Document:

EXHIBIT 10.3

 

THIS WARRANT AND THE UNDERLYING SHARES
OF COMMON STOCK HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY
OTHER SECURITIES LAWS, HAVE BEEN TAKEN FOR INVESTMENT, AND MAY NOT BE SOLD OR TRANSFERRED OR OFFERED FOR SALE OR TRANSFER UNLESS
A REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND OTHER APPLICABLE SECURITIES LAWS WITH RESPECT TO SUCH SECURITIES IS THEN
IN EFFECT, OR IN THE OPINION OF COUNSEL TO THE ISSUER OF THESE SECURITIES, SUCH REGISTRATION UNDER THE SECURITIES ACT AND OTHER
APPLICABLE SECURITIES LAWS IS NOT REQUIRED.

 

	Date: May 31, 2013	Warrant No. GP-___

 

WARRANT FOR THE PURCHASE OF SHARES
OF

 

COMMON STOCK OF GRANDPARENTS.COM,
INC. 

 

THIS IS TO CERTIFY
that, for value received, ___________ and his successors and assigns (individually and collectively, the “Holder”),
is entitled to purchase, subject to the terms and conditions hereinafter set forth, the Warrant Shares (as defined below) of common
stock, $0.01 par value per share (the “Common Stock”) of GRANDPARENTS.COM, INC., a Delaware corporation (the
“Company”), and to receive certificates for the Common Stock so purchased. The exercise price of this Warrant
is $0.25 per share (the “Exercise Price”). This Warrant is being issued in connection with that certain Amended
and Restated Note Purchase Agreement, dated as of May 31, 2013, by and between the Company and the Holder (the “Purchase
Agreement”). The term “Warrant Shares” shall mean One Million Two Thousand and Eight Hundred (1,002,800)
shares of the Company (subject to adjustment as contemplated herein), provided that in the event that Holder’s Note (as defined
in the Purchase Agreement) is repaid in full or the Holder does not convert Holder’s Note as contemplated in Section 2.3
of the Purchase Agreement, the number of Warrant Shares shall be automatically reduced by fifty percent (50%).

 

Exercise Period.
This Warrant shall become exercisable by the Holder beginning upon the date set forth above and ending at 5:00 p.m., New York,
New York time, five (5) years from the date of this Warrant (the “Exercise Period”). This Warrant will terminate
automatically and immediately upon the expiration of the Exercise Period.

 

    	 

    	 

    

 

Exercise of Warrant;
Cashless Exercise.

 

Exercise. This
Warrant may be exercised, in whole or in part, at any time and from time to time during the Exercise Period. Such exercise shall
be accomplished by tender to the Company of an amount equal to the Exercise Price multiplied by the number of underlying shares
being purchased (the “Purchase Price”), either (i) in cash, by wire transfer or by certified check or bank cashier’s
check, payable to the order of the Company, or (ii) by surrendering such number of shares of Common Stock received upon exercise
of this Warrant with an aggregate Fair Market Value (as defined below) equal to the Purchase Price (as described in the following
paragraph, a “Cashless Exercise”), together with presentation and surrender to the Company of this Warrant with
an executed subscription agreement in substantially the form attached hereto as Exhibit A (the “Subscription”).
Upon receipt of the foregoing, the Company will deliver to the Holder, as promptly as possible, a certificate or certificates representing
the shares of Common Stock so purchased, registered in the name of the Holder or the Holder’s transferee (as permitted under
Section 3 below). With respect to any exercise of this Warrant, the Holder will for all purposes be deemed to have become the holder
of record of the number of shares of Common Stock purchased hereunder on the date the Subscription has been properly executed and
payment of the Purchase Price have both been received by the Company (the “Exercise Date”), irrespective of
the date of delivery of the certificate evidencing such shares of the Common Stock, except that, if the date of such receipt is
a date on which the stock transfer books of the Company are closed, such person will be deemed to have become the holder of such
shares at the close of business on the next succeeding date on which the stock transfer books are open. Fractional shares of Common
Stock will not be issued upon the exercise of this Warrant. In lieu of any fractional shares that would have been issued but for
the immediately preceding sentence, the Holder will be entitled to receive cash equal to the current market price of such fraction
of a share of Common Stock on the trading day immediately preceding the Exercise Date. In the event this Warrant is exercised in
part, the Company shall issue a new Warrant to purchase Common Stock, in substantially the form of this Warrant (any such new Warrant,
a “New Warrant”) to the Holder covering the aggregate number of shares of Common Stock as to which this Warrant
remains exercisable.

