemplated hereby.
No material consent, approval, order or authorization of, or material registration, declaration or filing with any governmental
agency or body or any court, domestic or foreign, having jurisdiction over the Company or any of their Subsidiaries (each, a “Governmental
Entity”) is required on the part of the Company in connection with the execution, delivery and performance by it
of this Agreement and the applicable Transaction Documents, and the consummation by the Company of the Exchange, except as may
be required under any state or federal securities laws or the rules of any national securities exchange on which the Company’s
shares of Common Stock are traded.

 

3.2         Valid
and Enforceable Agreement; No Violations. This Agreement has been duly executed and
delivered by the Company and constitutes a legal, valid and binding obligation of the Company, enforceable against it in accordance
with its terms, except that such enforcement may be subject to (a) bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium or other similar laws affecting or relating to enforcement of creditors’ rights generally, and (b) general
principles of equity, whether such enforceability is considered in a proceeding at law or in equity (the “Enforceability
Exceptions”). The execution of this Agreement and each other Transaction Document, and consummation of the Exchange,
will not violate, conflict with or result in a breach of or default under (a) the charter, bylaws or other organizational
documents of the Company, (b) except with respect to any consents required under the Ares Credit Agreements, any agreement
or instrument to which the Company is a party or by which the Company (or any of its assets) is bound, or (c) any laws, regulations
or governmental or judicial decrees, injunctions or orders applicable to the Company, except for such violations, conflicts or
breaches under clauses (b) and (c) above that would not, individually or in the aggregate, have a Material Adverse Effect.

 

    10 

     

    

 

3.3          Issuance
of Exchange Shares. The Exchange Shares are duly authorized and, when issued in accordance
with this Agreement, will be duly and validly issued, fully paid and nonassessable, free and clear of any and all Encumbrances,
and will not be issued in violation of, or subject to, any preemptive or similar rights of any person. On the Closing Date, immediately
after giving effect to the Exchange and Ares Credit Agreement Amendments (but prior to the commencement of the ATM Offering), each
Participating Party (or its designee) shall own the amount and type of Exchange Shares set forth opposite such Participating Party’s
name on Schedule I or Schedule II (as applicable).

 

3.4          Exemption
from Registration. Assuming the accuracy of the representations and warranties of
the Participating Parties: (a) the issuance of the Exchange Shares in connection with the Exchange pursuant to this Agreement
are exempt from the registration requirements of the Securities Act; (b) the Exchange Shares issued to each Participating
Party (or its designee) will be issued in compliance with all applicable state and federal laws concerning the issuance of the
Exchange Shares, and (c) other than as set forth in (i) the Voting Trust Agreement, and (ii) the Stockholders’
Agreement, the Common Exchange Shares will be issued to the Participating Parties (or their designees) without any transfer restrictions.
For the purposes of Rule 144 promulgated under the Securities Act, the Company acknowledges that, assuming the accuracy of
the applicable Participating Noteholder’s representations and warranties hereunder, the holding period of each such Participating
Noteholder’s Exchange Shares may be tacked onto the holding period of the Series C Notes and the Company agrees not
to take a position contrary thereto (including with respect to a Participating Party’s ability to resell Exchange Shares
pursuant to Rule 144(k)).

 

3.5          Validity
of Underlying Common Stock. Upon issuance in accordance with the terms of the Certificate
of Designation, the shares of Common Stock issuable upon conversion of the Preferred Exchange Shares (the “Conversion
Shares”) will be duly authorized, validly issued, fully paid and non-assessable, and the issuance of the Conversion
Shares will not be subject to any preemptive, participation, rights of first refusal or other similar rights in effect as of the
Closing Date. For the purposes of Rule 144 promulgated under the Securities Act, the Company acknowledges that, assuming the
accuracy of the applicable Participating Party’s representations and warranties hereunder, the holding period of the Conversion
Shares may be tacked onto the holding period of the Preferred Exchange Shares, and the Company agrees not to take a position contrary
thereto.

 

3.6          Investment
Company Act. The Company is not and, after giving effect to the transactions contemplated
by this Agreement, will not be required to register as an “investment company” or an entity “controlled”
by an “investment company” within the meaning of the Investment Company Act of 1940, as amended, and the rules and
regulations of the SEC thereunder.

 

    11 

     

    

 

3.7         Organization
and Qualification of the Company’s Subsidiaries. Each of the Company’s
Subsidiaries is a direct or indirect wholly-owned subsidiary of the Company. Each Subsidiary has been duly incorporated or organized,
as the case may be, is validly existing as a corporation or limited liability company, as applicable, in good standing under the
laws of the jurisdiction of its incorporation or organization, has the power and authority (corporate or other) to own its property
and to conduct its business and is duly qualified to transact business and is in good standing in each jurisdiction in which the
conduct of its business requires such qualification, except to the extent that the failure to be so qualified or be in good standing
would not have a Material Adverse Effect. All of the issued and outstanding shares of capital stock or other equity interests of
each Subsidiary have been duly and validly authorized and issued, are fully paid and non-assessable and are owned directly or indirectly
by the Company, free and clear of any and all Encumbrances (other than Encumbrances granted to secure the Ares Credit Agreements),
in each case, except as would not have a Material Adverse Effect.

 

3.8         Common
Stock. All of the outstanding shares of Common Stock have been duly authorized and
validly issued, are fully paid and non-assessable and were issued in compliance with applicable securities laws. None of the outstanding
shares of Common Stock is entitled or subject to any preemptive right, right of participation, right of maintenance, right of repurchase
or forfeiture, subscription right or any similar right and none of the outstanding shares of Common Stock is subject to any right
of first refusal. The description of the Common Stock conforms in all material respects to all statements relating thereto contained
in the Company’s reports filed under the Exchange Act with the SEC (collectively, “SEC Reports”).

 

3.9         Absence
of Existing Defaults and Conflicts. None of the Company or its Subsidiaries (a) is
in violation of its respective charter or by-laws (or any equivalent documents) or (b) after giving effect to this Agreement,
the Exchange, the ATM Offering and the transactions contemplated hereby and thereby, will be in default (or with the giving of
notice or lapse of time would be in default) under any existing obligation, agreement, covenant or condition contained in any indenture,
loan agreement, mortgage, lease or other agreement or instrument to which any of them is a party or by which any of them is bound
or to which any of the properties of any of them is subject, except such defaults that would not, individually or in the aggregate,
have a Material Adverse Effect.

 

3.10       No
Material Adverse Effect in Business. Other than effects on the business related primarily
to COVID-19, from September 30, 2020 through the date hereof, (a) there has been no Material Adverse Effect, nor any
development or event which would result in a Material Adverse Effect, (b) there has been no dividend or distribution of any
kind declared, paid or made by the Company on any class of its capital stock and (c) there has been no material adverse change
in the capital stock, short-term indebtedness, long-term indebtedness, net current assets or net assets of the Company and its
Subsidiaries.

 

3.11       Legal
Proceedings. There is no legal or governmental action, investigation or proceeding
pending or, to the Company’s knowledge, threatened against the Company or its Subsidiaries (a) asserting the invalidity
of any of the Transaction Documents; (b) seeking to prevent the issuance of the Exchange Shares or the consummation of any
of the transactions provided for in the Transaction Documents; or (c) that would materially and adversely affect the ability
of the Company to perform its obligations under, or the validity or enforceability of, any of the Transaction Documents.

 

    12 

     

    

 

3.12       Possession
of Permits. The Company and its Subsidiaries have all requisite power and authority,
and all authorizations, approvals, orders, licenses in the various states in which they do business, certificates and permits of
and from regulatory or governmental officials, bodies and tribunals that are necessary to own or lease their respective properties
(collectively, “Permits”), in each case, that are material to the Company taken as a whole, except as
would not, individually or in the aggregate, result in a Material Adverse Effect. The Company and its Subsidiaries, as applicable,
are in compliance with the terms and conditions of all such Permits, except where the failure so to comply would not, singly or
in the aggregate, result in a Material Adverse Effect. All of the Permits are valid and in full force and effect, except where
the invalidity of such Permits or the failure of such Permits to be in full force and effect would not result in a Material Adverse
Effect, and the Company has not received any notice of proceedings by a Governmental Entity relating to the revocation or modification
of any such Permits which, singly or in the aggregate, may reasonably be expected to result in a Material Adverse Effect.