 

Cashless Exercise.
If the Holder elects to conduct a Cashless Exercise, the Company shall cause to be delivered to the Holder a certificate or certificates
representing the number of shares of Common Stock computed using the following formula:

 

	 	X	 	=	 	Y (A-B)
	 	 	 	 	 	A
	 	 	 	 	 	 
	Where:	 	 	 	 	 
	 	 	 	 	 	 
	 	X	 	=	 	the number of shares of Common Stock to be issued to Holder;
	 	 	 	 	 	 
	 	Y	 	=	 	the portion of this Warrant (in number of shares of Common Stock) being exercised by Holder (at the date of such calculation);
	 	 	 	 	 	 
	 	A	 	=	 	the Fair Market Value (as defined below) of one share of  Common Stock on the Exercise Date, calculated by taking the average Fair Market Value over the last ten (10) trading days (not including the Exercise Date); and
	 	 	 	 	 	 
	 	B	 	=	 	Warrant Price (as adjusted to the date of such calculation).

 

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Definition of Fair
Market Value. For purposes of this Warrant, “Fair Market Value” shall mean: (i) if the principal
trading market for such securities is a national securities exchange or the Over-the-Counter Bulletin Board (or a similar system
then in use), the average of the last reported sales price on the principal market for each of the ten (10) trading days immediately
prior to such Exercise Date; or (ii) if clause (i) is not applicable, and if bid and ask prices for shares of Common Stock are
reported by the principal trading market or the Pink Sheets, the average of the average of the high bid and low ask prices so reported
for each of the ten (10) trading days immediately prior to such Exercise Date. Notwithstanding the foregoing, if there is no last
reported sales price or bid and ask prices, as the case may be, for the day in question, then Fair Market Value shall be determined
as of the latest day prior to such day for which such last reported sales price or bid and ask prices, as the case may be, are
available, unless such securities have not been traded on an exchange or in the over-the-counter market for thirty (30) or more
days immediately prior to the day in question, in which case the Fair Market Price shall be determined in good faith by, and reflected
in a formal resolution of, the board of directors of the Company.

 

Beneficial Ownership Restrictions.
In no event shall the Holder be entitled to exercise any portion of this Warrant if the number of shares of Common Stock to be
issued pursuant to such conversion or exercise, when aggregated with all other shares of Common Stock owned by the Holder at such
time, would result in the Holder beneficially owning (as determined in accordance with Section 13(d) of the Exchange Act, and the
rules thereunder) in excess of 9.99% of the then issued and outstanding shares of Common Stock outstanding at such time; provided,
however, that upon the Holder providing the Company with sixty-one (61) days notice (the "Waiver Notice") that the Holder
would like to waive the provisions of this paragraph with regard to any or all shares of Common Stock issuable upon conversion
or exercise of this Warrant, this paragraph shall be of no force or effect with regard to those shares of Common Stock referenced
in the Waiver Notice.

 

Recording, Transferability,
Exchange and Obligations to Issue Common Stock.

 

Registration of Warrant.
The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”),
in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder as the absolute
owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual
notice to the contrary from the transferee and transferor.

 

Registration of Transfers.
The Company shall register the transfer of any portion of this Warrant in the Warrant Register, upon surrender of this Warrant,
with the Form of Assignment attached hereto as Exhibit B duly completed and signed, to the Company at its address specified
herein. As a condition to the transfer, the Company may request a legal opinion as contemplated by the legend. Upon any such registration
or transfer, a New Warrant evidencing the portion of this Warrant so transferred shall be issued to the transferee and a New Warrant
evidencing the remaining portion of this Warrant not so transferred, if any, shall be issued to the transferring Holder. The acceptance
of the New Warrant by the transferee thereof shall be deemed the acceptance by such transferee of all of the rights and obligations
of a holder of a Warrant.

 

Exchange of Warrant.
This Warrant is exchangeable upon its surrender by the Holder to the Company for one or more New Warrants of like tenor and date
representing the right to purchase the number of shares purchasable hereunder, each of such New Warrant to represent the right
to purchase such number of shares as may be designated by the Holder at the time of such surrender (not to exceed the aggregate
number of shares underlying this Warrant).

 

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Obligation to Deliver
Common Stock. The Company’s obligations to issue and deliver Common Stock in accordance with the terms hereof are absolute
and unconditional, irrespective of any action or inaction by the Holder to enforce the same, any waiver or consent with respect
to any provision hereof, the recovery of any judgment against any person or any action to enforce the same, or any setoff, counterclaim,
recoupment, limitation or termination, or any breach or alleged breach by the Holder or any other person of any obligation to the
Company or any violation or alleged violation of law by the Holder or any other person, and irrespective of any other circumstance
which might otherwise limit such obligation of the Company to the Holder in connection with the issuance of Common Stock. Nothing
herein shall limit the Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including,
without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely
deliver certificates representing shares of Common Stock upon exercise of this Warrant as required pursuant to the terms hereof.

 

Adjustments to Exercise
Price and Number of Shares Subject to Warrant. The Exercise Price and the number of shares of Common Stock purchasable upon
the exercise of this Warrant are subject to adjustment from time to time upon the occurrence of any of the events specified in
this Section 4. For the purpose of this Section 4, “Common Stock” means shares now or hereafter authorized of
any class of common stock of the Company, however designated, that has the right to participate in any distribution of the assets
or earnings of the Company without limit as to per share amount (excluding, and subject to any prior rights of, any class or series
of preferred stock).

 

In case the Company shall
(i) pay a dividend or make a distribution in shares of Common Stock to holders of shares of Common Stock, (ii) subdivide its outstanding
shares of Common Stock into a greater number of shares, (iii) combine its outstanding shares of Common Stock into a smaller number
of shares, or (iv) issue by reclassification of its shares of Common Stock other securities of the Company, then the Exercise Price
in effect at the time of the record date for such dividend or on the effective date of such subdivision, combination or reclassification,
and/or the number and kind of securities issuable on such date, shall be proportionately adjusted so that the Holder of this Warrant
thereafter exercised shall be entitled to receive the aggregate number and kind of shares of Common Stock (or such other securities
other than Common Stock) of the Company, at the same aggregate Exercise Price, that, if such Warrant had been exercised immediately
prior to such date, the Holder would have been issued upon such exercise and been entitled to receive by virtue of such dividend,
distribution, subdivision, combination or reclassification. Such adjustment shall be made successively whenever any event listed
above shall occur.

 

In case the Company shall
fix a record date for the making of a distribution to all holders of Common Stock (including any such distribution made in connection
with a consolidation or merger in which the Company is the surviving corporation) of cash, evidences of indebtedness or assets,
or subscription rights or warrants, the Exercise Price to be in effect after such record date shall be determined by multiplying
the Exercise Price in effect immediately prior to such record date by a fraction, the numerator of which shall be the Fair Market
Value per share of Common Stock on such record date, less the amount of cash so to be distributed or the Fair Market Value (as
determined in good faith by, and reflected in a formal resolution of, the board of directors of the Company) of the portion of
the assets or evidences of indebtedness so to be distributed, or of such subscription rights or warrants, applicable to one share
of Common Stock, and the denominator of which shall be the Fair Market Value per share of Common Stock. Such adjustment shall be
made successively whenever such a record date is fixed; and in the event that such distribution is not so made, the Exercise Price
shall again be adjusted to be the Exercise Price which would then be in effect if such record date had not been fixed.

 

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Notwithstanding any provision
herein to the contrary, no adjustment in the Exercise Price shall be required unless such adjustment would require an increase
or decrease of at least 1% in the Exercise Price; provided, however, that any adjustments which by reason of this Section 4(c)
are not required to be made shall be carried forward and taken into account in any subsequent adjustment. All calculations under
this Section 4 shall be made to the nearest cent or the nearest one-hundredth of a share, as the case may be.

 

In the event that at
any time, as a result of an adjustment made pursuant to Section 4(a) above, the Holder shall become entitled to receive any shares
of capital stock of the Company other than shares of Common Stock, thereafter the number of such other shares so receivable upon
exercise of this Warrant shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable
to the provisions with respect to the shares of Common Stock contained in this Section 4, and the other provisions of this Warrant
shall apply on like terms to any such other shares.