 

3.13       Title
to Property. The Company and its Subsidiaries have good and marketable title to all
real property owned by them and good title to all other properties owned by them, in each case, free and clear of all mortgages,
pledges, liens, security interests, claims or defects, restrictions or encumbrances of any kind except such as would not, singly
or in the aggregate, result in a Material Adverse Effect; and all of the leases and subleases of real property of the Company and
its Subsidiaries, considered as one enterprise, and under which the Company or any of its Subsidiaries holds properties described
in the SEC Reports, are in full force and effect, with such exceptions as do not materially interfere with the use made or proposed
as of the date hereof to be made of such property by the Company and its subsidiaries.

 

3.14       Intellectual
Property. The Company and its Subsidiaries own, license or otherwise have rights in
all United States and foreign patents, trademarks, service marks, tradenames, copyrights, trade secrets and other proprietary rights
necessary for the conduct of their business as currently carried on and as proposed to be carried on, in each case, as described
in the SEC Reports (collectively and together with any applications or registrations for the foregoing, the “Intellectual
Property”). Except as specifically described in the SEC Reports, (a) no third parties have obtained rights to
any such Intellectual Property from the Company, other than licenses granted in the ordinary course and rights that would not have
a Material Adverse Effect; (b) to the Company’s knowledge, there is no infringement or misappropriation by third parties
of any such Intellectual Property, except as would not reasonably be expected to result in a Material Adverse Effect; (c) there
is no pending or, to the Company’s knowledge, threatened action, suit, proceeding or claim by others challenging the Company’s
rights in or to any such Intellectual Property, and the Company is unaware of any facts that would form a reasonable basis for
any such claim, in each case, except as would not reasonably be expected to result in a Material Adverse Effect; (d) there
is no pending or, to the Company’s knowledge, threatened action, suit, proceeding or claim by others challenging the validity,
enforceability or scope of any such Intellectual Property, and the Company is unaware of any facts that would form a reasonable
basis for any such claim, in each case, except as would not reasonably be expected to result in a Material Adverse Effect; (e) there
is no pending or, to the Company’s knowledge, threatened action, suit, proceeding or claim by others that the Company has,
or any of its products, product candidates or services described in the SEC Reports that infringes, misappropriates or otherwise
violates, or would infringe upon, misappropriate or otherwise violate, upon the commercialization of such products, product candidates
or services described in the SEC Reports, any patent, trademark, copyright, trade secret or other proprietary right of others,
and the Company is unaware of any facts that would form a reasonable basis for any such claim, in each case, except as would not
reasonably be expected to result in a Material Adverse Effect; (f) to the Company’s knowledge, there is no patent or
patent application that contains claims that cover or may cover any Intellectual Property described in the SEC Reports as being
owned by or licensed to the Company, or that is necessary for the conduct of its business as currently conducted or contemplated,
or that interferes with the issued or pending claims of any such Intellectual Property, in each case except as would not reasonably
be expected to result in a Material Adverse Effect; (g) to the Company’s knowledge, there is no prior art or public
or commercial activity of which the Company is aware that may form a reasonable basis to render any patent held by the Company
invalid or any patent application held by the Company unpatentable that has not been disclosed to the U.S. Patent and Trademark
Office, except as would not reasonably be expected to result in a Material Adverse Effect; and (h) the Company has not committed
any act or omitted to undertake any act for which the effect of such commission or omission would reasonably be expected to render
the Intellectual Property invalid or unenforceable, in whole or in part, except to the extent such invalidity or unenforceability
would not reasonably be expected to have a Material Adverse Effect. To the Company’s knowledge, none of the technology employed
by the Company has been obtained or is being used by the Company in violation of the rights of any person or third party, which
violation would reasonably be expected to result in a Material Adverse Effect. There are no outstanding options, licenses or agreements
of a material nature relating to the Intellectual Property owned by the Company that are required to be described in the SEC Reports
and are not described therein as so required.

 

    13 

     

    

 

 

3.15            Absence
of Labor Dispute. No labor disputes with the employees of the Company or any of its
Subsidiaries exist or, to the knowledge of the Company, are imminent that would, individually or in the aggregate, result in a
Material Adverse Effect.

 

3.16            Accounting
Controls and Disclosure Controls. The Company maintains internal control over financial
reporting (as defined under Rule 13a-15 and 15d-15 under the Exchange Act and the rules and regulations of the SEC promulgated
thereunder) in compliance with the requirements of the Exchange Act and a system of internal accounting controls sufficient to
provide reasonable assurances that (a) transactions are executed in accordance with management’s general or specific
authorization; (b) transactions are recorded as necessary to permit preparation of financial statements in conformity with
GAAP and to maintain accountability for assets; (c) access to assets is permitted only in accordance with management’s
general or specific authorization; (d) the recorded accountability for assets is compared with the existing assets at reasonable
intervals and appropriate action is taken with respect to any differences; and (e) the interactive data in eXtensible Business
Reporting Language contained or incorporated by reference in the SEC Reports fairly presents the information called for in all
material respects and is prepared in accordance with the SEC’s rules and guidelines applicable thereto. Since September 30,
2020, there has been (x) no material weakness in the Company’s internal control over financial reporting (whether or
not remediated) and (y) no change in the Company’s internal control over financial reporting that has materially affected,
or is reasonably likely to materially affect, the Company’s internal control over financial reporting. The Company and each
of its Subsidiaries maintain a system of disclosure controls and procedures (as defined in Rule 13a-15 and Rule 15d-15
under the Exchange Act and the rules and regulations of the SEC promulgated thereunder) that are designed to ensure that information
required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed,
summarized and reported, within the time periods specified in the SEC’s rules and forms, and is accumulated and communicated
to the Company’s management, including its principal executive officer or officers and principal financial officer or officers,
as appropriate, to allow timely decisions regarding disclosure. As disclosed in the Company’s Quarterly Report on Form 10-Q
for the quarter ended September 30, 2020, the Company’s management, with participation of the Company’s Chief
Executive Officer and Principal Accounting Officer, carried out evaluations of the design and operation of the Company’s
disclosure controls and procedures as required by Rule 13a-15 of the Exchange Act, and based upon that evaluation, the Company’s
Chief Executive Officer and Principal Accounting Officer concluded that, as of September 30, 2020, the design and operation
of the Company’s disclosure controls and procedures were not effective to accomplish their objectives at the reasonable assurance
level.

 

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3.17            Compliance
with the Sarbanes-Oxley Act. There is and has been no failure on the part of the Company
or any of the Company’s directors or officers, in their capacities as such, in each case, to comply in all material respects
with any applicable provision of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith,
including Section 402 related to loans and Sections 302 and 906 related to certifications.

 

3.18            Financial
Statements. The audited financial statements of the Company as of and for the period
ended December 31, 2020 (together with the related schedules and notes thereto, the “Audited Financial Statements”)
contained in the Company’s Form 10-K for the period ended December 31, 2019 have been prepared, and fairly present,
in all material respects, the assets, liabilities, equity, financial condition, results of operations and cash flows of the Company
at the respective dates and for the respective periods (as the case may be) indicated, in accordance with GAAP consistently applied
throughout such period (except as specified therein). The unaudited interim financial statements of the Company as of and for the
period ended September 30, 2020 (“Interim Financial Statements” and, together with the Audited Financial
Statements, the “Financial Statements”) contained in the Company’s Form 10-Q for the
period ended September 30, 2020 have been prepared in conformity with GAAP and present fairly in all material respects the
information required to be stated therein. Since the respective dates of the Financial Statements contained in the Company’s
SEC Reports, there has been no change which could, or any development that would, reasonably be expected to (a) have a Material
Adverse Effect, (b) adversely affect the issuance or validity of the Exchange Shares or (c) adversely affect the consummation
of any of the transactions contemplated by any of the Transaction Documents.