 

If, at any time while
this Warrant is outstanding, (i) the Company effects any merger or consolidation of the Company with or into another company, (ii)
the Company effects any sale of all or substantially all of its assets in one or a series of related transactions, (iii) any tender
offer or exchange offer (whether by the Company or another company or person) is completed pursuant to which holders of Common
Stock are permitted to tender or exchange their shares for other securities, cash or property, or (iv) the Company effects any
reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted
into or exchanged for other securities, cash or property (in any such case, a “Fundamental Transaction”), then
the Holder shall have the right thereafter to receive, upon exercise in full of this Warrant, the same amount and kind of securities,
cash or property as it would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been,
immediately prior to such Fundamental Transaction, the holder of the number of Common Stock then issuable upon exercise in full
of this Warrant (the “Alternate Consideration”). For purposes of any such exercise, the determination
of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate
Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion
the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components
of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received
in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon
any exercise of this Warrant following such Fundamental Transaction. At the Holder’s option and request, any successor to
the Company or surviving entity in such Fundamental Transaction shall issue to the Holder a New Warrant substantially in the form
of this Warrant and consistent with the foregoing provisions and evidencing the Holder’s right to purchase the Alternate
Consideration for the aggregate Exercise Price upon exercise thereof. Any such successor or surviving entity shall be deemed to
be required to comply with the provisions of this Section 4(e) and shall insure that this Warrant (or any such replacement security)
will be similarly adjusted upon any subsequent transaction analogous to a Fundamental Transaction.

 

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In case any event shall
occur as to which the other provisions of this Section 4 are not strictly applicable but the failure to make any adjustment would
not fairly protect the purchase rights represented by this Warrant in accordance with the essential intent and principles hereof,
then, in each such case, the Company shall effect such adjustment, on a basis consistent with the essential intent and principles
established in this Section 4, as may be necessary to preserve, without dilution, the purchase rights represented by this Warrant.

 

Upon the occurrence of
each adjustment pursuant to this Section 4, the Company at its expense will promptly compute such adjustment in accordance with
the terms of this Warrant and prepare a certificate setting forth such adjustment, including a statement of the adjusted Exercise
Price and adjusted number or type of Common Stock or other securities issuable upon exercise of this Warrant (as applicable), describing
the transactions giving rise to such adjustments and showing in detail the facts upon which such adjustment is based. Upon written
request, the Company will promptly deliver a copy of each such certificate to the Holder and to the Company’s Transfer Agent.

 

Registration Rights.
This Warrant has not been registered under the Securities Act of 1933, as amended (the “Securities Act”). Unless
the Warrant Shares have been registered as provided for in the Purchase Agreement and provided that a registration statement covering
such shares is then effective, when this Warrant is exercised, the stock certificates shall bear the following legend unless the
Warrant Shares may be publicly sold under Rule 144(b)(1) of the Securities Act (or successor rule) or registered under the Securities
Act pursuant to an effective registration statement filed with the Securities and Exchange Commission (the “Commission”).

 

“The securities
represented by this certificate have not been registered under the Securities Act of 1933, as amended (the “Securities Act”),
and may not be offered for sale or sold except pursuant to (i) an effective registration statement under the Securities Act, or
(ii) an opinion of counsel, if such opinion and counsel shall be reasonably satisfactory to counsel to the issuer, that an exemption
from registration under the Securities Act is available.”

 

Reservation of Common
Stock. The Company covenants that it will at all times reserve and keep available out of the aggregate of its authorized but
unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue Common Stock upon exercise of this
Warrant as herein provided, the number of shares of Common Stock which are then issuable and deliverable upon the exercise in full
of this Warrant, free from preemptive rights or any other contingent purchase rights of persons other than the Holder (taking into
account the adjustments and restrictions of Section 4). The Company covenants that all Common Stock so issuable and deliverable
shall, upon issuance and the payment of the applicable Exercise Price in accordance with the terms hereof, be duly and validly
authorized, issued and fully paid and nonassessable.

 

Replacement of Warrant.
 If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution
for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only upon receipt of evidence
reasonably satisfactory to the Company of such loss, theft or destruction and customary and reasonable indemnity (which may include
a surety bond), if requested. Applicants for a New Warrant under such circumstances shall also comply with such other reasonable
regulations and procedures and pay such other reasonable third-party costs as the Company may prescribe. If a New Warrant is requested
as a result of a mutilation of this Warrant, then the Holder shall deliver such mutilated Warrant to the Company as a condition
precedent to the Company’s obligation to issue the New Warrant.

 

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Charges, Taxes and
Expenses. Issuance and delivery of certificates for shares of Common Stock upon exercise of this Warrant shall be made without
charge to the Holder for any issue or transfer tax, withholding tax, transfer agent fee or other incidental tax or expense in respect
of the issuance of such certificates, all of which taxes and expenses shall be paid by the Company; provided, however,
that the Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the registration
of any certificates for Common Stock or warrant in a name other than that of the Holder. The Holder shall be responsible for all
other tax liability that may arise as a result of holding or transferring this Warrant or receiving Common Stock upon exercise
hereof.

 

Notices to Holder.
In the event of (a) any fixing by the Company of a record date with respect to the holders of any class of securities of the Company
for the purpose of determining which of such holders are entitled to dividends or other distributions, or any rights to subscribe
for, purchase or otherwise acquire any shares of capital stock of any class or any other securities or property, or to receive
any other right, (b) any capital reorganization of the Company, or reclassification or recapitalization of the capital stock of
the Company or any transfer of all or substantially all of the assets or business of the Company to, or consolidation or merger
of the Company with or into, any other entity or person, or (c) any voluntary or involuntary dissolution or winding up of the Company,
then and in each such event the Company will give the Holder a written notice specifying, as the case may be (i) the record date
for the purpose of such dividend, distribution, or right, and stating the amount and character of such dividend, distribution,
or right; or (ii) the date on which any such reorganization, reclassification, recapitalization, transfer, consolidation, merger,
conveyance, dissolution, liquidation, or winding up is to take place and the time, if any is to be fixed, as of which the holders
of record of Common Stock (or such capital stock or securities receivable upon the exercise of this Warrant) shall be entitled
to exchange their shares of Common Stock (or such other stock securities) for securities or other property deliverable upon such
event. Any such notice shall be given at least ten (10) days prior to the earliest date therein specified.

 

No Rights as a Stockholder.
This Warrant does not entitle the Holder to any voting rights or other rights as a stockholder of the Company, nor to any other
rights whatsoever except the rights herein set forth; provided, however, that the Company shall not close any merger
agreement in which it is not the surviving entity, or sell all or substantially all of its assets unless the Company shall have
first provided the Holder with at least ten (10) days’ prior written notice.

 

Additional Covenants
of the Company.

 

If upon issuance of any
shares for which this Warrant is exercisable the Common Stock is listed for trading or trades on any national securities exchange,
then upon the issuance, the Company shall, at its expense, promptly obtain and maintain the listing or qualifications for trading
of such shares.

 

The Company shall comply
with the reporting requirements of Section 13 of the Exchange Act for so long as and to the extent that such requirements apply
to the Company.

 

    	7

    	 

    

 

The Company shall not,
by amendment of its Certificate of Incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution,
issuance or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms of this Warrant. Without limiting the generality of the foregoing, the Company (i) will at all times reserve and keep available,
solely for issuance and delivery upon exercise of this Warrant, shares of Common Stock issuable from time to time upon exercise
of this Warrant, (ii) will not increase the par value of any shares of Common Stock issuable upon exercise of this Warrant above
the amount payable therefor upon such exercise, and (c) will take all such actions as may be necessary or appropriate in order
that the Company may validly and legally issue fully paid and nonassessable stock.

 

Successors and Assigns.
This Warrant shall be binding upon and inure to the benefit of the Company, the Holder and their respective successors and permitted
assigns.

 

Severability. 
Every provision of this Warrant is intended to be severable. If any term or provision hereof is illegal or invalid for any reason
whatsoever, such illegality or invalidity shall not affect the remainder of this Warrant.

 

Governing Law.
This Warrant shall be governed by and construed in accordance with the laws of the State of Delaware without giving effect to the
principles of choice of laws thereof.

 

Attorneys’
Fees. In any action or proceeding brought to enforce any provision of this Warrant, the prevailing party shall be entitled
to recover reasonable attorneys’ fees in addition to its costs and expenses and any other available remedies.

 

Good Faith.
The Company will at all times act in good faith assist in the carrying out of all terms and obligations set forth in this Warrant,
and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Holder.

 

*        *        *

 

    	8

    	 

    

 

IN WITNESS WHEREOF, the Company has caused
this Warrant to be executed by its duly authorized officer as of the date first set forth above.

 

	 	GRANDPARENTS.COM, INC.
	 	 