 

3.19            No
Undisclosed Liabilities. The Company does not have any material liabilities, whether
known or unknown, asserted or unasserted, absolute or contingent, accrued or unaccrued, liquidated or unliquidated, and due or
to become due, including any liability for taxes (and there is no past or present fact, situation, circumstance, condition or other
basis for any present or future action, suit, proceeding, hearing, charge, complaint, claim or demand against the Company giving
rise to any such liability), except (a) for liabilities set forth in the Financial Statements; and (b) normal fluctuation
in the amount of the liabilities referred to in clause (a) above occurring in the ordinary course of business of the Company
since the date of the most recent balance sheet included in the Financial Statements.

 

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3.20            Payment
of Taxes. All U.S. federal income tax returns of the Company and its Subsidiaries
required by applicable law to be filed have been filed and all material taxes shown by such returns or otherwise assessed, which
are due and payable, have been paid, except assessments against which appeals have been or will be promptly taken and as to which
adequate reserves have been provided. The Company and its Subsidiaries have filed all other tax returns that are required to have
been filed by them pursuant to applicable foreign, state, local or other law except insofar as the failure to file such returns
would not result in a Material Adverse Effect, and the Company and its Subsidiaries have paid all taxes due pursuant to such returns
or pursuant to any assessment received by the Company and its Subsidiaries, except for such taxes, if any, (i) as are being
contested in good faith and as to which adequate reserves have been established by the Company or (ii) where the failure to
pay such taxes would not result in a Material Adverse Effect.

 

3.21            Foreign
Corrupt Practices Act. None of the Company, any of its Subsidiaries or, to the knowledge
of the Company, any director, officer, agent, employee, or affiliate acting on behalf of the Company or any of its Subsidiaries
is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of the Foreign Corrupt
Practices Act of 1977, as amended, and the rules and regulations thereunder (the “FCPA”), including,
without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of
an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization
of the giving of anything of value to any “foreign official” (as such term is defined in the FCPA) or any foreign political
party or official thereof or any candidate for foreign political office, in contravention of the FCPA, and the Company and, to
the knowledge of the Company, its affiliates have conducted their businesses in material compliance with the FCPA. The Company
and its Subsidiaries have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected
to continue to ensure, continued material compliance therewith.

 

3.22            Anti-Money
Laundering Laws. The operations of the Company and its Subsidiaries are and have been
conducted at all times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign
Transactions Reporting Act of 1970, as amended, the money laundering statutes of all applicable jurisdictions, the rules and
regulations thereunder and any related or similar applicable rules, regulations or guidelines, issued, administered or enforced
by any Governmental Entity (collectively, the “Money Laundering Laws”); and no action, suit or proceeding
by or before any Governmental Entity involving the Company or any of its Subsidiaries with respect to the Money Laundering Laws
is pending or, to the knowledge of the Company, threatened.

 

3.23            OFAC.
None of the Company, any of its Subsidiaries or, to the knowledge of the Company, any director, officer, agent, employee, affiliate
or person acting on behalf of the Company or any of its Subsidiaries is an individual or entity currently the subject or target
of any sanctions administered or enforced by the U.S. Government, including, without limitation, the U.S. Department of the Treasury’s
Office of Foreign Assets Control, the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other
relevant sanctions authority (collectively, “Sanctions”). Except as permitted by U.S. and other applicable
law, the Company is not located, organized or resident in a country or territory that is the subject of Sanctions (including, without
limitation, Burma, Cuba, Iran, North Korea, Sudan and Syria); and the Company will not directly or indirectly use the proceeds
of the sale of the Exchange Shares, or lend, contribute or otherwise make available such proceeds to any subsidiaries, joint venture
partners or other individual or entity, to fund any activities of or business with any individual or entity, or in any country
or territory, that, at the time of such funding, is the subject of Sanctions or in any other manner that will result in a violation
by any individual or entity (including any individual or entity participating in the transaction, whether as underwriter, advisor,
investor or otherwise) of Sanctions.

 

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3.24            Cybersecurity.
To the knowledge of the Company, there has been no security breach or incident, unauthorized access or disclosure, or other compromise
of or relating to the Company or its Subsidiaries information technology and computer systems, networks, hardware, software, data
and databases (including the data and information of their respective customers, employees, suppliers, vendors and any third party
data maintained, processed or stored by the Company and its Subsidiaries, and any such data processed or stored by third parties
on behalf of the Company and its Subsidiaries), equipment or technology (collectively, “IT Systems and Data”)
that, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect. Neither the Company nor
its Subsidiaries have been notified in writing of, and, to the Company’s knowledge, there is no presently existing event
or condition that would result in, any security breach or incident, unauthorized access or disclosure or other compromise to their
IT Systems and Data that, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect. The
Company and its Subsidiaries have implemented appropriate controls, policies, procedures, and technological safeguards reasonably
designed to maintain and protect the integrity, continuous operation, redundancy and security of their IT Systems and Data in compliance
in all material respects with applicable law. The Company and its Subsidiaries are presently in compliance in all material respects
with all applicable laws or statutes and all applicable judgments, orders, rules and regulations of any court or arbitrator
or governmental or regulatory authority, internal policies and applicable contractual obligations relating to the privacy and security
of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification,
except for such noncompliance as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect.

 

3.25            No
Finder’s Fees. Except for (a) the Jefferies Fee and any financing fee payable
to Jefferies pursuant to the Jefferies Engagement Agreement on account of the Interim Financing, and (b) the B. Riley Fee,
the Company has not paid, and is not a party to any contract or agreement to pay, to any person or entity any compensation for
soliciting another to consummate the Transactions and there are no contracts, agreements or understandings between the Company
and any person that would give rise to a valid claim against the Company for a commission, finder’s fee or other like payment
in connection with the Transactions.

 

3.26            No
Integration. None of the Company, or any other person acting on behalf of the Company,
has, directly or indirectly, solicited any offer to buy, sold or offered to sell any security which is or would be integrated with
the Transactions pursuant to the Securities Act, the rules and regulations thereunder or the interpretations thereof by the
SEC.

 

3.27            Absence
of Further Requirements. No consent, approval, authorization, or order of, or filing
or registration with, any Governmental Entity is required for the consummation of the transactions contemplated by this Agreement
in connection with the Exchange and issuance of the Exchange Shares, other than (a) the filing of a notice of listing of additional
shares and related materials with the Nasdaq Stock Market LLC and (b) any filings under the Exchange Act, which have been
or will be made when and how required.

 

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3.28            Accountants.
To the Company’s knowledge, Deloitte & Touche LLP, who has audited the Company’s Audited Financial Statements
included in the SEC Reports, are registered independent public accountants as required by the Securities Act and the rules and
regulations promulgated thereunder and by the rules of the Public Company Accounting Oversight Board.

 

3.29            Compliance
with Law. None of the Company nor its Subsidiaries have been advised in writing that
the Company and its Subsidiaries are not conducting business in compliance with all applicable laws, rules and regulations
of the jurisdictions in which they are conducting business, including, without limitation, all applicable local, state and federal
laws and regulations, except, in each case, where failure to be so in compliance, individually or in the aggregate, would not result
in a Material Adverse Effect. The Company is, and since January 1, 2018 has been, in compliance in all material respects with
the Federal Food, Drug & Cosmetics Act, and the applicable regulations administered thereunder by the Food and Drug Administration
(“FDA”), the Public Health Service Act and any other similar applicable law administered by the FDA or
other comparable Governmental Entity responsible for regulation of the development, clinical testing, manufacturing, sale, marketing,
distribution and importation or exportation of drug and biopharmaceutical products of similar nature to those developed by the
Company (each, a “Drug Regulatory Agency”), except, in each case, for any noncompliance, either individually
or in the aggregate, which would not result in a Material Adverse Effect. No investigation, claim, suit, proceeding, audit or other
action by any Governmental Entity is pending or, to the Company’s knowledge, threatened against the Company. There is no
agreement, judgment, injunction, order or decree binding upon the Company which (a) has or would reasonably be expected to
have the effect of prohibiting or materially impairing any business practice of the Company, any acquisition of material property
by the Company or the conduct of business by the Company in any material respect as currently conducted, (b) is reasonably
likely to have an adverse effect on the Company’s ability to comply with or perform any covenant or obligation under any
Transaction Document or (c) is reasonably likely to have the effect of preventing, delaying, making illegal or otherwise interfering
in any material respect with the offer and sale of the Exchange Shares. There are no proceedings pending or, to the Company’s
knowledge, threatened with respect to an alleged material violation by the Company of the Federal Food, Drug & Cosmetics
Act and the FDA regulations adopted thereunder, the Public Health Service Act or any other similar law administered or promulgated
by any Drug Regulatory Agency. All clinical, pre-clinical and other studies and tests conducted by or on behalf of, or sponsored
by, the Company, or in which the Company or its current products or product candidates have participated, were and, if still pending,
are being, conducted in all material respects in accordance with applicable standard medical and scientific research procedures
and in compliance in all material respects with the applicable regulations of any applicable Drug Regulatory Agency and other applicable
law. The Company and its Subsidiaries hold all required governmental authorizations issuable by any Drug Regulatory Agency necessary
for the conduct of the business of the Company as currently conducted, and development, clinical testing, manufacturing, marketing,
distribution and importation or exportation, as currently conducted, of any of its products or product candidates, except where
the failure to hold such authorizations would not, individually or in the aggregate, result in a Material Adverse Effect.

 

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3.30            Related
Party Transactions. There are no relationships between or among the Company, on the
one hand, and its affiliates, officers or directors on the other hand, or between any Subsidiary, on the one hand, and its affiliates,
officers or directors on the other hand, that are required to be described under applicable securities laws in the SEC Reports,
that is not so described in such filings.

 

3.31            Off-Balance
Sheet Arrangements. There is no transaction, arrangement or other relationship between
the Company or any Subsidiary and an unconsolidated or other off-balance sheet entity that (a) is required to have been described
under applicable securities laws in the SEC Reports that is not so disclosed or (b) otherwise would be reasonably likely to
result in a Material Adverse Effect. There are no such transactions, arrangements or other relationships with the Company or any
Subsidiary that may create material contingencies or liabilities that have not been otherwise disclosed by the Company in the SEC
Reports as required by applicable law.

 

3.32            Environmental
Matters. There has been no storage, disposal, generation, manufacture, transportation,
handling or treatment of toxic wastes, hazardous wastes or hazardous substances by the Company or any Subsidiary (or, to the knowledge
of the Company, any of their predecessors in interest) at, upon or from any of the property now or previously owned or leased by
the Company or any Subsidiary, in each case, (a) in violation of any applicable law, ordinance, rule, regulation, order, judgment,
decree or permit or (b) that would require remedial action under any applicable law, ordinance, rule, regulation, order, judgment,
decree or permit, except, in each of the cases of the foregoing clauses (a) and (b), where such violation or remedial action
would not, individually or in the aggregate, have a Material Adverse Effect. There has been no spill, discharge, leak, emission,
injection, escape, dumping or release of any kind into such property or into the environment surrounding such property of any toxic
wastes, medical wastes, solid wastes, hazardous wastes or hazardous substances due to or caused by the Company or any Subsidiary
which, in each case, would reasonably be expected to have a Material Adverse Effect.

 

3.33            Nasdaq
Listing. The shares of Common Stock are listed on the Nasdaq Capital Market. The Company
has not received any delisting notice relating to the shares of Common Stock listed on the Nasdaq Capital Market and the Company
is in compliance with the applicable current listing and governance rules and requirements of the Nasdaq Capital Market.

 

3.34            No
Reliance. The Company acknowledges and agrees that (a) the Company, together
with its professional advisers, is capable of evaluating, to its satisfaction, the accounting, tax, financial, legal and other
risks associated with the Exchange and the Recapitalization Transaction, and has had the opportunity to consult with its accounting,
tax, financial and legal advisors to be able to evaluate the risks involved in the Exchange and the Recapitalization Transaction
and to make an informed decision with respect thereto, (b) no statement or written material contrary to this Agreement has
been made or given to the Company by or on behalf of any Participating Party or any of its officers, directors or employees, or
any of their respective affiliates or representatives, (c) the terms of the Exchange are the result of bilateral negotiations
among the Parties and (d) the Company has such knowledge and experience in financial and business matters as to be capable
of evaluating the merits and risks of the Transactions contemplated by this Agreement.

 

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ARTICLE IV.

REPRESENTATIONS AND
WARRANTIES OF THE PARTICIPATING NOTEHOLDERS

 

Each Participating
Noteholder hereby represents and warrants, severally and not jointly, to the Company, as follows:

 

4.1            Power
and Authorization. Each Participating Noteholder is duly organized, validly existing
and in good standing under the laws of the jurisdiction of its formation. Each Participating Noteholder has the power, authority
and capacity to execute and deliver this Agreement, to perform its obligations hereunder, and to consummate the Transactions contemplated
hereby.

 

4.2            Valid
and Enforceable Agreement; No Violations. This Agreement has been duly executed and
delivered by each Participating Noteholder and constitutes a legal, valid and binding obligation of each Participating Noteholder,
enforceable against each Participating Noteholder in accordance with its terms, except that such enforcement may be subject to
the Enforceability Exceptions. This Agreement and consummation of the Exchange will not violate, conflict with or result in a breach
of or default under (i) each Participating Noteholder’s organizational documents, (ii) any agreement or instrument
to which such Participating Noteholder is a party or by which such Participating Noteholder or any of their respective assets are
bound, or (iii) any laws, regulations or governmental or judicial decrees, injunctions or orders applicable to such Participating
Noteholder.

 

4.3            Title
to Exchanged Notes. Each Participating Noteholder is the sole legal owner of the Exchanged Notes set forth opposite
its name on Schedule I hereto. Each Participating Noteholder has good, valid and marketable title to its Exchanged Notes,
free and clear of any Encumbrances. Each Participating Noteholder has not, in whole or in part, except as described in the immediately
preceding sentence, (a) assigned, transferred, hypothecated, pledged, exchanged or otherwise disposed of any of its Exchanged
Notes or any of its rights, title to or interest in its Exchanged Notes (other than to the Company pursuant hereto), or (b) given
any person or entity any transfer order, power of attorney or other authority of any nature whatsoever with respect to its Exchanged
Notes. Upon such Participating Noteholder’s delivery of its Exchanged Notes to the Company pursuant to the Exchange, such
Exchanged Notes shall be free and clear of all Liens.

 

4.4            Accredited
Investor/Qualified Institutional Buyer. Each Participating Noteholder is (a) an
 “accredited investor” as that term is defined in Rule 501(a) of Regulation D under the Securities Act, and/or
(b) a “qualified institutional buyer” as that term is defined in Rule 144A under the Securities Act. Each
Participating Noteholder understands the economic risk of its investment in the Exchange Shares, and has such knowledge and experience
in financial and business matters that it is capable of evaluating the merits and risks of an investment in the Exchange Shares.

 

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4.5            No
Affiliate Status; Holding Period. Each Participating Noteholder is not, and has not
been during the consecutive three-month period preceding the date hereof, a director, officer or “affiliate” within
the meaning of Rule 144 promulgated under the Securities Act (an “Affiliate”) of the Company. To
its knowledge, such Participating Noteholder did not acquire any of the Exchanged Notes, directly or indirectly, from an Affiliate
of the Company. Such Participating Noteholder represents and warrants that, for purposes of Rule 144 of the Securities Act,
each such Participating Noteholder has continuously held the Exchanged Notes since either October 31, 2019 or July 20,
2020, as applicable.

 

4.6            No
Illegal Transactions. Each Participating Noteholder has not, directly or indirectly,
and no person or entity acting on behalf of or pursuant to any understanding with such Participating Noteholder has, disclosed
to a third party (other than to its legal and other representatives) any information regarding the Exchange or engaged in any transactions
in the securities of the Company (including, without limitation, any Short Sales involving any of the Company’s securities)
since the time that each such Participating Noteholder was first contacted by either the Company or any other person or entity
regarding the Exchange, the issuance of the Exchange Shares, this Agreement, any other transactions contemplated hereby or an investment
in the Common Stock or other equity securities of the Company. Each Participating Noteholder covenants that neither it nor any
person or entity acting on its behalf or pursuant to any understanding, agreement or other arrangement with it will disclose to
a third party any information regarding the Exchange, the issuance of the Exchange Shares, this Agreement, any other transactions
contemplated hereby or engage, directly or indirectly, in any transactions in the securities of the Company (including Short Sales)
prior to the issuance of the Disclosure. Solely for purposes of this Section 4.6, subject to each Participating Noteholder’s
compliance with their respective obligations under the U.S. federal securities laws and such Participating Noteholder’s respective
internal policies, (a) “Participating Noteholder” shall not be deemed to include any employees, subsidiaries,
desks, groups or Affiliates of the Participating Noteholder that are effectively walled off by appropriate “Fire Wall”
information barriers approved by such Participating Noteholder’s respective legal or compliance department (and thus such
walled off parties have not been privy to any information concerning the Exchange), and (b) the foregoing representations,
warranties and covenants of this Section 4.6 shall not apply to any transaction by or on behalf of an account that
was effected without the advice or participation of, or such account’s receipt of information regarding the Exchange provided
by, the Participating Party.