	 	By:	 
	 	 	Name: Steve Leber
	 	 	Title:  Co-Chief Executive Officer

 

[Signature Page to Common Stock Warrant]

 

    	 

    	 

    

 

Warrant

Exhibit A 

 

SUBSCRIPTION FORM

 

The undersigned hereby
irrevocably subscribes for _______ shares of the Common Stock (the “Stock”) of Grandparents.com, Inc. (the “Company”)
pursuant to and in accordance with the terms and conditions of the attached Warrant No. __ (the “Warrant”),
and hereby makes payment of $_______ therefor by [tendering cash, wire transferring or delivering a certified check or bank cashier’s
check, payable to the order of the Company] [surrendering _______ shares of Common Stock received upon exercise of the Warrant,
which shares have an aggregate fair market value equal to such payment as required in Section 2 of the Warrant]. The undersigned
requests that a certificate for the Stock be issued in the name of the undersigned and be delivered to the undersigned at the address
stated below. If the Stock is not all of the shares purchasable pursuant to the Warrant, the undersigned requests that a new Warrant
of like tenor for the balance of the remaining shares purchasable thereunder be delivered to the undersigned at the address stated
below.

 

In connection with
the issuance of the Stock, I hereby represent to the Company that I am acquiring the Stock for my own account for investment and
not with a view to, or for resale in connection with, a distribution of the shares within the meaning of the Securities Act of
1933, as amended (the “Securities Act”).

 

I understand that if
at this time the Stock has not been registered under the Securities Act, I must hold such Stock indefinitely unless the Stock is
subsequently registered and qualified under the Securities Act or is exempt from such registration and qualification. I shall make
no transfer or disposition of the Stock unless (a) such transfer or disposition can be made without registration under the Securities
Act by reason of a specific exemption from such registration and such qualification, or (b) a registration statement has been filed
pursuant to the Securities Act and has been declared effective with respect to such disposition. I agree that each certificate
representing the Stock delivered to me shall bear substantially the same as set forth on the front page of the Warrant.

 

I further agree that
the Company may place stop transfer orders with its transfer agent same effect as the above legend. The legend and stop transfer
notice referred to above shall be removed only upon my furnishing to the Company an opinion of counsel (reasonably satisfactory
to the Company) to the effect that such legend may be removed.

 

	Date:__________________________________	 	Signed: _____________________________
	 	 	 
	 	 	Print Name:__________________________
	 	 	 
	 	 	Address:_____________________________

 

    	 

    	 

    

 

Warrant

Exhibit B

 

ASSIGNMENT

 

For Value Received __________________ hereby
sells, assigns and transfers to _________________________ the Warrant No. __ attached hereto and the rights represented thereby
to purchase _________ shares of Common Stock in accordance with the terms and conditions hereof, and does hereby irrevocably constitute
and appoint ___________________________ as attorney to transfer such Warrant on the books of the Company with full power of substitution.

 

	Dated: ____________________	 	Signed:	 
	Please print or typewrite	 	 	Please insert Social Security
	name and address of	 	 	or other Tax Identification
	assignor:	 	 	Number of Assignor:
	 	 	 	 
	Dated: ____________________	 	Signed:	 
	Please print or typewrite	 	 	Please insert Social Security
	name and address of	 	 	or other Tax Identification
	assignee:	 	 	Number of Assignee:EXECUTION COPY

 

AGREEMENT FOR COMMITMENT INCREASE

 

June 5, 2013

 

Reference is made to the Credit Agreement
dated as of May 21, 2012 (as amended, modified or supplemented from time to time, the "Credit Agreement") among
Garrison Funding 2012-1 LLC (the "Borrower"), the Lenders party thereto, Natixis, New York Branch, as Administrative
Agent and Arranger (the "Administrative Agent"), and Deutsche Bank Trust Company Americas, as Collateral Agent
and Custodian. Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given
to them in the Credit Agreement.

 

Section 1. Increased Commitment. Upon
execution and delivery of this Agreement for Commitment Increase (this "Agreement") by the Borrower and Versailles
Assets LLC (the "Increasing Lender") (and acknowledgement and agreement by the Administrative Agent) and subject
to the satisfaction of the conditions precedent set forth in Section 3 of this Agreement (and in Section 3.3 of the Credit Agreement),
pursuant to Section 2.11 of the Credit Agreement, the Increasing Lender hereby agrees that its Class A-R Commitment shall
be increased by $25,000,000 (the "Increased Commitment"), resulting in a total Class A-R Commitment in the amount
of $50,000,000 for the Increasing Lender, effective as of the Effective Date (as defined below).