 

4.7            Adequate
Information; No Reliance. Each Participating Noteholder acknowledges and agrees that
(a) such Participating Noteholder has been furnished with all materials it considers relevant to making an investment decision
to enter into the Exchange and to consummate the other transactions contemplated hereby and has had the opportunity to review the
Company’s filings and submissions with the SEC, including, without limitation, all information filed or furnished pursuant
to the Exchange Act, (b) such Participating Noteholder has had a full opportunity to ask questions of and receive answers
from the officers of the Company concerning the Company, their business, operations, financial performance, financial condition
and prospects, and the terms and conditions of the Exchange, (c) such Participating Noteholder, together with its professional
advisers, is a sophisticated and experienced investor and is capable of evaluating, to its satisfaction, the accounting, tax, financial,
legal and other risks associated with the Exchange, and that such Participating Noteholder has had the opportunity to consult with
its accounting, tax, financial and legal advisors to be able to evaluate the risks involved in the Exchange and to make an informed
investment decision with respect to such Exchange, and that such Participating Noteholder is capable of sustaining any loss resulting
therefrom without material injury, (d) no statement or written material contrary to this Agreement has been made or given
to such Participating Noteholder by or on behalf of the Company, any of its officers, directors or employees, or any of their respective
affiliates or representatives, (e) the terms of the Exchange are the result of bilateral negotiations among the parties and
(f) such Participating Noteholder is able to represent its own interests in the Exchange, has such knowledge and experience
in financial and business matters as to be capable of evaluating the merits and risks of the prospective Exchange of the Exchanged
Notes and the investment in the Exchange Shares and has the ability to bear the economic risks of its investment and can afford
the complete loss of such investment.

 

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4.8            Tax
Consequences of the Exchange. Each Participating Noteholder understands that the
tax consequences of the Exchange will depend in part on its own tax circumstances. Each Participating Noteholder acknowledges
that it must consult its own tax adviser about the federal, foreign, state and local tax consequences peculiar to its circumstances.

 

4.9            Tax
Reporting. On or prior to the Closing Date, each Participating Noteholder shall deliver
to the Company completed IRS Forms W-9 or W-8, as applicable, with regards to such Participating Noteholder. The Company and its
agents shall be entitled to deduct and withhold from any consideration payable pursuant to this Agreement such amounts as may be
required to be deducted or withheld under applicable law unless such Form W-9 or W-8 provided pursuant to the immediately
preceding sentence establishes that such Participating Noteholder is entitled to an exemption from (or reduction in the rate of)
withholding. To the extent any such amounts are withheld and remitted to the appropriate taxing authority, such amounts shall be
treated for all purposes as having been paid to such Participating Noteholder to whom such amounts would have been paid.

 

4.10            Stockholder
Approval. Each Participating Noteholder understands and acknowledges that the conversion
of the Preferred Exchange Shares (and issuance of full Conversion Shares in connection therewith) requires Stockholder Approval.

 

ARTICLE V.

REPRESENTATIONS AND WARRANTIES OF ARES

 

Ares hereby represents
and warrants to the Company, as follows:

 

5.1            Power
and Authorization. Ares is duly organized, validly existing and in good standing under
the laws of the jurisdiction of its formation. Ares has the power, authority and capacity to execute and deliver this Agreement,
to perform its obligations hereunder, and to consummate the Transactions contemplated hereby.

 

5.2            Valid
and Enforceable Agreement; No Violations. This Agreement has been duly executed and
delivered by Ares and constitutes a legal, valid and binding obligation of Ares, enforceable against Ares in accordance with its
terms, except that such enforcement may be subject to the Enforceability Exceptions. This Agreement and consummation of the Exchange
will not violate, conflict with or result in a breach of or default under (i) Ares’ organizational documents, (ii) any
agreement or instrument to which Ares is a party or by which Ares or any of their respective assets are bound, or (iii) any
laws, regulations or governmental or judicial decrees, injunctions or orders applicable to Ares.

 

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5.3            Right,
Title and Interest to 2L Accrued PIK Interest. Ares has sole legal right, title and
interest to the 2L Accrued PIK Interest set forth opposite its name on Schedule II hereto, free and clear of any Encumbrances.
Ares has not, in whole or in part, except as described in the immediately preceding sentence, (a) assigned, transferred, hypothecated,
pledged, exchanged or otherwise disposed of any of its rights, title to or interest in the 2L Accrued PIK Interest (other than
to the Company pursuant hereto), or (b) given any person or entity any transfer order, power of attorney or other authority
of any nature whatsoever with respect to 2L Accrued PIK Interest.

 

5.4            Accredited
Investor/Qualified Institutional Buyer. Ares is (a) an “accredited investor”
as that term is defined in Rule 501(a) of Regulation D under the Securities Act, and/or (b) a “qualified institutional
buyer” as that term is defined in Rule 144A under the Securities Act. Ares understands the economic risk of its investment
in the Exchange Shares, and has such knowledge and experience in financial and business matters that it is capable of evaluating
the merits and risks of an investment in the Exchange Shares.

 

5.5            No
Illegal Transactions. Ares has not, directly or indirectly, and no person or entity
acting on behalf of or pursuant to any understanding with Ares has, disclosed to a third party (other than to its legal and other
representatives) any information regarding the Exchange or engaged in any transactions in the securities of the Company (including,
without limitation, any Short Sales involving any of the Company’s securities) since the time that Ares was first contacted
by either the Company or any other person or entity regarding the Exchange, the issuance of the Exchange Shares, this Agreement,
any other transactions contemplated hereby or an investment in the Common Stock or other equity securities of the Company. Ares
covenants that neither it nor any person or entity acting on its behalf or pursuant to any understanding, agreement or other arrangement
with it will disclose to a third party any information regarding the Exchange, the issuance of the Exchange Shares, this Agreement,
any other transactions contemplated hereby or engage, directly or indirectly, in any transactions in the securities of the Company
(including Short Sales) prior to 9:30 a.m. (New York time) on the Business Day immediately following the Closing Date. Solely
for purposes of this Section 5.5, subject to Ares’ compliance with their respective obligations under the U.S.
federal securities laws and Ares’ respective internal policies, (a) “Ares” shall not be deemed to include
any employees, subsidiaries, desks, groups or Affiliates of Ares that are effectively walled off by appropriate “Fire Wall”
information barriers approved by Ares’ respective legal or compliance department (and thus such walled off parties have not
been privy to any information concerning the Exchange), and (b) the foregoing representations, warranties and covenants of
this Section 5.5 shall not apply to any transaction by or on behalf of an account that was effected without the advice
or participation of, or such account’s receipt of information regarding the Exchange provided by, Ares.

 

    23

     

    

 

5.6            Adequate
Information; No Reliance. Ares acknowledges and agrees that (a) Ares has been
furnished with all materials it considers relevant to making an investment decision to enter into the Exchange and to consummate
the other transactions contemplated hereby and has had the opportunity to review the Company’s filings and submissions with
the SEC, including, without limitation, all information filed or furnished pursuant to the Exchange Act, (b) Ares has had
a full opportunity to ask questions of and receive answers from the officers of the Company concerning the Company, their business,
operations, financial performance, financial condition and prospects, and the terms and conditions of the Exchange, (c) Ares,
together with its professional advisers, is a sophisticated and experienced investor and is capable of evaluating, to its satisfaction,
the accounting, tax, financial, legal and other risks associated with the Exchange, and that Ares has had the opportunity to consult
with its accounting, tax, financial and legal advisors to be able to evaluate the risks involved in the Exchange and to make an
informed investment decision with respect to such Exchange, and that Ares is capable of sustaining any loss resulting therefrom
without material injury, (d) no statement or written material contrary to this Agreement has been made or given to Ares by
or on behalf of the Company, any of its officers, directors or employees, or any of their respective affiliates or representatives,
(e) the terms of the Exchange are the result of bilateral negotiations among the parties and (f) Ares is able to represent
its own interests in the Exchange, has such knowledge and experience in financial and business matters as to be capable of evaluating
the merits and risks of the prospective Exchange of the 2L Accrued PIK Interest and the investment in the Exchange Shares and has
the ability to bear the economic risks of its investment and can afford the complete loss of such investment.

 

5.7            Tax
Consequences of the Exchange. Ares understands that the tax consequences of the Exchange
will depend in part on its own tax circumstances. Ares acknowledges that it must consult its own tax adviser about the federal,
foreign, state and local tax consequences peculiar to its circumstances.

 

5.8            Tax
Reporting. On or prior to the Closing Date, Ares shall deliver to the Company completed
IRS Forms W-9 or W-8, as applicable, with regards to Ares. The Company and its agents shall be entitled to deduct and withhold
from any consideration payable pursuant to this Agreement such amounts as may be required to be deducted or withheld under applicable
law unless such Form W-9 or W-8 provided pursuant to the immediately preceding sentence establishes that Ares is entitled
to an exemption from (or reduction in the rate of) withholding. To the extent any such amounts are withheld and remitted to the
appropriate taxing authority, such amounts shall be treated for all purposes as having been paid to Ares to whom such amounts would
have been paid.

 

5.9            Stockholder
Approval. Ares understands and acknowledges that the full conversion of the Preferred
Exchange Shares (and issuance of Conversion Shares in connection therewith) requires Stockholder Approval.

 

ARTICLE VI. 

COVENANTS

 

6.1            Disclosure.
Not later than 9:30 am (New York time) on the Business Day immediately following the Closing Date (and upon or prior to the commencement
of the ATM Offering pursuant to Section 6.2), the Company shall issue a publicly available press release or file with
the SEC a Current Report on Form 8-K disclosing (i) all material terms of the Exchange (to the extent not previously
publicly disclosed) and (ii) additional cleansing material to the extent required to allow the Participating Noteholders to
freely trade Common Stock (to the extent permitted by Rule 144 and the transfer restrictions described herein) (collectively,
the “Disclosure”). The Company shall provide to the Participating Parties a draft of the Disclosure a
reasonable period in advance of its public dissemination and shall consider in good faith any comments provided by the Participating
Parties with respect to the Disclosure. If the ATM Offering is not commenced on the Trading Day immediately following the date
on which the Exchange becomes effective, the Company shall promptly file the Disclosure upon written request from the Participating
Noteholders (which may be made via email). To the extent the Company does not timely file the Disclosure in accordance with this
Section 6.1, or the Disclosure does not contain sufficient cleansing information to remove any Trading Restriction
(as defined in the NDA) of each Participating Noteholder (other than any restrictions set forth in the Transaction Documents),
each Participating Noteholder shall retain all rights and remedies to disclose additional cleansing materials as provided for in
the NDA.

 

    24

     

    

 

6.2            ATM
Offering. On the Business Day immediately following the Closing Date, the Company
covenants and agrees to commence a public offering of shares of its Common Stock pursuant to its existing Form S-3 shelf registration
statement (the “Registration Statement”) in the form of an ATM Offering. The ATM Offering shall comply
with the applicable terms of this Agreement and the ATM Sales Agreement, including (a) the filing of a Prospectus Supplement
to the Registration Statement simultaneously with, or immediately following, the filing of the Form 8-K pursuant to Section 6.1,
and (b) listing an offering size on the Prospectus Supplement for the ATM Offering which shall be equal to the maximum number
of authorized but unissued shares of Common Stock which may be sold pursuant to the Registration Statement in accordance with SEC
rules (including Instruction I.B.6 to Registration Statement on Form S-3) (the “Maximum Amount”).
For the avoidance of doubt, the Maximum Amount shall be calculated (a) after the issuance of the Exchange Shares pursuant
to the Exchange, and (b) treating the Participating Noteholders (and the Common Stock held by such Participating Noteholders
or the Voting Trustee) as “non-affiliates” for the purposes of calculating the Public Float. The Company further covenants
and agrees that, following the commencement of the ATM Offering (and for so long as shares of Common Stock are eligible to be sold
pursuant thereto), the Company (a) shall not amend the ATM Sales Agreement in a manner that would be materially adverse to
a Participating Party; (b) shall promptly notify each Participating Party if the ATM Sales Agreement is amended or terminated
(and such notification shall include a copy of any such amendment, termination notice or other applicable documentation), and (c) shall
provide each Participating Party with a weekly sales report (to be delivered after the market closes each Friday via e-mail to
each Participating Party or its designated representative), which shall include the aggregate amount of Placement Shares sold during
the preceding five (5) Trading Days.

 

6.3            Costs
and Expenses. The Company shall pay (a) the reasonable fees and expenses of the
legal advisors of the Participating Noteholders and the Voting Trustee (collectively, “Counsel”) relating
to the Recapitalization Transaction (including the Exchange, the Ares Credit Agreement Amendments, the ATM Offering and the Interim
Financing) as provided for in that certain Engagement Letter by and among the Company and Stroock & Stroock &
Lavan, and (b) the Jefferies Fee, in each case out of the proceeds of the ATM Offering and/or the proceeds of the Interim
Financing as follows: Up to the first $750,000 of the Jefferies Fee shall be payable as proceeds of the ATM Offering are received
by the Company and, after the Company has received proceeds from the ATM Offering, net of fees and discounts payable to B. Riley,
of $7,500,000, the Company will pay fifty percent (50%) of all additional proceeds from the ATM Offering, net of fees and discounts
payable to B. Riley, pro rata to the Professional Advisors to satisfy the outstanding balance of the payment obligations
owed to each Professional Advisor, until such outstanding balances are fully satisfied.

 

    25

     

    

 

6.4            Stockholder
Approval. The Company shall use commercially reasonable best efforts (which shall include, without limitation, the engagement
of a nationally reputable proxy advisor firm acceptable to the Participating Parties) (a) to obtain at its next annual or
special meeting of its stockholders following the Closing Date (the “Company Stockholders’ Meeting”)
the requisite approval of such stockholders (the “Stockholder Approval”) to authorize the Company to
change its capital structure to provide for a sufficient number of shares of Common Stock for the purpose of enabling the Company
to issue all of the Conversion Shares pursuant to the Certificate of Designation (assuming the conversion of all issued and outstanding
Preferred Exchange Shares) by either (i) authorizing additional shares of Common Stock or (ii) effectuating a reverse
stock split of its outstanding shares of Common Stock, in the Company’s discretion; and (b) to cause the Company Stockholders’
Meeting to be held on or before July 1, 2021 (the “Approval Deadline”). In the event that the Stockholder
Approval is not obtained on or before the Approval Deadline, the Company will issue, for no additional consideration, an additional
2,135.30 duly authorized, fully paid and non-assessable shares of Preferred Stock to Ares. With respect to each calendar quarter
thereafter (commencing with the calendar quarter that begins on July 1, 2021 and ends on September 30, 2021) during which
the Stockholder Approval has not been obtained, the Company will issue, for no additional consideration, an additional 2,135.30
duly authorized, fully paid and non-assessable shares of Preferred Stock to Ares (with a prorated amount of Preferred Stock to
be issued in the event that the Stockholder Approval is obtained during any such calendar quarter), which payment shall be made
on the first Business Day of the subsequent calendar quarter.