 

Section 2. Applicable Margin; Commitment
Fee. The Applicable Margin in respect of the Loans made pursuant to the Increased Commitment and the Commitment Fee in respect
of the Increased Commitment shall each be as set forth in the Credit Agreement with respect to the Class A-R Loans and the Class
A-R Commitments, respectively. The interest due on the Loans made pursuant to the Increased Commitments will accrue from the date
on which such Loans are funded, and the Commitment Fees due on the Increased Commitments will accrue from the Effective Date (as
defined below).

 

Section 3. Effective Date. The Increased
Commitment shall become effective as of the date (but immediately after the time) that the following conditions have been satisfied
(the "Effective Date"):

 

(a) counterparts of this Agreement
executed by the Borrower and the Increasing Lender (and acknowledged and agreed to by the Administrative Agent) shall have been
received by the Administrative Agent;

 

(b) the delivery by the Borrower
for deposit in, or crediting to, the Collection Account or Custodial Account, as applicable, of Borrower's Additional Equity in
the form of Cash and/or Collateral Loans (to be valued at the Principal Collateralization Amount for each such Collateral Loan)
in an aggregate amount equal to at least $22,620,000, in accordance with Section 2.11(d) of the Credit Agreement;

 

(c) the Rating Condition for the
Loans existing prior to the Effective Date is satisfied after giving effect to the Increased Commitment;

 

(d) the Administrative Agent shall
have received a letter from Moody's addressed to the Borrower confirming that the Class A-R Loans represented by the Increased
Commitment have been assigned a rating of at least "Aa1 (sf)"; and

 

(e) each of the conditions precedent
set forth in Section 3.3 of the Credit Agreement shall have been satisfied.

 

    	 

    	 

    

 

 

Section 4. Representations and Warranties.
The Borrower represents and warrants to the Lenders that (a) immediately before and after giving effect to this Agreement, the
representations and warranties set forth in Article IV of the Credit Agreement, and in each of the other Loan Documents, are true
and correct in all material respects on the date hereof as if made on and as of the date hereof (or, if any such representation
or warranty is expressly stated to have been made as of a specific date, such representation or warranty shall be true and correct
in all material respects as of such specific date), and as if each reference in said Article IV to "this Agreement" included
reference to this Agreement, (b) immediately before and after giving effect to this Agreement, no Default or Event of Default has
occurred and is continuing and (c) the net proceeds of any Loans made pursuant to the Increased Commitment will be used (i) to
purchase or originate additional Collateral Loans, (ii) to pay fees and expenses of the Agents in connection with this Agreement
and/or (iii) as Principal Proceeds for purposes permitted under the Credit Agreement.

 

Section 5. Miscellaneous. Except as
herein provided, the Credit Agreement shall remain unchanged and in full force and effect and the parties hereto hereby confirm
all of their respective obligations under the Loan Documents after giving effect to this Agreement. This Agreement may be executed
by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall
be deemed to constitute one and the same instrument. Delivery of an executed signature page hereof by facsimile transmission or
electronic mail of a PDF shall be effective as delivery of a manually executed counterpart hereof. This Agreement shall be construed
in accordance with and governed by the law of the State of New York. References in the Credit Agreement to "this Agreement"
(and indirect references such as "hereunder", "hereby", "herein" and "hereof") shall be
deemed to be references to the Credit Agreement after giving effect to this Agreement.

 

 

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IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be duly executed and delivered by their proper and duly authorized officers as of the date first
written above.

 

	 	GARRISON FUNDING 2012-1 LLC,
	 	as Borrower
	 	 
	 	By: 	/s/ Brian Chase
	 	 	Name: Brian Chase
	 	 	Title: Chief Operating Officer
	 	 	 
	 	 	 
	 	VERSAILLES ASSETS LLC,
	 	as Increasing Lender
	 	 	 
	 	By:	/s/ Bernard J. Angelo
	 	 	Name:  Bernard J. Angelo
	 	 	Title: Vice President
	 	 	 
	 	 	 
	 	By:	/s/ John L. Fridlington
	 	 	Name: John L. Fridlington
	 	 	Title: Vice President

 

	Acknowledged and agreed:	 
	 	 
	NATIXIS, NEW YORK BRANCH,	 
	as Administrative Agent	 
	 	 	 
	By:	 /s/ Lorraine Medvecky	 
	 	Name: Lorraine Medvecky	 
	 	Title: Managing Director	 
	 	 	 
	 	 	 
	By:	 /s/ David Duncan	 
	 	Name: David Duncan	 
	 	Title: Managing Director

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