 

6.5            Indemnification.
Subject to the other terms and conditions of this Section 6.5, the Company shall indemnify and defend each Participating
Party and such Participating Party’s Affiliates and their respective Representatives (collectively, the "Indemnitees")
against, and shall hold each of them harmless from and against, and shall pay and reimburse each of them for, any and all losses
(including damages, liabilities, deficiencies, actions, judgments, interest, awards, penalties, fines, costs or expenses of whatever
kind, including reasonable attorneys' fees and the cost of enforcing any right to indemnification hereunder, the cost of pursuing
any insurance providers and the cost of defending against any third-party claims) incurred or sustained by, or imposed upon, the
Indemnitees based upon, arising out of, with respect to or by reason of:

 

(i)            any
inaccuracy in or breach of any of the representations or warranties of the Company contained in this Agreement or in any certificate
or instrument delivered by or on behalf of the Company pursuant to this Agreement, as of the Closing Date (except for representations
and warranties that expressly relate to a specified date, the inaccuracy in or breach of which will be determined with reference
to such specified date); or

 

(ii)           any
breach or non-fulfillment of any covenant, agreement or obligation to be performed by the Company pursuant to this Agreement.

 

6.6            Indenture.
Each Participating Noteholder acknowledges and agrees that, effective upon the Closing Date, (a) all Obligations owing to
such Participating Noteholder under the Series C Indenture and each other Indenture Document shall have been satisfied in
full, (b) none of the Company, the Subsidiary Guarantors and the Grantor Subsidiaries shall have any further obligation to
such Participating Noteholder thereunder and (c) such Participating Noteholder shall have no further interest in any of the
Collateral. Capitalized terms used in this Section 6.6 and not defined herein have the meanings assigned to them in
the Series C Indenture.

 

    26

     

    

 

6.7            Further
Assurances. The Parties hereto agree to use commercially reasonable efforts to take,
or cause to be taken, all reasonable actions, to file, or cause to be filed, all documents and to do, or cause to be done, all
things necessary, proper or advisable to consummate the Exchange on their account, including preparing and filing as promptly as
practicable all documentation to effect all necessary filings, consents, waivers, approvals, and authorizations.

 

ARTICLE VII.

GENERAL PROVISIONS

 

7.1            Entire
Agreement. This Agreement and any documents and agreements executed in connection
with the Exchange embody the entire agreement and understanding of the parties hereto with respect to the subject matter hereof
and supersede all prior and contemporaneous oral or written agreements, representations, warranties, contracts, correspondence,
conversations, memoranda and understandings between or among the parties or any of their agents, representatives or affiliates
relative to such subject matter, including, without limitation, any term sheets, emails or draft documents.

 

7.2            Governing
Law. This Agreement shall in all respects be construed in accordance with and governed
by the substantive laws of the State of New York, without reference to its choice of law rules that would result in the application
of the laws of any other jurisdiction.

 

7.3            Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which taken together shall
constitute one and the same instrument. Any counterpart or other signature hereon delivered by facsimile or other electronic transmission
shall be deemed for all purposes as constituting good and valid execution and delivery of this Agreement by such party.

 

7.4            Notices.
All notices or other communications required or permitted under this Agreement shall be in writing and shall be deemed given or
delivered: (i) when delivered personally; (ii) one business day following deposit with a recognized overnight courier
service, provided such deposit occurs before the deadline imposed by that service for overnight delivery or (iii) when transmitted,
if sent by electronic mail, provided that confirmation of receipt is received by the sender and the notice is sent by an additional
method provided under this Agreement, in each case to the parties hereto as follows:

 

(a)            If
to a Participating Noteholder, to the address set forth on such Holder’s signature page to this Agreement, with a copy
(which shall not constitute notice) to

 

Stroock &
Stroock & Lavan LLP

180 Maiden Lane

New York, New York 10038

Attention: Brett Lawrence

Email:      blawrence@stroock.com

 

(b)            If
to Ares, to the address set forth on Ares’ signature page to this Agreement, with a copy (which shall not constitute
notice) to

 

    27

     

    

 

Morgan, Lewis & Bockius LLP

101 Park Avenue

New York, New York 10178

Attention: Jeffrey Letalien

Email: Jeffrey.letalien@morganlewis.com

 

(c)            If
to the Company:

 

Teligent, Inc.

105 Lincoln Avenue, PO Box 687

Buena, New Jersey 08310

Attention: Philip K. Yachmetz, CLO

Email:      pyachmetz@teligent.com

 

with a copy
(which shall not constitute notice) to

 

K&L Gates LLP
 599 Lexington Avenue
 New York, New York 10022
 Attention: Whitney J. Smith
 Email:      whitney.smith@klgates.com

 

and

 

K&L Gates LLP
 300 South Tryon Street, 10th Floor
 Charlotte, North Carolina 28202
 Attention: Sean M. Jones
 Email: sean.jones@klgates.com

 

Any party to this Agreement may change
such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose.

 

7.5            Severability.
In the event that any provision of this Agreement shall be declared invalid or unenforceable by any regulatory body or court having
jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the remaining portions of
this Agreement.

 

7.6            No
Third-Party Beneficiary. Nothing in this Agreement is intended or shall be construed
to give any person, other than the parties, their successors and permitted assigns, any legal or equitable right, remedy or claim
under or in respect of this Agreement or any provision contained herein.

 

7.7            Suits.
Any legal suit, action or proceeding arising out of, or based upon, this Agreement or the transactions contemplated hereby, may
be instituted in any state or federal court located in the Borough of Manhattan, New York, New York (each, a “New York
Court”), and each party hereby waives, to the fullest extent it may effectively do so, any objection which it may
now or hereafter have, to the laying of venue of any such proceeding and submits to the exclusive jurisdiction of such courts in
any such legal suit, action or proceeding. Each party hereby waives irrevocably any immunity to jurisdiction to which it may otherwise
be entitled or become entitled (including sovereign immunity, immunity to pre- judgment attachment, post-judgment attachment and
execution), in any legal suit, action or proceeding against it arising out of, or based upon, this Agreement or the transactions
contemplated hereby, that is instituted in any New York Court. Process in any such legal suit, action or proceeding may be served
on any party anywhere in the world, whether within or without the jurisdiction of any such court.

 

    28

     

    

 

 

7.8            Survival.
All representations, warranties and covenants contained herein shall survive the execution and delivery of this Agreement, the
consummation of the Exchange, the transfer of any Exchange Shares, the enforcement, amendment or waiver of any provision of this
Agreement or any other Transaction Document, and the termination of this Agreement or any other Transaction Document

 

7.9            WAIVER
OF JURY TRIAL. EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE
SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

7.10          Representation
by Counsel. Each of the Parties acknowledges that it has had the opportunity to be
represented by counsel in connection with this Agreement and the transactions contemplated by this Agreement. Accordingly, any
rule of law or any legal decision that would provide any Party with a defense to the enforcement of the terms of this Agreement
against such Party based upon lack of legal counsel, shall have no application and is expressly waived. The provisions of this
Agreement shall be interpreted in a reasonable manner to effect the intent of the Parties. None of the Parties shall have any term
or provision construed against such Party solely by reason of such Party having drafted the same.

 

[Signatures on next
pages]

 

    29

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be executed as of the day and year first above written.

 

	 	TELIGENT, INC.
	 	 
	 	 
	 	By:	  /s/ Timothy B. Sawyer     
	 	 	Name:	 Timothy B. Sawyer               
	 	 	Title:	 Chief Executive Officer and President

 

[Signature
Page to Exchange Agreement (Company)]

 

     

     

    

 

	 	ARES CAPITAL CORPORATION
	 	 
	 	 
	 	By:	 /s/ Scott Lem         
	 	 	Name:	 Scott Lem        
	 	 	Title:	 Authorized Signatory
	 	 
	 	Notice Address:
	 	245
Park Avenue, 44th Floor
	 	New
York, New York 10167
	 	 
	 	E-mail:	 wright@aresmgmt.com
	 	Attention:	 Ray Wright

 

	 	cion ares diversified credit fund
	 	 
	 	 
	 	By:	 /s/ Scott Lem     
	 	 	Name:	 Scott Lem         
	 	 	Title:	 Authorized Signatory
	 	 
	 	Notice Address:      
	 	245
Park Avenue, 44th Floor
	 	New
York, New York 10167
	 	 
	 	E-mail:	 wright@aresmgmt.com
	 	Attention:	 Ray Wright

 

	 	ares centre street partnership, l.p.
	 	 
	 	 
	 	By:	 /s/ Scott Lem 
	 	 	Name:	 Scott Lem
	 	 	Title:	 Authorized Signatory
	 	 
	 	 
	 	Notice Address: 
	 	 245 Park Avenue, 44th Floor
	 	 New York, New York 10167
	 	 
	 	E-mail:	 wright@aresmgmt.com
	 	Attention:	 Ray Wright

 

[Signature
Page to Exchange Agreement (Ares)]

 

     

     

    

 

	 	ARES CREDIT STRATEGIES INSURANCE DEDICATED FUND SERIES INTERESTS OF THE SALI MULTI-SERIES FUND, L.P.
	 	 
	 	 
	 	By:	 /s/ Scott Lem
	 	 	Name:	 Scott Lem
	 	 	Title:	 Authorized Signatory
	 	 
	 	 
	 	Notice Address: 
	 	245
Park Avenue, 44th Floor
	 	New
York, New York 10167
	 	 
	 	E-mail:	 wright@aresmgmt.com
	 	Attention:	 Ray Wright

 

	 	
        ARES
        commercial finance

         

        By:
        Ares Commercial Finance GP LP, its general partner

        By: ACF GP LLC, its general partner

	 	 
	 	 
	 	By:	 /s/ Oleh Szczupak
	 	 	Name:	 Oleh Szczupak
	 	 	Title:	 Authorized Signer
	 	   
	 	 
	 	Notice Address: 
	 	560 White Plains Road
	 	Tarrytown,
NY 10591
	 	   
	 	E-mail:	 oszczupak@aresmgmt.com
	 	Attention:	 Oleh Szczupak

 

[Signature
Page to Exchange Agreement (Ares)]

 

     

     

    

 

	 	
        PARTICIPATING
        NOTEHOLDER

         

        Nantahala
        capital partners ii limited partnership

	 	 
	 	
        By: Nantahala Capital Management, LLC

        Its General Partner

	 	By:	 /s/ Wilmot Harkey
	 	 	Name:	 Wilmot Harkey
	 	 	Title:	 Manager
	 	 
	 	Notice Address: 
	 	130
Main Street, 2nd Floor
	 	New
Canaan, CT 06840
	 	 
	 	E-mail:	 operations@nantahalapartners.com
	 	Attention:	 Operations Team

 

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

 

Stroock & Stroock
 & Lavan LLP

180 Maiden Lane

New York, NY 10038

Attention: Brett Lawrence

Email: blawrence@stroock.com

 

 

[Signature Page to Exchange Agreement (Participating Noteholder)]

     

     

    

 

	 	
        PARTICIPATING
        NOTEHOLDER

         

        nantahala
        capital partners si, lp

	 	 
	 	
        By: Nantahala Capital Management, LLC

        Its General Partner

	 	By:	 /s/ Wilmot Harkey
	 	 	Name:	 Wilmot Harkey
	 	 	Title:	 Manager
	 	 
	 	Notice Address: 
	 	130 Main Street, 2nd Floor
	 	New
Canaan, CT 06840
	 	 
	 	E-mail:	 operations@nantahalapartners.com
	 	Attention:	 Operations Team

 

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

 

Stroock & Stroock
 & Lavan LLP

180 Maiden Lane

New York, NY 10038

Attention: Brett Lawrence

Email: blawrence@stroock.com

 

 

[Signature Page to Exchange Agreement (Participating Noteholder)]

     

     

    

 

	 	
        PARTICIPATING
        NOTEHOLDER

         

        blackwell
        partners llc - Series a, solely with respect to the portion of its assets for which Nantahala Capital Management, LLC
        acts as its Investment Manager

	 	 
	 	
        By: Nantahala Capital Management, LLC

        Its General Partner

	 	By:	 /s/ Wilmot Harkey
	 	 	Name:	 Wilmot Harkey
	 	 	Title:	 Manager
	 	
         

        Legal Entity Name and Address:

         

        Blackwell Partners LLC – Series A

        280 South Mangum Street, Suite 210

        Durham, NC 27701

         

	 	
        Notice Address:

         

	 	130
Main Street, 2nd Floor
	 	New
Canaan, CT 06840
	 	 
	 	E-mail:	 operations@nantahalapartners.com
	 	Attention:	 Operations Team

 

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

 

Stroock & Stroock
 & Lavan LLP

180 Maiden Lane

New York, NY 10038

Attention: Brett Lawrence

Email: blawrence@stroock.com

 

And

 

Blackwell Partners
LLC – Series A

280
South Mangum Street, Suite 210

Durham, NC 27701

Email: jlall@duke.dumac.com

Attention: Jannine
Lall

 

 

[Signature Page to
Exchange Agreement (Participating Noteholder)]

     

     

    

 

	 	
        PARTICIPATING
        NOTEHOLDER

         

        silver
        creek cs sav, l.l.c.. solely with respect to the portion of its assets for which Nantahala Capital Management, LLC acts
        as its Investment Manager

	 	 
	 	
        By: Nantahala Capital Management, LLC

        Its General Partner

	 	By:	 /s/ Wilmot Harkey
	 	 	Name:	 Wilmot Harkey
	 	 	Title:	 Manager
	 	 
	 	
        Legal Entity Name and Address:

         

        Silver Creek CS SAV, L.L.C.

        1301 5th Avenue, 40th Floor

        Seattle, WA 98101

         

        Notice Address:

         

	 	130 Main Street, 2nd Floor
	 	New Canaan, CT 06840
	 	 
	 	E-mail:	 operations@nantahalapartners.com
	 	Attention:	 Operations Team

 

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

 

Stroock & Stroock
 & Lavan LLP

180 Maiden Lane

New York, NY 10038

Attention: Brett Lawrence

Email: blawrence@stroock.com

 

And

 

Silver Creek CS SAV,
L.L.C.

1301 5th Avenue, 40th
Floor

Seattle, WA 98101

Email: operations@silvercreekcapital.com

Attention: Operations
Team

 

[Signature Page to Exchange Agreement (Participating Noteholder)]

 

     

     

    

 

	 	
        Participating
        noteholder

         

        blackwell
        Partners LLC - Series B (“MACK”)

	 	 
	 	 
	 	By:	 /s/ Laura Kleber
	 	 	Name:	 Laura Kleber
	 	 	Title:	CCO_Silverback Asset Management, LLC_Investment Manager_MACK
	 	 
	 	
        Notice Address:

         

	 	c/o
Silverback Asset Management, LLC
	 	1414
Raleigh Road, Suite 250
	 	Chapel
Hill, NC 27517
	 	E-mail:	
        operations@silverbackasset.com

        rbarron@silverbackasset.com

        jham@silverbackasset.com

	 	Attention:	 Jason Ham

 

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

 

Stroock & Stroock
 & Lavan LLP

180 Maiden Lane

New York, NY 10038

Attention: Brett Lawrence

Email: blawrence@stroock.com

 

 

[Signature Page to Exchange Agreement (Participating Noteholder)]

     

     

    

 

	 	
        Participating
        noteholder

         

        Silverback Opportunistic Credit Master
        Fund Limited (“SOCMF”)

	 	 
	 	 
	 	By:	 /s/ Laura Kleber
	 	 	Name:	 Laura Kleber        
	 	 	Title:	 CCO_Silverback Asset Management, LLC_Investment Manager_SOCMF
	 	 
	 	
        Notice Address:

         

	 	c/o
Silverback Asset Management, LLC
	 	1414
Raleigh Road, Suite 250
	 	Chapel
Hill, NC 27517
	 	E-mail:	
        operations@silverbackasset.com

        rbarron@silverbackasset.com

        jham@silverbackasset.com

	 	Attention:	 Jason Ham

 

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

 

Stroock & Stroock
 & Lavan LLP

180 Maiden Lane

New York, NY 10038

Attention: Brett Lawrence

Email: blawrence@stroock.com

 

[Signature
Page to Exchange Agreement (Participating Noteholder)]

 

     

     

    

 

	 	LAURENCE LYTTON
	 	 
	 	 /s/ Laurence Lytton
	 	 
	 	Notice Address: 
	 	467
Central Park West 17-A
	 	New
York, NY 10025
	 	 
	 	E-mail:	 lylytton@gmail.com
	 	Attention:	 Laurence Lytton

 

[Signature Page to
Exchange Agreement (Participating Noteholder)]

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